Denison Reports Financial and Operational Results for 2024 Highlighted by Significant Advancement of the Phoenix Project

Core Insights - Denison Mines Corp. has made significant progress in advancing its Phoenix In-Situ Recovery (ISR) project, with regulatory approvals expected to be finalized by late 2025, allowing for construction to potentially start in early 2026 and first production by the first half of 2028 [2][10][12] - The company has achieved approximately 65% completion of detailed engineering for the Phoenix project by the end of 2024, which supports its objective of a Final Investment Decision (FID) [3][12][13] - Denison has signed multiple agreements with local communities, including a Mutual Benefits Agreement with Kineepik Métis Local 9 and a Community Benefit Agreement with the Village of Pinehouse Lake, to secure support for the Wheeler River project [4][15][16] - The uranium market remains strong, with a 16% increase in long-term supply contract prices from US$68.00/lb U3O8 to US$79.00/lb U3O8 during 2024, despite recent spot market volatility [6] - Denison's balance sheet is strong and debt-free, positioning the company well for its ambitious plans in 2025 and beyond, including significant investments in equipment and exploration [7][29] Regulatory Approvals and Project Development - The Canadian Nuclear Safety Commission (CNSC) has scheduled a two-part public hearing for the Phoenix ISR project, marking a critical step in the regulatory process [2][10] - Key regulatory milestones achieved in late 2024 include the completion of the technical review phase and acceptance of the final Environmental Impact Statement (EIS) by the CNSC [9][11] - The company is focused on completing detailed engineering design, provincial and federal licensing, and pre-FID construction planning [7][12] Community Engagement and Agreements - Denison has established a Sustainable Communities Investment Agreement with multiple northern municipalities to support community development initiatives [17][19] - The agreements with local communities emphasize mutual benefits, including economic development, job creation, and environmental monitoring [15][19] Mining Operations and Exploration - The company plans to restart uranium mining operations at the McClean Lake property in 2025 using the SABRE mining method [20] - Denison completed an inaugural ISR field test program at the Midwest project, validating key assumptions for ISR mining [21][24] - The company has entered into agreements with Foremost Clean Energy and Cosa Resources to enhance exploration activities on non-core properties [23][26] Leadership and Corporate Structure - Denison appointed Ms. Jennifer Traub as the new Board Chair following the Annual General Meeting in May 2024 [27]