Denison Mines (TSX:DML,NYSEAMERICAN:DNN) commented on “vital” developments at its Phoenix uranium deposit following the completion of a feasibility research in June 2023.
The corporate is now midway via a two 12 months plan to achieve a remaining funding choice, with the primary section of manufacturing focused for 2027 to 2028. In line with CEO David Cates, over 30 % of whole engineering is full.
“Our speedy engineering progress is feasible as a result of we now have constructed off of the systematic and rigorous technical analysis and de-risking work that was integrated into the feasibility research,” he stated in a Thursday (August 8) press launch.
Phoenix is situated on the Wheeler River venture in Canada’s Athabasca Basin, a uranium hotspot.
Cates famous that the feasibility research accounts for the fee inflation that affected the mining sector from 2021 to 2023, whereas additionally integrating classes from the environmental evaluation course of, which Denison went via in 2022.
Engineering and long-lead procurement efforts are progressing properly, in step with the corporate’s venture plans.
Denison has additionally gotten help for Wheeler River from each Indigenous and non-Indigenous events, and is making progress on finalizing an environmental affect assertion (EIS), venture allowing and licensing.
“Based mostly on suggestions obtained up to now, we’re optimistic that the EIS assessment course of is nearing completion,” Cates stated.
Financially, the Denison CEO emphasised that the corporate stays in a powerful place. It reported a debt-free stability sheet on the finish of the 12 months’s second quarter, in addition to working capital and investments equal to almost 95 % of Denison’s share of the preliminary CAPEX specified by the feasibility research for Phoenix.
Denison can also be making progress exterior of Phoenix and Wheeler River. Cates stated the corporate is finishing up discipline research and evaluations at each the Tthe Heldeth Túé and Midwest Foremost deposits, additionally within the Athabasca Basin.
It not too long ago coordinated with nuclear gasoline cycle chief Orano Group to finish an inaugural discipline take a look at of in-situ restoration (IRS) mining at Midwest Foremost. The take a look at offered preliminary validation that the deposit has the traits crucial for an ISR operation. The main target is now on finishing a preliminary financial evaluation inside the 12 months.
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Securities Disclosure: I, Giann Liguid, maintain no direct funding curiosity in any firm talked about on this article.
