TORONTO, Feb. 29,
2024 /PRNewswire/ - Denison Mines
Corp. ('Denison' or the 'Company') (TSX: DML) (NYSE
American: DNN) today filed its Audited Consolidated Financial
Statements and Management's Discussion & Analysis ('MD&A')
for the year ended December 31, 2023.
Both documents are or will be available on the Company's website at
www.denisonmines.com, SEDAR+ (at www.sedarplus.ca) and EDGAR
(at www.sec.gov/edgar.shtml). The highlights provided below are
derived from these documents and should be read in conjunction with
them. All amounts in this release are in Canadian dollars unless
otherwise stated. View PDF version
The Company reported earnings per share ('EPS') from continuing
operations of $0.11 for the year
ended December 31, 2023, representing
a 450% increase from the 2022 EPS of $0.02, driven by the recognition of a
significantly larger gain on the Company's physical uranium
holdings offset by operating expenses primarily related to the
Company's advancement of its flagship Wheeler River Project.
A description of the Company's plans and budget for 2024 ('2024
Outlook') is included in the MD&A.
David Cates, President and CEO of
Denison commented, "The sheer magnitude of Denison's
numerous operational accomplishments in 2023 reflects an
extraordinarily productive time for our Company. With the
completion of the Phoenix Feasibility Study in June, we have
cemented Phoenix's position as a
globally leading uranium development project, showcasing Denison's
industry leadership in the de-risking and application of the
In-Situ Recovery mining method in the Athabasca Basin. The
results from an updated Pre-Feasibility Study for the Gryphon
deposit, completed as part of a newly issued Technical Report for
the Company's flagship Wheeler River property, also demonstrate the
significant potential additional leverage that comes from Denison's
diversified portfolio of projects.
We achieved a notable milestone for the project in 2023
with the signing of a Shared Prosperity Agreement with English
River First Nation supporting the development and operation of
Wheeler River. The SPA reflects ERFN's consent to the advancement
of the project and acknowledges that Wheeler River is located
within ERFN's Ancestral Lands. The SPA further describes a
mutual commitment to maintain an open, respectful, and cooperative
relationship between Denison and ERFN to ensure mutual prosperity
as the development and operation of the project
progresses.
Significant progress has also been made in support of
permitting the planned Phoenix ISR mine, consistent with our plans
and objective to achieve first production in 2027 or 2028.
The Company has responded to multiple rounds of technical comments
and information requests from both the Provincial and Federal
regulators in respect of its draft Environmental Impact Statement
and has successfully reduced the number of outstanding requests,
including confirmation from the Saskatchewan Ministry of
Environment that it is satisfied with our responses and that
Denison may proceed to finalize the EIS for provincial
approval.
The evolution of the uranium market in 2023 has been quite
interesting and has had a significant positive impact on Denison's
balance sheet. With the uranium price rising from
US$48/lb U3O8
at the start of the year to US$91/lb
U3O8 at year end, Denison's strategic
physical uranium holdings have appreciated considerably – driving
the Company's highest earnings per share since 2007. It is
apparent that the uranium market has entered a new phase and we are
pleased to see the market recognize the growing scarcity of
available future uranium production and that higher prices are
required to incentivize sufficient new uranium production to meet
current and growing demand. Importantly, the higher price
environment follows an initial wave of long-term contracting that
has already incentivized a series of mine restarts from the
industry's incumbent producers. This transition to a
production cost-based market environment is consistent with
Denison's expectations and validates the Company's tireless work to
advance Phoenix towards a final
investment decision during several challenging years of negative
uranium market conditions.
Our hard work in past years has paved the way for an
incredibly exciting time for our Company as we focus on delivery of
our Phoenix ISR project. As outlined in our 2024 Outlook, the
Company's expected priorities for Phoenix include advancement of detailed design
engineering, long-lead procurement, permitting, and project
financing. In parallel, we plan to continue to pursue
opportunities to drive additional value from our diverse project
portfolio – including preparations for the restart of uranium
mining at McClean Lake, a robust exploration program, and
advancement of both the Midwest and Waterbury Lake projects through
the next stages of technical and economic evaluations."
Highlights
- Exceptional annual earnings from continuing operations
driven by $134 million gain on
physical uranium investments
During 2023, the Company's earnings from
continuing operations of $89.4
million ($0.11 per share) were
driven by an impressive $134.2
million fair value gain on the Company's investments in
physical uranium. The Company acquired 2.5 million pounds
U3O8 in 2021 at an average price of
$36.67 per pound
U3O8 (US$29.66
per pound U3O8). In the fourth quarter, the
Company sold 200,000 pounds U3O8 at an
average selling price of $99.50 per
pound U3O8 (US$73.38 per pound U3O8),
representing a realized gain on sale of $12.6 million (US$8.8
million). As at December 31,
2023, the Company's remaining uranium portfolio has
increased in value by 228% to $120.35
per pound U3O8 (US$91.00 per pound U3O8)
for an aggregate value of approximately $276.8 million (US$209.3
million).
- Feasibility Study for Wheeler River Phoenix deposit yields
significant increase in project economics
In June 2023,
Denison released the results of the Feasibility Study ('Phoenix
FS') completed for In-Situ Recovery ('ISR') mining of the
high-grade Phoenix uranium deposit
('Phoenix'), which is part of the
Company's flagship Wheeler River Project ('Wheeler River' or the
'Project').
The Phoenix FS demonstrates robust economics
including:
- Base case pre-tax Net Present Value ('NPV') (8%) of
$2.34 billion (100% ownership-basis)
representing a 150% increase in the base-case pre-tax
NPV8% for Phoenix from
the 2018 Pre-Feasibility Study ('2018 PFS').
- Very robust base-case pre-tax Internal Rate of Return ('IRR')
of 105.9%.
- Adjusted base case after-tax NPV8% of $1.56 billion (100% basis) and IRR of 90.0% –
with Denison's effective 95% interest in the project equating to an
adjusted base case after-tax NPV8% of $1.48 billion.
- Base case pre-tax and after-tax (adjusted) payback period of 10
months – equating to a reduction of 11 months for the pre-tax
payback period from the 2018 PFS.
- Optimized production profile, based on ISR mine planning
efforts evaluating production potential for individual well
patterns – resulting in an increase to the planned rate of
production by approximately 43% during the first five years of
operations.
- Estimated pre-production capital costs of under $420 million (100% basis), yielding an impressive
base-case after-tax (adjusted) NPV to initial capital cost
ratio in excess of 3.7 to 1.
- Robust economics that easily absorb cost-inflation and design
changes impacting both operating and capital costs, confirming
Phoenix's estimated cash operating
and all-in costs to be amongst the lowest-cost uranium mining
projects in the world.
- Phoenix FS plans aligned and costed to meet or exceed
environmental criteria expected to be required by the ongoing
regulatory approval process.
- Updated mineral resource estimate, reflecting the results of 70
drill holes completed in support of ISR de-risking and
resource delineation activities, which has upgraded 30.9 million
pounds U3O8 into measured mineral
resources. The updated mineral resource also resulted in an
increase to the average grade of the Zone A high-grade domain,
which is now estimated to contain 56.3 million pounds
U3O8 in Measured and Indicated mineral
resources at an average grade of 46.0%
U3O8.
- Upgraded 3.4 million pounds U3O8 into
Proven mineral reserves, representing the equivalent of 85% of
production planned during the first calendar year of
operations.
- Phoenix ISR de-risking completed and focus transitions
to engineering design
The Phoenix FS reflects independent third-party
validation of the selection of the ISR mining method for
Phoenix and builds on the findings
from a comprehensive and rigorous multi-year technical de-risking
process highlighted by the highly successful completion of the
leaching and neutralization phases of the Phoenix Feasibility Field
Test ('FFT') in late 2022.
Through the technical de-risking process,
Denison acquired extensive deposit-specific data and developed a
robust ISR mine planning model that involved evaluation of the
production potential for individual well patterns. With technical
de-risking of the application of ISR at Phoenix substantially complete, Denison
undertook front-end engineering design ('FEED') to support the
advancement of the planned Phoenix
operation and, with the results thereof substantially complete, is
transitioning into detailed engineering design.
- Landmark Shared Prosperity Agreement signed with English
River First Nation
In September 2023,
Denison announced the signing of a Shared Prosperity Agreement
('SPA') with English River First Nation ('ERFN') supporting the
development and operation of Wheeler River. The SPA received
support from a substantial majority of ERFN members who
participated in a ratification vote on its key terms.
The signing of the SPA follows years of active
engagement, including a four-month-long ERFN-led community
consultation process ahead of the ratification vote, and represents
a significant milestone in the history of both Denison's
relationship with ERFN and the Project.
The SPA acknowledges that the Project is located
within ERFN's Ancestral Lands and provides Denison with ERFN's
consent to advance the Project. Additionally, the SPA outlines a
shared recognition that ERFN is the Knowledge Keeper of the
culture, ways, customs, and values of ERFN in relation to the
environment and its Members and reflects ERFN's desire to
prioritize sustainability. Amongst other key commitments, the SPA
provides ERFN and its Members with (i) an important role in
environmental monitoring and management, and (ii) benefits from
community investment, business opportunities, employment and
training opportunities, and financial compensation. Overall, the
SPA describes a mutual commitment to maintain an open, respectful,
and cooperative relationship between Denison and ERFN to ensure
mutual prosperity as the development and operation of the Project
progresses.
- Phoenix Environmental Impact Statement ('EIS') advanced
through regulatory review
Denison's draft EIS for Phoenix was submitted to the Saskatchewan Minister of Environment ('SKMOE')
and the Canadian Nuclear Safety Commission ('CNSC') in late
2022. The EIS submission outlines the Company's assessment of
the potential effects, including applicable mitigation measures, of
the proposed ISR uranium mine and processing plant planned for
Phoenix, and reflects several
years of baseline environmental data collection, technical
assessments, plus extensive engagement and consultation with
Indigenous and non-Indigenous interested parties.
In the first quarter of 2023, the Company
received technical comments and information requests from both
regulatory agencies and the Company has provided technical
responses to both the Provincial and Federal regulators.
In August 2023,
reflective of the extensive efforts undertaken by and for the
Company, the CNSC deemed complete the Company's responses to the
approximately 250 Federal comments from the CNSC. In November 2023, a second round of information
requests was received from the CNSC. Following the successful
resolution of the outstanding comments from the Federal Indigenous
Review Team, the Company expects to then be in position to submit a
final version of EIS for consideration at a future hearing of the
CNSC.
In October 2023
the Saskatchewan Ministry of Environment confirmed its satisfaction
with Denison's comment responses and proposed EIS updates. The
confirmation would allow Denison to finalize the EIS for the
purpose of obtaining a Provincial Environmental Assessment ('EA')
approval, however this would delink the currently coordinated
Provincial – Federal EA process, which is not expected to provide a
meaningful schedule advantage for the Phoenix project. Denison plans to submit one
version of the final EIS to both authorities once the Federal
information requests have been resolved.
- Phoenix ISR Feasibility Field Test Recovered Solution
Management phase completed
In November 2023,
the Company announced the successful completion of the recovered
solution management phase of the FFT. The FFT was designed to use
the existing commercial-scale ISR test pattern to perform a
combined assessment of the Phoenix
deposit's hydraulic flow properties along with the leaching
characteristics that had been assessed through the metallurgical
core-leach testing program. The prior phases of the FFT, completed
in 2022, were highlighted by the recovery of 14,400 pounds of
U3O8 dissolved in solutions generated during
the leaching and neutralization phases of the test.
The solution recovered during the FFT was stored
on site and this final phase of the FFT involved the treatment of
the recovered solution via an on-site purpose-built treatment
system. Following treatment, a uranium precipitate product
and a treated effluent were produced. The mineralized
precipitates have been recovered from the process with over 99.99%
efficiency. The treated effluent was tested to ensure compliance
with permit conditions before being injected into a designated
subsurface area.
- Cost update to the 2018 PFS for Wheeler River Gryphon
deposit ('Gryphon') confirms the project's position amongst
the lowest-cost uranium mining projects in the world
During 2023, the Company also completed a cost
update ('Gryphon Update') to the 2018 PFS for conventional
underground mining of the basement-hosted Gryphon deposit. The
scope of the Gryphon Update was targeted at the review and update
of capital and operating costs. Mining and processing plans remain
largely unchanged from the 2018 PFS aside from minor scheduling and
construction sequencing optimizations. The key points include:
- Base case pre-tax NPV (8%) of $1.43
billion (100% basis) is a 148% increase in the base-case
pre-tax NPV8% for Gryphon from the 2018 PFS.
- Strong base-case pre-tax IRR of 41.4%.
- Base case after-tax NPV8% of $864.2 million (100% basis) and IRR of 37.6% –
with Denison's effective 95% interest in the project equating to a
base case after-tax NPV8% of $821.0 million.
- Base case pre-tax payback period of 20 months, and base case
after-tax payback period of 22 months – equating to a reduction of
17 months for the pre-tax payback period from the
2018 PFS.
Importantly, Gryphon remains a highly valuable
project that provides Denison with an additional source of low-cost
potential production to deploy significant free cash flows expected
from Phoenix.
- $113 million raised through
equity financings to fund operations and the advancement of
Phoenix
In October 2023,
Denison completed a bought deal public offering resulting in the
issuance of 37,000,000 shares at a price of $2.03 (US$1.49) per
share for total gross proceeds of $75.1
million (US$55.1 million).
Throughout 2023, Denison also issued 19,786,160 shares under its
At-The-Market ('ATM') equity program at an average price of
$1.91 per share for aggregate gross
proceeds of $37.9 million.
- Waterbury Lake inaugural ISR field test program
completed
In November 2023,
the Company announced the completion of an inaugural ISR field test
program at the Tthe Heldeth Túé uranium deposit ('THT') on the
Waterbury Lake property. The program included (i) the installation
of an eight well ISR test pattern designed to collect an initial
database of hydrogeological data, (ii) testing of a permeability
enhancement technique, (iii) the completion of hydrogeologic test
work, highlighted by the achievement of hydraulic conductivity
values consistent with those from the 2020 Preliminary Economic
Assessment ('PEA'), and (iv) the execution of an ion tracer test
which established a 10 hour breakthrough time between the injection
and extraction wells, while also demonstrating hydraulic control of
the injected solution. Overall, the program successfully achieved
each of its planned objectives.
- Midwest internal concept study completed to examine
potential application of ISR mining method
The Company completed an internal conceptual
mining study examining the potential application of ISR at the
Company's 25.17% owned Midwest Project ('Midwest'). The concept
study was prepared by Denison during 2022 and formally issued to
the Midwest Joint Venture ('MWJV') in early 2023. Based on the
positive results of the concept study, the MWJV provided Denison
with approval to complete additional ISR-related work, to be
undertaken for Midwest in 2023 and 2024.
- Moon Lake South discovery of high-grade
uranium mineralization
In April 2023,
Denison reported the discovery of high-grade sandstone hosted
uranium mineralization approximately 30 metres above the
unconformity in drill hole MS 23-10A, which was completed as part
of the 2023 winter exploration program at the Moon Lake South
property. The intersection in MS 23-10A returned 2.46%
U3O8 over 8.0 metres, including a
sub-interval grading 3.71% U3O8 over 4.5
metres. This result represents the best drill hole completed on the
Moon Lake South property to date and is a high priority for
follow-up exploration.
- $15 million strategic
investment in F3 Uranium Corp.
In October 2023,
the Company completed a $15 million
strategic investment in F3 Uranium Corp. ('F3') in the form of
unsecured convertible debentures (the 'Debentures'), which carry a
9% coupon and will be convertible at Denison's option into common
shares of F3 at a conversion price of $0.56 per share. F3 has the right to pay up to
one third of the quarterly interest payable by issuing common
shares. F3 will also have certain redemption rights on or after the
third anniversary of the date of issuance of the Debentures and/or
in the event of an F3 change of control.
- Executive team changes undertaken in 2023
In December 2023,
Denison announced the promotion of Ms. Elizabeth Sidle to the position of Chief
Financial Officer, in addition to her position as the Company's
Vice President Finance. Ms. Sidle joined Denison in 2016,
advancing to the position of Vice President Finance in 2021. Ms.
Sidle had been serving as Denison's Interim Chief Financial Officer
since September 1, 2023, during a
temporary medical leave of absence of the Company's previous Chief
Financial Officer and since his departure from Denison in late
October 2023.
Denison also announced the addition of Mr.
Geoff Smith to the position of Vice
President Corporate Development & Commercial. Mr. Smith
will be focused on supporting Denison's investor and customer
engagement, the evaluation and execution of growth opportunities
and financing arrangements, and the development and oversight of
the Company's uranium sales and contracting strategies.
About Denison
Denison Mines Corp. was formed under the laws of Ontario and is a reporting issuer in all
Canadian provinces and territories. Denison's common shares are
listed on the Toronto Stock Exchange (the 'TSX') under the symbol
'DML' and on the NYSE American exchange under the symbol 'DNN'.
Denison is a uranium exploration and development company with
interests focused in the Athabasca
Basin region of northern Saskatchewan,
Canada. The Company 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, a Feasibility Study was completed for Wheeler River's
Phoenix deposit as an ISR mining
operation, and an update to the previously prepared 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
have advanced significantly, with licensing in progress and a draft
Environmental Impact Statement ('EIS') submitted for regulator and
public review October 2022.
Denison's interests in Saskatchewan also include a 22.5% ownership
interest in the McClean Lake Joint Venture ('MLJV'), which includes
several uranium deposits and the McClean Lake uranium mill, which
is contracted to process the ore from the Cigar Lake mine under a
toll milling agreement, plus a 25.17% interest in the Midwest Main
and Midwest A deposits and a 69.35% interest in the Tthe Heldeth
Túé ('THT,' formerly J Zone) 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.
Through its 50% ownership of Japan (Canada) Exploration Company, Ltd ('JCU'),
Denison holds additional 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%).
Denison's exploration portfolio includes further interests in
properties covering approximately 385,000 hectares in the
Athabasca Basin region.
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
and Project Evaluation, and Andy
Yackulic, P.Geo., Denison's Vice President Exploration, who
are both Qualified Persons in accordance with the requirements of
NI 43-101.
Further details of the Phoenix FS and Gryphon Update are
provided in Denison's press release of June
26, 2023. The results of the Phoenix FS and Gryphon
Update are also detailed in a technical report entitled "NI 43-101
Technical Report on the Wheeler River Project Athabasca Basin,
Saskatchewan, Canada," with an
effective date of June 23, 2023 and
dated August 8, 2023. The technical
report is available on the Company's website at
www.denisonmines.com, on SEDAR+ (at www.sedarplus.ca) and on
EDGAR (at www.sec.gov/edgar.shtml).
Non-GAAP Financial Measures
This release includes certain terms or performance measures
commonly used in the mining industry that are not defined under
International Financial Reporting Standards ('IFRS'). Such non-GAAP
performance measures, including NPV, are included because the
Company understands that investors use this information to
determine the Company's ability to generate earnings and cash
flows. The Company believes that conventional measures of
performance prepared in accordance with IFRS do not fully
illustrate the ability of mines to generate cash flows.
Non-GAAP financial measures should not be considered in isolation
as a substitute for measures of performance prepared in accordance
with IFRS and are not necessarily indicative of operating costs,
operating profit or cash flows presented under IFRS.
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: projections with respect
to exploration, development and expansion plans and objectives,
including the results of the FS and the scope, objectives and
interpretations of the technical de-risking process for the
proposed ISR operation for the Phoenix deposit, including the FFT, and the
interpretation of the results therefrom; expectations with respect
to future evaluation and development of Phoenix, including engineering design efforts,
long-lead item procurement; expectations regarding regulatory
applications and approvals and the elements thereof, including the
EIS; expectations with respect to Company resources and project
financing; expectations regarding the performance of the uranium
market and global sentiment regarding nuclear energy; expectations
regarding Denison's joint venture ownership interests; and
expectations regarding the continuity of its agreements with third
parties. Statements relating to 'mineral reserves' or 'mineral
resources' are deemed to be forward-looking information, as they
involve the implied assessment, based on certain estimates and
assumptions that the mineral reserves and mineral resources
described can be profitably produced in the future.
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 the FS as well as de-risking efforts such as the
ISR field programs discussed herein may not be maintained after
further testing or be representative of actual conditions within
the applicable deposits. In addition, Denison may decide or
otherwise be required to extend its evaluation activities and/or
discontinue testing, evaluation and 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 MD&A dated
February 29, 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.
Cautionary Note to United States Investors Concerning
Estimates of Mineral Resources and Mineral Reserves:
This news release may use the terms 'measured', 'indicated' and
'inferred' mineral resources. United
States investors are advised that such terms have been
prepared in accordance with the definition standards on mineral
reserves of the Canadian Institute of Mining, Metallurgy and
Petroleum referred to in NI 43-101 and are recognized and required
by Canadian regulations. 'Inferred mineral resources' have a great
amount of uncertainty as to their existence, and as to their
economic and legal feasibility. Under Canadian rules, estimates of
inferred mineral resources may not form the basis of feasibility or
other economic studies. United
States investors are cautioned not to assume that all or any
part of an inferred mineral resource exists and/or will ever be
upgraded to a higher category, nor assume that all or any part of
measured or indicated mineral resources will ever be converted into
mineral reserves.
Effective February 2019, the
United States Securities and Exchange Commission ('SEC') adopted
amendments to its disclosure rules to modernize the mineral
property disclosure requirements for issuers whose securities are
registered with the SEC under the Exchange Act and as a result, the
SEC now recognizes estimates of 'measured mineral resources',
'indicated mineral resources' and 'inferred mineral resources'. In
addition, the SEC has amended its definitions of 'proven mineral
reserves' and 'probable mineral reserves' to be 'substantially
similar' to the corresponding definitions under the CIM Standards,
as required under NI 43-101. However, information regarding
mineral resources or mineral reserves in Denison's disclosure may
not be comparable to similar information made public by
United States companies.
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