Denison Files Final Wheeler River Environmental Impact Statement with CNSC Following Completion of Technical Review
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Denison Mines Corp.
1100 – 40 University Ave
Toronto, ON M5J 1T1
www.denisonmines.com
PRESS RELEASE
Denison Files Final Wheeler River Environmental Impact Statement with
CNSC Following Completion of Technical Review
Toronto, ON – November 25, 2024. Denison Mines Corp. (“Denison” or the “Company”) (TSX: DML;
NYSE American: DNN) is pleased to announce that it has filed a final Environmental Impact Statement
(“EIS”) for the Wheeler River Uranium Project (“Wheeler River” or the “Project”) with the Canadian Nuclear
Safety Commission (“CNSC”), after successfully completing the rigorous technical review phase of the
federal Environment al Assessment (“ EA”) approval process. The final EIS reflects many years of
considerable effort following the initiation of the EA process in 2019 and proactively incorporates feedback
received from multiple interested parties, including Indigenous nations and the CNSC’s Federal Indigenous
Review Team.
David Cates, President and CE O of Denison, commented, “The completion of the federal technical
review and submission of the final EIS represents a notable milestone for Denison in our efforts to
obtain regulatory approval for Wheeler River. Owing, in large part, to the use of the In-Situ Recovery
(“ISR”) mining method, the EIS evidences that th e Project can be constructed, operated, and
decommissioned while achieving a superior standard of enviro nmental sustainability when
compared to conventional uranium mining opera tions. I applaud our environment, regulatory,
sustainability and technical te ams for their passion in advancing this unique project and
coordinating their efforts to expertly naviga te the federal technical review process. This
accomplishment has brought us an important step closer to building Canada’s next new uranium
mine and first ISR uranium mining project.”
Public Review & Indigenous Consent
The public review of the draft EIS, facilitated by the CNSC from November 2022 to March 2023, has
enhanced the transparency and comprehensiveness of the EA process. Denison received and responded
to more than 500 public comments on the draft EIS, whic h has resulted in a final version of the EIS that
reflects the feedback of numerous Indigenous communities and organizations. This public review process
was just one element of Denison’s active engage ment with Indigenous and non-Indigenous interested
parties, which Denison will continue to undertake throughout the next phase of the approval processes.
The finalization of the EIS was also supported by lette rs of consent and support from each of (a) English
River First Nation, (b) Kineepik Métis Local #9, and (c) the municipalities of the Northern Village of
Pinehouse Lake, the Northern Village of Beauval, the Nort hern Village of Île-à-la Crosse, the Northern
Hamlet of Jans Bay, and the Northern Hamlet of Cole Bay, representing significant First Nation and Métis
Rights interests in relation to the Project and in the broader region in which the Project is located. Obtaining
this level of support and consent demonstrates our deep respect for Indigenous rights and northern
communities, as well as the thriving cultures and deep-rooted traditions of northern Saskatchewan
communities and their aspirations of achieving economic growth and prosperity.
Remaining Regulatory Process
The CNSC makes decisions on the licensing of proposed uranium mining projects through a public hearing
process. The CNSC staff will now re view Denison’s final EIS submission for acceptance and will prepare
their recommendations to the Commission members w ho will sit on the panel for the Project’s public
hearing. The hearing provides Denison with the opport unity to demonstrate the Project's alignment with
regulatory requirements and community expectations. A date for the hearing has not yet been set by the
CNSC; however, it is expected to be determined following the acceptance of the final EIS submission.
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In parallel with the EIS technical review, Denison was recently notified that it has successfully completed
the requirements of the CNSC application to obtain a licence to prepare and construct a uranium mine and
mill, which allows for the CNSC to make a licensing decision concurrently with the EA approval process.
Provincial EA Process
In October 2024, Denison submitted a final EIS to t he Saskatchewan Ministry of Environment (“MOE”), in
substantially the same form as the EIS that has been submitted to the CNSC. Although the technical review
comment period was deemed complete by the MOE in late 2023, Denison opted to delay finalization of the
provincial EA approval in order to incorporate the signi ficant majority of modifications resulting from the
Federal technical review process. With this approach, we expect that the Provincial EA will be subject to a
single Ministerial decision following a public review period, which commenced in November 2024 and is
expected to conclude in December 2024.
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 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. More
information on the studies is available in the techni cal report titled “NI 43-101 Technical Report on the
Wheeler River Project Athabasca Basin, Saskatchew an, 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 profile on SEDAR+
at www.sedarplus.ca and on EDGAR at www.sec.gov/edgar.shtml.
Based on the respective studies, both deposits have t he potential to be competitive with the lowest cost
uranium mining operations in the world. Permi tting efforts for the planned Phoenix ISR operation
commenced in 2019 and have advanced significantly to support the 2024 submission of required licensing
documents and the proposed final version of the provincial and federal EIS.
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 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 licensed capacity to process the ore from the Cigar Lake mine under a toll
milling agreement), plus a 25.17% interest in the Mi dwest Joint Venture’s Midwest Main and Midwest A
deposits, and a 69.44% 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 (Canada) Exploration Company, Limited (“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%).
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.
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For more information, please contact
David Cates (416) 979-1991 ext. 362
President and Chief Executive Officer
Geoff Smith (416) 979-1991 ext. 358
Vice President Corporate Development & Commercial
Follow Denison on X (formerly Twitter) @DenisonMinesCo
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 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 press release contains forward-looking information pertaining to the following: expectations with respect t o the EA
process, including the filing of the final EIS and the result s and objectives thereof; expectati ons regarding licensing efforts and
regulatory reviews and processes, including hearings with the CNSC Commission; and expectations regarding its joint venture
ownership interests, including plans for mining and the use of SA BRE by the MLVJ, and the continuity of its agreements 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. 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 ma terially from those anticipated in this for ward-
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 Denison’s Annual Information Form dated March 28, 2024 under the heading ‘Risk Factors’ or in subsequent
quarterly financial reports. 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 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 rel ease to conform such information to actual results or to change s in
Denison's expectations except as otherwise required by applicable legislation.