Denison Mines Corp 6-K, filed May 14, 2025

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Denison Mines Corp. (DNN)

6-K 2025-05-14 For: 2025-05-13

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Added on April 07, 2026

DENISON MINES CORP.

/s/ Amanda Willett

Date: May 14, 2025

Amanda Willett

Vice President Legal and Corporate Secretary

Denison Mines Corp filed this 6-K on May 14, 2025.

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Exhibit Number		Description

99.1		Interim Consolidated Financial Statements for the period ended March 31, 2025
99.2		Management's Discussion and Analysis for the three months ended March 31, 2025
99.3		Form 51-102F2 Certification of Interim Filings - CEO
99.4		Form 51-102F2 Certification of Interim Filings - CFO
99.5		Press release dated May 12, 2025
99.6		Report of Voting Results

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Unaudited - Expressed in thousands of Canadian dollars (“CAD”) except for share amounts)
		At March 31 2025		At December 31 2024
ASSETS
Current
Cash and cash equivalents (note 4)	$	83,576	$		108,518
Trade and other receivables		3,802		3,075
Inventories		3,769		3,746
Investments-equity instruments (note 5)		7,089		6,292
Prepaid expenses and other		2,526		2,093
		100,762		123,724
Non-Current
Inventories-ore in stockpiles		2,098		2,098
Investments-equity instruments (note 5)		5,172		1,755
Investments-uranium (note 5)		203,839		231,088
Investments-convertible debentures (note 5)		12,222		13,000
Investments-joint venture (note 6)		20,152		20,663
Restricted cash and investments		12,620		11,624
Property, plant and equipment (note 7)		260,573		259,661
Other long-term assets		946		-
Total assets	$	618,384	$	663,613
LIABILITIES
Current
Accounts payable and accrued liabilities (note 8)	$	24,763	$	21,333
Current portion of long-term liabilities:
Deferred revenue (note 9)		4,517		4,501
Reclamation obligations (note 10)		1,622		1,713
Other liabilities		484		6,344
		31,386		33,891
Non-Current
Deferred revenue (note 9)		28,779		29,492
Reclamation obligations (note 10)		30,873		30,601
Other liabilities		2,947		2,936
Deferred income tax liability		2,197		2,371
Total liabilities		96,182		99,291
EQUITY
Share capital (note 11)		1,665,995		1,665,189
Contributed surplus		73,921		73,311
Deficit		(1,219,534)		(1,176,000)
Accumulated other comprehensive income (note 13)		1,820		1,822
Total equity		522,202		564,322
Total liabilities and equity	$	618,384	$	663,613
Issued and outstanding common shares (note 11)		896,207,766		895,713,101
Commitments and contingencies (note 18)
The accompanying notes are an integral part of the condensed interim consolidated financial statements

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS (Unaudited - Expressed in thousands of CAD dollars except for share and per share amounts)
		Three Months Ended March 31
		2025		2024


REVENUES (note 14)	$	1,375	$	832

EXPENSES
Operating expenses (note 14)		(1,223)		(1,220)
Exploration (note 14)		(8,054)		(5,413)
Evaluation (note 14)		(9,030)		(5,701)
General and administrative (note 14)		(4,743)		(3,584)
Other loss (note 13)		(27,156)		(5,082)
		(50,206)		(21,000)
Loss before net finance expense, equity accounting		(48,831)		(20,168)

Finance income, net (note 13)		175		841
Equity share of loss of investment in associates (note 5)		(391)		-
Equity share of loss of joint venture (note 6)		(511)		(581)
Loss before taxes		(49,558)		(19,908)
Income tax recovery:
Deferred (note 15)		6,024		28
Net loss for the period	$	(43,534)	$	(19,880)

Other comprehensive loss:
Items that are or may be subsequently reclassified to loss:
Foreign currency translation change		(2)		(49)
Comprehensive loss for the period	$	(43,536)	$	(19,929)


Basic and diluted net loss per share:
Basic	$	(0.05)	$	(0.02)
Diluted	$	(0.05)	$	(0.02)


Weighted-average number of shares outstanding (in thousands):
Basic		895,775		891,224
Diluted		895,775		891,224

The accompanying notes are an integral part of the condensed interim consolidated financial statements

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited - Expressed in thousands of CAD dollars)
		Three Month Ended March 31
		2025		2024

Share capital (note 11)
Balance-beginning of period	$	1,665,189	$	1,655,024
Share options exercised-cash		29		769
Share options exercised-transfer from contributed surplus		14		357
Share units exercised-transfer from contributed surplus		763		273
Balance-end of period		1,665,995		1,656,423

Contributed surplus
Balance-beginning of period		73,311		69,823
Share-based compensation expense (note 12)		1,387		919
Share options exercised-transfer to share capital		(14)		(357)
Share units exercised-transfer to share capital		(763)		(273)
Balance-end of period		73,921		70,112

Deficit
Balance-beginning of period		(1,176,000)		(1,084,881)
Net loss		(43,534)		(19,880)
Balance-end of period		(1,219,534)		(1,104,761)

Accumulated other comprehensive income (note 13)
Balance-beginning of period		1,822		1,818
Foreign currency translation		(2)		(49)
Balance-end of period		1,820		1,769

Total Equity
Balance-beginning of period	$	564,322	$	641,784
Balance-end of period	$	522,202	$	623,543

The accompanying notes are an integral part of the condensed interim consolidated financial statements

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED MARCH 31, 2025
(Unaudited - Expressed in CAD dollars except for shares and per share amounts)

		At March 31		At December 31
(in thousands)		2025		2024

Cash	$	991	$	1,113
Cash in MLJV and MWJV		2,574		2,969
Cash equivalents		80,011		104,436
	$	83,576	$	108,518

(in thousands)		Equity Instruments		Investment in Associates		Convertible Debentures		Physical Uranium		Total Investments

Balance-December 31, 2024	$	6,560	$	1,487	$	13,000	$	231,088	$	252,135
Acquisition of investments		211		3,662		-		-		3,873
Change in fair value (note 13)		481		-		(778)		(27,249)		(27,546)
Dilution gain (note 13)		-		251		-		-		251
Equity pick up of associates		-		(391)		-		-		(391)
Balance-March 31, 2025	$	7,252	$	5,009	$	12,222	$	203,839	$	228,322

		Plant and Equipment				Mineral		Total
(in thousands)		Owned		Right-of-Use		Properties		PP&E

Cost:
Balance-December 31, 2024	$	116,512	$	2,055	$	184,158	$	302,725
Additions (note 14)		5,420		72		1,280		6,772
Disposal related to Cosa Transaction (note 5)		-		-		(4,485)		(4,485)
Balance-March 31, 2025	$	121,932	$	2,127	$	180,953	$	305,012

Accumulated amortization, depreciation:
Balance-December 31, 2024	$	(42,748)	$	(316)	$	-	$	(43,064)
Amortization		(138)		-		-		(138)
Depreciation		(1,167)		(70)		-		(1,237)
Balance-March 31, 2025	$	(44,053)	$	(386)	$	-	$	(44,439)

Carrying value:
Balance-December 31, 2024	$	73,764	$	1,739	$	184,158	$	259,661
Balance-March 31, 2025	$	77,879	$	1,741	$	180,953	$	260,573

(in thousands)		Deferred Revenue

Balance-December 31, 2024	$	33,993
Revenue recognized during the period (note 14)		(1,375)
Accretion (note 13)		678
Balance-March 31, 2025	$	33,296

		Number of
		Common		Share
(in thousands except share amounts)		Shares		Capital

Balance-December 31, 2024		895,713,101	$	1,665,189
Issued for cash:
Share option exercises		32,000		29
Share option exercises-transfer from contributed surplus		-		14
Share unit exercises-transfer from contributed surplus		462,665		763
	494,665			806
Balance-March 31, 2025		896,207,766	$	1,665,995

	2025
			Weighted
			Average
			Exercise
	Number of Common		Price per Share
	Shares		(CAD)

Share options outstanding-December 31, 2024	5,649,167	$	1.85
Grants	1,625,000		1.99
Exercises (1)	(32,000)		0.91
Forfeitures	(7,333)		2.61
Share options outstanding-March 31, 2025	7,234,834	$	1.89
Share options exercisable-March 31, 2025	3,910,839	$	1.69

	Weighted			Weighted-
	Average			Average
	Remaining			Exercise
Range of Exercise	Contractual	Number of		Price per
Prices per Share	Life	Common		Share
(CAD)	(Years)	Shares		(CAD)

Share options outstanding
$ 1.00 to $ 1.50	2.03	2,661,166		1.40
$ 1.51 to $ 2.00	3.70	2,798,001		1.93
$ 2.01 to $ 2.50	3.35	242,000		2.19
$ 2.51 to $ 3.00	3.93	1,533,667		2.62
Share options outstanding-March 31, 2025	3.12	7,234,834	$	1.89

					Three Months Ended
					March 31, 2025

Risk-free interest rate					2.64%
Expected stock price volatility					57.43%
Expected life					3.40 years
Expected dividend yield					-
Fair value per option granted					$0.86

	RSUs			PSUs
			Weighted			Weighted
			Average			Average
	Number of		Fair Value	Number of		Fair Value
	Common		Per RSU	Common		Per PSU
	Shares		(CAD)	Shares		(CAD)

Units outstanding–December 31, 2024	6,944,751	$	$1.56	260,000	$	0.98
Grants	1,118,000		1.99	-		-
Exercises (1)	(462,665)		1.65	-		-
Forfeitures	(80,667)		2.05	-		-
Units outstanding–March 31, 2025	7,519,419	$	1.61	260,000	$	0.98
Units vested–March 31, 2025	4,798,086	$	1.29	260,000	$	0.98

		At March 31		At December 31
(in thousands)		2025		2024

Cumulative foreign currency translation	$	458	$	460
Experience gains-post employment liability
Gross		1,847		1,847
Tax effect		(485)		(485)
	$	1,820	$	1,822

(in thousands)		Mining	Corporate and Other	Total

Statement of Operations:
Revenues	$	1,375	-	1,375

Expenses:
Operating expenses		(1,223)	-	(1,223)
Exploration		(8,054)	-	(8,054)
Evaluation		(9,030)	-	(9,030)
General and administrative		-	(4,743)	(4,743)
		(18,307)	(4,743)	(23,050)
Segment loss	$	(16,932)	(4,743)	(21,675)

Revenues-supplemental:
Toll milling services-deferred revenue (note 9)		1,375	-	1,375
	$	1,375	-	1,375

Capital additions:
Property, plant and equipment (note 7)	$	6,214	558	6,772

Long-lived assets:
Plant and equipment
Cost	$	116,318	7,741	124,059
Accumulated depreciation		(43,916)	(523)	(44,439)
Mineral properties		180,953	-	180,953
	$	253,355	7,218	260,573

	Financial	Fair		March 31,		December 31,
	Instrument	Value		2025		2024
(in thousands)	Category(1)	Hierarchy		Fair Value		Fair Value

Financial Assets:
Cash and equivalents	Category B		$	83,576	$	108,518
Trade and other receivables	Category B			3,802		3,075
Investments
Equity instruments-shares	Category A	Level 1		7,086		6,280
Equity instruments-warrants	Category A	Level 2		166		280
Investment in Associates	Category A	Level 2		5,009		1,487
Convertible Debentures	Category A	Level 3		12,222		13,000
Restricted cash and equivalents
Elliot Lake reclamation trust fund	Category B			4,647		3,652
Credit facility pledged assets	Category B			7,972		7,972
			$	124,480	$	144,264

Financial Liabilities:
Account payable and accrued liabilities	Category C			24,763		21,333
Debt obligations	Category C			2,419		2,414
			$	27,182	$	23,747

(in thousands)		As at March 31, 2025		As at December 31, 2024

Financial Position:
Cash and cash equivalents	$	83,576	$	108,518
Working capital(1)	$	73,893	$	94,334
Investments in uranium	$	203,839	$	231,088
Property, plant and equipment	$	260,573	$	259,661
Total assets	$	618,384	$	663,613
Total long-term liabilities(2)	$	64,796	$	65,400

PROJECT EVALUATION ACTIVITIES
Property	Denison’s ownership	Evaluation activities
Wheeler River	95%(1)	Engineering, detailed design, metallurgical testing, Feasibility Field Test (‘FFT’) monitoring, 2025 Gryphon field program activities, environmental and sustainability activities.
Waterbury Lake	70.55%(2)	2025 field activities and progression of a PFS for the THT deposit.
Midwest	25.17%	2025 field programs and progression of Preliminary Economic Assessment (‘PEA’).
Kindersley Lithium Project (‘KLP’)	Earn-in(3)	Progression of a PFS for the KLP project.

Summary of Economic Results (100% Basis) – Base Case
Uranium selling price	UxC Spot Price(1) (~US$66 to US$70/lb U3O8)
Exchange Rate (US$:CAD$)	1.35
Discount Rate	8%
Operating profit margin(2)	90.9%

Pre-tax NPV8%(3) (Change from 2018 PFS)(4)	$2.34 billion (+150%)
Pre-tax IRR(3)	105.9%
Pre-tax payback period(5)	~10 months

Post-tax NPV8%(3)	$1.43 billion
Post-tax IRR(3)	82.3%
Post-tax payback period(5)	~11 months

Adjusted Post-tax NPV8%(3)(6)	$1.56 billion
Adjusted Post-tax IRR(3)(6)	90.0%
Adjusted Post-tax payback period(3)(6)	~10 months

Summary of Key Phoenix Operational Parameters (100% basis)
Mine life	10 years
Proven & Probable reserves(1)	56.7 million lbs U3O8 (219,000 tonnes at 11.7% U3O8)
First 5 years of reserves(2)	41.9 million lbs U3O8 (Average 8.4 million lbs U3O8 / year)
Remaining years of reserves	14.8 million lbs U3O8 (Average 3.0 million lbs U3O8 / year)
Initial capital costs(3)	$419.4 million
Average cash operating costs	$8.51 (US$6.28) per lb U3O8
All-in cost(4)	$21.73 (US$16.04) per lb U3O8

Summary of Economic Results (100% Basis) – Base Case
Uranium selling price	US$75/lb U3O8(1) (Fixed selling price)
Exchange Rate (US$:CAD$)	1.35
Discount Rate	8%
Operating profit margin(3)	83.0%

Pre-tax NPV8%(3) (Change from 2018 PFS)(4)	$1.43 billion (+148%)
Pre-tax IRR(3)	41.4%
Pre-tax payback period(5)	~ 20 months

Post-tax NPV8%(3)(6)	$864.2 million
Post-tax IRR(3)(6)	37.6%
Post-tax payback period(5)(6)	~ 22 months

Summary of Key Gryphon Operational Parameters (100% basis)
Mine life	6.5 years
Probable reserves(1)	49.7 million lbs U3O8 (1,257,000 tonnes at 1.8% U3O8)
Average annual production	7.6 million lbs U3O8
Initial capital costs(2)	$737.4 million
Average cash operating costs	$17.27 (US$12.75) per lb U3O8
All-in cost(3)	$34.50 (US$25.47) per lb U3O8

EXPLORATION ACTIVITIES
Property	Denison’s ownership	Drilling in metres (m)(1)	Other activities
Crawford Lake	100.00%	-	Geophysical Survey
Hatchet Lake	56.12%(2)	-	Drill Mobilization
Johnston Lake	100.00%	-	Geophysical Survey
McClean Lake	22.5%	6,447 (24 holes)	-
Moon Lake South	75.00%	-	Linecutting
Wheeler River	95.00%(3)	9,776 (13 holes)	Geophysical Survey
Waterfound	24.68%(4)	11,153 (19 holes)	Geophysical Survey
Wolly	27.73%(5)	3,312 (11 holes)	-

Total		30,688 (67 holes)

(in thousands)	PREVIOUS 2025 OUTLOOK(2)	CURRENT 2025 OUTLOOK(2)	ACTUAL TO March 31, 2025(3)
Mining Segment
Development & Operations	(17,493)	(17,493)	(4,010)
Exploration	(16,877)	(18,082)	(8,186)
Evaluation - Phoenix	(38,802)	(38,802)	(6,292)
Evaluation - Other	(16,466)	(16,956)	(3,056)
Capital Additions from Phoenix Long Lead Procurement	(76,613)	(76,613)	(4,393)
JCU Cash Contributions	-	-	-
	(166,251)	(167,946)	(25,937)
Corporate and Other Segment
Corporate Administration & Other	(5,662)	(6,674)	(2,217)
	(5,662)	(6,674)	(2,217)
Total(1)	$ (171,913)	$ (174,620)	$ (28,154)

Nominee	Votes For	% For	Votes Withheld	% Withheld
Jennifer Traub	367,438,770	94.99%	19,399,921	5.01%
David Cates	366,920,809	94.85%	19,917,881	5.15%
Jinsu Baik	384,502,960	99.40%	2,335,731	0.60%
Wes Carson	366,457,344	94.73%	20,381,346	5.27%
Ken Hartwick	384,596,396	99.42%	2,242,294	0.58%
David Neuburger	379,319,168	98.06%	7,519,522	1.94%
Laurie Sterritt	378,238,679	97.78%	8,600,011	2.22%
Patricia Volker	379,592,941	98.13%	7,245,749	1.87%

Votes For	% For	Votes Against	% Against
470,858,309	98.19%	8,681,062	1.81%

	DENISON MINES CORP.

	By:	(signed) “Amanda Willett”
		Amanda Willett
		VP Legal & Corporate Secretary