#Canada #Toronto #Denison Mines #Uranium Mining #Phoenix Project

Denison Mines Corp. Reports Financial and Operational Results for Q1 2025

Denison Mines Corp. ('Denison' or the 'Company'), listed on TSX as DML and NYSE American as DNN, has released its financial statements and management discussion analysis for the first quarter of 2025. The documents present a comprehensive overview of Denison's performance and strategic trajectory, especially in light of its flagship Phoenix Project.

David Cates, President and CEO of Denison, emphasized the importance of upcoming regulatory hearings by the Canadian Nuclear Safety Commission (CNSC) for the Phoenix in-situ recovery (ISR) project, scheduled for late 2025. Denison is prioritizing the completion of detailed engineering designs and construction planning to ensure a timely start to construction in early 2026, following expected regulatory approvals. The goal is to achieve first production by mid-2028, marking Phoenix as the premier large-scale uranium mine opening in Saskatchewan since 2014.

As of March 31, 2025, approximately 75% of the engineering work for the Phoenix Project has been completed. Denison has invested over $7 million and committed an additional $67 million towards long-lead capital purchases. Holding 2.2 million pounds of uranium (U3O8) in stock, alongside a robust cash position with no outstanding debt, Denison is positioned to advance its pre-final investment decision (FID) initiatives within Phoenix and other growth strategies.

At the McClean Lake Joint Venture (MLJV) with Orano Canada, the Company anticipates 2025 to be pivotal with the beginning of mining at the McClean North deposit utilizing the innovative Surface Access Borehole Resource Extraction (SABRE) mining method. Preparatory activities at the site have recommenced, setting the groundwork for subsequent mining operations anticipated to begin in the coming months.

Denison is actively enhancing its exploration initiatives as well. Agreements with Cosa Resources Corp. (TSX-V: COSA) and Foremost Clean Energy (NASDAQ: FMST) have been established to explore several of Denison's non-core properties. Initial findings from Cosa's exploration at the Murphy Lake North property are promising, indicating a two-kilometre expansion of the Hurricane Trend. Foremost has additionally reported a significant uranium discovery at the Hatchet Lake site.

Moreover, Denison welcomed new board members Ken Hartwick, former CEO of Ontario Power Generation, and Jinsu Baik from KHNP Canada Energy Ltd., enhancing the board’s nuclear expertise during pivotal project developments. Wes Carson of Wheaton Precious Metals Corp. was also appointed, bringing extensive mining operational knowledge.

Key Highlights

• - Regulatory Approval Hearing Scheduled: The CNSC announced hearings for the Wheeler River Uranium Project, expected to support construction commencement in early 2026 and first production in the first half of 2028.
• - Engineering Progress: Detailed engineering for the Phoenix ISR project is on track, with significant milestones achieved, including 75% overall completion and advancements in critical design components.
• - Joint Venture Developments: The MLJV at McClean Lake is progressing towards the SABRE mining program, prepared for mining operations in mid-2025.
• - New Board Appointments: Enhanced board expertise with the addition of industry veterans strengthens Denison’s strategic oversight.
• - Exploration Ventures: Collaborative agreements signify Denison's commitment to increase its exploration footprint, showcasing early successes in uranium discovery.

The recent developments position Denison Mines as a dynamic player in the uranium sector, with strategic growth and exploration initiatives complementing its strong financial standing. With continued focus on the regulatory process and engineering advancements, Denison aims to make significant headway in the development of its Phoenix Project. This ambitious project not only represents a critical growth opportunity for Denison but also contributes to the landscape of uranium mining in Canada. As Denison moves forward, it remains dedicated to achieving its long-term production objectives while embracing exploration endeavors that could uncover additional resources in the robust Athabasca Basin region.