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Focused, experienced and growing

David Cates, President and CEO of Denison commented:

“The exceptional efforts of our growing and highly motivated team, to challenge the norm and achieve what others may have previously considered impossible, have positioned Denison as an industry leader on the cusp of deploying the world’s lowest cost uranium mining method at one of the world’s highest grade uranium deposits.” (2022 Annual Report) “

Diversified Athabasca Basin Asset Base with Superior Development Leverage


  • Effective 95% interest in flagship Wheeler River project – largest undeveloped uranium project in the infrastructure rich eastern Athabasca Basin
  • 22.5% interest in Strategic McClean Lake Uranium Mill, which has excess licensed annual capacity, and authorization for significant expansion of tailings management facility
  • 67.41% interest in emerging Waterbury Lake project, with Preliminary Economic Assessment stage development plans for the Tthe Heldeth Túé deposit (formerly J Zone).
  • Participating interests in key development-stage assets operated by uranium “majors”, including 22.5% in McClean Lake (Orano), 25.17% in Midwest (Orano), and an effective 15% in Millennium (Cameco) through 50% ownership of JCU (Canada) Exploration Company, Limited
  • 2.5M lbs U3O8 of physical uranium held in North American storage facilities – acquired at an average cost of US$29.66/lb U3O8, as a long-term investment expected to enhance access to future project financing for Wheeler River
  • ~300,000 hectares of prospective exploration ground in the Athabasca Basin


  • Largest undeveloped uranium project in infrastructure rich eastern Athabasca Basin, including an estimated 132M lbs U3O8 in Indicated resources plus 3M lbs U3O8 in Inferred resources.
  • Low estimated operating costs, with lowest estimate of initial CAPEX required to build amongst Athabasca Basin development projects(1)
  • Existing infrastructure supporting mining operations in proximity to Wheeler River – including 4 licensed uranium mines, 3 licensed uranium mills, and access to the provincial power grid and highway network – reduces development risk profile

(1) Ranking is based on comparison of undeveloped uranium projects (at 100% ownership) with total indicated resources greater than 40M lbs U3O8, located in the Athabasca Basin region – namely Arrow (NexGen Energy Ltd.), Triple R (Fission Uranium Corp.), Millennium (Cameco, JCU), Shea Creek (Areva, UEX Corp.), Midwest (including the Midwest and Midwest A deposits)(Areva, Denison, OURD). CAPEX estimates are per NI 43-101 technical reports. Certain projects do not have NI 43-101 estimates of upfront capital costs.

Share Capital

as of March 9, 2023
835,350,866shares outstanding
7,869,000stock options
7,877,422share units
39,215,000share purchase warrants (expiring March and April 2023)
890,312,288shares fully diluted

Analyst Coverage

Alexander PearceBMO Capital Markets
Katie LachapelleCanaccord Genuity
Mike KozakCantor Fitzgerald
Nicolas DionCormark Securities
Colin HealeyHaywood Securities
Craig HutchisonTD Securities
Brian McArthurRaymond James
David DavidsonParadigm Capital

Please note that any opinions, estimates or forecasts regarding the performance of Denison Mines made by these analysts are theirs alone and do not represent the opinions, estimates or forecasts of Denison Mines or its management. Denison Mines does not by its reference above or distribution imply that it analyzes or approves of such information, conclusions or recommendations.

© 2024 Denison Mines Corp.
All rights reserved.

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