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Denison Mines Corp: A Beacon of Transparency with 2023 Annual Report Release


Lauren Miller

March 28, 2024 - 22:55 pm


Denison Mines Corp Announces Filing of Comprehensive Annual Report for 2023

Denison Mines Corp, also known as Denison, has recently taken a commendable step forward by officially submitting its 2023 Annual Report on Form 40-F to the U.S. Securities and Exchange Commission (SEC). The Toronto-based company, which operates on the Toronto Stock Exchange (TSX: DML) and on the NYSE American (DNN), has incorporated its insightful management discussion, analysis and audited financial statements for the fiscal year concluding December 31, 2023, within this vital document.

The comprehensive report, now accessible on Denison's website, offers an in-depth look into the company's financial performance during the aforementioned period. Those interested in delving into the details of Denison's financial disclosures can visit their website at or explore the SEC's website at where the document is readily available for review. For a more streamlined access, a PDF version of the report has also been provided for direct download.

Furthermore, Canadian regulatory bodies have also been acquainted with Denison's Annual Information Form. Shareholders and interested parties can peruse this document on the company’s website or under the company's profile on the SEDAR+ platform at

In a bid to facilitate its investors and compliants with the principle of transparency, Denison has provided an additional service. Holders of Denison's securities can request a physical printout of the company's most recent Form 40-F, including the comprehensive audited financial statements, at no cost. Interested parties can place their request via email by contacting [email protected] or by dispatching a postal request to the company's Toronto office at 1100 - 40 University Avenue, Toronto, Ontario, Canada, M5J 1T1.

Delving Into Denison's Core Business and Projects

Denison's core business revolves around uranium exploration and development, with strategic interests concentrated in the Athabasca Basin region of northern Saskatchewan, Canada. The company is particularly notable for its 95% stake in the Wheeler River Uranium Project, the largest yet-to-be-developed uranium project in the Eastern Athabasca Basin. This project is undergoing considerable examination, with feasibility studies completed for the Phoenix deposit as an In-Situ Recovery (ISR) mining operation and an updated Pre-Feasibility Study (PFS) for the Gryphon deposit as a conventional underground mining operation in mid-2023.

The research indicates that both the Phoenix and Gryphon deposits have the capacity to compete with the lowest cost uranium mining operations globally, which underscores the project's economic viability and importance. Licencing efforts for Phoenix’s ISR operation were set in motion back in 2019 and have seen significant advancement since, with a comprehensive Environmental Impact Statement (EIS) submitted for scrutiny by regulators and the public in October 2022.

Beyond Wheeler River, Denison has also been actively managing a significant portfolio of exploration properties and holds interests in various mining and development projects. This includes a 22.5% ownership in the McClean Lake Joint Venture, home to numerous uranium deposits and the McClean Lake uranium mill. The McClean Lake mill is instrumental as it has been contracted to process the ore from the highly-regarded Cigar Lake mine under a toll milling agreement. Additionally, the company holds a 25.17% stake in the Midwest Main and Midwest A deposits and a commanding 69.35% interest in the Tthe Heldeth Túé (THT) and Huskie deposits located on the Waterbury Lake property. Notably, these deposits are strategically positioned within 20 kilometers of the McClean Lake mill, improving their logistical and economic viability.

Moreover, Denison extends its reach in the uranium industry through a 50% ownership in JCU (Canada) Exploration Company, Ltd., known as JCU. This partnership allows the company to hold interests in several joint venture uranium projects in Canada. These projects include a diverse portfolio, such as a 30.099% stake in the Millennium project, a 33.8118% stake in the Kiggavik project, and a 34.4508% stake in the Christie Lake project, further affirming Denison's position in the uranium exploration and development landscape.

Upholding Integrity with Cautionary Statements

The company has issued a cautionary statement accompanying the press release to inform investors and the public about the nature of the forward-looking statements contained within. These statements pertain to future events such as the projected exploration, development plans and the company’s strategic objectives. Included in the forward-looking statements are the anticipated outcomes of regulatory applications and approvals, the potential of the company's joint venture ownership interests, and the sustainability of its agreements with third-party entities.

Denison deploys a special subset of language, typical in the industry, to articulate these forward-looking statements. Words such as "plans," "expects," "estimates," "forecasts," "anticipates," and variations therein, are employed to suggest that actions, events, or results may, could, or will be undertaken or occur in the future.

More specifically, these forward-looking statements encompass pivotal information such as the results of the Phoenix feasibility study and the updated Gryphon PFS. They also cover expectations related to environmental assessments like the EIS, Denison’s joint venture ownership interests, and the company's commitment to maintaining its third-party agreements.

However, forward-looking statements by their nature come with inherent uncertainty. Denison’s management bases these projections on current opinions and evaluations, yet acknowledges that actual future results could materially differ due to various risks and unknown factors. Denison maintains that the projections are built upon reasonable assumptions, yet the company also cautions that there can be no absolute assurance that these expectations will convert into precise results.

For those seeking a deeper understanding of the risks and factors that may influence future events or results, Denison references its Annual Information Form under the "Risk Factors" section. This exploration articulates non-exhaustive elements that could potentially affect the financial and operational direction of the company, hence suggesting that investors exercise due diligence.

Denison's approach to forward-looking information is bound by a staunch policy of regular review and update. The company makes a commitment to public disclosure, ensuring that its forward-looking information is contemporary and aligned with both actual results and evolving expectations. These guarantees are rooted in compliance with applicable legislation, underscoring Denison's dedication to corporate responsibility and stakeholder engagement.

In conclusion, the press release issued by Denison Mines Corp. concludes with a formal source acknowledgment, ensuring that the information provided is traceable to the company’s official communication channels and records.

With this substantial communication, Denison Mines Corp underlines its transparency and forthrightness in business proceedings. The rich deposit of data furnished in the annual report and other ancillary documents provides a clear window into the company’s strategic direction and financial health. For investors, stakeholders, and those with an interest in the uranium industry or the broader mining sector, Denison’s disclosures offer important insights and indicators essential for informed decision-making.

Denison Mines Corp has constructed a formidable foundation upon which it continues to build a sustainable and dynamic future. With clear communication, rigorous planning, and a detailed acknowledgment of both opportunities and risks, Denison reflects the attributes of a conscientious and forward-thinking enterprise poised for growth in a demanding and future-focused market.

Readers, shareholders, and interested parties are advised to look into the resources made available by Denison for full comprehension of their operational and fiscal positioning. The filed reports serve not just as corporate formalities but as artifacts of Denison's proactive and strategic approach to governance and market participation.

Fueled by a blend of expert management, strategic holdings in the Athabasca Basin, and a transparent investor relationship, Denison Mines Corp charts a course that promises to navigate the uranium mining sector's currents and, by extension, plays a vital role in the energy industry's landscape.

The onus now lies on market watchers, analysts, and the investment community to pore over Denison's disclosures. As the detailed statements and projections presented by Denison crystallize, the company's fiscal narration will play an influential role in shaping the perception and valuation of its corporate voyage within the competitive uranium market.

Investors looking to substantiate their grasp on the uranium market dynamics, Denison Mines Corp's judiciously filed reports serve as a veritable nexus of knowledge, replete with the nuanced details essential for a thorough analysis. Amid a backdrop of global energy concerns and evolving markets, Denison's clear-eyed reporting is a touchstone for industry standards and a testament to its esteemed place within the Canadian and international mining community.

Denison Mines Corp thus closes its recent chapter on transparency and fiscal disclosure with an open invitation for engagement and understanding. Its plethora of available documents is a resource for anyone invested in understanding the intricacies of the mining and energy sectors.