EX-99.1
2
dmc-pr20251217russelltran.htm
PRESS RELEASE DATED DECEMBER 17, 2025
dmc-pr20251217russelltran
Exhibit 99.1
Denison Mines
Corp.
1100 – 40
University Ave
Toronto, ON M5J
1T1
www.denisonmines.com
PRESS
RELEASE
Denison
Announces Closing of Transaction with Skyharbour and Formation of
Four Prospective Exploration Joint Ventures Proximal to Wheeler
River
Toronto, ON – December
17, 2025. Denison Mines Corp. (“Denison” or the “Company”) (TSX: DML; NYSE American: DNN) is pleased
to announce that it has closed the previously announced transaction
(the “Transaction”) with Skyharbour Resources Ltd.
(“Skyharbour”) (TSX-V:SYH) (OTCQX: SYHBF),
(Frankfurt:SC1P) and the
formation of four joint ventures consisting of claims previously
comprising Skyharbour’s Russell Lake Uranium Project
(“Russell”), which is located directly adjacent to
Denison’s flagship Wheeler River Project
(“Wheeler
River”).
The
new joint ventures are designed to drive collaboration between
Denison and Skyharbour’s technical teams and to accelerate
the evaluation of the prospective exploration ground adjacent to
and proximal to Wheeler River. Denison will serve as the operator
for the Wheeler North and Wheeler River Inliers joint ventures,
with ownership interests of 49% and 70% respectively. Skyharbour
will serve as the operator for the Russell Lake (or
“RL”) and Getty East joint ventures, with Denison
having ownership interests of 20% and 30%,
respectively.
In addition, Denison and Skyharbour have entered
into option agreements (the “Earn-In Option
Agreements”), which allow
Denison to increase its ownership interest in each of the Wheeler
North and Getty East joint ventures to up to
70%.
About Denison
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 conclusion in December 2025 of the
Canadian Nuclear Safety Commission Public Hearing for Federal
approval of the EA and project construction license.
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 ~457,000 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.
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
X (formerly Twitter)
@DenisonMinesCo
About Skyharbour
Skyharbour holds an extensive portfolio of uranium exploration
projects in Canada's Athabasca Basin and is well positioned to
benefit from improving uranium market fundamentals with interest in
thirty-seven projects covering over 616,000 hectares (over 1.5
million acres) of land. Skyharbour has acquired from Denison, a
large strategic shareholder of Skyharbour, a 100% interest in the
Moore Uranium Project, which is located 15 kilometres east of
Denison's Wheeler River project and 39 kilometres south of Cameco's
McArthur River uranium mine. Moore is an advanced-stage uranium
exploration property with high-grade uranium mineralization in
several zones at the Maverick Corridor. Adjacent to the Moore
Project is the Russell Lake Uranium Project, which hosts widespread
uranium mineralization in drill intercepts over a large property
area with exploration upside potential. Skyharbour is actively
advancing these projects through exploration and drilling
programs.
Skyharbour also has joint ventures with industry leaders Denison,
Orano Canada Inc., Azincourt Energy, and Thunderbird Resources at
the Russell, Preston, East Preston, and Hook Lake Projects,
respectively. Skyharbour also has several active earn-in option
partners, including CSE-listed Basin Uranium Corp. at the Mann Lake
Uranium Project; TSX-V listed North Shore Uranium at the Falcon
Project; UraEx Resources at the South Dufferin and Bolt Projects;
Hatchet Uranium at the Highway Project; CSE-listed Mustang Energy
at the 914W Project; and TSX-V listed Terra Clean Energy at the
South Falcon East Project.
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 Denison's current intentions, objectives
and commitments with respect to the Transaction and the expected
benefits thereof; the Company’s exploration, development and
expansion plans and objectives; 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 parties to the Option Agreement may not complete the
option phases as described and/or the exploration objectives may
not be achieved. In addition, Denison may decide or otherwise be
required to discontinue testing, evaluation and other work on the
Company’s other properties if it is unable to maintain or
otherwise secure the necessary resources (such as testing
facilities, capital funding, joint venture approvals, 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 28, 2025 under the heading ‘Risk
Factors’ or in subsequent quarterly financial reports. 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.
