Exhibit 99.1
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Denison Mines
Corp.
1100 – 40
University Ave
Toronto, ON M5J
1T1
www.denisonmines.com
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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 Environmental
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 CEO 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 the Project can be constructed,
operated, and decommissioned while achieving a superior standard of
environmental sustainability when compared to conventional uranium
mining operations. I applaud our environment, regulatory,
sustainability and technical teams for their passion in advancing
this unique project and coordinating their efforts to expertly
navigate 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, which 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
engagement 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 letters 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 Northern 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
review Denison’s final EIS submission for acceptance and will
prepare their recommendations to the Commission members who will
sit on the panel for the Project’s public hearing. The
hearing provides Denison with the opportunity 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.
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 the 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 significant 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 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 profile on SEDAR+ at www.sedarplus.ca and on EDGAR at
www.sec.gov/edgar.shtml.
Based on the respective studies, both deposits have the potential
to be competitive with the lowest cost uranium mining operations in
the world. Permitting 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 Midwest Joint
Venture’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. The Midwest Main,
Midwest A, THT and Huskie deposits are located within 20 kilometres
of the McClean Lake mill. Taken 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 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.
For more information, please contact
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David Cates
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(416) 979-1991 ext.
362
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President and Chief Executive
Officer
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Geoff Smith
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(416) 979-1991 ext.
358
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Vice President Corporate
Development & Commercial
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Follow Denison on X (formerly
Twitter)
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@DenisonMinesCo
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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
identified by the use of forward-looking terminology 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
to the EA process, including the filing of the final EIS and the
results and objectives thereof; expectations 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 SABRE 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 cause the actual results, level of activity, performance
or achievements of Denison to be materially different 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 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 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 reliance on
forward-looking statements. The forward-looking information
contained in 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 release to conform such information to actual
results or to changes in Denison's expectations except as otherwise
required by applicable legislation.