Denison Reports CNSC Hearing Dates for Phoenix ISR Project
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Denison Mines Corp.
1100 – 40 University Ave
Toronto, ON M5J 1T1
www.denisonmines.com
PRESS RELEASE
Denison Reports CNSC Hearing Dates for Phoenix ISR Project
Toronto, ON – February 27, 2025. Denison Mines Corp. (“Denison” or the “Company”) (TSX: DML, NYSE American:
DNN) is pleased to announce that the Canadian Nuclear Safety Commission (“CNSC”) Registrar has set the schedule
for the CNSC public hearing (“Hearing”) for the Wheeler River Uranium Project (“Wheeler River”, or the “Project”).
The Hearing is scheduled to be held in two parts (October 8, 2025, and December 8 to 12, 2025) and represents the
final step in the federal approval process fo r the Project’s Environmental Assessment (“EA”) and Licence to Prepare
and Construct a Uranium Mine and Mill (“Licence”).
Based on this schedule, if the CNSC makes a prompt deci sion to approve the Project following the completion of the
Hearing, the Company expects to be able to commence site preparation and construction activities for the Phoenix In-
Situ Recovery (“ISR”) project in early 2026.
The announcement of the Hearing schedule follows the successful completion of multiple key regulatory milestones in
late 2024, including (i) completion of the technical review phase of the federal EA approv al process in November, (ii)
acceptance by the CNSC of the Company’s final Environmental Impact Statement (“EIS”) for the Project in December,
and (iii) the CNSC’s determination of t he sufficiency of Denison’s Licence application, also in November. These
accomplishments indicate that the CSNC staff support the advancement of the Project and are transitioning their efforts
to prepare an evidence-based summary report for the Commissi on members that will govern the Hearing and render
their decision on the EA and Licence once the Hearing is complete.
David Cates, President and CEO of Denison commented, “The scheduling of the Hearing and acceptance of the
final federal EIS by the CNSC represent significant additional achievements for Denison in our efforts to obtain
the regulatory approvals necessary to commence construction of the Phoenix ISR uranium mining operation.
Importantly, obtaining clarity on the Hearing schedule significantly reduces uncertainty regarding the timeline
for Federal project approvals and allows our operations team to finalize our construction planning efforts with
greater precision. With the potential to commence construction in early 2026, we expect to be able to maintain
our target of achieving first production from Phoenix by the first half of 2028.”
About Denison
Denison is a leading uranium mining, development, and explor ation 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 ri ch eastern portion of the
Athabasca Basin region of northern Saskatchewan. In mid-2 023, 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 deposi t as a conventional underground mining operation. Based
on the respective studies, both deposits ha ve the potential to be competitive wi th the lowest cost uranium mining
operations in the world. Permitting efforts for the plan ned Phoenix ISR operation commenced in 2019 and several
notable milestones were achieved in 2024 with the submis sion of federal licensing documents and the acceptance of
the final form of the project’s Envi ronmental Impact Statement by the Provin ce 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 (pla nned 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 agreemen t), plus a 25.17% interest in the Midwest Joint Venture
('MWJV')'s Midwest Main and Midwest A deposits, and a 69. 44% interest in the Tthe Heldeth Túé ('THT') and Huskie
deposits on the Waterbury Lake Property ('Waterbury'). The Midwest Main, Midwest A, THT and Huskie deposits are
located within 20 kilometres of the McClean Lake mill. Ta ken 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 Ca nada, 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.
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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 Twitter @DenisonMinesCo
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
Certain information contained in this pre ss release constitutes ‘forward-looking info rmation’, within the meaning of the applic able
United States and Canadian legislation conc erning the business, operations and financ ial performance and condition of Denison.
Generally, these forward-looking statements c an be identified by the use of forward-look ing 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 Company’s expectations with respect to the
Hearing and the EA and Licensing process, development plans for Wheel er River and the proposed ISR operation for the Phoenix
deposit; expectations regarding Denison’s joint venture ownership interests; and expectations regarding the objectives and 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 ce rtain 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 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 results of the Hearing may not be as anticipated. In addition, Deni son may decide or otherwise be
required to discontinue development work if it is unable to maintain or otherwise secu re the necessary approvals or resources (such
as testing facilities, capital funding, etc.). Denison believes that the expectations reflected in this forward-looking inform ation are
reasonable, but no assurance can be given that these expectations will prove to be accu rate and results may differ materially f rom
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 Annual Information Form dated March 28, 2024 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 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.