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: January 23, 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: January
23, 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
Announces $16 Million Contract Award to Wood for Completion
of
Detailed Design Engineering
for Flagship Phoenix ISR Project
Toronto, ON
– January 22, 2024. Denison Mines Corp. (“Denison”) (TSX:
DML, NYSE American: DNN) is pleased to announce the award to
Wood Canada Limited (“Wood”), part of the leading
global consulting and engineering firm Wood PLC, of a contract for
the completion of detailed design engineering for the In-Situ
Recovery (“ISR”) mining project planned for
Denison’s flagship Phoenix uranium deposit
(“Phoenix”).
Phoenix and the
nearby Gryphon uranium deposit (“Gryphon”) are part of
the Wheeler River Uranium Project (“Wheeler River” or
the “Project”), which is the largest undeveloped
uranium mining project in the infrastructure-rich eastern portion
of the Athabasca Basin region in northern Saskatchewan, Canada.
Denison has an effective 95% ownership interest in Wheeler River
and is the Project operator.
An NI 43-101
Feasibility Study was completed by Wood in 2023 to evaluate the use
of the ISR mining method at Phoenix (“Phoenix Feasibility
Study”). The results of the Phoenix Feasibility Study
reflected several years of technical de-risking efforts
successfully completed by Denison and demonstrated very robust
base-case after-tax (adjusted) economics – including a Net
Present Value (“NPV”) of $1.56 billion (100% basis), an
Internal Rate of Return (“IRR”) of 90.0%, and an NPV to
initial capital cost ratio in excess of 3.7 to 1. The base-case in
the Phoenix Feasibility Study assumed uranium selling prices in the
range of USD$66.53 to USD$70.11 per pound U3O8. The current spot
price for uranium is approximately USD$105 per pound U3O8, reflecting an
increase of over 50% from the average of the base-case pricing
assumptions used in the Phoenix Feasibility Study of USD$68.99 per
pound U3O8.
Following
completion of the Phoenix Feasibility Study, Denison’s Board
of Directors approved the continuation of efforts to advance
Phoenix towards a final investment decision and, in late 2023, the
Management Committee of the Wheeler River Joint Venture approved a
budget for the applicable 2024 expenditures. Detailed engineering
design constitutes a significant portion of the work remaining to
advance Phoenix to the point where a decision can be made to
proceed to construction and, ultimately, production.
Kevin Himbeault,
Denison’s Vice President of Operations, commented,
“In
recognition of Wood’s performance leading the Phoenix
Feasibility Study, competitive pricing, and alignment with our bid
evaluation process, we are pleased to announce the award of a
detailed design engineering contract to Wood. Maintaining
continuity through completion of the Phoenix Feasibility Study,
front-end engineering design, and detailed design allows us to
build on our combined knowledge and working relationship to deliver
an engineering package that will ultimately support the
construction and operation of the first ISR uranium mining
operation in the Athabasca Basin.”
The scope of the
facilities to be designed by Wood under this contract is extensive,
including (i) site civil earthworks and distribution of utility
piping throughout the main project site, (ii) electrical power
distribution on site, (iii) surface piping and services for the
mine wellfield, (iv) the process plant and related infrastructure,
(v) operations complex, (vi) maintenance and related buildings,
(vii) metallurgical and analytical laboratories, and (viii)
site-wide communications systems.
Based on the
currently anticipated scopes of work, the detailed design
engineering contract with Wood is estimated to be up to
approximately $16 million in value, with the scope of work planned
to commence in Q1’2024 and to potentially continue into
H1’2025.
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. 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 (90%
and operator) and JCU (Canada) Exploration Company Limited
(“JCU”, 10%). In August 2023, Denison filed a technical
report summarizing the results of (i) the feasibility study
completed for ISR mining of the high-grade Phoenix uranium deposit
and (ii) a cost update to the 2018 Pre-Feasibility Study for
conventional underground mining of the basement-hosted Gryphon
uranium deposit. 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 submitted for regulatory and public review in
October 2022. More information is available in the technical report
titled “NI 43-101 Technical Report on the Wheeler River
Project Athabasca Basin, Saskatchewan, Canada” dated August
8, 2023 with an effective date of June 23, 2023, a copy of which is
available on Denison’s website and under its profile on
SEDAR+ at www.sedarplus.ca and on EDGAR at
www.sec.gov/edgar.shtml.
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 Denison’s effective 95%
interest in its flagship Wheeler River Uranium Project,
Denison’s interests in Saskatchewan include a 22.5% ownership
interest in the McClean Lake Joint Venture, which comprises 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 67.41% interest in the Tthe Heldeth
Túé (“THT”) 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 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 ~285,000 hectares in the Athabasca Basin
region.
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
Qualified
Persons
The technical
information contained in this release has been reviewed and
approved by Mr. Chad Sorba, P.Geo, Denison’s Vice President
Technical Services & Project Evaluation, and Mr. Andrew
Yackulic, P. Geo., Denison’s Vice President Exploration, each
of whom is a Qualified Person in accordance with the requirements
of Canadian National Instrument 43-101 Mineral Disclosure Standards
(“NI 43-101”).
Cautionary
Statement Regarding Forward-Looking Statements
Certain information contained in this press release constitutes
"forward-looking information", within the meaning of the United
States Private Securities Litigation Reform Act of 1995 and similar
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: the anticipated services Wood will be contracted to
provide and the objectives to be achieved with the engagement of
Wood, and the anticipated costs thereof; the interpretation of the
Phoenix Feasibility Study and expectations with respect thereto,
including estimates of NPV, IRR, capital costs and uranium prices;
and Denison’s percentage interest in its properties and its
plans and agreements with its joint venture partners.
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, performance or achievements of
Denison to be materially different from those expressed or implied
by forward-looking statements. 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 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
27, 2023 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.
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