EX-99.1
2
dmc-pr20260107saskpowergr.htm
PRESS RELEASE DATED JANUARY 8, 2026
dmc-pr20260107saskpowergr
Exhibit 99.1
Denison Mines
Corp.
1100 – 40
University Ave
Toronto, ON M5J
1T1
www.denisonmines.com
PRESS
RELEASE
Denison
Announces Grid Power Available at Future Phoenix Uranium Mine Site
Following Completion of SaskPower Transmission
Line
Toronto, ON – January 8,
2026. Denison Mines Corp. (“Denison” or the
“Company”) (TSX: DML; NYSE American: DNN) is pleased to
announce that grid power supply from Saskatchewan Power Corporation
(“SaskPower”) is available at the site of the future
Phoenix in-situ recovery uranium mine (“Phoenix”, or
the “Project”) following the recent installation of a
new 138kV transmission line. The availability of grid power at the
Phoenix site represents a significant step in de-risking the
execution of the Project, as the electrification of the site is on
the critical path of activities planned for the first year of
construction and supports the establishment of the freeze wall
planned to surround the initial mining area.
David Cates, President & CEO of Denison,
commented, “We
thank SaskPower for the safe installation of the new high-voltage
transmission line, on schedule and on budget. As power is a crucial
component of planned site infrastructure for Project construction
and future operation, the availability of grid power supply at the
site represents a major Project milestone. Access to grid
electricity is a notable competitive advantage for Phoenix, as the
grid in Saskatchewan is reliable and cost-effective compared to
on-site power generation.”
The
new transmission line (see Figure 1) is approximately 6 kilometres
in length and connects the Phoenix site to the existing 138kV
transmission line east of Phoenix that runs proximal to Highway 914
near Russell Lake (see Figure 2 and Figure 3). This portion of the
Saskatchewan grid provides power from the Saskatchewan-Manitoba
border to Uranium City in northwestern Saskatchewan and currently
supplies power to each of the operating uranium mine and mill sites
in the eastern portion of the Athabasca Basin.
Completion of the high-voltage transmission line represents a major
Project milestone
Phoenix
has been designed to be powered by electricity from the SaskPower
grid. Accordingly, the installation and electrification of the new
138kV transmission line to the Phoenix site represents a
significant de-risking event, as the electrification of the Phoenix
site will now only require the installation of on-site electrical
distribution infrastructure, including the main site transformer,
substation high-voltage equipment, switchgear, and substation
e-house – all of which are long-lead items that have been
procured and are on schedule for delivery to site and installation
during the first year of construction.
SaskPower
is Saskatchewan’s principal electrical utility, reliably
servicing over a half million customers across an extensive
geographic area, including connections to the grids in Manitoba,
Alberta and North Dakota. SaskPower obtained applicable approvals
for and installed their transmission line to support a power supply
agreement with Denison, whereby Denison has obtained access to up
to 8.8 MW of power and agreed to purchase a minimum amount of power
for a five-year period from the in-service date of the new
transmission line. The cost of the new transmission line was funded
by the Wheeler River Joint Venture.
The
commencement of Phoenix construction activities by Denison,
including the installation of on-site electrical distribution
equipment, remains subject to receipt of final regulatory approvals
and a final investment decision by Denison.
Figure
1: New
SaskPower 138kV Transmission Line
to the Site of the Future Phoenix Uranium Mine
Figure 2: SaskPower Northern Saskatchewan Regional Power
Distribution Map,
Highlighting the Extension to the Phoenix Site
Source: SaskPower Wheeler River Info Sheet (https://www.saskpower.com/-/media/saskpower/our-power-future/construction-projects/infosheet-construction-wheeler-river.pdf)
Figure 3: SaskPower Routing of New 138kV Transmission Line
Extension to the Phoenix Site
Source: SaskPower Wheeler River Info Sheet (https://www.saskpower.com/-/media/saskpower/our-power-future/construction-projects/infosheet-construction-wheeler-river.pdf)
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) Phoenix FS; 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 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. 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 leading uranium mining, development, and exploration
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 Project, Denison's
interests in Saskatchewan 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, 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
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 Person in
accordance with the requirements of NI 43-101.
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 expectations,
intentions and objectives with respect to Wheeler River and
Phoenix, including the status of the construction of the powerline
to Wheeler River and associated substation, transformer and other
electrical equipment; the potential impact of grid power to the
construction and operation of the site; the potential impact of the
Agreement and its current terms; the status of regulatory approvals
and pending final investment decision, conditional on permitting;
timing for construction and achievement of first production; the
Company’s outlook for in-situ recovery mine development and
operations on the Wheeler River property; discussions of a final
investment decision and construction planning; the results of, and
estimates, assumptions and projections provided in, the technical
report for Wheeler River and the interpretations and expectations
with respect thereto; 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 results and underlying assumptions and interpretations
of its technical studies and cost forecasting may not be maintained
after further testing, procurement, or operations, or be
representative of actual conditions at the Project or within the
applicable deposits. 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.
