Denison Mines Corp 6-K, filed Oct 20, 2022
Denison Mines Corp. (DNN)
6-K
2022-10-20
For: 2022-10-20
View Original
Added on
April 07, 2026
About this 6-K
Denison Mines Corp filed this 6-K on October 20, 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 20, 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.
|
|
|
|
|
|
|
|
|
|
|
|
|
DENISON MINES
CORP.
|
||
|
|
|
|
||||
|
|
|
|
|
/s/ Amanda Willett
|
||
|
Date: October
20, 2022
|
|
|
|
Amanda
Willett
|
||
|
|
|
|
|
Vice
President Legal and Corporate Secretary
|
||
FORM 6-K
EXHIBIT INDEX
|
Exhibit Number
|
|
Description
|
|
|
|
|
|
99.1
|
|
Press release dated
October 17, 2022 |
|
99.2
|
|
Press release dated
October 20, 2022 |
|
|
||
|
|
||
|
|
|
|
|
|
||
Exhibit 99.1
 |
Denison Mines
Corp.
1100 – 40
University Ave
Toronto, ON M5J
1T1
www.denisonmines.com
|
PRESS
RELEASE
Denison Announces History-Making Recovery of
Uranium Bearing Solution from Phoenix ISR Feasibility Field
Test
Toronto, ON –October 17,
2022. Denison Mines Corp. (“Denison” or the
“Company”) (TSX: DML; NYSE American: DNN) is pleased to
announce that it has successfully recovered uranium bearing
solution from the Phoenix in-situ recovery (“ISR”)
Feasibility Field Test (“FFT”) underway at the
Company’s 95% owned Wheeler River project (“Wheeler
River” or the “Project”).
David Cates, Denison’s President & CEO,
commented, “The
successful recovery of uranium bearing solution from
Denison’s high-grade Phoenix deposit is a historic moment for
uranium mining in Canada. This accomplishment reflects the
culmination of several years of technical de-risking and provides
tangible validation of the Company’s selection of the ISR
mining method for Phoenix in our 2018 Wheeler River Pre-Feasibility
Study. With this result, Denison has truly showcased its industry
leadership in bringing the low-cost ISR mining method to the
high-grade uranium deposits of the Athabasca
Basin.”
Kevin Himbeault, Denison’s Vice President of
Plant Operations & Regulatory Affairs, added,
“The
recovery of uranium bearing solution at targeted rates and grades
is history in the making. Initial analysis indicates the
hydrogeological system has responded as expected with pH trends,
flow characteristics and uranium recovery meeting expectations. I
am extremely proud of our team’s focus and dedication in
getting us to this momentous stage safely and on
schedule.”
The leaching phase of the FFT commenced in
September 2022 (see news release dated September 26, 2022) and
preliminary results received to date have demonstrated the
successful acidification of the Test Pattern (defined below) and
recovery of uranium through the ISR mining method. Several samples
of recovered solution have been collected during the leaching phase
and remain subject to full lab assay and analysis, which will
generate additional detailed information about the performance of
the FFT.
Given
the highly successful results of the FFT, lixiviant injection has
ceased, and operators at the Phoenix FFT site are preparing to
transition from the leaching phase of the FFT to the neutralization
phase, which is expected to be completed before the end of the
year. The final phase of the FFT, which involves management of the
recovered solution, is expected to commence in the spring of
2023.
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.
Feasibility Field Test
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.
The
FFT is fully permitted, having been authorized by both the
Saskatchewan Minister of Environment (see news release dated July
12, 2022) and the Canadian Nuclear Safety Commission (see news
release dated August 8, 2022).
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 expected production and remediation
profiles.
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
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 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 ~280,000 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
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, timing and the anticipated results
thereof; the interpretation of the results of the FFT obtained
to-date; 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
99.2
|
|
Denison Mines
Corp.
1100 – 40
University Ave
Toronto, ON M5J
1T1
www.denisonmines.com
|
PRESS
RELEASE
Denison Announces Exploration Agreement
with the Ya’thi Néné Lands and Resources
Office,
the Athabasca Nations, and Communities of the
Nuhenéné
Toronto, ON – October 20,
2022. Denison Mines Corp. (“Denison” or the
“Company”) (TSX: DML; NYSE American: DNN) is pleased to
announce that it has entered into an exploration agreement (the
“Exploration Agreement”) with the Ya'thi Néné
Lands and Resources Office (“YNLR”), Hatchet Lake
Denesułiné First Nation, Black Lake
Denesułiné First Nation, Fond du Lac
Denesułiné First Nation (collectively, the
“Athabasca Nations”) and the Northern Hamlet of Stony
Rapids, the Northern Settlement of Uranium City, the Northern
Settlement of Wollaston Lake and the Northern Settlement of Camsell
Portage (collectively, the “Athabasca Communities”) in
respect of Denison’s exploration and evaluation activities
within the traditional territory of the Athabasca Nations (the
“Nuhenéné”).
The
Exploration Agreement expresses the parties’ intention to
build a long-term relationship between Denison and the YNLR,
Athabasca Nations, and Athabasca Communities. Denison wishes to
conduct and advance its exploration activities in a sustainable
manner that respects the Athabasca Nations’ Indigenous
rights, advances reconciliation with Indigenous peoples, and
provides economic opportunities and other benefits to the Athabasca
Communities in an authentic, cooperative and respectful
way.
David Cates, Denison’s President and CEO,
commented that “This
agreement formalizes years of work that Denison and the YNLR have
undertaken together in the spirit of collaboration, resulting in
several notable achievements, including the renaming of Waterbury
Lake’s J Zone deposit to Tthe Heldeth Túé
in honour
of the Denesułiné territory in which the deposit is
located. Our past and present actions demonstrate a mutual
willingness to engage in positive business practices that advance
reconciliation, and this Exploration Agreement further codifies how
the principles expressed in Denison’s Indigenous Peoples
Policy will guide our activities in the Nuhenéné into the
future.”
Mary Denechezhe,
YNLR Board Chair, stated that “Our
communities want to participate in and benefit from projects
happening on our lands, which historically has not always been the
case. This Exploration Agreement will provide certainty to our
Basin communities that there will be meaningful engagement on
proposed projects and monitoring of exploration activities to
ensure the environment and all Treaty Rights are respected. The
economic benefits will help to strengthen our communities in the
Basin. We acknowledge and respect Denison’s leadership in
advancing reconciliation with our
communities.”
The
Exploration Agreement establishes a progressive and sustainable
basis for maintaining a cooperative and mutually beneficial
relationship between the parties, which respects the rights and
interests of the YNLR, Athabasca Nations and Athabasca Communities,
while supporting Denison’s exploration and evaluation
activities. The Exploration Agreement includes a framework for
predictable information-sharing and permitting processes,
environmental protection and monitoring, as well as the sharing of
benefits to support community development initiatives. Through this
cooperative approach, Denison is able to obtain consent for its
exploration and evaluation activities within the
Nuhenéné.
About YNLR and the Athabasca Nations and Communities
The
YNLR is a non-profit organization owned by the Athabasca Nations of
Hatchet Lake Denesułiné First Nation, Black Lake
Denesułiné First Nation, Fond du Lac
Denesułiné First Nation and the Athabasca Communities of
the Northern Hamlet of Stony Rapids, the Northern Settlement of
Uranium City, the Northern Settlement of Wollaston Lake and the
Northern Settlement of Camsell Portage.
The
YNLR was established in June 2016 with the mandate to promote and
enhance the environmental, social, economic, and cultural
well-being of current and future Athabasca residents.
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. 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 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 approximately
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
|
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
‘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 obligations of, and intended cooperation with, the parties
to the Exploration Agreement; intentions regarding engagement with
respect to the Company’s exploration and evaluation programs;
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, Denison may decide or otherwise be required to discontinue
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.