Denison Announces Signing of Wheeler River Benefit Agreements with Kineepik Métis Local #9 and the Village of Pinehouse Lake
Denison Mines Corp.
1100 – 40 University Ave
Toronto, ON M5J 1T1
www.denisonmines.com
PRESS RELEASE
Denison Announces Signing of Wheeler River Benefit Agreements with
Kineepik Métis Local #9 and the Village of Pinehouse Lake
Toronto, ON – July 11, 2024. Denison Mines Corp. (“Denison” or the “Company”) (TSX: DML; NYSE
American: DNN) is honoured to announce the sign ing of a Mutual Benefit s Agreement (“MBA”) with
Kineepik Métis Local #9 (“KML”), and a Community Benefit Agreement (“CBA”) with the Northern Village
of Pinehouse Lake (the “Village”), in support of the development and operation of Denison’s 95%-owned
Wheeler River Project in northern Saskatchewan (the “Project”).
KML represents the Métis members who live and practice traditional activities in the vicinity of the Wheeler
River Project and the Métis residents of the Village, which is situated approximately 270 km south from the
Project along provincial highway 914 and represents the closest municipality to the Project.
Executive Director of KML, Billie Jo Natomagan, remarked that “ On behalf of KML, I am honored to
announce the signing of our MBA with Denison Mines. This represents a significant step forward in
our ongoing efforts to secure sustainable economic development while protecting and promoting
our culture, language, traditions , and rights. Through this agreemen t we will continue to engage
with Denison Mines to monitor and evaluate the out comes of this partnership, ensuring that our
goals of economic development, environmental stewardship, and social well-being are met.
We appreciate the commitment shown by Deniso n Mines in recognizing and valuing our unique
relationship with the land and resources in th e Project area. This agreement signifies hope and
opportunity for our community and for future generations.
I would like to extend thanks to everyone involved in the negotiation process, including our
negotiation team, our elders, land users, and advisors. Your dedication and hard work have been
instrumental in achieving this milestone.”
Mayor of the Village of Pinehouse, Mike Natomagan, stated, “We are excited to share that we have been
able to reach an agreement with Denison regarding the advancement of the Wheeler River project.
This is a significant milestone for our community. Leaning on the experience and lessons learned
from our previous agreement we were able to negotiate a truly meaningful agreement.
This agreement is not just a document, but a te stament to the strength and resilience of our
community, and our commitment to sustainabl e community development. This partnership will
bring more opportunities for employment, training and community development that will benefit our
people and our future. This is a significant moment for our community and gives us hope for a
brighter future. Thank you to our elders, community, and negotiations team for supporting us
through this process. Tiniki.”
David Cates, President & CEO of Denison, commented, “The signing of these agreements represents
another significant and important milestone for Denison and the Wheeler River project. Following
the signing of a Memorandum of Understanding amo ngst Denison, KML, a nd the Village in 2017,
where each party expressed a mutual interest in supporting the advancement of the Project, our
team has focused its extensive engagement efforts towards building a lasting and authentic
relationship of trust and mutual respect.
KML and the Village have welcomed Denison staf f into Pinehouse on multiple notable occasions
over the last several years and we have gained a unique first-hand appreciation for the Métis and
non-Métis perspectives and values of the community. As such, it is particularly rewarding for us to
have earned the support and consent for the advancement of the Project from both KML and the
Village. Thank you to all from KML and the Villag e that have contributed to the growth of our
relationship and ultimately the completion of these agreements.”
The MBA acknowledges that the Project is located within KML’s Land and Occupancy Area and provides
Denison with KML’s consent and support to advance the Project. Additionally, the MBA outlines a shared
recognition that the successful advancement of the Project can support KML to advance their aspirations
for the successful social and economic development of KML, while also mitigating the risk of impacts on
the local environment and KML members.
Amongst other key commitments, the MBA provides KML and its Métis members an important role in
environmental monitoring and commits to the sharing of benefits from the successful operation of the project
– including benefits from community investment, business opportunities, employment and training
opportunities, and financial compensation. Overall, the MBA describes a jointly held vision for the future
that reflects a mutual commitment to maintain an open, respectful, and cooperative relationship between
Denison and KML. Import antly, the MBA defines the characteristic s of the positive legacy that will be
associated with the sustainable development of the Project.
The CBA acknowledges that the Village is the closest residential community to the Project by road, which
relies on much of the same regional infrastructure that Denison will rely as it advances the Project. Pursuant
to the terms of the CBA, the Vill age has provided Denison with their co nsent and support for the Project.
Denison’s commitments in the CBA are intended to hel p the Village develop its own capacity to take
advantage of economic and other development opport unities in connection with the advancement and
operation of the Project. The commit ments in the CBA aim to create a long-lasting positive legacy that
continues beyond the lifespan of the Project.
About KML & the Village
KML peoples are considered Woodland Cree, Woodland Dene, and Woodland Métis, although historical
documents indicate that members of KML came from a diverse range of Métis, First Nations, and other
backgrounds.
The Village is located within the land and occupan cy area of the Indigenous people of KML. The lands
surrounding Missinippi (Churchill River) watershed have been used for gathering food, shelter, and material
supplies since time immemorial.
KML and the Village residents routinely enjoy signific ant employment and business opportunities for
projects that occur in KML territory, because of their combined and collaborative efforts. Great pride is taken
in the work ethic of KML and the Village, and through combined efforts with community owned businesses,
recent profits have been used to build increased energy efficient housing, youth infrastructure such as a
local hockey arena, and a 12-unit Elders housing facility.
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) the feasibility study completed
for In-Situ Recovery (“ISR”) mining of the high-grade Phoenix uranium deposit 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. Perm itting efforts for the planned Phoenix ISR operation
commenced in 2019 and have advanced significantly, with licensing in progress and a draft Environmental
Impact Statement submitted for regulatory and public review in October 2022. 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 prof ile on SEDAR+ at www.sedarplus.ca and on EDGAR at
www.sec.gov/edgar.shtml
About Denison
Denison is a uranium mining, exploration and development 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 Uranium Project, 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 licens ed capacity to process the ore from the Cigar Lake
mine under a toll milling agreement), plus a 25.17% in terest in the MWJV’s Midwest Main and Midwest A
deposits, and a 69.35% interest in the Tthe Heldet h 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 toget her, Denison has direct ownership interests in properties covering
~384,000 hectares in the Athabasca Basin region.
Additionally, through its 50% ownership of JCU, Deni son holds additional interests in various uranium
project joint ventures in Canada, including the Mille nnium project (JCU, 30.099%), the Kiggavik project
(JCU, 33.8118%), and Christie Lake (JCU, 34.4508%).
In 2024, Denison is celebrating 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
Billie Jo Natomagan (306) 884-0001
Kineepik Métis Local #9
Mike Natomagan (306) 884-2030
Northern Village of Pinehouse
Follow Denison on X (formerly Twitter) @DenisonMinesCo
Cautionary Statement Regarding Forward-Looking Statements
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 identif ied by the use of forward-looking termi nology 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 intentions and objectives with
respect to, and commitments set forth in, the MBA and CBA; the re sults of, and estimates, assumptions and projections provided in,
the technical report for Wheeler River and the interpretations and expectations with respect thereto; development and expansion plans
and objectives for the Project; and expectations regarding its joint venture ownership interests and the continuity of its agre ements
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 c ause the actual results, level of activi ty,
performance or achievements of Denison to be materially different from those expre ssed or implied by such forward-looking
statements. For example, the modelling and assumptions upon whic h the plans for Midwest are based may not be maintained after
further work is completed. In addition, Denison may decide or otherwise be required to discontinue testing, evaluation and other work
if it is unable to maintain or otherwise secure the necessary resources (such as testing facilities, capital funding, joint ven ture
approvals, regulatory approvals, etc.). Deni son believes that the expectations reflect ed in this forward-looking information a re
reasonable but no assurance can be given that these expectations will prove to be accu rate and results may differ materially fr om
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 factor s discussed in Denison’s Annual Informati on Form dated March 28, 2024 or subsequent
quarterly financial reports under the heading ‘Risk Factors’. These factors are not, and should not be construed as being, exhaustive.
Accordingly, readers should not place undue re liance on forward-looking statements. The forward-looking information contained i n
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 rel ease to conform such information to actual results or to changes in
Denison's expectations except as otherwise required by applicable legislation