TORONTO, March 20,
2025 /PRNewswire/ - Denison Mines
Corp. ("Denison" or the "Company") (TSX:
DML) (NYSE American: DNN) is pleased to announce the appointment of
Ken Hartwick, who previously served
as the CEO of Ontario Power Generation ('OPG'), to its Board of
Directors (the 'Board'). Mr. Hartwick's appointment comes
following the retirement of Brian
Edgar from the Board, after having served as a Director of
Denison and its predecessors for over 20 years.
Additionally, Denison reports the appointment of Mr.
Jinsu Baik to the Board, replacing
Mr. Jong Ho Hong as Korea Hydro
Nuclear Power's ('KHNP') nominated appointee to the Board. View PDF
version
Jennifer Traub, Chair of the
Board, commented, "We are very pleased to
welcome Ken Hartwick and
Jinsu Baik to the Board. Both
bring unique skills and extensive experience from holding senior
roles at globally recognized utilities that are leaders in nuclear
power generation. We expect Mr. Hartwick and Mr. Baik to bolster
the breadth of nuclear industry and commercial knowledge on our
Board and enhance the Board's oversight during the critical process
of Phoenix project execution and
marketing of future uranium production.
On behalf of the Board, I also express our sincere
gratitude to Brian Edgar for his
many years of service and the extensive support he has always
provided to the Board and to Denison, having made countless
contributions to the strategic direction and governance of the
Company, including in his recently held roles as Denison's Lead
Director, Chair of the Corporate Governance & Nominating
Committee, and member of the Audit Committee."
Mr. Ken Hartwick
Mr. Hartwick joined the Board effective March 19, 2025. Mr. Hartwick has over 40
years of experience in a variety of fields such as finance,
investment, corporate leadership and governance, risk management,
and stakeholder engagement, with 35 years in the finance and energy
sectors.
In 2024, Mr. Hartwick retired from the position of President and
CEO of OPG, one of North America's
largest and most diverse electricity generators, which is also
recognized as a clean energy technology innovator. Under Mr.
Hartwick's tenure at OPG, spanning nearly 9 years, OPG released its
first Climate Change Plan, advanced Ontario's electrification efforts through the
development of the Ivy charging network and OPG's PowerON fleet
electrification subsidiary, launched its first Reconciliation
Action Plan, and took a global leadership position in the
deployment of Small Modular Reactors ('SMRs') with the advancement
of plans to deploy four SMRs at OPG's Darlington site. Mr. Hartwick is a
Chartered Professional Accountant with an Honours Bachelor of
Business Administration degree from Trent
University.
Mr. Jinsu Baik
Mr. Baik joined the Board effective March
13, 2025, having replaced KHNP's previous board nominee Mr.
Hong. Mr. Baik is currently General Manager of the Nuclear
Fuel Cyle Management Section of KHNP, which is the national hydro
and nuclear power utility in South
Korea. Mr. Baik has substantial professional expertise
developed through working in the nuclear industry and has held
various positions at KHNP, including his prior positions as General
Manager in the Safety Engineering Section and Senior Manager in the
Nuclear Fuel Supply Section. Mr. Baik holds a degree in
Nuclear Engineering from HanYang
University. Denison and KHNP Canada Energy Ltd. ('KHNP
Canada') (which is a subsidiary of KHNP) are parties to a Strategic
Relationship Agreement, which provides for a long-term
collaborative business relationship between the parties and
includes a right of KHNP Canada to nominate one representative to
the Board provided it holds at least 5% of Denison's shares
(currently holding ~6.5%).
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 several notable
milestones were achieved in 2024 with the submission of federal
licensing documents and the acceptance of the final form of the
project's Environmental Impact Statement by the Province of
Saskatchewan and the Canadian
Nuclear Safety Commission.
Denison's interests in Saskatchewan also include a 22.5% ownership
interest in the McClean Lake Joint Venture ('MLJV'), which includes
unmined uranium deposits (planned for extraction via the MLJV's
SABRE mining method starting in 2025) 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 70.32% 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.
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: Denison's development plans for Wheeler River and the
proposed ISR operation for the Phoenix deposit; expectations regarding
Denison's commercial activities; expectations regarding Denison's
joint venture ownership interests; and expectations regarding the
objectives and continuity of its agreements with 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 of the Hearing may not be as anticipated.
In addition, Denison may decide or otherwise be required to
discontinue 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 factors
discussed in the Company's Management's Discussion & Analysis
for the year ended December 31, 2024
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.
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SOURCE Denison Mines Corp.
