a2025-09dmcq3pressrelease
Exhibit 99.1
|
|
Denison Mines
Corp.
1100 – 40
University Ave
Toronto, ON M5J
1T1
www.denisonmines.com
|
PRESS RELEASE
Denison Reports Financial and Operational Results for Q3
2025,
Including First Production from McClean North Uranium
Mine
Toronto, ON – November 6,
2025. Denison Mines Corp. (‘Denison’ or the
‘Company’) (TSX: DML, NYSE American: DNN) today filed
its Condensed Consolidated Financial Statements and
Management’s Discussion & Analysis
(‘MD&A’) for the three and nine months ended
September 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/edgar).
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.
David Cates, President and CEO of Denison
commented, “Denison has delivered
several key accomplishments during the second half of 2025,
demonstrating our ongoing re-emergence as a globally significant
uranium producer. Firstly, we thank our colleagues at Orano Canada
for their efforts to successfully commission and ramp-up production
at the McClean North uranium mine, which is making use of the
McClean Lake Joint Venture’s patented SABRE mining method.
During the third quarter alone, ~2,000 tonnes of high-grade ore was
extracted from the mine and over 85,000 lbs U3O8
were produced from
the mill – with an impressive initial average operating cash
cost of finished goods of approximately US$19 per lb
U3O8.
At our flagship Wheeler River property, we have entered the final
stages of the multi-year permitting process for our planned Phoenix
In-Situ Recovery (‘ISR’) mine and are now starting to
receive key final regulatory approvals – including the
Ministerial approval received in July from the Province of
Saskatchewan for the project’s Environmental Assessment
(‘EA’). In October we completed the first part of the
two-part Canadian Nuclear Safety Commission
(‘Commission’) public hearing for the federal EA and
license to construct the project. The final part of the hearing is
scheduled during the week of December 8th, and we are optimistic
that we will receive a decision from the Commission in early
2026.
In parallel to our permitting efforts at Wheeler River, we have
made significant progress towards the completion of detailed
engineering design efforts, having now achieved approximately 85%
total engineering, with most scopes planned for the first year of
construction at or near 100% total engineering. Procurement efforts
continue, with nearly $27 million in initial capex having already
been incurred and a further ~$44 million committed. Owing to our
exceptionally strong balance sheet, we have been able to move
confidently forward with procurement and construction planning
efforts to ready ourselves for a final investment decision
following regulatory approvals. At the end of the third quarter,
and as a result of the successful completion of our issuance of
convertible notes in August, Denison reported total cash,
investments, and uranium holdings of nearly $720
million.
Our commitment to advancing Wheeler River through challenging
uranium markets in past years has uniquely positioned Denison on
the cusp of building the first new large-scale uranium mine in the
Athabasca Basin region in nearly two decades, at a time when we are
seeing persistent and notable improvements in near and long-term
uranium market fundamentals. Global adoption of nuclear energy, as
a critical carbon-free way to meet growing energy demands,
continues to increase and has the potential to drive the demand for
uranium significantly beyond many previous
estimates.”
Highlights
■
Production
Begins 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.
Since the start of commercial production, on a 100% basis, 2,063
tonnes of high-grade ore has been extracted (Denison’s share:
464 tonnes). During the third quarter of 2025, 85,235 pounds of
U3O8 (Denison’s
share: 19,178 pounds of U3O8) were produced at
an average operating cash cost of finished goods of approximately
$27 per pound U3O8 (approximately
US$19 per pound U3O8).
■
Completed
US$345 Million Convertible Senior Notes Offering
On August 15,
2025, the Company completed its offering of ‘US-Style’
convertible senior unsecured notes due September 15, 2031 (the
‘Notes‘) for an aggregate principal amount of US$345
million. The Notes bear a cash interest coupon rate of 4.25% per
annum payable semi-annually in arrears on March 15th and September
15th of each year, beginning March 15, 2026. The initial conversion
rate for the Notes is 342.9355 common shares of Denison
(‘Shares‘) per US$1,000 principal amount of Notes,
equivalent to an initial conversion price of approximately US$2.92
per Share (approximately 35% premium to the closing price of the
Shares at the time of pricing on August 12, 2025). The effective
conversion price of the Notes is increased up to US$4.32 per Share
(~100% premium to the closing price of the Shares at the time of
pricing on August 12, 2025) after giving effect to the capped call
overlay option strategy deployed by the Company, whereby Denison
purchased cash-settled call options with a strike price equal to
the initial conversion price of the Notes (US$2.92) and a cap price
of US$4.32 (the ‘Capped Calls’). The purchase price for
the Capped Calls was approximately US$35.4 million.
Conversions of
the Notes may be settled in Shares, cash, or a combination of
Shares and cash, at Denison's election. Additionally, Denison will
have the right to redeem the Notes in certain circumstances and
will be required to repurchase the Notes upon the occurrence of
certain events. The Notes may only be converted by holders prior to
June 15, 2031 in certain circumstances, and may be converted by
holders after June 15, 2031. The Notes will mature on September 15,
2031. Any Notes not converted, repurchased or redeemed prior to the
maturity date will have their principal amount repaid by Denison in
cash at maturity.
The Company
intends to use the net proceeds from the Offering for expenditures
to support the evaluation and development of the Company's uranium
development projects, including to fund the construction of the
planned Phoenix ISR operation situated on the Wheeler River
Property (‘Wheeler River’) and for general corporate
purposes.
■
Advanced
Regulatory Approval Process for Phoenix with Provincial Approval of
Environmental Assessment and Completion of Part I of Federal
Commission Hearing
In July 2025,
Denison received Ministerial approval under The Environmental Assessment Act of
Saskatchewan to proceed with the development of the Phoenix ISR
Project and subsequently submitted the Provincial application to
Construct a Pollutant Control Facility. A Pollutant Control
Facility Permit is required for the construction of the mining and
processing components of the facility and is anticipated to be
issued prior to the completion of the federal regulatory approval
process.
On October 8,
2025, Denison participated in the first part of the
Commission’s public hearing (the ‘Hearing’). The
Hearing, conducted in two parts, represents the final step in the
federal approvals process to obtain the Federal EA approval and the
Federal License to Prepare the Site & Construct (the
‘License’) for the proposed Phoenix ISR operation.
Following the multi-year review period, the Commission staff have
recommended the Commission grant an EA approval and the Licence to
allow Denison to proceed with construction of the Wheeler River
Project. The final Hearing is scheduled during
the week of December 8, 2025. The Commission is expected to render
a decision on the EA and License in early 2026.
■
Achieved
Approximately 85% Completion of Total Engineering for
Phoenix
Detailed design
engineering for the planned Phoenix ISR mine 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 85% estimated to be
completed by the date of this MD&A, including most scopes
planned for the first year of construction at or approaching 100%
total engineering. Principal engineering deliverables for scopes
related to the second year of construction are expected to be
approaching substantial completion by the end of 2025.
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 leading uranium mining, development, and exploration
company with interests focused in the Athabasca Basin region of
northern Saskatchewan, Canada. Denison 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, the Phoenix feasibility study was completed for the
Phoenix deposit as an ISR mining operation, and an update to the
previously prepared 2018 Pre-Feasibility Study ('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 are nearing
completion with approval in July 2025 of the project’s EA by
the Province of Saskatchewan and commencement in October 2025 of
the Canadian Nuclear Safety Commission Hearings for Federal
approval of the EA and project construction license. The Hearing is
scheduled to continue and be concluded during the week of December
8, 2025.
Denison's interests in Saskatchewan also
include a 22.5% ownership interest in the McClean Lake Joint
Venture ('MLJV'), which includes unmined uranium deposits (with
mining at McClean North deposit via the MLJV’s SABRE mining
method having commenced in July 2025 using the MLJV’s SABRE
mining method) and the
McClean Lake uranium mill (currently utilizing a portion of its
licensed capacity to process the ore from the Cigar Lake mine under
a toll milling agreement), plus a 25.17% interest in the Midwest
Joint Venture Midwest Main and Midwest A deposits, and a 70.55%
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. Taken together, Denison has direct ownership
interests in properties covering ~384,000 hectares in the Athabasca
Basin region.
Additionally, through its 50% ownership of JCU (Canada) Exploration
Company, Limited ('JCU'), Denison holds 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%).
In 2024, Denison celebrated its 70th year in uranium mining,
exploration, and development, which began in 1954 with
Denison’s first acquisition of mining claims in the Elliot
Lake region of northern Ontario.
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 & Project Evaluation, who is a Qualified
Persons in accordance with the requirements of NI
43-101.
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
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
scope, objectives and status of the proposed ISR operation for the
Phoenix deposit; expectations with respect to the EA, EIS and
Licensing and permitting for proposed operations at Wheeler River,
including the Hearing; expectations with respect to mine
development and operations on the Wheeler River property, including
discussions of an FID and timing for construction and achievement
of first production; expectations regarding the performance of the
uranium market and global sentiment regarding nuclear energy; and
expectations regarding Denison’s joint venture ownership
interests. 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
and PFS 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
discontinue testing, evaluation, engineering, 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
Annual Information Form dated March 28, 2025 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.
