TORONTO, Aug. 7, 2025 /PRNewswire/ – Denison Mines Corp. (‘Denison’ or the ‘Corporate’) (TSX: DML) (NYSE American: DNN) lately filed its Condensed Consolidated Monetary Statements and Control’s Dialogue & Research (‘MD&A’) for the 3 and 6 months ended June 30, 2025. Each paperwork shall be to be had at the Corporate’s website online (at www.denisonmines.com), SEDAR+ (at www.sedarplus.ca) and EDGAR (at www.sec.gov). The highlights equipped underneath are derived from those paperwork and will have to be learn at the side of them. All quantities on this shed are in Canadian greenbacks except in a different way said. PDF Version
David Cates, President and CEO of Denison commented, “This summer has been highly productive for Denison. We’ve achieved key milestones at McClean Lake and Wheeler River and delivered results on multiple projects that showcase the potential to add value within our portfolio of leading Athabasca Basin construction initiatives.
We marked our go back to uranium manufacturing and inaugurated a untouched supply of Canadian uranium, with the newly commissioned McClean North SABRE mine setting out mining operations in June and the McClean Pond mill processing the primary recovered ore and packaging completed yellowcake product in July. We look ahead to additional reporting at the effects from the McClean Pond Joint Undertaking within the coming quarters and advertising our proportion of manufacturing.
At our flagship Wheeler River venture, the Province of Saskatchewan issued a Ministerial Kindness for the Environmental Overview (‘EA’), which benevolence represents one of the vital ultimate regulatory milestones essential for Denison to begin building of the deliberate Phoenix In-Situ Fix (‘ISR’) mine. The Canadian Nuclear Protection Fee (‘CNSC’) has already scheduled people hearings for Wheeler River this autumn, the place we can search to acquire benevolence of the Federal EA and the Federal License to Get ready the Web page & Produce. Upcoming a number of years of allowing efforts, we at the moment are in point of fact within the ultimate months of the method. In a similar way, our engineering design efforts are nearing crowning glory, with 80% general engineering finished, together with a number of scopes deliberate for the primary yr of building coming near 100% general engineering.
We additionally reported sure exploration effects at Wheeler River’s Gryphon reserve, the place we performed the primary follow-up drill program since 2018. Life the point of interest of this system used to be on mineral useful resource delineation, we additionally examined a handful of useful resource enlargement objectives and are very happy that drilling has known spare high-grade mineralization past the outlined extent of the D-series of lenses.
Finally, in fresh days we reported the result of a Initial Financial Overview (‘PEA’) for the worth of ISR mining on the Midwest Joint Undertaking’s Midwest Primary reserve. The PEA contains effects from more than one a hit ground check methods and descriptions the opportunity of the venture to have an all-in value of manufacturing among the bottom value uranium mines on this planet, producing an noteceable interior charge of go back over 80% and an NPV due to Denison’s possession pastime of over $240 million.”
Highlights
- Introduced First Manufacturing at McClean Pond North the use of SABRE Mining
In July 2025, the McClean Pond Joint Undertaking (‘MLJV’) introduced the a hit get started of uranium mining operations on the McClean North reserve the use of the three way partnership’s patented Floor Get right of entry to Borehole Useful resource Extraction (‘SABRE’) mining mode. Mining operations commenced in June, with roughly 250 tonnes of high-grade ore estimated to were recovered from the primary mining hollow space. Processing of recovered ore commenced on the McClean Pond mill within the 3rd quarter.
- Bought Provincial Kindness of Environmental Overview for Wheeler River
In July 2025, Denison gained Ministerial benevolence below The Environmental Overview Work of Saskatchewan to move with the improvement of the Wheeler River Uranium Challenge, as defined within the ultimate provincial Environmental Overview submitted for ultimate benevolence in past due 2024. The provincial EA is considerably related to the Federal EA, which used to be accredited as ultimate by way of the Canadian Nuclear Protection Fee in December 2024. Kindness of the provincial EA represents one of the vital ultimate regulatory milestones essential for Denison to begin building of the deliberate Phoenix In-Situ Fix (‘ISR’) mine.
Extra regulatory necessities to begin building come with receipt of the Provincial Pollutant Keep an eye on Facility Allow, in addition to the Federal benevolence of the EA and receipt of the Federal License to Get ready the Web page & Produce. Each exceptional Federal approvals are the topic of the CNSC people hearings scheduled for the Challenge in October and December 2025.
- Accomplished Roughly 80% Finishing touch of Overall Engineering for Phoenix
Crystal clear design engineering for the proposed ISR mine venture on the Phoenix reserve (‘Phoenix‘) commenced in early 2024 and remains to be on target for really extensive crowning glory previous to the graduation of building, which is lately anticipated to happen following a last funding resolution (‘FID’) throughout the primary part of 2026.
Overall engineering is considerably complicated with roughly 80% estimated to be finished by way of June 30, 2025, together with a number of scopes deliberate for the primary yr of building coming near 100% general engineering.
- Discovery of Supplementary Top-Grade Mineralization at Wheeler River Gryphon Bank
Supplementary high-grade uranium mineralization, positioned roughly 40 metres outdoor of the prior to now estimated mineralized area related to the D1 lens, used to be found out as a part of a extremely a hit delineation drill program performed on the Gryphon uranium reserve (‘Gryphon’) throughout the primary part of 2025. Drill hollow WR-837AD2 intersected 2.3 metres at 1.69% eU3O8 together with 0.5 metres at 5.48% eU3O8 within the i’m sick plunge path from the prior to now outlined D1 lens. This department residue unmistakable for additional enlargement down-plunge and alongside crash to the northeast.
Gryphon is positioned roughly 3 km northwest of Phoenix on Denison’s 95% owned Wheeler River trait in northern Saskatchewan. Along with the invention of spare mineralization, the consequences from the delineation drilling program are anticipated so as to add self assurance to the prior to now estimated mineral sources for Gryphon, having showed the geological interpretation of the reserve and intersecting uranium grades in form with expectancies.
- Midwest Initial Financial Overview Showcases Tough Effects from ISR Mining
The PEA outlines general ISR mine manufacturing from the Midwest Primary reserve (100% foundation) of 37.4 million kilos U3O8 over an roughly 6-year mine date with processing on the close by McClean Pond mill, make happen annual moderate manufacturing of just about 6.1 million kilos U3O8, an after-tax base-case NPV of $965 million, and after-tax base-case IRR of 82.7%. Preliminary capital prices are estimated at $254 million, with moderate date of mine money working prices estimated to be USD$11.69/lb. U3O8 and all-in prices (together with preliminary capital, maintaining capital, working and decommissioning prices) estimated to be USD$25.78/lb. U3O8. See the click shed dated August 6, 2025 for additional main points.
Midwest is a three way partnership owned by way of Denison (25.17%) and Orano Canada Inc. (‘Orano Canada’) (74.83%), and is positioned roughly 25 kilometers, by way of current roads, from the Denison (22.5%) and Orano Canada (77.5%) owned McClean Pond uranium mill.
The PEA is initial in nature, contains mineral sources which are regarded as too speculative geologically to have the commercial issues carried out to them that will let them be labeled as mineral reserves, mineral sources that aren’t mineral reserves would not have demonstrated financial viability, and there is not any simple task that the PEA shall be discovered.
- Discovery of Supplementary Top-Grade Mineralization at McClean South
A number of important untouched intercepts of shallow high-grade uranium mineralization have been found out on the McClean South zone (‘McClean South’), at the Corporate’s 22.5%-owned McClean Pond venture (‘McClean Pond’) in northern Saskatchewan, throughout a 6,400-metre exploration drilling program finished throughout the primary part of 2025. Orano Canada (MLJV operator), reported uranium mineralization measuring more than 0.05% eU (0.06% eU3O8) used to be intersected in 14 of 24 drill holes finished throughout this system. The effects are interpreted to have effectively showed the perpetuity of mineralization and expanded the footprint of the 8W and 8C pods. McClean South is positioned roughly 600 metres south of the McClean North reserve.
About Denison
Denison Mines Corp. used to be shaped below the regulations of Ontario and is a reporting issuer in all Canadian provinces and territories. Denison’s ordinary stocks are indexed at the Toronto Keep Trade (the ‘TSX’) below the logo ‘DML’ and at the NYSE American trade below the logo ‘DNN’.
Denison is a well-known uranium mining, construction, and exploration corporate with pursuits targeted within the Athabasca Basin area of northern Saskatchewan, Canada. Denison has an efficient 95% pastime in its flagship Wheeler River Uranium Challenge, which is the most important undeveloped uranium venture within the infrastructure affluent prosperous jap portion of the Athabasca Basin area of northern Saskatchewan. In mid-2023, the Phoenix feasibility learn about used to be finished for the Phoenix reserve as an ISR mining operation, and an replace to the prior to now ready 2018 Pre-Feasibility Learn about used to be finished for Wheeler River’s Gryphon reserve as a standard underground mining operation. In keeping with the respective research, each deposits have the prospective to be aggressive with the bottom value uranium mining operations on this planet.
Allowing efforts for the deliberate Phoenix ISR operation commenced in 2019 and are nearing crowning glory with benevolence of the venture’s EA gained from the Province of Saskatchewan and CNSC listening to dates prepared within the fall of 2025 for Federal benevolence of the EA and venture building license.
Denison’s pursuits in Saskatchewan additionally come with a 22.5% possession pastime within the McClean Pond Joint Undertaking (‘MLJV’), which contains unmined uranium deposits (deliberate for extraction by way of the MLJV’s SABRE mining mode inauguration in 2025) and the McClean Pond uranium mill (lately using a portion of its approved capability to procedure the ore from the Cigar Pond mine below a toll milling contract), plus a 25.17% pastime within the Midwest Joint Undertaking Midwest Primary and Midwest A deposits, and a 70.55% pastime within the Tthe Heldeth Túé (‘THT’) and Huskie deposits at the Waterbury Pond Attribute. The Midwest Primary, Midwest A, THT and Huskie deposits are positioned inside of 20 kilometres of the McClean Pond mill. Taken in combination, Denison has direct possession pursuits in houses overlaying ~384,000 hectares within the Athabasca Basin area.
Moreover, thru its 50% possession of JCU (Canada) Exploration Corporate, Restricted (‘JCU’), Denison holds pursuits in diverse uranium venture joint ventures in Canada, together with the Millennium venture (JCU, 30.099%), the Kiggavik venture (JCU, 33.8118) and Christie Pond (JCU, 34.4508%).
In 2024, Denison celebrated its seventieth yr in uranium mining, exploration, and construction, which started in 1954 with Denison’s first acquisition of mining claims within the Elliot Pond area of northern Ontario.
Technical Disclosure and Certified Individual
The technical knowledge contained on this press shed has been reviewed and authorized by way of Chad Sorba, P.Geo., Denison’s Vice President Technical Services and products & Challenge Analysis, who’s a Certified Individuals in keeping with the necessities of NI 43-101.
Non-GAAP Monetary Measures
This information shed contains positive phrases or efficiency measures often impaired within the mining business that aren’t outlined below World Monetary Reporting Requirements (‘IFRS’). Such non-GAAP efficiency measures, together with working prices and maintaining prices, are integrated as it understands that buyers worth this knowledge to decide the Corporate’s skill to generate income and money flows. The Corporate believes that standard measures of efficiency ready in keeping with IFRS don’t absolutely illustrate the facility of mines to generate money flows. Non-GAAP monetary measures will have to now not be regarded as in isolation as an alternative to measures of efficiency ready in keeping with IFRS and aren’t essentially indicative of working prices, working benefit or money flows offered below IFRS.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
Sure knowledge contained on this press shed constitutes ‘forward-looking knowledge’, inside the which means of the appropriate United States and Canadian regulation in regards to the industry, operations and monetary efficiency and situation of Denison. Usually, those forward-looking statements will also be known by way of the worth of forward-looking terminology similar to ‘plans’, ‘expects’, ‘finances’, ‘scheduled’, ‘estimates’, ‘forecasts’, ‘intends’, ‘anticipates’, or ‘believes’, or the negatives and/or diversifications of such phrases and words, or condition that positive movements, occasions or effects ‘might’, ‘may’, ‘would’, ‘may’ or ‘shall be taken’, ‘happen’, ‘be accomplished’ or ‘has the prospective to’.
Specifically, this press shed comprises forward-looking knowledge touching on refer to: projections with appreciate to exploration, construction and enlargement plans and targets, together with the scope, targets and interpretations of the Phoenix feasibility learn about, Gryphon pre-feasibility learn about, and the Wheeler River engineering and technical de-risking procedure for the proposed ISR operation for the Phoenix reserve; expectancies with appreciate to the EA and Licensing and allowing for proposed operations at Wheeler River, together with the CNSC people hearings; expectancies with appreciate to mine construction and operations at the Wheeler River trait, together with discussions of an FID and timing for building and success of first manufacturing; expectancies in regards to the restart of mining operations at, and manufacturing from, McClean Pond; projections and expectancies with appreciate to the Corporate’s alternative initiatives, together with the ones assumed and interpreted for the Midwest PEA; expectancies in regards to the efficiency of the uranium marketplace and world sentiment referring to nuclear power; and expectancies referring to Denison’s three way partnership possession pursuits. Statements in the case of ‘mineral reserves’ or ‘mineral sources’ are deemed to be forward-looking knowledge, as they contain the implied evaluate, in keeping with positive estimates and suppositions that the mineral reserves and mineral sources described will also be profitably produced going forward.
Ahead-looking statements are in keeping with the evaluations and estimates of control as of the era such statements are made, and they’re matter to recognized and unknown dangers, uncertainties and alternative elements that can reason the fresh effects, stage of job, efficiency or achievements of Denison to be materially other from the ones expressed or implied by way of such forward-looking statements. For instance, the consequences and underlying suppositions and interpretations of its technical research is probably not maintained later additional trying out or be consultant of fresh statuses inside the appropriate deposits. As well as, Denison might make a decision or in a different way be required to discontinue trying out, analysis, engineering, and construction paintings whether it is not able to uphold or in a different way hold the essential approvals or sources (similar to trying out amenities, capital investment, and many others.). Denison believes that the expectancies mirrored on this forward-looking knowledge are affordable, however deny promise will also be for the reason that those expectancies will end up to be correct and effects might range materially from the ones expected on this forward-looking knowledge. For a dialogue in appreciate of dangers and alternative elements that would affect forward-looking occasions, please please see the Annual Data Mode dated March 25, 2025 below the heading ‘Possibility Elements’. Those elements aren’t, and will have to now not be, construed as being exhaustive.
Accordingly, readers will have to now not playground undue reliance on forward-looking statements. The forward-looking knowledge contained on this press shed is expressly certified by way of this cautionary commentary. Any forward-looking knowledge and the suppositions made with appreciate thereto speaks best as of the era of this press shed. Denison does now not adopt any legal responsibility to publicly replace or revise any forward-looking knowledge later the era of this press shed to adapt such knowledge to fresh effects or to adjustments in Denison’s expectancies except for as in a different way required by way of appropriate regulation.
Cautionary Word to United States Buyers Regarding Estimates of Mineral Assets and Mineral Reserves:
This information shed might worth the phrases ‘leisurely’, ‘indicated’ and ‘inferred’ mineral sources. United States buyers are instructed that such phrases were ready in keeping with the definition requirements on mineral reserves of the Canadian Institute of Mining, Metallurgy and Petroleum referred to in NI 43-101 and are known and required by way of Canadian rules. ‘Inferred mineral sources’ have a admirable quantity of hesitation as to their lifestyles, and as to their financial and criminal feasibility. Beneath Canadian regulations, estimates of inferred mineral sources would possibly not method the foundation of feasibility or alternative financial research. United States buyers are cautioned to not suppose that every one or any a part of an inferred mineral useful resource exists and/or will ever be upgraded to a better division, nor suppose that every one or any a part of leisurely or indicated mineral sources will ever be transformed into mineral reserves.
Efficient February 2019, the US Securities and Trade Fee (‘SEC’) followed amendments to its disclosure regulations to modernize the mineral trait disclosure necessities for issuers whose securities are registered with the SEC below the Trade Work and because of this, the SEC now appreciates estimates of ‘leisurely mineral sources’, ‘indicated mineral sources’ and ‘inferred mineral sources’. As well as, the SEC has amended its definitions of ‘confirmed mineral reserves’ and ‘possible mineral reserves’ to be ‘considerably related’ to the corresponding definitions below the CIM Requirements, as required below NI 43-101. On the other hand, knowledge referring to mineral sources or mineral reserves in Denison’s disclosure is probably not related to related knowledge made people by way of United States corporations.
SOURCE Denison Mines Corp.
