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: March 1, 2024
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): ☐
SIGNATURES
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: March
1, 2024
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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
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 Reports Impressive Financial and Operational Results for
2023
Including Significant Increase in Phoenix ISR Project Economics
and
a $134 Million Gain on Physical Uranium Holdings
Toronto, ON – February
29, 2024. Denison Mines Corp. (‘Denison’ or the
‘Company’) (TSX: DML, NYSE American: DNN) today filed
its Audited Consolidated Financial Statements and
Management’s Discussion & Analysis
(‘MD&A’) for the year ended December 31, 2023. Both
documents are or will be available on the Company’s website
at www.denisonmines.com,
SEDAR+ (at www.sedarplus.ca)
and EDGAR (at www.sec.gov/edgar.shtml).
The highlights provided below are derived from these documents and
should be read in conjunction with them. All amounts in this
release are in Canadian dollars unless otherwise
stated.
The
Company reported earnings per share (‘EPS’) from
continuing operations of $0.11 for the year ended December 31,
2023, representing a 450% increase from the 2022 EPS of $0.02,
driven by the recognition of a significantly larger gain on the
Company’s physical uranium holdings offset by operating
expenses primarily related to the Company’s advancement of
its flagship Wheeler River Project.
A
description of the Company’s plans and budget for 2024
(‘2024 Outlook’) is included in the
MD&A.
David Cates, President and CEO of Denison
commented, “The
sheer magnitude of Denison’s numerous operational
accomplishments in 2023 reflects an extraordinarily productive time
for our Company. With the completion of the Phoenix Feasibility
Study in June, we have cemented Phoenix’s position as a
globally leading uranium development project, showcasing
Denison’s industry leadership in the de-risking and
application of the In-Situ Recovery mining method in the Athabasca
Basin. The results from an updated Pre-Feasibility Study for the
Gryphon deposit, completed as part of a newly issued Technical
Report for the Company’s flagship Wheeler River property,
also demonstrate the significant potential additional leverage that
comes from Denison’s diversified portfolio of
projects.
We achieved a notable milestone for the project in 2023 with the
signing of a Shared Prosperity Agreement with English River First
Nation supporting the development and operation of Wheeler River.
The SPA reflects ERFN’s consent to the advancement of the
project and acknowledges that Wheeler River is located within
ERFN’s Ancestral Lands. The SPA further describes a mutual
commitment to maintain an open, respectful, and cooperative
relationship between Denison and ERFN to ensure mutual prosperity
as the development and operation of the project
progresses.
Significant progress has also been made in support of permitting
the planned Phoenix ISR mine, consistent with our plans and
objective to achieve first production in 2027 or 2028. The Company
has responded to multiple rounds of technical comments and
information requests from both the Provincial and Federal
regulators in respect of its draft Environmental Impact Statement
and has successfully reduced the number of outstanding requests,
including confirmation from the Saskatchewan Ministry of
Environment that it is satisfied with our responses and that
Denison may proceed to finalize the EIS for provincial
approval.
The evolution of the uranium market in
2023 has been quite interesting and has had a significant positive
impact on Denison’s balance sheet. With the uranium price
rising from US$48/lb U3O8
at the start of the year to US$91/lb
U3O8
at year end, Denison’s strategic
physical uranium holdings have appreciated considerably –
driving the Company’s highest earnings per share since 2007.
It is apparent that the uranium market has entered a new phase and
we are pleased to see the market recognize the growing scarcity of
available future uranium production and that higher prices are
required to incentivize sufficient new uranium production to meet
current and growing demand. Importantly, the higher price
environment follows an initial wave of long-term contracting that
has already incentivized a series of mine restarts from the
industry’s incumbent producers. This transition to a
production cost-based market environment is consistent with
Denison’s expectations and validates the Company’s
tireless work to advance Phoenix towards a final investment
decision during several challenging years of negative uranium
market conditions.
Our hard work in past years has paved the way for an incredibly
exciting time for our Company as we focus on delivery of our
Phoenix ISR project. As outlined in our 2024 Outlook, the
Company’s expected priorities for Phoenix include advancement
of detailed design engineering, long-lead procurement, permitting,
and project financing. In parallel, we plan to continue to pursue
opportunities to drive additional value from our diverse project
portfolio – including preparations for the restart of uranium
mining at McClean Lake, a robust exploration program, and
advancement of both the Midwest and Waterbury Lake projects through
the next stages of technical and economic
evaluations.”
Highlights
■
Exceptional
annual earnings from continuing operations driven by $134 million
gain on physical uranium investments
During 2023, the
Company’s earnings from continuing operations of $89.4
million ($0.11 per share) were driven by an impressive $134.2
million fair value gain on the Company’s investments in
physical uranium. The Company acquired 2.5 million pounds
U3O8 in 2021 at an
average price of $36.67 per pound U3O8 (US$29.66 per
pound U3O8). In the fourth
quarter, the Company sold 200,000 pounds U3O8 at an average
selling price of $99.50 per pound U3O8 (US$73.38 per
pound U3O8), representing a
realized gain on sale of $12.6 million (US$8.8 million). As at
December 31, 2023, the Company’s remaining uranium portfolio
has increased in value by 228% to $120.35 per pound U3O8 (US$91.00 per
pound U3O8) for an aggregate
value of approximately $276.8 million (US$209.3
million).
■
Feasibility
Study for Wheeler River Phoenix deposit yields significant increase
in project economics
In June 2023,
Denison released the results of the Feasibility Study
(‘Phoenix FS’) completed for In-Situ Recovery
(‘ISR’) mining of the high-grade Phoenix uranium
deposit (‘Phoenix’), which is part of the
Company’s flagship Wheeler River Project (‘Wheeler
River’ or the ‘Project’).
The Phoenix FS
demonstrates robust economics including:
●
Base case pre-tax Net Present
Value (‘NPV’) (8%) of $2.34 billion (100%
ownership-basis) representing a 150% increase in the base-case
pre-tax NPV8% for Phoenix from
the 2018 Pre-Feasibility Study (‘2018
PFS’).
●
Very robust base-case pre-tax
Internal Rate of Return (‘IRR’) of 105.9%.
●
Adjusted base case after-tax
NPV8%
of $1.56 billion (100% basis) and IRR of 90.0% – with
Denison’s effective 95% interest in the project equating to
an adjusted base case after-tax NPV8% of $1.48
billion.
●
Base case pre-tax and
after-tax (adjusted) payback period of 10 months – equating
to a reduction of 11 months for the pre-tax payback period from the
2018 PFS.
●
Optimized production profile,
based on ISR mine planning efforts evaluating production potential
for individual well patterns – resulting in an increase to
the planned rate of production by approximately 43% during the
first five years of operations.
●
Estimated pre-production
capital costs of under $420 million (100% basis), yielding an
impressive base-case after-tax (adjusted) NPV to initial capital
cost ratio in excess of 3.7 to 1.
●
Robust economics that easily
absorb cost-inflation and design changes impacting both operating
and capital costs, confirming Phoenix’s estimated cash
operating and all-in costs to be amongst the lowest-cost uranium
mining projects in the world.
●
Phoenix FS plans aligned and
costed to meet or exceed environmental criteria expected to be
required by the ongoing regulatory approval process.
●
Updated mineral resource
estimate, reflecting the results of 70 drill holes completed in
support of ISR de-risking and resource delineation activities,
which has upgraded 30.9 million pounds U3O8 into measured
mineral resources. The updated mineral resource also resulted in an
increase to the average grade of the Zone A high-grade domain,
which is now estimated to contain 56.3 million pounds U3O8 in Measured and
Indicated mineral resources at an average grade of 46.0%
U3O8.
●
Upgraded 3.4 million pounds
U3O8 into Proven
mineral reserves, representing the equivalent of 85% of production
planned during the first calendar year of operations.
■
Phoenix
ISR de-risking completed and focus transitions to engineering
design
The Phoenix FS
reflects independent third-party validation of the selection of the
ISR mining method for Phoenix and builds on the findings from a
comprehensive and rigorous multi-year technical de-risking process
highlighted by the highly successful completion of the leaching and
neutralization phases of the Phoenix Feasibility Field Test
(‘FFT’) in late 2022.
Through the
technical de-risking process, Denison acquired extensive
deposit-specific data and developed a robust ISR mine planning
model that involved evaluation of the production potential for
individual well patterns. With technical de-risking of the
application of ISR at Phoenix substantially complete, Denison
undertook front-end engineering design (‘FEED’) to
support the advancement of the planned Phoenix operation and, with
the results thereof substantially complete, is transitioning into
detailed engineering design.
■
Landmark
Shared Prosperity Agreement signed with English River First
Nation
In September
2023, Denison announced the signing of a Shared Prosperity
Agreement (‘SPA’) with English River First Nation
(‘ERFN’) supporting the development and operation of
Wheeler River. The SPA received support from a substantial majority
of ERFN members who participated in a ratification vote on its key
terms.
The signing of
the SPA follows years of active engagement, including a
four-month-long ERFN-led community consultation process ahead of
the ratification vote, and represents a significant milestone in
the history of both Denison's relationship with ERFN and the
Project.
The SPA
acknowledges that the Project is located within ERFN’s
Ancestral Lands and provides Denison with ERFN’s consent to
advance the Project. Additionally, the SPA outlines a shared
recognition that ERFN is the Knowledge Keeper of the culture, ways,
customs, and values of ERFN in relation to the environment and its
Members and reflects ERFN’s desire to prioritize
sustainability. Amongst other key commitments, the SPA provides
ERFN and its Members with (i) an important role in environmental
monitoring and management, and (ii) benefits from community
investment, business opportunities, employment and training
opportunities, and financial compensation. Overall, the SPA
describes a mutual commitment to maintain an open, respectful, and
cooperative relationship between Denison and ERFN to ensure mutual
prosperity as the development and operation of the Project
progresses.
■
Phoenix
Environmental Impact Statement (‘EIS’) advanced through
regulatory review
Denison’s
draft EIS for Phoenix was submitted to the Saskatchewan Minister of
Environment (‘SKMOE’) and the Canadian Nuclear Safety
Commission (‘CNSC’) in late 2022. The EIS submission
outlines the Company’s assessment of the potential effects,
including applicable mitigation measures, of the proposed ISR
uranium mine and processing plant planned for Phoenix, and reflects
several years of baseline environmental data collection, technical
assessments, plus extensive engagement and consultation with
Indigenous and non-Indigenous interested parties.
In the first
quarter of 2023, the Company received technical comments and
information requests from both regulatory agencies and the Company
has provided technical responses to both the Provincial and Federal
regulators.
In August 2023,
reflective of the extensive efforts undertaken by and for the
Company, the CNSC deemed complete the Company’s responses to
the approximately 250 Federal comments from the CNSC. In November
2023, a second round of information requests was received from the
CNSC. Following the successful resolution of the outstanding
comments from the Federal Indigenous Review Team, the Company
expects to then be in position to submit a final version of EIS for
consideration at a future hearing of the CNSC.
In October 2023
the Saskatchewan Ministry of Environment confirmed its satisfaction
with Denison’s comment responses and proposed EIS updates.
The confirmation would allow Denison to finalize the EIS for the
purpose of obtaining a Provincial Environmental Assessment
(‘EA’) approval, however this would delink the
currently coordinated Provincial – Federal EA process, which
is not expected to provide a meaningful schedule advantage for the
Phoenix project. Denison plans to submit one version of the final
EIS to both authorities once the Federal information requests have
been resolved.
■
Phoenix
ISR Feasibility Field Test Recovered Solution Management phase
completed
In November 2023,
the Company announced the successful completion of the recovered
solution management phase of the FFT. The FFT was designed to use
the existing commercial-scale ISR test pattern to perform a
combined assessment of the Phoenix deposit’s hydraulic flow
properties along with the leaching characteristics that had been
assessed through the metallurgical core-leach testing program. The
prior phases of the FFT, completed in 2022, were highlighted by the
recovery of 14,400 pounds of U3O8 dissolved in
solutions generated during the leaching and neutralization phases
of the test.
The solution
recovered during the FFT was stored on site and this final phase of
the FFT involved the treatment of the recovered solution via an
on-site purpose-built treatment system. Following treatment, a
uranium precipitate product and a treated effluent were produced.
The mineralized precipitates have been recovered from the process
with over 99.99% efficiency. The treated effluent was tested to
ensure compliance with permit conditions before being injected into
a designated subsurface area.
■
Cost update to the 2018 PFS for Wheeler River
Gryphon deposit (‘Gryphon’) confirms the project’s position amongst
the lowest-cost uranium mining projects in the
world
During 2023, the
Company also completed a cost update (‘Gryphon Update’)
to the 2018 PFS for conventional underground mining of the
basement-hosted Gryphon deposit. The scope of the Gryphon Update
was targeted at the review and update of capital and operating
costs. Mining and processing plans remain largely unchanged from
the 2018 PFS aside from minor scheduling and construction
sequencing optimizations. The key points include:
●
Base case pre-tax NPV (8%) of
$1.43 billion (100% basis) is a 148% increase in the base-case
pre-tax NPV8% for Gryphon from
the 2018 PFS.
●
Strong base-case pre-tax IRR
of 41.4%.
●
Base case after-tax
NPV8%
of $864.2 million (100% basis) and IRR of 37.6% – with
Denison’s effective 95% interest in the project equating to a
base case after-tax NPV8% of $821.0
million.
●
Base case pre-tax payback
period of 20 months, and base case after-tax payback period of 22
months – equating to a reduction of 17 months for the pre-tax
payback period from the 2018 PFS.
Importantly,
Gryphon remains a highly valuable project that provides Denison
with an additional source of low-cost potential production to
deploy significant free cash flows expected from
Phoenix.
■
$113
million raised through equity financings to fund operations and the
advancement of Phoenix
In October 2023,
Denison completed a bought deal public offering resulting in the
issuance of 37,000,000 shares at a price of $2.03 (US$1.49) per
share for total gross proceeds of $75.1 million (US$55.1 million).
Throughout 2023, Denison also issued 19,786,160 shares under its
At-The-Market (‘ATM’) equity program at an average
price of $1.91 per share for aggregate gross proceeds of $37.9
million.
■
Waterbury
Lake inaugural ISR field test program completed
In November 2023,
the Company announced the completion of an inaugural ISR field test
program at the Tthe Heldeth Túé uranium deposit
(‘THT’) on the Waterbury Lake property. The program
included (i) the installation of an eight well ISR test pattern
designed to collect an initial database of hydrogeological data,
(ii) testing of a permeability enhancement technique, (iii) the
completion of hydrogeologic test work, highlighted by the
achievement of hydraulic conductivity values consistent with those
from the 2020 Preliminary Economic Assessment (‘PEA’),
and (iv) the execution of an ion tracer test which established a 10
hour breakthrough time between the injection and extraction wells,
while also demonstrating hydraulic control of the injected
solution. Overall, the program successfully achieved each of its
planned objectives.
■
Midwest
internal concept study completed to examine potential application
of ISR mining method
The Company
completed an internal conceptual mining study examining the
potential application of ISR at the Company’s 25.17% owned
Midwest Project (‘Midwest’). The concept study was
prepared by Denison during 2022 and formally issued to the Midwest
Joint Venture (‘MWJV’) in early 2023. Based on the
positive results of the concept study, the MWJV provided Denison
with approval to complete additional ISR-related work, to be
undertaken for Midwest in 2023 and 2024.
■
Moon Lake
South discovery of high-grade uranium mineralization
In April 2023,
Denison reported the discovery of high-grade sandstone hosted
uranium mineralization approximately 30 metres above the
unconformity in drill hole MS 23-10A, which was completed as part
of the 2023 winter exploration program at the Moon Lake South
property. The intersection in MS 23-10A returned 2.46%
U3O8
over 8.0 metres, including a sub-interval grading 3.71%
U3O8 over 4.5 metres.
This result represents the best drill hole completed on the Moon
Lake South property to date and is a high priority for follow-up
exploration.
■
$15
million strategic investment in F3 Uranium Corp.
In October 2023,
the Company completed a $15 million strategic investment in F3
Uranium Corp. (‘F3’) in the form of unsecured
convertible debentures (the ‘Debentures’), which carry
a 9% coupon and will be convertible at Denison’s option into
common shares of F3 at a conversion price of $0.56 per share. F3
has the right to pay up to one third of the quarterly interest
payable by issuing common shares. F3 will also have certain
redemption rights on or after the third anniversary of the date of
issuance of the Debentures and/or in the event of an F3 change of
control.
■
Executive
team changes undertaken in 2023
In December 2023,
Denison announced the promotion of Ms. Elizabeth Sidle to the
position of Chief Financial Officer, in addition to her position as
the Company’s Vice President Finance. Ms. Sidle joined
Denison in 2016, advancing to the position of Vice President
Finance in 2021. Ms. Sidle had been serving as Denison’s
Interim Chief Financial Officer since September 1, 2023, during a
temporary medical leave of absence of the Company’s previous
Chief Financial Officer and since his departure from Denison in
late October 2023.
Denison also
announced the addition of Mr. Geoff Smith to the position of Vice
President Corporate Development & Commercial. Mr. Smith will be
focused on supporting Denison’s investor and customer
engagement, the evaluation and execution of growth opportunities
and financing arrangements, and the development and oversight of
the Company’s uranium sales and contracting
strategies.
About Denison
Denison Mines
Corp. was formed under the laws of Ontario and is a reporting
issuer in all Canadian provinces and territories. Denison’s
common shares are listed on the Toronto Stock Exchange (the
‘TSX’) under the symbol ‘DML’ and on the
NYSE American exchange under the symbol
‘DNN’.
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. In mid-2023, a Feasibility Study
was completed for Wheeler River’s Phoenix deposit as an ISR
mining operation, and an update to the previously prepared PFS was
completed for Wheeler River’s Gryphon deposit as a
conventional underground mining operation. Based on the respective
studies, both deposits have the potential to be competitive with
the lowest cost uranium mining operations in the world. Permitting
efforts for the planned Phoenix ISR operation commenced in 2019 and
have advanced significantly, with licensing in progress and a draft
Environmental Impact Statement (‘EIS’) submitted for
regulator and public review October 2022.
Denison’s
interests in Saskatchewan also include a 22.5% ownership interest
in the McClean Lake Joint Venture (‘MLJV’), 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 69.35% 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.
Through its
50% ownership of Japan (Canada) Exploration Company, Ltd
(‘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 385,000 hectares in the Athabasca Basin
region.
Technical Disclosure and Qualified Person
The technical
information contained in this press release has been reviewed and
approved by Chad Sorba, P.Geo., Denison’s Vice President
Technical Services and Project Evaluation, and Andy Yackulic,
P.Geo., Denison’s Vice President Exploration, who are both
Qualified Persons in accordance with the requirements of NI
43-101.
Further details
of the Phoenix FS and Gryphon Update are provided in
Denison’s press release of June 26, 2023. The results of the
Phoenix FS and Gryphon Update are also detailed in a technical
report entitled “NI 43-101 Technical Report on the Wheeler
River Project Athabasca Basin, Saskatchewan, Canada,” with an
effective date of June 23, 2023 and dated August 8, 2023.
The technical report is available on
the Company’s website at www.denisonmines.com,
on SEDAR+ (at www.sedarplus.ca)
and on EDGAR (at www.sec.gov/edgar.shtml).
For more information, please contact
David
Cates
(416) 979-1991 ext.
362
President and
Chief Executive Officer
Geoff
Smith
(416) 979-1991 ext.
358
Vice President
Corporate Development & Commercial
Follow Denison on
Twitter
@DenisonMinesCo
Non-GAAP Financial Measures
This release
includes certain terms or performance measures commonly used in the
mining industry that are not defined under International Financial
Reporting Standards (‘IFRS’).
Such non-GAAP
performance measures, including NPV, are included because the
Company understands that investors use this information to
determine the Company’s ability to generate earnings and cash
flows. The Company believes that conventional measures of
performance prepared in accordance with IFRS do not fully
illustrate the ability of mines to generate cash flows. Non-GAAP
financial measures should not be considered in isolation as a
substitute for measures of performance prepared in accordance with
IFRS and are not necessarily indicative of operating costs,
operating profit or cash flows presented under IFRS.
Cautionary Statement Regarding Forward-Looking
Statements
Certain
information contained in this press 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 press release contains forward-looking information pertaining
to the following: projections with respect to exploration,
development and expansion plans and objectives, including the
results of the FS and the scope, objectives and interpretations of
the technical de-risking process for the proposed ISR operation for
the Phoenix deposit, including the FFT, and the interpretation of
the results therefrom; expectations with respect to future
evaluation and development of Phoenix, including engineering design
efforts, long-lead item procurement; expectations regarding
regulatory applications and approvals and the elements thereof,
including the EIS; expectations with respect to Company resources
and project financing; expectations regarding the performance of
the uranium market and global sentiment regarding nuclear energy;
expectations regarding Denison’s joint venture ownership
interests; and expectations regarding the continuity of its
agreements with third parties. Statements relating to
‘mineral reserves’ or ‘mineral resources’
are deemed to be forward-looking information, as they involve the
implied assessment, based on certain estimates and assumptions that
the mineral reserves and mineral resources described can be
profitably produced in the future.
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
results and underlying assumptions and interpretations of the FS as
well as de-risking efforts such as the ISR field programs discussed
herein may not be maintained after further testing or be
representative of actual conditions within the applicable deposits.
In addition, Denison may decide or otherwise be required to extend
its evaluation activities and/or discontinue testing, evaluation
and development work if it is unable to maintain or otherwise
secure the necessary approvals or resources (such as testing
facilities, capital funding, 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 the MD&A dated February 29, 2024 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 press
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 press release. Denison
does not undertake any obligation to publicly update or revise any
forward-looking information after the date of this press release to
conform such information to actual results or to changes in
Denison's expectations except as otherwise required by applicable
legislation.
Cautionary Note to United States Investors Concerning Estimates of
Mineral Resources and Mineral Reserves:
This news release
may use the terms ‘measured’, ‘indicated’
and ‘inferred’ mineral resources. United States
investors are advised that such terms have been prepared in
accordance with the definition standards on mineral reserves of the
Canadian Institute of Mining, Metallurgy and Petroleum referred to
in NI 43-101 and are recognized and required by Canadian
regulations. ‘Inferred mineral resources’ have a great
amount of uncertainty as to their existence, and as to their
economic and legal feasibility. Under Canadian rules, estimates of
inferred mineral resources may not form the basis of feasibility or
other economic studies. United States investors are cautioned not
to assume that all or any part of an inferred mineral resource
exists and/or will ever be upgraded to a higher category, nor
assume that all or any part of measured or indicated mineral
resources will ever be converted into mineral
reserves.
Effective
February 2019, the United States Securities and Exchange Commission
(‘SEC’) adopted amendments to its disclosure rules to
modernize the mineral property disclosure requirements for issuers
whose securities are registered with the SEC under the Exchange Act
and as a result, the SEC now recognizes estimates of
‘measured mineral resources’, ‘indicated mineral
resources’ and ‘inferred mineral resources’. In
addition, the SEC has amended its definitions of ‘proven
mineral reserves’ and ‘probable mineral reserves’
to be ‘substantially similar’ to the corresponding
definitions under the CIM Standards, as required under NI 43-101.
However, information regarding mineral resources or mineral
reserves in Denison's disclosure may not be comparable to similar
information made public by United States companies.
Denison Mines (AMEX:DNN)
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Denison Mines (AMEX:DNN)
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