Denison Reports Results from 2018 and Outlook FOR 2019
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Denison Mines Corp.
1100 – 40 University Ave
Toronto, ON M5J 1T1
www.denisonmines.com
PRESS RELEASE
DENISON REPORTS RESULTS FROM 2018 AND OUTLOOK FOR 2019
Toronto, ON – March 7, 2019. Denison Mines Corp. (“Denison” or the “Company”) (DML: TSX, DNN: NYSE
American) filed its Consolidated Financial Statements and Management’s Discussion & Analysis (“MD&A”) for the year
ended December 31, 2018. Both documents can be found on the Company’s website at www.denisonmines.com or on
SEDAR (at www.sedar.com) and EDGAR (at www.sec.gov/edgar.shtml). The highlights provided below are derived
from these documents and should be read in conjunction with the m. All amounts in this release are in Canadian
dollars unless otherwise stated.
David Cates, President and CEO of Denison commented, “The previous twelve months have been transformational for
Denison – highlighted by the completi on of a Pre-Feasibility Study, or PFS, on the Company’s 90% owned Wheeler
River project. The PFS pairs the world’s lowest cost mini ng method for uranium, in-situ recovery, with the world’s
highest-grade undeveloped uranium deposit, Phoenix, to produc e a robust financial result. Initial capital costs have
been reduced significantly, and the project’s pre-tax NPV is up ~175% - leading to unanimous approval from the
Company’s Board of Directors to initiate the Environmental Assessment and Feasibility Study processes in 2019.
Our team is energized with the success of the Wheeler River PFS and focused on building the next uranium mine in
Saskatchewan’s Athabasca Basin region. We are motivated by the prospect of Phoenix being the lowest cost uranium
mining operation in the world – with an estimated operating cost of US$3.33/lb U3O8. At this level, we are expecting to
produce a near 90% operating margin based on current spot prices. While we anticipate the uranium market improving,
the low-cost nature of this project provides us with the ability to justify advancement today, despite the current uranium
price environment. Similarly we have the flexibility advance t he project without needing to build a book of long-term
uranium contracts. We can maintain full exposure to rising prices and enter into contracts when we consider price
conditions to be attractive enough to justify doing so. The ability to move forward under these conditions is quite unique
for our industry and is expected to deliver our shareholders superior leverage to an anticipated recovery in both the
spot and long-term price of uranium in the coming years.”
PERFORMANCE HIGHLIGHTS
Wheeler River indicated mineral resources increased by 88% to 132 million pounds of U3O8
On January 31, 2018, Denison announced an 88% increase in the i ndicated mineral resources estimated for the
Wheeler River project (‘Wheeler River’), located in northern Saskatchewan. The result was attributable to an increase
in the estimated resources at the Gryphon deposit, which is est imated to contain, above a cut-off grade of 0.2%
U3O8, 61.9 million pounds of U3O8 (1,643,000 tonnes at 1.71% U3O8) in indicated mineral resources, plus 1.9 million
pounds of U3O8 (73,000 tonnes at 1.18% U3O8) in inferred mineral resources. Together with the resources estimated
for the Phoenix deposit, Wheeler River is now host to 132.1 million pounds of U3O8 (1,809,000 tonnes at an average
grade of 3.3%) in total indicated mineral resources. Following the resource update, Wheel er River retained and
improved its standing as the largest undeveloped high-grade uranium project in the infrastructure rich eastern portion
of the Athabasca Basin. The updated mineral resource estimate w as used in the preparation of the Pre-Feasibility
Study (‘PFS’).
Completion of the Wheeler River PFS with a project level pre-tax NPV of $1.31 billion and IRR of 38.7%
On October 30, 2018, Denison filed a technical report in accord ance with NI 43-101 for Wheeler River. The PFS
results are highlighted by the selection of the in-situ recovery ('ISR') mining method for the Phoenix deposit, resulting
in an estimated average operating cost of $4.33 (USD$3.33) per pound U 3O8. The project, on a 100% basis, is
estimated to have mine production of 109.4 million pounds of U3O8 over a 14-year mine life, with a base case pre-tax
Net Present Value (‘NPV') of $1.31 billion (8% discount rate), Internal Rate of Return ('IRR') of 38.7%, and initial pre-
production capital expenditur es of $322.5 million. The base-cas e NPV assumes uranium sales are made at UxC
Consulting Company, LLC’s annual estimated spot price (composite mid-point scenario in constant dollars) for mine
production from the Phoenix deposit (from ~USD$29/lb U 3O8 to USD$45/lb U 3O8), and a fixed price for mine
production from the Gryphon deposit (USD$50/lb U3O8).
Upon the completion of the PFS and in accordance with NI 43-101, Denison has declared probable mineral reserves
of 109.4 million pounds of U3O8 (Phoenix 59.7 million pounds U3O8 from 141,000 tonnes at 19.1% U3O8, and Gryphon
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49.7 million pounds U3O8 from 1,257,000 tonnes at 1.8% U 3O8), indicated mineral resources (inclusive of reserves)
of 132.1 million pounds of U3O8, (1,809,000 tonnes at an average grade of 3.3%) and inferred m ineral resources of
3.0 million pounds of U3O8 (82,000 tonnes at an average grade of 1.7% U3O8) for Wheeler River.
Acquisition of additional Wheeler River ownership interest
On October 26, 2018, Denison comple ted a transaction with Camec o Corporation ('Cameco') to increase its
ownership interest in the Wheeler River Joint Venture ('WRJV') to 90%. Denison acquired Cameco's 23.92% interest
in the project in exchange for the issuance of 24,615,000 common shares of Denison.
Approval of the advancement of Wheeler River
In December 2018, the Company’s Board of Directors, and the WRJV approved the advancement of Wheeler River,
following a detailed assessment of the robust economic results demonstrated in the PFS. In support of the decision
to advance Wheeler River, the WRJV approved a $10.3 million bud get for 2019 (100% basis), which is highlighted
by plans to initiate the Environmental Assessment (‘EA’) proces s, the completion of ISR wellfield testing, as well as
the initiation of metallurgical pilot plant testing and other engineering studies related to ISR mining.
Uranium mineralization discovered on regional explorations targets at Wheeler River and Waterbury Lake
High-grade unconformity uranium northeast of Wheeler River's Gryphon deposit
High-grade uranium drill intercepts were obtained at the sub-Athabasca unconformity to the northeast of the Gryphon
deposit along the K North trend. Results were highlighted by as says from drill hole WR-704, which included 1.4%
U3O8 over 5.5 metres, located 600 metres northeast of Gryphon and drill hole WR-710D1, which included 1.1% U3O8
over 3.0 metres, located one kilometre northeast of Gryphon. Fu rther potential for mineralization exists, both at the
unconformity and within the basement, between the 200 metre-spaced drill fences.
Unconformity uranium and base metals on the K West trend at Wheeler River
Highlights from the Company's summer 2018 diamond drilling prog ram at Wheeler River include the discovery of
unconformity-hosted mineralization on the K West trend, includi ng 0.30% U 3O8, 4.7% Co, 3.7% Ni and 0.55% Cu
over one metre in drill hole WR-733D1, and 1.2% Cu and 0.49% Ni over six metres in drill hole WR-733D2. The K
West trend is a priority target area located approximately 500 metres west of the parallel K North trend, which hosts
the Gryphon deposit. The results are encouraging and further drill testing is warranted to the south, where up to five
kilometres of strike length remains untested along the K West trend.
Uranium mineralization on the GB Trend at Waterbury Lake
Basement-hosted uranium mineralization was intersected in two drill holes on the Waterbury Lake property (65.92%
Denison owned), at the interpreted intersection of the regional Midwest structure with the GB trend, approximately
three kilometres northeast of the project's Huskie deposit. Mineralized assay intervals included 0.43% U3O8 over 1.0
metre (including 0.73% U 3O8 over 0.5 metre) in drill hole WAT18-478 and 0.45% U 3O8 over 0.5 metre, as well as
0.31% U 3O8 over 0.5 metre and 0.20% U 3O8 over 0.5 metre in drill hole WAT18-479. The results validated the
Company's geological concept that uranium mineralization occurs at the intersection of the interpreted regional
Midwest structure with cross-cutting, graphite-bearing, structural corridors. Follow-up is warranted along the GB trend
and at several other exploration targets related to the interpreted regional Midwest structure.
Maiden mineral resource estimate completed for the Huskie deposit at Waterbury Lake
Denison completed a maiden mineral resource estimate for the Hu skie uranium deposit (‘Huskie’) on the Waterbury
Lake property. The mineral resour ce estimate was completed in a ccordance with NI 43-101 and CIM Definitions
(2014), and was reviewed and audited by SRK Consulting (Canada) Inc. ('SRK'), with a re sulting estimate of 5.7
million pounds of U3O8 (above a cut-off grade of 0.1% U3O8) based on 268,000 tonnes of mineralization at an average
grade of 0.96% U 3O8. Since its discovery in 2017, Denison has completed 28 drill h oles at Huskie at a spacing of
approximately 50 metres x 50 metr es to define a basement hosted uranium deposit over a strike length of
approximately 210 metres and dip length of up to 215 metres. Th e deposit has been interpreted to include three
parallel, stacked lenses of mineralization (Huskie 1, Huskie 2 and Huskie 3) which vary in true thickness between
approximately one and seven metres. The effective date of the resource estimate is October 17, 2018.
Increase in mineral resources estimated for Midwest
On March 27, 2018, Denison repor ted an updated mineral resource estimate for the Midwest Main and Midwest A
deposits located on the Midwest property (25.17% Denison owned), which is operated by Orano Canada Inc. (‘Orano
Canada’). Inferred mineral resources for the property increased by 13.5 million pounds of U 3O8 and currently total
18.2 million pounds of U3O8 (846,000 tonnes at 0.98% U3O8) above a cut-off grade of 0.1% U3O8. Indicated mineral
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resources for the property increased by 2.1 million pounds of U 3O8 and currently total 50.7 million pounds of U 3O8
(1,019,000 tonnes at 2.3% U3O8) above a cut-off grade of 0.1% U3O8.
Obtained financing for the Company’s 2019 Canadian exploration activities
In November 2018, the Company co mpleted a $5,000,000 bought dea l private placement equity offering for the
issuance of 4,950,495 common shares on a flow-through basis at a price of $1.01 per share. The proceeds from the
financing will be used to fund Canadian exploration activities through to the end of 2019.
SELECTED ANNUAL FINANCIAL INFORMATION
(in thousands, except for per share amounts)
Year ended
December 31,
2018
Year ended
December 31,
2017
Total revenues $ 15,550 $ 16,067
Net loss $ (30,077) $ (19,454)
Basic and diluted loss per share $ (0.05) $ (0.04)
(in thousands)
As at
December 31,
2018
As at
December 31,
2017
Financial Position:
Cash and cash equivalents $ 23,207 $ 3,636
Investments in debt instruments (GICs) $ - $ 37,807
Cash, cash equivalents and GICs $ 23,207 $ 41,443
Working capital $ 19,221 $ 34,756
Property, plant and equipment $ 258,291 $ 249,002
Total assets $ 312,187 $ 326,300
Total long-term liabilities(1) $ 77,455 $ 80,943
(1) Predominantly comprised of the non-current portion of defer red revenue, non-current reclamation obligations, and deferred income taxes.
RESULTS OF CONTINUING OPERATIONS
Revenues
During 2018, the McClean Lake mill processed 18 million pounds U3O8 for the Cigar Lake Joint Venture (‘CLJV’). The
Company recorded toll milling revenue of $4,239,000 and related accretion expense of $3,314,000.
Revenue from the Company’s Denison Environmental Services (‘DES’) division was $9,298,000 and revenue from the
Company’s management contract with Uranium Participation Corporation (‘UPC’) was $2,013,000 during 2018.
Effective January 1, 2018, upon adoption of IFRS 15, the accoun ting policy applicable to the Company’s toll milling
deferred revenue arrangement with Anglo Pacific Group PLC (the ‘APG Transaction’) has changed and the comparative
period has been restated to reflect this change. Refer to the Company’s consolidated financial statements and related
notes for more details on the accounting for the APG Transaction related revenue.
Operating expenses
Operating expenses in the Canadi an mining segment include depre ciation, mining and other development costs, as
well as adjustments, where applicable, to the estimates of future reclamation costs in relation to the companies mining
properties. Operating expenses during 2018 were $7,528,000 including $3,264,000 of depreciation from the McClean
Lake mill, which is associated with the processing and packagin g of U3O8 for the CLJV. Operating expenses include
development and other operating costs related to the McClean Lake Joint Venture (‘MLJV’) of $3,893,000. These costs
predominantly relate to the advanc ement of the Surface Access B orehole Resource Extraction (‘SABRE’) mining
technology, as part of a multi-year test mining program operated by Orano Canada within the MLJV. During 2018, the
SABRE team continued en gineering and procurement activities related to development of the mining equipment and
high pressure pumping systems. In addition, four access holes w ere drilled and cased from surface to the top of the
McClean North deposit. The holes will allow for mining of the orebody during the latter stages of the test mining program,
currently scheduled to occur in 2020.
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Operating expenses at DES durin g 2018 totaled $8,211,000 and re late primarily to care and maintenance, and
environmental consulting services provided to clients, and includes labour and other costs.
Exploration and evaluation
During 2018, the Company continued to focus on its highest prio rity projects in the Athabasca Basin region in
Saskatchewan. Denison’s share of exploration and evaluation exp enditures in 2018 was $15,457,000. During 2018,
the Company’s exploration and evaluation expenditures decreased , primarily due to decreased exploration activity at
Wheeler River, partially offset by increased evaluation activities at Wheeler River associated with the completion of the
PFS in 2018, as well as increased activities at certain explora tion pipeline properties, including the Hook Carter and
Waterbury Lake projects.
Wheeler River project:
During 2018, Denison’s share of evaluation costs at Wheeler River amounted to $3,130,000, which related to work on
the PFS, as well as environmental activities. Denison’s share o f exploration costs at Wheeler River amounted to
$6,883,000 during the winter and summer 2018 diamond drilling programs for a total of 39,555 metres in 60 drill holes.
The Company also continued with the community consultation and engagement process – ensuring the continuous
engagement of stakeholders.
In 2018 the Company also continued environmental baseline data collection in key areas to better characterize the
existing environment in the project area. This data will form the foundation of the environmental impact assessment for
the project. The information will also be used in the design of various aspects of the project, including the location and
layout of site infrastructure, the location for treated effluent discharge and fresh water intake, and the designs of water
treatment plants, waste storage facilities, and other project activities interacting with the environment.
After careful consideration of the PFS economic results, risks and opportunities associated with permitting and
concurrent advancement of project engineering activities, the C ompany has decided to submit a Project Description
(‘PD’) and initiate the EA process in early 2019 for the Phoeni x ISR project. The permitting process for the Gryphon
project will commence at a later date, in order to meet the PFS plan for first production of Gryphon ore by 2030. This
staggered approach is expected to simplify the EA and permitting process for the Phoenix project and reduce the capital
required to advance the project to a definitive development decision. Following completion of the PFS, drafting of the
PD was initiated with submission of the document to federal and provincial authorities occurring in February 2019.
Final assay results from the winter and summer exploration drilling programs were received in May 2018 and November
2018, respectively, and were reported in Denison’s press release dated June 6, 2018 and Denison’s third quarter MD&A
dated November 12, 2018.
Further details regarding Wheeler River, including the estimated mineral reserves and resources and PFS, are provided
in the Technical Report for the Wheeler River project titled ‘Pre-feasibility Study Report for the Wheeler River Uranium
Project, Saskatchewan, Canada’ prepared by Mark Liskowich, P.Ge o. of SRK Consulting (Canada) Inc. with an
effective date of September 24, 2018 (‘PFS Technical Report’). A copy of this report is available on Denison’s website
and under its profile on each of SEDAR and EDGAR.
Exploration pipeline properties:
While spending on exploration pipeline projects has been reduced from prior year levels, exploration activities continue
to deliver encouraging results generally warranting follow-up. During 2018, the Company managed or participated in
five other drilling exploration programs (three operated by Denison) on the Company’s pipeline properties, as reported
in previous quarters, including Waterbury Lake and Hook-Carter.
General and administrative expenses
Total general and administrative expenses were $7,189,000 during 2018. These costs are mainly comprised of head
office salaries and benefits (including stock based compensation), office costs in multiple locations, audit and regulatory
costs, legal fees, investor relations expenses, and all other costs related to operating a public company with listings in
Canada and the United States, as well as non-recurring project or legal costs.
Impairment of mineral properties
During 2018, the Company recognized an impairment expense of $6,086,000, due to the Company’s current intention
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to let claims on three of its Canadian properties lapse in the normal course.
Other income and expenses
During 2018, the Company recognized a loss of $5,865,000 in oth er income/expense. The loss is predominantly due
to losses on investments carried at fair value of $5,411,000. Gains and losses on investments carried at fair value are
driven by the closing share pric e of the related investee at en d of the quarter. The loss recorded in 2018 was mainly
due to unfavourable mark-to-market adjustments on the Company’s investments in common share purchase warrants
of GoviEx Uranium Inc. and common shares of Skyharbour Resources Ltd.
Liquidity and capital resources
Cash and cash equivalents were $23,207,000 at December 31, 2018.
In January, 2019, the Company’s $24 million credit facility was amended and extended to January 31, 2020. The credit
facility is fully utilized for non-financial letters of credit in relation to future decommissioning and reclamation plans.
As at December 31, 2018, the Company has fulfilled its obligati on to spend $14,499,790 on eligible Canadian
exploration expenditures as a result of the issuance of the Tra nche A and Tranche B flow-through shares in March
2017.
As at December 31, 2018, the Company has spent $253,000 towards its obligation to spend $5,000,000 on eligible
Canadian exploration expenditures under the flow-through share financing completed in November 2018.
Outlook for 2019
Denison’s plans for 2019 continue to focus on the activities ne cessary to position the Co mpany as the next uranium
producer in Canada. Accordingly, the 2019 budget is focused on the advancement of Wheeler River through the EA
process and the necessary de-risking ahead of the completion of a feasibility study.
(‘000) 2019 BUDGET(2)
Canada Mining Segment
Mineral Sales 970
Development & Operations (3,640)
Mineral Property Exploration & Evaluation (12,350)
(15,020)
DES Segment
DES Environmental Services 1,520
1,520
Corporate and Other Segment
UPC Management Services 1,920
Corporate Administration & Other (5,170)
(3,250)
Total(1) $ (16,750)
Notes:
1. Only material operations shown.
2. The budget is prepared on a cash basis.
Mineral Sales
Denison’s revenue from the sale of approximately 26,000 pounds of U3O8 currently held in inventory, is budgeted to be
$1.0 million.
Development & Operations
In 2019, Denison’s share of operating and capital expenditures at the Orano Canada operated McClean Lake and
Midwest joint ventures are budgeted to be $2.6 million. The lar ge majority of the operating expenditures relate to
McClean, including $2.3 million in respect of Denison’s share o f the 2019 budget for the advancement of the SABRE
mining method. The 2019 SABRE program includes the engineering and fabrication of the mining equipment and pipe
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to be used during the test mining process. In order to accommodate the time required to complete this process, the test
mining activities originally planned by Orano Canada for 2019 have been delayed until 2020.
The 2019 operating expenditures are also expected to include $8 00,000 for reclamation expenditures related to
Denison’s legacy mine sites in Elliot Lake.
Mineral Property Exploration & Evaluation
The budget for exploration and evaluation activities in 2019 is approximately $12.4 million (Denison’s share). Including
partner’s share of expenses, the projected 2019 exploration and evaluation work program is budgeted to be $13.4
million. The exploration program is expected to include approxi mately 25,000 metres of drilling across three of
Denison’s high priority projects, namely Wheeler River, Waterbu ry Lake and Hook Carter. The majority of the
exploration activity will occur during the winter months, resul ting in higher levels of expenditures in the first quarter of
2019. See Denison’s press release dated January 9, 2019 for further details regarding the 2019 exploration program.
Evaluation activities are expected to continue at Wheeler River throughout the year.
Wheeler River
A $10.3 million budget (100% basis) has been approved for Wheel er River. The budget includes exploration
expenditures of $3.2 million and evaluation expenditures of $7.1 million. Denison’s share of the budget is expected to
be $9.3 million, consistent with the Company’s 90% ownership interest.
Evaluation
The 2019 evaluation program includes the initiation of the EA p rocess, as well as engineering studies and related
programs required to advance the high-grade Phoenix deposit as an ISR mining operation. Engineering studies during
2019 will include ISR wellfield testing, the initiation of metallurgical IRS pilot plant testing, Gryphon optimization studies,
and third party reviews of the Phoenix engineering plans. In ad dition, following the submission of a PD in February
2019 to the Federal and Provincial regulatory authorities, the multi-year EA, consultation, and permitting process for
the project has been initiated.
Exploration
Following the completion of the PFS in the third quarter of 201 8, and given the highly encouraging results from the
proposed Phoenix ISR operation, the planned 2019 exploration dr illing program will be focused on initial testing of
regional targets at the sub-Athabasca unconformity, with the po tential to discover additional ISR amenable uranium
deposits. Potential for basement hosted uranium mineralization will not be ignored where opportunities also exist to
evaluate prospective basement targets. High priority regional target areas planned for testing in 2019 include K West,
M Zone, K South, Gryphon South, Q South (East), and O Zone.
The 2019 Wheeler River exploration budget includes approximatel y 13,500 metres of diamond drilling in 23 holes.
Drilling activities commenced early January 2019 for the winter season, which will be followed by a results-driven
summer drilling program – providing a staged-approach to target evaluation.
Exploration Pipeline Properties
Denison remains active on high potential exploration pipeline projects – each assessed to have the potential to deliver
a meaningful discovery of new uranium mineralization.
Denison-Operated Projects
Exploration drill programs, to be operated by Denison, are plan ned on the Waterbury Lake and Hook Carter projects
during the winter of 2019.
Waterbury Lake Project
The 2019 Waterbury Lake budget t otals $1.8 million (100% basis) which includes approximately 7,300 metres of
diamond drilling in 18 holes. The results-driven drilling program is expected to be completed during the winter season,
and will be funded by Denison, as KWULP has elected to continue to dilute their interest in the project.
Hook Carter Project
A $1.4 million (100% basis) diamond drilling program, consisting of approximately 3,900 metres in 6 holes, is planned
for winter 2019. The program is designed to complete the first phase of reconnaissance exploration along 7.5 kilometres
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of the Patterson Corridor. The 2019 exploration program will be funded 100% by Denison as part of its agreement to
fund ALX's 20% share of the first $12 million in expenditures o n the project (see Denison’s Press Releases dated
October 13 and November 7, 2016).
Non-Operated Projects
Denison has elected not to fund its 14.4% share of the $1.6 million diamond drilling program planned for the Waterfound
River Project in 2019. The Waterfound River project is a joint venture between Orano Canada (53.98%), JCU (31.60%)
and Denison (14.42%). Orano Canada is the operator of the project.
Management and Environmental Services
Net management fees for 2019 from the management services agree ment with UPC are budgeted at $1.9 million. A
portion of the management fees earned from UPC are based on UPC ’s net asset value, and are therefore dependent
upon the uranium spot price. Denison’s budget for 2019 assumes a uranium spot price of USD$28.75 per pound U3O8.
Each USD$2 per pound U3O8 increase is expected to translate into approximately $0.1 million in additional management
fees to Denison. While the term of the management services agreement with UPC ends March 31, 2019, the 2019 budget
has been prepared with the assumption that the contract will be renewed.
Revenue from operations at DES during 2019 is budgeted to be $1 0.0 million, with operating, overhead, and capital
expenditures budgeted to be $8.5 million, resulting in a net contribution of approximately $1.5 million.
Corporate Administration and Other
Corporate administration expenses are budgeted to be $5.2 million in 2019 and include head office salaries and benefits,
office costs, audit and regulatory costs, legal fees, investor relations expenses and all other costs related to operating
a public company with listings in Canada and the United States.
In addition to corporate administration expenses in 2019, letter of credit and standby fees relating to the 2019 Credit Facility
are expected to be approximately $400,000, which is expected to be more than offset by interest income on the Company’s
cash and short-term investments.
ABOUT DENISON
Denison Mines Corp. was formed under the laws of Ontario and is a reporting issuer in all Canadian provinces.
Denison’s common shares are list ed on the Toronto Stock Exchang e (the ‘TSX’) under the symbol ‘DML’ and on the
NYSE American (formerly NYSE MKT) exchange under the symbol ‘DNN’.
Denison is a uranium exploration and development company with i nterests focused in the Athabasca Basin region of
northern Saskatchewan, Canada. In addition to its 90% owned Whe eler River project, which hosts the high grade
Phoenix and Gryphon uranium dep osits, Denison's exploration por tfolio consists of numerous projects covering
approximately 320,000 hectares in the Athabasca Basin region. D enison's interests in Saskatchewan also include a
22.5% ownership interest in the MLJV, which includes several ur anium deposits and the McClean Lake uranium mill,
which is currently processing ore from the Cigar Lake mine unde r a toll milling agreement, plus a 25.17% interest in
the Midwest deposits and a 65.92% interest in the J Zone and Hu skie deposits on the Waterbury Lake property. The
Midwest, J Zone and Huskie deposits are located within 20 kilometres of the McClean Lake mill.
Denison is engaged in mine decommissioning and environmental se rvices through its DES division, which manages
Denison’s Elliot Lake reclamation projects and provides post-cl osure mine and maintenance services as well as
environmental consulting services to a variety of industry and government clients.
Denison is also the manager of UPC, a publicly traded company listed on the TSX under the symbol ‘U’, which invests
in uranium oxide in concentrates (‘U3O8’) and uranium hexafluoride (‘UF6’).
Qualified Persons
The disclosure regarding the est imated Mineral Reserves, 2016 P EA, PFS, and environmental and sustainability
activities for the Wheeler River project was reviewed and appro ved by Peter Longo, P. Eng, MBA, PMP, Denison’s
Vice-President, and Project Development, who is a Qualified Person in accordance with the requirements of NI 43-101.
The balance of the disclosure of scientific and technical information regarding Denison’s properties in this news release,
including estimated Mineral Resources, was prepared or approved by Dale Verran, MSc, P. Geo, Pr.Sci.Nat., the
Company’s Vice President, Exploration, a Qualified Person in ac cordance with the requirements of NI 43-101. For a
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description of Denison’s assay procedures, downhole gamma probe procedures, and the quality assurance program
and quality control measures applied by Denison, please see Den ison’s Annual Information Form dated March 27,
2018 available under Denison's profile on SEDAR at www.sedar.co m, and its Form 40-F available on EDGAR at
www.sec.gov/edgar.shtml.
For more information, please contact
David Cates (416) 979 – 1991 ext 362
President and Chief Executive Officer
Sophia Shane (604) 689 - 7842
Investor Relations
Follow Denison on 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 identified b y the use of forward-looking term inology such as ‘plans’, ‘expe cts’,
‘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 ac hieved’ or ‘has
the potential to’.
In particular, this news release contains forward-looking infor mation pertaining to the following: the benefits to be derived from
corporate transactions; the esti mates of Denison's mineral rese rves and mineral resources, incl uding the new mineral resource
estimate for the Huskie deposit; exploration, development and expansion plans and objectives, including the results of the PFS, and
statements regarding anticipated budgets, fees and expenditures; expectations regarding Denison’s joint venture ownership interests
and the continuity of its agreeme nts with its partners; expecta tions regarding adding to its mi neral reserves and resources th rough
acquisitions or exploration; e xpectations regarding the toll mi lling of Cigar Lake ores; expec tations regarding revenues and
expenditures from operations at DES; expectations regarding revenues from the UPC management contract; and the annual operating
budget and capital expenditure programs, estimated exploration and development expenditures and reclamation costs and Denison's
share of same. 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 activ ity,
performance or achievements of Denison to be materially differe nt from those expressed 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 materially from those anticipated in this fo rward-
looking information. For a discussion in respect of risks and o ther factors that could influence forward-looking events, please refer to
the factors discussed in Denison’s Annual Information Form date d March 27, 2018 under the heading ‘Risk Factors’. These factor s
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 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 change s in
Denison's expectations except as otherwise required by applicable legislation.
Cautionary Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred Mineral Resources
and Probable Mineral Reserves: This news release may use the terms 'measured', 'indicated' an d 'inferred' mineral resources.
United States investors are advised that while such terms have been prepared in accordance with the definition standards on mineral
reserves of the Canadian Institute of Mining, Metallurgy and Pe troleum referred to in Canadian National Instrument 43-101 Mine ral
Disclosure Standards ("NI 43-101 ") and are recognized and requi red by Canadian regulations, the United States Securities and
Exchange Commission ("SEC") does not recognize them. 'Inferred mineral resources' have a great amount of uncertainty as to the ir
existence, and as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral re source will
ever be upgraded to a higher category. Under Canadian rules, es timates 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 measured or
indicated mineral resources will ever be converted into mineral reserves. United States investors are also cautioned not to
assume that all or any part of an inferred mineral resource exi sts, or is economically or legally mineable. The estimates of
mineral reserves in this news release have been prepared in accordance with NI 43-101. The definition of probable mineral reserves
used in NI 43-101 differs from the definition used by the SEC i n the SEC's Industry Guide 7. Under the requirements of the SE C,
mineralization may not be classified as a "reserve" unless the determination has been made, pursuant to a "final" feasibility study that
the mineralization could be economically and legally produced o r extracted at the time the reserve determination is made. Deni son
has not prepared a feasibility study for the purposes of NI 43- 101 or the requirements of the SEC. Accordingly, Denison's pro bable
mineral reserves disclosure may not be comparable to informatio n from U.S. companies subject to the reporting and disclosure
requirements of the SEC.