Cosa Resources Completes Agreement to Form Joint Ventures with Denison Mines on Multiple Uranium Projects

Transaction Overview - Cosa Resources has completed a transaction with Denison Mines, acquiring a 70% interest in multiple uranium projects, including Murphy Lake North, Darby, and Packrat [4][5] - Denison Mines becomes Cosa's largest strategic shareholder with a 19.95% ownership stake [1][24] - The transaction includes joint venture agreements, with Cosa as the operator of all projects [5][12] Key Appointments - Geoff Smith, Denison's VP of Corporate Development and Commercial, joins Cosa's Board of Directors, bringing extensive experience in capital markets and the mining sector [1][41] - Chad Sorba, Denison's VP of Technical Services and Project Evaluation, joins Cosa as a Technical Advisor, contributing his expertise in uranium exploration and development [3][24] Project Details - Murphy Lake North is located 3.2 km east of IsoEnergy's Hurricane Deposit, with a conductive strike length of approximately 6 km and a depth to the unconformity of 250 meters [13][14] - The Darby Project is located 10 km west of Cameco's Cigar Lake Mine, with over 25 km of conductive strike length and a depth to the unconformity between 480 and 650 meters [15][16][17] - The Packrat Project is located 19 km southwest of the Rabbit Lake Mill, with a depth to the unconformity of less than 100 meters [18][19] Financial and Operational Commitments - Cosa issued 14,195,506 common shares to Denison at a deemed price of $0.225 per share, representing 19.95% of Cosa's outstanding shares [6] - Denison has committed to participate in future equity financings of Cosa for a minimum of C$1,000,000 [5][24] - Cosa is required to fund 100% of the first C$1,500,000 in exploration expenditures on the Murphy Lake North Project by December 31, 2027, and C$5,000,000 on the Darby Project by June 30, 2029 [6] Strategic Implications - The transaction strengthens Cosa's portfolio with highly prospective uranium projects in the Eastern Athabasca Basin, supported by Denison's technical and financial expertise [1][24] - Denison's involvement provides Cosa with access to advanced exploration techniques, including the In-Situ Recovery (ISR) mining method pioneered by Chad Sorba [3][37] - The joint ventures and strategic collaboration with Denison position Cosa for significant exploration success and potential uranium deposit discoveries [29][39] Industry Context - Denison Mines is a leading uranium exploration and development company with a market capitalization of approximately $2.5 billion and extensive interests in the Athabasca Basin region [22][37] - The Athabasca Basin is a globally significant uranium-producing region, with Denison's Wheeler River Project being the largest undeveloped uranium project in the area [37][38] - Cosa's management team has a proven track record in uranium exploration, including the discovery of IsoEnergy's Hurricane Deposit and Denison's Gryphon Deposit [23][24]