Denison Mines Corp 6-K, filed Oct 27, 2022
Denison Mines Corp. (DNN)
6-K
2022-10-27
For: 2022-10-27
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Added on
April 07, 2026
About this 6-K
Denison Mines Corp filed this 6-K on October 27, 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: October 27, 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: October
27, 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
October 26, 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 Significant Regulatory Milestone for
Wheeler River with Submission of Environmental Impact
Statement
Toronto, ON – October 26,
2022. Denison Mines Corp. (“Denison” or the
“Company”) (TSX: DML; NYSE American: DNN) is pleased to
announce a significant regulatory milestone for the Company’s
95% owned Wheeler River project (“Wheeler River”) with
the submission of the draft Environmental Impact Statement
(“EIS”) to the Saskatchewan Ministry of Environment
(“MOE”) and the Canadian Nuclear Safety Commission
(“CNSC”). The EIS submission outlines the
Company’s assessment of the potential effects, including
applicable mitigation measures, of the proposed in-situ recovery
(“ISR”) uranium mine and processing plant (the
“Project”) planned for Wheeler River, and reflects
several years of baseline environmental data collection, technical
assessments, plus extensive engagement and consultation with
Indigenous and non-Indigenous interested
parties.
David Cates, Denison’s President & CEO,
commented, “Canada
is an environmentally conscious nation with rigorous federal and
provincial environmental protection regimes. Through the process of
assessing potential environmental impacts, it became apparent that
our Project has the potential to achieve a superior standard of
environmental sustainability. Our assessments indicate that the
Project has fewer residual effects remaining after mitigation when
compared to conventional open pit or underground uranium mining and
milling operations. We are proud of the outcomes outlined in the
EIS and the role that Denison is playing in re-shaping the uranium
mining industry in Saskatchewan.”
Kevin Himbeault, Denison’s Vice President of
Plant Operations & Regulatory Affairs, added,
“The
EIS reflects a transparent and conservative assessment process that
followed a stepwise approach for evaluating potential environmental
effects. Working together with world-class subject matter experts,
the evaluations and conclusions of the EIS indicate that the
Project can be constructed, operated, and decommissioned while
regional environmental components remain viable and healthy, human
health is protected, opportunities for land use activities
(including exercising Indigenous rights) are maintained and social
and economic viability of local economies is
supported.”
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.
Environmental Assessment Process
A
project description was submitted by Denison and accepted by the
MOE and the CNSC in 2019, which marked the formal initiation of the
Environmental Assessment (“EA”) process for the Project
(see news release dated June 3, 2019).
The
EIS has been prepared in accordance with the Terms of Reference
provided by the MOE in 2019 and the Generic Guidelines for the
Preparation of an Environmental Impact Statement
(“Guidelines”) as authorized by the CNSC in 2019.
Additionally, the EIS has been prepared to align with the federal
and provincial EA processes as stipulated under the Saskatchewan
Environmental Assessment Act, 2018 and the Canadian Environmental
Assessment Act, 2012.
The
joint provincial and federal EA process allows Denison to file one
EIS that meets the requirements of both the MOE and CNSC. Following
the submission of the draft EIS, the MOE and CNSC are expected to
initiate their respective review processes. The CNSC process
involves an initial conformity review against the Guidelines, prior
to the commencement of the formal process of completing technical
and public reviews. The review process is expected to involve
further requests for information/clarification from Denison before
the final EIS is accepted by the regulatory agencies. This process
can take multiple years to complete. Importantly, the commitments
within the approved EIS are expected to then form the basis for
which future regulatory licensing approvals will be
framed.
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 Pre-Feasibility Study (“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 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
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 ~300,000 hectares in the Athabasca Basin
region.
Denison is also engaged in post-closure mine care and maintenance
services through its Closed Mines group, 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
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David
Cates
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(416)
979-1991 ext 362
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President and Chief Executive
Officer
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Mac
McDonald
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(416) 979-1991 ext
242
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Executive Vice President and Chief Financial
Officer
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Follow
Denison on Twitter
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@DenisonMinesCo
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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 EA process, including the draft EIS and the results and
objectives thereof; expectations regarding regulatory reviews and
processes; 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.