Denison Mines' Wheeler River Project: Leading Uranium Innovation & Indigenous Partnership

Overview

Denison Mines Corp. is advancing the Wheeler River Project, the largest undeveloped uranium project in the eastern Athabasca Basin, Saskatchewan, Canada. Comprising two high-grade uranium deposits, Phoenix and Gryphon, the project stands as a pioneering case in balancing technical innovation, financial robustness, and Indigenous partnership.

A Shared Prosperity Agreement (SPA) with English River First Nation (ERFN) underpins the project, securing social licence and increasing certainty for its development. This Agreement, coupled with in-situ recovery (ISR) mining at Phoenix, positions Wheeler River as a benchmark for sustainable and commercially competitive uranium production.

ERFN’s business development efforts are led by the Des Nëdhë Group of Companies (Des Nëdhë), which has direct or indirect investments in 23 companies with annual revenue of over $100M Canadian. ERFN and Des Nëdhë have become leaders when working with industry, through both their lands and resources department, and Des Nedhe. Impressively, ERFN’s vision for sustainable economic development within their Ancestral Lands and strong advocacy for the protection of the environment and the Nation’s interests has been consistently applied over a period of nearly 50-years, representing the collective will of the people of ERFN.

Overview

Speakers

Increasing Certainty Through Indigenous Partnership

ERFN's Enduring Commitment: The SPA between Denison and ERFN is central to the project's success. Underpinned by the principles of Free Prior and Informed Consent (FPIC), the Agreement reflects ERFN's long-standing approach to industry partnerships and self-determined economic development. The Agreement establishes ERFN to play a key role in environmental stewardship and self-determined community development, while aligning Denison’s long-term interests of those with the local Indigenous community.
50-Year Legacy: ERFN, through the Des Nëdhë Group, has built a legacy of business leadership, managing investments across 23 companies generating over C$100 million in revenue annually. Many of these companies will play a key role in the Wheeler River Project, performing significant activities for Denison while adopting a value-add approach for all parties.

Innovative ISR Mining

Canada’s First ISR Uranium Mine: Wheeler River's Phoenix deposit will be the first uranium mine in Canada to use ISR technology—a method proven globally but novel to uranium mining in the Athabasca Basin.
Low Surface Impact: ISR mining involves extracting uranium through solution injection, minimising surface disturbance and environmental impact, while lowering operational costs and reducing decommissioning timelines from the typical timelines associated with uranium mining projects.
Technical De-Risking: Successful field testing in 2022 validated the technical feasibility of ISR mining at Phoenix, reducing operational risk and enhancing shareholder confidence.
Dual Approach: The Gryphon deposit is expected to follow conventional underground mining, offering a complementary production stream, leveraging pre-existing infrastructure from the Phoenix deposit. Together, these approaches optimise extraction efficiency while adhering to stringent environmental standards.

Financial Strength and Robust Economics

Phoenix ISR Feasibility Study Key Economic Results (100% Basis):
- Adjusted post-tax NPV_8%: C$1.56 billion
- Adjusted post-tax IRR: 90%
- Adjusted post-tax Payback: ~10 months
- Average cash operating costs: C$8.51 per pound of U₃O_8, making Phoenix one of the lowest-cost uranium mines globally.
Gryphon Underground Pre-Feasibility Study Key Economic Results (100% Basis):
- Adjusted-post NPV_8%: C$864 million
- Adjusted post-tax IRR: 37.6%
- Adjusted post-tax Payback: ~20 months
- Average cash operating costs: C$17.27 per pound of U₃O, also, a first tier cash operating cost for uranium mines globally.

Environmental, Social, and Governance (ESG) Leadership

Indigenous-led Sustainability: Denison prioritises environmental sustainability, working alongside ERFN to integrate Indigenous knowledge into environmental monitoring and land management.
Minimal Disruption: ISR mining minimises surface disturbance, aligning with ERFN values and supporting regulatory compliance.
Model for ESG Excellence: The project exemplifies the alignment of resource development with Indigenous environmental leadership.

Community and Business Development and Long-term Impact

Employment & Training: The SPA ensures ERFN benefits from employment, training, and business opportunities.
Indigenous Business Growth: Des Nëdhë Group's involvement in the uranium mining sector, and specifically in relation to Wheeler River positions Wheeler River to be part of the overall vision for sustainable Indigenous economic growth for ERFN, as set out almost 50-years ago and consistently applied with an unwavering commitment to good governance and innovative leadership.

Increased Certainty Through Indigenous Partnership

The SPA secures ERFN consent and participation, increasing legal, political, and social certainty.

Low-cost Uranium Production

Phoenix ISR's projected operating costs position Wheeler River among the world’s most cost-competitive uranium projects.

Proven Financial Returns

Robust NPVs and IRRs from feasibility and pre-feasibility studies validate Wheeler River's investment appeal.

ESG Excellence

ISR technology and Indigenous environmental stewardship ensure sustainability while enhancing project resilience.

Blueprint for Future Uranium Development

Wheeler River exemplifies how Indigenous Nation and business partnerships, technical innovation, and financial discipline can unlock uranium resources responsibly.

Cedar LNG: One of the largest Indigenous-Infrastruture Projects in Canada. Source: Canadian Energy Centre & Mining.com

Energy Projects with Indigenous Equity in Canada. Source: Fasken

Distribution of Canadian Energy Projects with an Indigenous Equity Component

Distribution of Canadian Energy Projects. Source: Fasken

Wheeler River represents the future of uranium mining in Canada—a future where Indigenous leadership and business development, environmental sustainability, technological advancement, and stakeholder value converge. Denison Mines' collaboration with ERFN through the SPA provides a model for increasing certainty for uranium projects while driving long-term business capacity and community development through responsible and sustainable resource extraction.

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Change Makers – English River First Nation & Denison Mines leading together in Northern Saskatchewan, Canada

Rewriting the Future of Uranium Mining Through Indigenous Equity and Technical Innovation

Change Makers – English River First Nation & Denison Mines leading together in Northern Saskatchewan, Canada

Rewriting the Future of Uranium Mining Through Indigenous Equity and Technical Innovation

Overview

RESOURCES & PRE-READING

Change Makers – English River First Nation & Denison Mines leading together in Northern Saskatchewan, Canada