Denison Mines Corp 6-K, filed Aug 9, 2022
Denison Mines Corp. (DNN)
6-K
2022-08-09
For: 2022-08-09
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Added on
April 07, 2026
About this 6-K
Denison Mines Corp filed this 6-K on August 9, 2022.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE
13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
Date: August 9, 2022
Commission File Number: 001-33414
Denison Mines Corp.
(Name of
registrant)
1100-40 University Avenue
Toronto Ontario
M5J 1T1 Canada
(Address of
principal executive offices)
Indicate by check mark whether the registrant files
or will file annual reports under cover Form 20-F or Form
40-F.
Form
20-F ☐ Form 40-F ☒
Indicate by check mark if the registrant is submitting the
Form 6-K in paper as permitted by Regulation S-T Rule
101(b)(1): ☐
Indicate by check mark if the registrant is submitting the
Form 6-K in paper as permitted by Regulation S-T Rule
101(b)(7): ☐
INCORPORATION BY REFERENCE
Exhibit 99.1 to
this Form 6-K of Denison Mines Corp. is hereby incorporated by
reference to its Registration Statement on Form F-10 (File No.
333-258939), as amended or
supplemented.
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly
authorized.
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DENISON MINES
CORP.
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/s/ Amanda Willett
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Date: August
9, 2022
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Amanda
Willett
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Vice
President Legal and Corporate Secretary
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FORM 6-K
EXHIBIT INDEX
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Exhibit Number
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Description
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99.1
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Press release dated
August 8, 2022 |
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99.2
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Press release dated
August 8, 2022 |
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99.3
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Press release dated
August 9, 2022 |
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Exhibit 99.1
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Denison Mines
Corp.
1100 – 40
University Ave
Toronto, ON M5J
1T1
www.denisonmines.com
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PRESS
RELEASE
Denison Announces Phoenix ISR Feasibility Field Test is Fully
Permitted
Toronto, ON – August 8,
2022. Denison Mines Corp. (“Denison” or the
“Company”) (TSX: DML; NYSE American: DNN) is pleased to
announce that it has received a License to Possess, Use, Store and
Transfer a Nuclear Substance (“Nuclear Substance
License”) from the Canadian Nuclear Safety Commission
(“CNSC”) for the In-Situ Recovery (“ISR”)
Feasibility Field Test (“FFT”) planned for the Phoenix
uranium deposit at the Company’s 95% owned Wheeler River
project. Receipt of this license, together with the previously
announced approval from the Saskatchewan Minister of Environment
(see news release dated July 12, 2022), means that the FFT is fully
permitted to proceed as per the Company’s
plans.
In
accordance with the Nuclear Safety and Control Act, the Nuclear
Substance License allows Denison to possess the uranium collected
from the operation of the FFT, store the uranium on site, and
handle / transfer the recovered material for laboratory
analyses.
Kevin Himbeault, Denison’s Vice President of
Plant Operations & Regulatory Affairs, commented
“We
are pleased to have received the Nuclear Substance License from the
CNSC. With receipt of this license, we are now fully permitted to
operate the FFT facilities and carry out the process of recovering
a uranium bearing solution from the Phoenix ore body. Overall,
Denison was pleased with the CNSC’s license review process
– particularly given the somewhat novel design of our FFT
program and the collaboration necessary to ensure the safe and
environmentally responsible handling of a nuclear substance of this
nature.”
David Cates, Denison’s President & CEO,
added, “With
the successful receipt of a Nuclear Substance License from the
CNSC, our technical and regulatory teams have again demonstrated
their ability to navigate the applicable regulatory regimes to
support our plans to carry out a first-of-its-kind test of the ISR
uranium mining method in Canada. Our focus has now transitioned to
the timely completion of the construction and operation of the FFT,
which represents a very exciting time in the Company’s modern
history and is expected to generate further important de-risking
milestones for the planned Phoenix ISR operation through the
balance of the year.”
This press release constitutes a “designated news
release” for the purposes of the Company’s prospectus
supplement dated September 28, 2021, to its short form base shelf
prospectus dated September 16, 2021.
Update on FFT Construction
Following
receipt of the Approval to Operate Pollutant Control Facilities
from the Saskatchewan Minister of Environment (see news release
dated July 12, 2022), earthworks and associated preparation of the
site for the FFT facilities commenced at Wheeler River, and
construction of the recovered solution management modules is
underway in Saskatoon. Procurement efforts have been completed and
deliveries of materials are being regularly received.
Figure
1 provides a plan view of the expected FFT site layout. For more
information about the temporary surface facilities required to
complete the FFT, including additional illustrative figures, please
see our news release dated July 12, 2022.
Background on the FFT
The
FFT is designed to use the existing commercial-scale ISR test
pattern (“Test Pattern”), installed at Phoenix in 2021
(see news releases dated July 29, 2021, and October 28, 2021), to
facilitate a combined assessment of the Phoenix deposit’s
hydraulic flow properties with the leaching characteristics that
have been assessed through the metallurgical core-leach testing
program.
Overall,
the FFT is intended to provide further verification of the
permeability, leachability, and containment parameters needed for
the successful application of the ISR mining method at Phoenix and
is expected to validate and inform various feasibility study design
elements – including the production and remediation profiles
expected for the project.
The
operation of the FFT is planned to occur in three phases: (1) the
leaching phase, (2) the neutralization phase, and (3) the recovered
solution management phase.
The
majority of the test activities (leaching and neutralization phase)
will occur within an estimated 60-day operating time frame, with
the construction and placement of temporary facilities commencing
approximately two months prior to the commissioning of the test
facilities and initiation of the leaching phase.
The
leaching phase is designed to assess the effectiveness and
efficiency of the leaching process in the mineralized zone, which
is approximately 400m below the surface. The leaching phase
includes the controlled injection of an acidic solution into a
portion of the existing Test Pattern within the mineralized zone
(the “Leaching Zone”) and the recovery of the solution
back to the surface using existing test wells. The recovered
solution from the leaching phase is expected to contain dissolved
minerals, including uranium, copper, iron, molybdenum, and
zinc.
The
neutralization phase involves the recovery of the remainder of the
leached mineralized solution from the Leaching Zone and is intended
to verify the efficiency and effectiveness of the process for
returning the Leaching Zone to environmentally acceptable
conditions. During this phase, a mild alkaline (basic) solution
will be injected into the Leaching Zone to neutralize the area and
reverse the residual effects of the acidic solution injected during
the leaching phase.
The
recovered solution management phase involves separating the
solution recovered from both the leaching phase and the
neutralization phase into (i) mineralized precipitates and (ii) a
neutralized treated solution.
About Wheeler River
Wheeler River is the largest undeveloped uranium project in the
infrastructure rich eastern portion of the Athabasca Basin region,
in northern Saskatchewan – including combined Indicated
Mineral Resources of 132.1 million pounds U3O8 (1,809,000 tonnes
at an average grade of 3.3% U3O8), plus combined
Inferred Mineral Resources of 3.0 million pounds U3O8 (82,000 tonnes at
an average grade of 1.7% U3O8). The project is
host to the high-grade Phoenix and Gryphon uranium deposits,
discovered by Denison in 2008 and 2014, respectively, and is a
joint venture between Denison (operator) and JCU (Canada)
Exploration Company, Limited ("JCU"). Denison has an effective 95%
ownership interest in Wheeler River (90% directly, and 5%
indirectly through a 50% ownership in JCU).
A PFS was completed for Wheeler River in 2018, considering the
potential economic merit of developing the Phoenix deposit as an
ISR operation and the Gryphon deposit as a conventional underground
mining operation. Taken together, the project is estimated to have
mine production of 109.4 million pounds U3O8 over a 14-year
mine life, with a base case pre-tax NPV of $1.31 billion (8%
discount rate), Internal Rate of Return (“IRR”) of
38.7%, and initial pre-production capital expenditures of $322.5
million. The Phoenix ISR operation is estimated to have a
stand-alone base case pre-tax NPV of $930.4 million (8% discount
rate), IRR of 43.3%, initial pre-production capital expenditures of
$322.5 million, and industry-leading average operating costs of
US$3.33/lb U3O8. The PFS is
prepared on a project (100% ownership) and pre-tax basis, as each
of the partners to the Wheeler River Joint Venture are subject to
different tax and other obligations.
Further details regarding the PFS, including additional scientific
and technical information, as well as after-tax results
attributable to Denison's ownership interest, are described in
greater detail in the NI 43-101 Technical Report titled
“Pre-feasibility Study for the Wheeler River Uranium Project,
Saskatchewan, Canada” dated October 30, 2018, with an
effective date of September 24, 2018. A copy of this report is
available on Denison's website and under its profile on SEDAR at
www.sedar.com and on EDGAR at www.sec.gov/edgar.shtml.
Denison suspended certain activities at Wheeler River during 2020,
including the EA process, which is on the critical path to
achieving the project development schedule outlined in the PFS.
While the EA process has resumed, the Company is not currently able
to estimate the impact to the project development schedule outlined
in the PFS, and users are cautioned against relying on the
estimates provided therein regarding the start of pre-production
activities in 2021 and first production in 2024.
About Denison
Denison is a uranium exploration and development company with
interests focused in the Athabasca Basin region of northern
Saskatchewan, Canada. In addition to its effective 95% interest in
the Wheeler River project, Denison's interests in the Athabasca
Basin include a 22.5% ownership interest in the McClean Lake joint
venture, which includes several uranium deposits and the McClean
Lake uranium mill that is contracted to process the ore from the
Cigar Lake mine under a toll milling agreement, plus a 25.17%
interest in the Midwest Main and Midwest A deposits, and a 66.90%
interest in the Tthe Heldeth Túé (“THT”,
formerly J Zone) and Huskie deposits on the Waterbury Lake
property. The Midwest Main, Midwest A, THT and Huskie deposits are
each located within 20 kilometres of the McClean Lake
mill.
Through its 50% ownership of JCU, Denison holds additional
interests in various uranium project joint ventures in Canada,
including the Millennium project (JCU 30.099%), the Kiggavik
project (JCU 33.8118%) and Christie Lake (JCU 34.4508%). Denison's
exploration portfolio includes further interests in properties
covering approximately300,000 hectares in the Athabasca Basin
region.
Denison is also engaged in post-closure mine care and maintenance
services through its Closed Mines group (formerly Denison
Environmental Services), which manages Denison's reclaimed mine
sites in the Elliot Lake region and provides related services to
certain third-party projects.
For more information, please contact
David
Cates (416) 979-1991 ext 362
President and
Chief Executive Officer
Mac
McDonald (416) 979-1991 ext 242
Executive Vice
President and Chief Financial Officer
Qualified Persons
The disclosure of scientific or technical information related to
the FFT or Wheeler River project contained in this release has been
reviewed and approved, as applicable, by Mr. David Bronkhorst,
P.Eng, Denison’s Vice President, Operations or Mr. Andrew
Yackulic, P. Geo., Denison's Director, Exploration, who are
Qualified Persons in accordance with the requirements of NI
43-101.
Cautionary Statement Regarding Forward-Looking
Statements
Certain information contained in this news release constitutes
‘forward-looking information’, within the meaning of
the applicable United States and Canadian legislation, concerning
the business, operations and financial performance and condition of
Denison. Generally, these forward-looking statements can be
identified by the use of forward-looking terminology such as
‘potential’, ‘plans’,
‘expects’, ‘budget’,
‘scheduled’, ‘estimates’,
‘forecasts’, ‘intends’,
‘anticipates’, or ‘believes’, or the
negatives and/or variations of such words and phrases, or state
that certain actions, events or results ‘may’,
‘could’, ‘would’, ‘might’ or
‘will’ ‘be taken’, ‘occur’ or
‘be achieved’.
In particular, this news release contains forward-looking
information pertaining to the following: expectations with respect
to the FFT program, scope, required permitting, timing and the
anticipated results thereof; and expectations regarding its joint
venture ownership interests and the continuity of its agreements
with its partners and third parties.
Forward-looking statements are based on the opinions and estimates
of management as of the date such statements are made, and they are
subject to known and unknown risks, uncertainties and other factors
that may cause the actual results, level of activity, performance
or achievements of Denison to be materially different from those
expressed or implied by such forward-looking statements. For
example, the modelling and assumptions upon which the work plans
for exploration and/or the Wheeler River Project are based may not
be maintained after further work is completed. In addition, Denison
may decide or otherwise be required to discontinue exploration,
testing, evaluation and development work if it is unable to
maintain or otherwise secure the necessary resources (such as
testing facilities, capital funding, regulatory approvals, etc.).
Denison believes that the expectations reflected in this
forward-looking information are reasonable but no assurance can be
given that these expectations will prove to be accurate and results
may differ materially from those anticipated in this
forward-looking information. For a discussion in respect of risks
and other factors that could influence forward-looking events,
please refer to the factors discussed in Denison’s Annual
Information Form dated March 25, 2022, or subsequent quarterly
financial reports under the heading ‘Risk Factors’.
These factors are not, and should not be construed as being
exhaustive.
Accordingly, readers should not place undue reliance on
forward-looking statements. The forward-looking information
contained in this news release is expressly qualified by this
cautionary statement. Any forward-looking information and the
assumptions made with respect thereto speaks only as of the date of
this news release. Denison does not undertake any obligation to
publicly update or revise any forward-looking information after the
date of this news release to conform such information to actual
results or to changes in Denison's expectations except as otherwise
required by applicable legislation.
Figure 1: Plan map showing layout of FFT facilities
Exhibit 99.2
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Denison Mines Corp.
1100 – 40 University
Ave
Toronto, ON M5J 1T1
www.denisonmines.com
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PRESS
RELEASE
Denison Announces Expiry of Offer to Acquire UEX
Toronto, ON – August 8,
2022. Denison Mines Corp. (“Denison” or the
“Company”) (TSX: DML; NYSE American: DNN) announces
that its confidential offer to acquire UEX Corporation
(“UEX”) dated July 22, 2022 (the “Acquisition
Proposal”) has expired.
Despite
Denison's Acquisition Proposal representing a premium to the 10-day
and 20-day volume weighted average price implied by both the
original agreement between UEX and Uranium Energy Corp.
(“UEC”) dated June 13, 2022 (the “Previous UEC
Offer”) and the amended agreement with UEC dated August 5,
2022 (the “Amended UEC Offer”), the board of directors
of UEX has concluded that Denison's Acquisition Proposal was
matched by the Amended UEC Offer.
Denison
also notes that recent trading prices were affected by UEC’s
July 28, 2022 public disclosure of the Denison Acquisition
Proposal, which was delivered confidentially to UEX under an
existing non-disclosure agreement between Denison and
UEX.
David Cates, President & CEO of Denison,
commented: "In
preparing our now expired Acquisition Proposal, Denison assessed
the performance of UEX’s share price under the Previous UEC
Offer and saw an opportunity to present an alternative proposal,
which was determined by the UEX board to be a Superior Proposal on
July 28th. While it is puzzling that the UEX board was not
compelled by the premium offer made by Denison, we are nevertheless
happy to see exploration assets in the Athabasca Basin so coveted
by other industry participants. Just last year, Denison purchased
50% of JCU (Canada) Exploration Company, Limited
(“JCU”) for $20.5 million. Given that we view the other
50% of JCU as UEX’s most valuable asset, we are pleased to
now see UEX transact at a valuation greater than $300
million.
Denison remains wholly focused on the advancement of the Wheeler
River Project, the largest undeveloped uranium project in the
infrastructure-rich eastern portion of the Athabasca Basin region
of northern Saskatchewan. Following favorable metallurgical testing
results announced last week and another major milestone we will be
announcing later this morning, we are more confident than ever that
Wheeler River is the premier uranium development project in the
eastern Athabasca Basin and that Denison is uniquely positioned to
offer investors exposure to new sources of high-grade and low-cost
Canadian uranium production in the years ahead."
About Denison
Denison is a uranium exploration and development company with
interests focused in the Athabasca Basin region of northern
Saskatchewan, Canada. The Company has an effective 95% interest in
its flagship Wheeler River Uranium Project, which is the largest
undeveloped uranium project in the infrastructure rich eastern
portion of the Athabasca Basin region of northern Saskatchewan. A
Pre-Feasibility Study was completed for Wheeler River in late 2018,
considering the potential economic merit of developing Phoenix as
an ISR operation and the Gryphon deposit as a conventional
underground mining operation.
Denison's interests in Saskatchewan also include a 22.5% ownership
interest in the McClean Lake Joint Venture, which includes several
uranium deposits and the McClean Lake uranium mill, which is
contracted to process the ore from the Cigar Lake mine under a toll
milling agreement, plus a 25.17% interest in the Midwest Main and
Midwest A deposits and a 66.90% interest in the Tthe Heldeth
Túé (“THT”, formerly J Zone) and Huskie
deposits on the Waterbury Lake property. The Midwest Main, Midwest
A, THT and Huskie deposits are located within 20 kilometres of the
McClean Lake mill. Denison's exploration portfolio includes further
interests in properties covering approximately 300,000 hectares in
the Athabasca Basin region.
Through its 50% ownership of JCU, Denison holds additional
interests in various uranium project joint ventures in Canada,
including the Millennium project (JCU, 30.099%), the Kiggavik
project (JCU, 33.8118%) and Christie Lake (JCU,
34.4508%).
Denison is also engaged in post-closure mine care and maintenance
services through its Closed Mines group (formerly Denison
Environmental Services), which manages Denison's reclaimed mine
sites in the Elliot Lake region and provides related services to
certain third-party projects.
For more information, please contact
David
Cates
(416)
979-1991 ext 362
President and
Chief Executive Officer
Mac
McDonald
(416) 979-1991 ext 242
Executive Vice
President and Chief Financial Officer
Cautionary Statement Regarding Forward-Looking
Statements
Certain information contained in this news release constitutes
‘forward-looking information’, within the meaning of
the applicable United States and Canadian legislation, concerning
the business, operations and financial performance and condition of
Denison. Generally, these forward-looking statements can be
identified by the use of forward-looking terminology such as
‘potential’, ‘plans’,
‘expects’, ‘budget’,
‘scheduled’, ‘estimates’,
‘forecasts’, ‘intends’,
‘anticipates’, or ‘believes’, or the
negatives and/or variations of such words and phrases, or state
that certain actions, events or results ‘may’,
‘could’, ‘would’, ‘might’ or
‘will’ ‘be taken’, ‘occur’ or
‘be achieved’.
In particular, this news release contains forward-looking
information pertaining to the following: expectations with respect
to the proposal for a transaction with UEX; expectations regarding
the Company’s exploration and evaluation programs and
potential for project development, particularly with respect to
Wheeler River; and expectations regarding its joint venture
ownership interests and the continuity of its agreements with its
partners and third parties.
Forward-looking statements are based on the opinions and estimates
of management as of the date such statements are made, and they are
subject to known and unknown risks, uncertainties and other factors
that may cause the actual results, level of activity, performance
or achievements of Denison to be materially different from those
expressed or implied by such forward-looking statements. For
example, the modelling and assumptions upon which the work plans
for exploration and/or the Wheeler River Project are based may not
be maintained after further work is completed. In addition, Denison
may decide or otherwise be required to discontinue exploration,
testing, evaluation and development work if it is unable to
maintain or otherwise secure the necessary resources (such as
testing facilities, capital funding, regulatory approvals, etc.).
Denison believes that the expectations reflected in this
forward-looking information are reasonable but no assurance can be
given that these expectations will prove to be accurate and results
may differ materially from those anticipated in this
forward-looking information. For a discussion in respect of risks
and other factors that could influence forward-looking events,
please refer to the factors discussed in Denison’s Annual
Information Form dated March 25, 2022, or subsequent quarterly
financial reports under the heading ‘Risk Factors’.
These factors are not, and should not be construed as being
exhaustive.
Accordingly, readers should not place undue reliance on
forward-looking statements. The forward-looking information
contained in this news release is expressly qualified by this
cautionary statement. Any forward-looking information and the
assumptions made with respect thereto speaks only as of the date of
this news release. Denison does not undertake any obligation to
publicly update or revise any forward-looking information after the
date of this news release to conform such information to actual
results or to changes in Denison's expectations except as otherwise
required by applicable legislation.
Exhibit 99.3
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Denison Mines
Corp.
1100 – 40
University Ave
Toronto, ON M5J
1T1
www.denisonmines.com
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PRESS
RELEASE
Denison Delivers Further Acquisition Proposal to UEX
Toronto, ON – August 9,
2022 – Denison Mines Corp. (“Denison” or the
“Company”) (TSX: DML, NYSE American: DNN) has made a
further proposal (an “Acquisition Proposal”) to acquire
all of the issued and outstanding shares of UEX Corporation
(“UEX”). Under the terms of the Acquisition Proposal,
UEX shareholders would receive 0.32 shares of Denison in exchange
for each share of UEX held, which represents an implied purchase
price of $0.51 per UEX share, on a spot basis, as of the market
close on August 8, 2022.
Denison's
Acquisition Proposal represents a 7% premium to the price implied
by the amended arrangement agreement between UEX and Uranium Energy
Corp. (“UEC”) dated August 5, 2022 (the “Amended
UEC Agreement”) based on the one-day volume weighted average
price on August 8, 2022, and a 9% premium to the 20-day volume
weighted average price implied by the Amended UEC
Agreement.
David Cates, President & CEO of Denison,
commented: “Following
the expiration of our previous acquisition proposal, which equated
to a premium over the Amended UEC Agreement on a 10- and 20-day
volume weighted average price basis, and after internal
discussions, including with our legal and financial advisors,
Denison decided to make a further premium acquisition proposal to
UEX.
The success of this offer is subject
to the board of UEX determining that it is superior to the Amended
UEC Agreement and is also subject to UEC’s five-day right to
match. We note that on August 5th,
UEC increased its offer in response to Denison’s superior
acquisition proposal of July 22nd,
and that the UEX board of directors concluded that the amended
terms offered by UEC constituted a matching offer – despite
the fact it implied a lower UEX price from the perspective of
premiums over normalized trading periods.
In making this further offer, we recognize that UEC remains in the
‘driver’s seat’ through its right to match, and
that our offer may not ultimately prevail.
That said, we believe that the UEX assets are so complementary to
our own portfolio and Athabasca Basin specialization that it would
be short-sighted not to afford another opportunity for both Denison
and UEX shareholders to prosper from this
combination.”
In
order for the UEX board of directors to consider if the Acquisition
Proposal constitutes a “Superior Proposal” under the
Amended UEC Agreement, UEX announced that it has postponed the
special meeting of UEX securityholders, originally scheduled for
August 9, 2022, to August 15, 2022.
Denison’s
Acquisition Proposal is conditional on UEX terminating the Amended
UEC Agreement, which will require the UEX board of directors to
assess (i) the Acquisition Proposal to be a “Superior
Proposal” and (ii) that UEC has failed to match in accordance
with the terms of the Amended UEC Agreement.
UEX
has been provided with a set of definitive documents to give effect
to the Acquisition Proposal on a binding basis, and the parties
would be in a position to complete the transaction without undue
delay. After UEX determined that Denison’s prior offer of
July 22, 2022 constituted a “Superior Proposal” (as
defined in the Amended UEC Agreement), UEX and Denison negotiated
and settled the terms of the necessary agreements. Additionally,
the definitive documents have already been approved by the Denison
board of directors.
As
outlined previously, an acquisition of UEX by Denison has the
potential to yield multiple benefits:
●
Consolidation of 100% ownership
of Wheeler River –
Wheeler River is host to the high-grade Phoenix and Gryphon uranium
deposits and represents the largest undeveloped uranium project in
the infrastructure-rich eastern portion of the Athabasca Basin
region. The Company is actively advancing the Phoenix deposit,
which is proposed as a low-cost ISR mining operation, through the
environmental assessment and feasibility study processes. The
results from the Pre-Feasibility Study completed for Wheeler River
suggest that Phoenix has the potential to be one of the lowest cost
uranium mining operations in the world. Denison currently has an
effective 95% interest in Wheeler
River.
●
Consolidation of 100% ownership
of JCU (Canada) Exploration Company, Limited
(“JCU”) – JCU
holds a portfolio of twelve uranium project joint venture interests
in Canada, including a 30.099% interest in the Millennium project
(Cameco Corporation 69.901%), a 33.8118% interest in the Kiggavik
project (Orano Canada Inc. 66.1882%), and a 34.4508% interest in
the Christie Lake project (UEX 65.5492%). Denison currently has a
50% ownership interest in JCU.
●
Project portfolio suited to
Denison’s abundant in-house expertise – Denison has a Saskatoon-based technical
team with abundant in-house expertise in the areas of exploration,
project development, engineering, metallurgy, mining, plant
operations, permitting and regulatory affairs, that is well suited
to extract the maximum value possible, for our shareholders, from
uranium exploration or development assets situated in the Athabasca
Basin region.
While
Denison is prepared to move ahead with the Acquisition Proposal on
an expedited basis, UEC retains its right to match under the
Amended UEC Agreement and there can be no assurance that a
definitive agreement or any other agreement relating to the
Acquisition Proposal will be entered into by UEX or that the
Acquisition Proposal, and any transactions related thereto or any
other similar transaction, will be approved or consummated by the
board or shareholders of UEX. The Company does not undertake any
obligation to provide any updates with respect to this or any other
transaction, except as required under applicable law.
About Denison
Denison is a uranium exploration and development company with
interests focused in the Athabasca Basin region of northern
Saskatchewan, Canada. The Company has an effective 95% interest in
its flagship Wheeler River Uranium Project, which is the largest
undeveloped uranium project in the infrastructure rich eastern
portion of the Athabasca Basin region of northern Saskatchewan. A
Pre-Feasibility Study was completed for Wheeler River in late 2018,
considering the potential economic merit of developing Phoenix as
an ISR operation and the Gryphon deposit as a conventional
underground mining operation.
Denison's interests in Saskatchewan also include a 22.5% ownership
interest in the McClean Lake Joint Venture, which includes several
uranium deposits and the McClean Lake uranium mill, which is
contracted to process the ore from the Cigar Lake mine under a toll
milling agreement, plus a 25.17% interest in the Midwest Main and
Midwest A deposits and a 67.01% interest in the Tthe Heldeth
Túé ('THT’, formerly J Zone) and Huskie deposits on
the Waterbury Lake property. The Midwest Main, Midwest A, THT and
Huskie deposits are located within 20 kilometres of the McClean
Lake mill. Denison's exploration portfolio includes further
interests in properties covering approximately 300,000 hectares in
the Athabasca Basin region.
Through its 50% ownership of JCU, Denison holds additional
interests in various uranium project joint ventures in Canada,
including the Millennium project (JCU, 30.099%), the Kiggavik
project (JCU, 33.8118%) and Christie Lake (JCU,
34.4508%).
Denison is also engaged in post-closure mine care and maintenance
services through its Closed Mines group (formerly Denison
Environmental Services), which manages Denison’s reclaimed
mine sites in the Elliot Lake region and provides related services
to certain third-party projects.
For more information, please contact
David
Cates
(416) 979-1991 ext
362
President and
Chief Executive Officer
Mac
McDonald
(416) 979-1991 ext 242
Executive Vice
President and Chief Financial Officer
Follow Denison on
Twitter
@DenisonMinesCo
Cautionary Statement Regarding Forward-Looking
Statements
Certain information contained in this news release constitutes
‘forward-looking information’, within the meaning of
the applicable United States and Canadian legislation concerning
the business, operations and financial performance and condition of
Denison.
Generally, these forward-looking statements can be identified by
the use of forward-looking terminology such as ‘plans’,
‘expects’, ‘budget’,
‘scheduled’, ‘estimates’,
‘forecasts’, ‘intends’,
‘anticipates’, or ‘believes’, or the
negatives and/or variations of such words and phrases, or state
that certain actions, events or results ‘may’,
‘could’, ‘would’, ‘might’ or
‘will be taken’, ‘occur’, ‘be
achieved’ or ‘has the potential to’.
In particular, this news release contains forward-looking
information pertaining to the following: the existence and terms of
the Acquisition Proposal, including the conditions and other rights
and obligations of the parties and any potential benefits of such a
transaction; UEX’s announcement of the postponement of its
shareholder meeting and the anticipated date thereof; expectations
with respect to the terms of the Amended UEC Agreement and the
parties’ rights and obligations thereunder; and expectations
regarding its joint venture ownership interests and the continuity
of its agreements with its partners.
Forward looking statements are based on the opinions and estimates
of management as of the date such statements are made, and they are
subject to known and unknown risks, uncertainties and other factors
that may cause the actual results, level of activity, performance
or achievements of Denison to be materially different from those
expressed or implied by such forward-looking statements. For
example, the conditions to the transactions may not be satisfied or
the parties may negotiate terms materially different than disclosed
herein. Denison believes that the expectations reflected in this
forward-looking information are reasonable and no assurance can be
given that these expectations will prove to be accurate and results
may differ materially from those anticipated in this
forward-looking information. For a discussion in respect of risks
and other factors that could influence forward-looking events,
please refer to the factors discussed in the Annual Information
Form dated March 25, 2022 under the heading “Risk
Factors”. These factors are not, and should not be construed
as being exhaustive.
Accordingly, readers should not place undue reliance on
forward-looking statements. The forward-looking information
contained in this news release is expressly qualified by this
cautionary statement. Any forward-looking information and the
assumptions made with respect thereto speaks only as of the date of
this news release. Denison does not undertake any obligation to
publicly update or revise any forward-looking information after the
date of this news release to conform such information to actual
results or to changes in Denison's expectations except as otherwise
required by applicable legislation.