North American Energy Opportunities Corp. welcomes Murray MacLeod Stewart to Executive Leadership and Acquires Equity Interest in Mjolnir Resources Corp.
In this capacity, Mr. Stewart will oversee all aspects of NAEOC's operations and regulatory compliance in Alberta, Canada, and Texas, USA, reporting directly to Dr. Vincent deFilippo, Chairman and Chief Executive Officer of NAEOC.
As part of this strategic development, NAEOC has also acquired a 7.9% equity interest in Mjolnir Resources Corp. ("Mjolnir") through a share swap arrangement with Mr. Stewart, who previously held the position of President & Chief Executive Officer. This transaction marks NAEOC's entry as a shareholder of Mjolnir, further strengthening our presence in the Leduc-Woodbend region of Central Alberta. Mjolnir is a Calgary-based exploration and development company focused on oil and gas production.
"We are thrilled to welcome Murray Stewart to the NAEOC Executive Team," said Dr. Vincent deFilippo. "His leadership style, strategic thinking, and deep technical expertise in field development and reservoir optimization make him an ideal fit for our team as we continue to scale up our operations in both Canada and the United States."
Mr. Stewart brings over 40 years of oil and gas experience, supported by a formal education in chemistry and chemical engineering and a distinguished career focused on field optimization and enhanced recovery. His past roles include senior technical and leadership positions at leading organizations such as BP Canada, Talisman Energy, Penn West Petroleum, Beau Canada, and NAL Resources.
He has also served as President and CEO of multiple junior oil and gas companies, including Magnus Energy Inc. – a publicly listed Canadian E&P firm that achieved a successful exit. More recently, Mr. Stewart served as President and CEO of Mjolnir Resources Corp., where he led initiatives in completions, well servicing, reservoir engineering, and multi-stage horizontal drilling, delivering substantial production gains and capital efficiencies.
In addition to his operational achievements, Mr. Stewart has been a respected contributor to energy-sector workforce development, managing corporate training programs at SAIT Polytechnic's MacPhail School of Energy.
This new leadership appointment and strategic investment represent a key milestone in NAEOC's growth trajectory, as the Company continues to expand its presence across Leduc-Woodbend in Alberta and Conger, Leon, and Rusk Counties in Texas, USA.
For further information about this release, please contact:
Dr. Vincent deFilippo
CEO and Founder
North American Energy Opportunities Corp.
New York, NY 10005
+1-856-319-2784
[email protected]
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Cision Canada
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Denison Reports Financial and Operational Results for Q2 2025, Highlighted by Return to Uranium Production at McClean Lake and Provincial Approval of Wheeler River Environmental Assessment
TORONTO, Aug. 7, 2025 /CNW/ - Denison Mines Corp. ('Denison' or the 'Company') (TSX: DML) (NYSE American: DNN) today filed its Condensed Consolidated Financial Statements and Management's Discussion & Analysis ('MD&A') for the three and six months ended June 30, 2025. Both documents will be available on the Company's website (at SEDAR+ (at and EDGAR (at The highlights provided below are derived from these documents and should be read in conjunction with them. All amounts in this release are in Canadian dollars unless otherwise stated. PDF Version View PDF David Cates, President and CEO of Denison commented, " This summer has been highly productive for Denison. We've achieved key milestones at McClean Lake and Wheeler River and delivered results on multiple projects that showcase the potential to add value within our portfolio of leading Athabasca Basin development projects. We marked our return to uranium production and inaugurated a new source of Canadian uranium, with the newly commissioned McClean North SABRE mine commencing mining operations in June and the McClean Lake mill processing the first recovered ore and packaging finished yellowcake product in July. We look forward to further reporting on the results from the McClean Lake Joint Venture in the coming quarters and marketing our share of production. At our flagship Wheeler River project, the Province of Saskatchewan issued a Ministerial Approval for the Environmental Assessment ('EA'), which approval represents one of the final regulatory milestones necessary for Denison to commence construction of the planned Phoenix In-Situ Recovery ('ISR') mine. The Canadian Nuclear Safety Commission ('CNSC') has already scheduled public hearings for Wheeler River this fall, where we will seek to obtain approval of the Federal EA and the Federal License to Prepare the Site & Construct. After several years of permitting efforts, we are now truly in the final months of the process. Similarly, our engineering design efforts are nearing completion, with 80% total engineering completed, including several scopes planned for the first year of construction approaching 100% total engineering. We also reported positive exploration results at Wheeler River's Gryphon deposit, where we carried out the first follow-up drill program since 2018. While the focus of the program was on mineral resource delineation, we also tested a handful of resource expansion targets and are very pleased that drilling has identified additional high-grade mineralization beyond the defined extent of the D-series of lenses. Lastly, in recent days we reported the results of a Preliminary Economic Assessment ('PEA') for the use of ISR mining at the Midwest Joint Venture's Midwest Main deposit. The PEA incorporates results from multiple successful field test programs and outlines the potential for the project to have an all-in cost of production amongst the lowest cost uranium mines in the world, generating an impressive internal rate of return over 80% and an NPV attributable to Denison's ownership interest of over $240 million." Highlights Announced First Production at McClean Lake North using SABRE Mining In July 2025, the McClean Lake Joint Venture ('MLJV') announced the successful start of uranium mining operations at the McClean North deposit using the joint venture's patented Surface Access Borehole Resource Extraction ('SABRE') mining method. Mining operations commenced in June, with approximately 250 tonnes of high-grade ore estimated to have been recovered from the first mining cavity. Processing of recovered ore commenced at the McClean Lake mill in the third quarter. Obtained Provincial Approval of Environmental Assessment for Wheeler River In July 2025, Denison received Ministerial approval under The Environmental Assessment Act of Saskatchewan to proceed with the development of the Wheeler River Uranium Project, as outlined in the final provincial Environmental Assessment submitted for final approval in late 2024. The provincial EA is substantially similar to the Federal EA, which was accepted as final by the Canadian Nuclear Safety Commission in December 2024. Approval of the provincial EA represents one of the final regulatory milestones necessary for Denison to commence construction of the planned Phoenix In-Situ Recovery ('ISR') mine. Remaining regulatory requirements to commence construction include receipt of the Provincial Pollutant Control Facility Permit, as well as the Federal approval of the EA and receipt of the Federal License to Prepare the Site & Construct. 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Discovery of Additional High-Grade Mineralization at Wheeler River Gryphon Deposit Additional high-grade uranium mineralization, located approximately 40 metres outside of the previously estimated mineralized domain associated with the D1 lens, was discovered as part of a highly successful delineation drill program carried out at the Gryphon uranium deposit ('Gryphon') during the first half of 2025. Drill hole WR-837AD2 intersected 2.3 metres at 1.69% eU 3 O 8 including 0.5 metres at 5.48% eU 3 O 8 in the down plunge direction from the previously defined D1 lens. This area remains open for further expansion down-plunge and along strike to the northeast. Gryphon is situated approximately 3 km northwest of Phoenix on Denison's 95% owned Wheeler River property in northern Saskatchewan. 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U 3 O 8 and all-in costs (including initial capital, sustaining capital, operating and decommissioning costs) estimated to be USD$25.78/lb. U 3 O 8. See the press release dated August 6, 2025 for further details. Midwest is a joint venture owned by Denison (25.17%) and Orano Canada Inc. ('Orano Canada') (74.83%), and is located approximately 25 kilometers, by existing roads, from the Denison (22.5%) and Orano Canada (77.5%) owned McClean Lake uranium mill. The PEA is preliminary in nature, includes mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would allow them to be categorized as mineral reserves, mineral resources that are not mineral reserves do not have demonstrated economic viability, and there is no certainty that the PEA will be realized. Discovery of Additional High-Grade Mineralization at McClean South Several significant new intercepts of shallow high-grade uranium mineralization were discovered at the McClean South zone ('McClean South'), on the Company's 22.5%-owned McClean Lake project ('McClean Lake') in northern Saskatchewan, during a 6,400-metre exploration drilling program completed during the first half of 2025. Orano Canada (MLJV operator), reported uranium mineralization measuring greater than 0.05% eU (0.06% eU 3 O 8) was intersected in 14 of 24 drill holes completed during the program. The results are interpreted to have successfully confirmed the continuity of mineralization and expanded the footprint of the 8W and 8C pods. McClean South is located approximately 600 metres south of the McClean North deposit. About Denison Denison Mines Corp. was formed under the laws of Ontario and is a reporting issuer in all Canadian provinces and territories. Denison's common shares are listed on the Toronto Stock Exchange (the 'TSX') under the symbol 'DML' and on the NYSE American exchange under the symbol 'DNN'. Denison is a leading uranium mining, development, and exploration company with interests focused in the Athabasca Basin region of northern Saskatchewan, Canada. Denison has an effective 95% interest in its flagship Wheeler River Uranium Project, which is the largest undeveloped uranium project in the infrastructure rich eastern portion of the Athabasca Basin region of northern Saskatchewan. In mid-2023, the Phoenix feasibility study was completed for the Phoenix deposit as an ISR mining operation, and an update to the previously prepared 2018 Pre-Feasibility Study was completed for Wheeler River's Gryphon deposit as a conventional underground mining operation. 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 are nearing completion with approval of the project's EA received from the Province of Saskatchewan and CNSC hearing dates set in the fall of 2025 for Federal approval of the EA and project construction license. 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 Midwest Main and Midwest A deposits, and a 70.55% interest in the Tthe Heldeth Túé ('THT') and Huskie deposits on the Waterbury Lake Property. 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Technical Disclosure and Qualified Person The technical information contained in this press release has been reviewed and approved by Chad Sorba, Denison's Vice President Technical Services & Project Evaluation, who is a Qualified Persons in accordance with the requirements of NI 43-101. Non-GAAP Financial Measures This news release includes certain terms or performance measures commonly used in the mining industry that are not defined under International Financial Reporting Standards ('IFRS'). Such non-GAAP performance measures, including operating costs and sustaining costs, are included because it understands that investors use this information to determine the Company's ability to generate earnings and cash flows. The Company believes that conventional measures of performance prepared in accordance with IFRS do not fully illustrate the ability of mines to generate cash flows. Non-GAAP financial measures should not be considered in isolation as a substitute for measures of performance prepared in accordance with IFRS and are not necessarily indicative of operating costs, operating profit or cash flows presented under IFRS. 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 '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', 'be achieved' or 'has the potential to'. In particular, this press release contains forward-looking information pertaining to the following: projections with respect to exploration, development and expansion plans and objectives, including the scope, objectives and interpretations of the Phoenix feasibility study, Gryphon pre-feasibility study, and the Wheeler River engineering and technical de-risking process for the proposed ISR operation for the Phoenix deposit; expectations with respect to the EA and Licensing and permitting for proposed operations at Wheeler River, including the CNSC public hearings; expectations with respect to mine development and operations on the Wheeler River property, including discussions of an FID and timing for construction and achievement of first production; expectations regarding the restart of mining operations at, and production from, McClean Lake; projections and expectations with respect to the Company's other projects, including those assumed and interpreted for the Midwest PEA; expectations regarding the performance of the uranium market and global sentiment regarding nuclear energy; and expectations regarding Denison's joint venture ownership interests. Statements relating to 'mineral reserves' or 'mineral resources' are deemed to be forward-looking information, as they involve the implied assessment, based on certain estimates and assumptions that the mineral reserves and mineral resources described can be profitably produced in the future. 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. For example, the results and underlying assumptions and interpretations of its technical studies may not be maintained after further testing or be representative of actual conditions within the applicable deposits. In addition, Denison may decide or otherwise be required to discontinue testing, evaluation, engineering, and development work if it is unable to maintain or otherwise secure the necessary approvals or resources (such as testing facilities, capital funding, etc.). 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 Annual Information Form dated March 25, 2025 under the heading 'Risk Factors'. 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. Cautionary Note to United States Investors Concerning Estimates of Mineral Resources and Mineral Reserves: This news release may use the terms 'measured', 'indicated' and 'inferred' mineral resources. United States investors are advised that such terms have been prepared in accordance with the definition standards on mineral reserves of the Canadian Institute of Mining, Metallurgy and Petroleum referred to in NI 43-101 and are recognized and required by Canadian regulations. 'Inferred mineral resources' have a great amount of uncertainty as to their existence, and as to their economic and legal feasibility. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or other economic studies. United States investors are cautioned not to assume that all or any part of an inferred mineral resource exists and/or will ever be upgraded to a higher category, nor assume that all or any part of measured or indicated mineral resources will ever be converted into mineral reserves. 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Calgary Herald
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Alberta, Saskatchewan and Ontario renew push for national pipeline, but one province is missing in talks
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Cision Canada
5 hours ago
- Cision Canada
LUNDIN GOLD DECLARES QUARTERLY DIVIDENDS OF US$0.79 PER SHARE
VANCOUVER, BC, Aug. 7, 2025 /CNW/ - Lundin Gold Inc. (TSX: LUG) (Nasdaq Stockholm: LUG) (OTCQX: LUGDF) ("Lundin Gold" or the "Company") is pleased to announce that its Board of Directors has declared quarterly cash dividends of US$0.79 per common share (the "Quarterly Dividends"), comprised of the fixed dividend of US$0.30 per share and the variable dividend of US$0.49 per share. The dividends will be payable on September 25, 2025 to shareholders of record at the close of business on September 10, 2025. This dividend qualifies as an "eligible dividend" for Canadian income tax purposes. PDF Version View PDF Ron Hochstein, President and CEO commented, "Following a record free cash flow quarter for Lundin Gold, I am very pleased to announce quarterly cash dividends of US$0.79 per share, totaling approximately US$190 million. This robust payout reflects our commitment to returning significant value to shareholders, a key tenet of our recently amended dividend policy. As we continue to generate strong free cash flow, we are well-positioned to both reward our investors and strategically invest in our long-term growth initiatives." Quarterly Dividends payable on September 25, 2025 Based on today's closing price of the Company's common shares on the TSX of CAD$74.08, the Quarterly Dividends totaling US$0.79 per common share represent an estimated annual yield of approximately 5.9% 2. The variable dividend for the second quarter 2025 was calculated as follows: Subject to the continued discretion of the Board of Directors, the variable dividend will be equal to an amount per share based on at least 50% of the Company's normalized free cash flow, after the deduction of the fixed dividend paid, during the preceding quarter. The Company will determine its normalized free cash flow each quarter by removing significant non-recurring items from its free cash flow 1 calculation. For variable dividends anticipated to be paid on account of the 2025 financial year, this normalization includes annual payments which were paid in April of income taxes and profit sharing, together equaling US$95.3 million, which amount will be apportioned across each financial quarter at a rate of US$23.8 million. In future years, Lundin Gold plans to disclose the details of this normalization with its year-end financial results. The Quarterly Dividends for common shares trading on the TSX and the OTCQX will be paid in Canadian dollars on September 25, 2025 based on the prevailing exchange rate at the Quarterly Record Date. The Quarterly Dividends for shares trading on Nasdaq Stockholm will be paid on September 30, 2025 in Swedish kronor (SEK) in accordance with Euroclear principles. To execute the payment of the Quarterly Dividends, a temporary administrative cross-border transfer closure will be applied by Euroclear from September 8, 2025, up to and including Wednesday, September 10, 2025 during which period shares of the Company cannot be transferred between TSX and Nasdaq Stockholm. Payments to shareholders who are not residents of Canada will be net of any Canadian withholding taxes that may be applicable. For further details, please visit: About Lundin Gold Lundin Gold, headquartered in Vancouver, Canada, owns the Fruta del Norte gold mine in southeast Ecuador. Fruta del Norte is among the highest-grade operating gold mines in the world. The Company's board and management team have extensive expertise and are dedicated to operating Fruta del Norte responsibly. The Company operates with transparency and in accordance with international best practices. Lundin Gold is committed to delivering value to its shareholders through operational excellence and growth, while simultaneously providing economic and social benefits to impacted communities, fostering a healthy and safe workplace and minimizing the environmental impact. Furthermore, Lundin Gold is focused on continued exploration on its extensive and highly prospective land package to identify and develop new resource opportunities to ensure long-term sustainability and growth for the Company and its stakeholders. Additional Information The information in this release is subject to the disclosure requirements of Lundin Gold under the Swedish Financial Instruments Trading Act. This information was publicly communicated on August 7, 2025 at 4:30 p.m. Pacific Time through the contact persons set out below. Caution Regarding Forward-Looking Information and Statements Certain of the information and statements in this press release are considered "forward-looking information" or "forward-looking statements" as those terms are defined under Canadian securities laws (collectively referred to as "forward-looking statements"). Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, identified by words or phrases such as "believes", "anticipates", "expects", "is expected", "scheduled", "estimates", "pending", "intends", "plans", "forecasts", "targets", or "hopes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "will", "should" "might", "will be taken", or "occur" and similar expressions) are not statements of historical fact and may be forward-looking statements. By their nature, forward-looking statements and information involve assumptions, inherent risks, and uncertainties, many of which are difficult to predict, and are usually beyond the control of management, that could cause actual results to be materially different from those expressed by these forward-looking statements and information. Lundin Gold 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 correct. Forward-looking information should not be unduly relied upon. This information speaks only as of the date of this press release, and the Company will not necessarily update this information, unless required to do so by securities laws. This press release contains forward-looking information in a number of places, such as in statements relating to the timing, amount and payment of dividends, and the estimated annual yield. There can be no assurance that such statements will prove to be accurate, as Lundin Gold's actual results and future events could differ materially from those anticipated in this forward-looking information as a result of the factors discussed in the "Risk Factors" section in Lundin Gold's Annual Information Form dated March 17, 2025, which is available at or on Lundin Gold's actual results could differ materially from those anticipated. Factors that could cause actual results to differ materially from any forward-looking statement or that could have a material impact on the Company or the trading price of its shares include risks relating to: instability in Ecuador; community relations; reliability of power supply; tax changes in Ecuador; security; availability of workforce and labour relations; mining operations; waste disposal and tailings; environmental compliance; illegal mining; Mineral Reserve and Mineral Resource estimates; infrastructure; regulatory risk; government or regulatory approvals; forecasts relating to production and costs; gold price; dependence on a single mine; shortages of critical resources; climate change; exploration and development; control of Lundin Gold; dividends; information systems and cyber security; title matters and surface rights and access; health and safety; human rights; employee misconduct; measures to protect biodiversity, endangered species and critical habitats; global economic conditions; competition for new projects; key talent recruitment and retention; market price of the Company's shares; social media and reputation; insurance and uninsured risks; pandemics, epidemics or infectious disease outbreak; conflicts of interest; violation of anti-bribery and corruption laws; internal controls; claims and legal proceedings; and reclamation obligations. SOURCE Lundin Gold Inc.
