TORONTO, Aug. 7, 2025 /PRNewswire/ – Denison Mines Corp. (‘Denison’ or the ‘Company’) (TSX:DML) (NYSE:DNN) today filed its Condensed Consolidated Financial Statements and Management’s Discussion & Analysis (‘MD&A’) for the three and six months ended June 30, 2025. Both documents will be available on the Company’s website (at www.denisonmines.com), SEDAR+ (at www.sedarplus.ca) and EDGAR (at www.sec.gov). 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. PDF Version
David Cates, President and CEO of Denison commented, “This summer has been highly productive for Denison. We’ve achieved key milestones at McClean Lake and Wheeler River and delivered results on multiple projects that showcase the potential to add value within our portfolio of leading Athabasca Basin development projects.
We marked our return to uranium production and inaugurated a new source of Canadian uranium, with the newly commissioned McClean North SABRE mine commencing mining operations in June and the McClean Lake mill processing the first recovered ore and packaging finished yellowcake product in July. We look forward to further reporting on the results from the McClean Lake Joint Venture in the coming quarters and marketing our share of production.
At our flagship Wheeler River project, the Province of Saskatchewan issued a Ministerial Approval for the Environmental Assessment (‘EA’), which approval represents one of the final regulatory milestones necessary for Denison to commence construction of the planned Phoenix In-Situ Recovery (‘ISR’) mine. The Canadian Nuclear Safety Commission (‘CNSC’) has already scheduled public hearings for Wheeler River this fall, where we will seek to obtain approval of the Federal EA and the Federal License to Prepare the Site & Construct. After several years of permitting efforts, we are now truly in the final months of the process. Similarly, our engineering design efforts are nearing completion, with 80% total engineering completed, including several scopes planned for the first year of construction approaching 100% total engineering.
We also reported positive exploration results at Wheeler River’s Gryphon deposit, where we carried out the first follow-up drill program since 2018. While the focus of the program was on mineral resource delineation, we also tested a handful of resource expansion targets and are very pleased that drilling has identified additional high-grade mineralization beyond the defined extent of the D-series of lenses.
Lastly, in recent days we reported the results of a Preliminary Economic Assessment (‘PEA’) for the use of ISR mining at the Midwest Joint Venture’s Midwest Main deposit. The PEA incorporates results from multiple successful field test programs and outlines the potential for the project to have an all-in cost of production amongst the lowest cost uranium mines in the world, generating an impressive internal rate of return over 80% and an NPV attributable to Denison’s ownership interest of over $240 million.”
Highlights
- Announced First Production at McClean Lake North using SABRE Mining
In July 2025, the McClean Lake Joint Venture (‘MLJV’) announced the successful start of uranium mining operations at the McClean North deposit using the joint venture’s patented Surface Access Borehole Resource Extraction (‘SABRE’) mining method. Mining operations commenced in June, with approximately 250 tonnes of high-grade ore estimated to have been recovered from the first mining cavity. Processing of recovered ore commenced at the McClean Lake mill in the third quarter. - Obtained Provincial Approval of Environmental Assessment for Wheeler River
In July 2025, Denison received Ministerial approval under The Environmental Assessment Act of Saskatchewan to proceed with the development of the Wheeler River Uranium Project, as outlined in the final provincial Environmental Assessment submitted for final approval in late 2024. The provincial EA is substantially similar to the Federal EA, which was accepted as final by the Canadian Nuclear Safety Commission in December 2024. Approval of the provincial EA represents one of the final regulatory milestones necessary for Denison to commence construction of the planned Phoenix In-Situ Recovery (‘ISR’) mine.
Remaining regulatory requirements to commence construction include receipt of the Provincial Pollutant Control Facility Permit, as well as the Federal approval of the EA and receipt of the Federal License to Prepare the Site & Construct. Both outstanding Federal approvals are the subject of the CNSC public hearings scheduled for the Project in October and December 2025. - Achieved Approximately 80% Completion of Total Engineering for Phoenix
Detailed design engineering for the proposed ISR mine project at the Phoenix deposit (‘Phoenix‘) commenced in early 2024 and continues to be on track for substantial completion prior to the commencement of construction, which is currently expected to occur following a final investment decision (‘FID’) during the first half of 2026.
Total engineering is significantly advanced with approximately 80% estimated to be completed by June 30, 2025, including several …