Latest news with #ISR
Business Wire
5 hours ago
- Business
- Business Wire
BlackSky Secures Two-Year Gen-3 Early Access Agreement with New International Gen-2 On-Demand Customer Six Months from Initial Contract
HERNDON, Va.--(BUSINESS WIRE)--BlackSky Technology Inc. (NYSE: BKSY) secured a two-year Gen-3 early access agreement with a new international customer that initiated a Gen-2 On-Demand contract in January. The rapid expansion commitment illustrates the tremendous operational value and growing demand for combined Gen-3 very high-resolution imagery and Gen-2 low-latency, high-cadence dynamic monitoring services. 'BlackSky continues to be recognized as a trusted mission partner in helping our global customers quickly scale their advanced national space capabilities and become among the first to acquire early access to Gen-3." Share "BlackSky continues to be recognized as a trusted mission partner in helping our global customers quickly scale their advanced national space capabilities and become among the first to acquire early access to Gen-3,' said Brian O'Toole, BlackSky CEO. 'Existing On-Demand customers are quickly realizing how the immediate availability and powerful, comprehensive tip-and-cue utility between our Gen-3 and Gen-2 systems delivers a critical real-time decision advantage for daily military and intelligence operations.' The proven on-orbit operational and technical heritage of the Gen-2 constellation has been leveraged into the design and operations of Gen-3. Gen-3 satellites generate high-cadence, time diverse 35-centimeter imagery that enables automated identification and classification of a wide library of vehicles, aircraft, vessels and other objects of military interest, enhancing the value of BlackSky's current Gen-2 dawn-to-dusk dynamic monitoring services. 'As we integrate more and more Gen-3 satellites into the fleet, our early access customers will experience unparalleled reliability and quality of imagery at industry-leading speeds in support of the full range of strategic to tactical ISR missions,' said O'Toole. On-Demand services provide flexible, subscription-based access to global satellite imagery and AI-driven analytics. The service is ideal for operations where responsiveness is paramount, with access to immediate tasking, multi-sensor data fusion and mission-ready insights when and where a customer needs them. About BlackSky BlackSky is a real-time, space-based intelligence company that delivers on-demand, high frequency imagery, analytics, and high-frequency monitoring of the most critical and strategic locations, economic assets, and events in the world. BlackSky owns and operates one of the industry's most advanced, purpose-built commercial, real-time intelligence systems that combines the power of the BlackSky Spectra® tasking and analytics software platform and our proprietary low earth orbit satellite constellation. With BlackSky, customers can see, understand and anticipate changes for a decisive strategic advantage at the tactical edge, and act not just fast, but first. BlackSky is trusted by some of the most demanding U.S. and international government agencies, commercial businesses, and organizations around the world. BlackSky is headquartered in Herndon, VA, and is publicly traded on the New York Stock Exchange as BKSY. To learn more, visit and follow us on X. Forward-Looking Statements Certain statements in this press release may contain forward-looking statements within the meaning of the federal securities laws with respect to BlackSky. These forward-looking statements generally are identified by the words 'believe,' 'project,' 'expect,' 'anticipate,' 'estimate,' 'intend,' 'strategy,' 'future,' 'opportunity,' 'plan,' 'may,' 'should,' 'will,' 'would,' 'will be,' 'will continue,' 'will likely result,' and similar expressions. Forward-looking statements are predictions, projections, and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this document. If any of these risks materialize or underlying assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. In addition, forward-looking statements reflect our expectations, plans, or forecasts of future events and views as of the date of this communication. We anticipate that subsequent events and developments will cause their assessments to change. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. Additional risks and uncertainties are identified and discussed in BlackSky's disclosure materials filed from time to time with the SEC which are available at the SEC's website at or on BlackSky's Investor Relations website at
Cision Canada
5 days ago
- Business
- Cision Canada
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. Both outstanding Federal approvals are the subject of the CNSC public hearings scheduled for the Project in October and December 2025. Achieved Approximately 80% Completion of Total Engineering for Phoenix Detailed design engineering for the proposed ISR mine project at the Phoenix deposit ('Phoenix') commenced in early 2024 and continues to be on track for substantial completion prior to the commencement of construction, which is currently expected to occur following a final investment decision ('FID') during the first half of 2026. Total engineering is significantly advanced with approximately 80% estimated to be completed by June 30, 2025, including several scopes planned for the first year of construction approaching 100% total engineering. 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. In addition to the discovery of additional mineralization, the results from the delineation drilling program are expected to add confidence to the previously estimated mineral resources for Gryphon, having confirmed the geological interpretation of the deposit and intersecting uranium grades in line with expectations. Midwest Preliminary Economic Assessment Showcases Robust Results from ISR Mining The PEA outlines total ISR mine production from the Midwest Main deposit (100% basis) of 37.4 million pounds U 3 O 8 over an approximately 6-year mine life with processing at the nearby McClean Lake mill, resulting in annual average production of nearly 6.1 million pounds U 3 O 8, an after-tax base-case NPV of $965 million, and after-tax base-case IRR of 82.7%. Initial capital costs are estimated at $254 million, with average life of mine cash operating costs estimated to be USD$11.69/lb. 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. 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 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 celebrated 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. 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. Effective February 2019, the United States Securities and Exchange Commission ('SEC') adopted amendments to its disclosure rules to modernize the mineral property disclosure requirements for issuers whose securities are registered with the SEC under the Exchange Act and as a result, the SEC now recognizes estimates of 'measured mineral resources', 'indicated mineral resources' and 'inferred mineral resources'. In addition, the SEC has amended its definitions of 'proven mineral reserves' and 'probable mineral reserves' to be 'substantially similar' to the corresponding definitions under the CIM Standards, as required under NI 43-101. However, information regarding mineral resources or mineral reserves in Denison's disclosure may not be comparable to similar information made public by United States companies. SOURCE Denison Mines Corp.
The Market Online
6 days ago
- Business
- The Market Online
Volatus' new financing helps push toward defense expansion
Volatus Aerospace raised C$4.2 million through a bought deal private placement with Ventum Financial Corp. to support its expansion into the defense sector and boost drone inventory The company secured a C$1 million contract to deliver lightweight tactical drone systems to a NATO member country The drones are optimized for tactical missions, featuring electro-optical and thermal sensors for all-weather, day-and-night operations Volatus Aerospace stock (TSXV:FLT) last traded at $0.60 Volatus Aerospace (TSXV:FLT) announced a significant milestone in its growth strategy, signing off on a bought deal private placement agreement with Ventum Financial Corp. to raise gross proceeds of C$4.2 million. The financing involves issuing 8,076,924 units at $0.52 each, consisting of one common share and one-half of a warrant exercisable at $0.76 for 36 months. This content has been prepared as part of a partnership with Volatus Aerospace Inc. and is intended for informational purposes only. In a media statement, the drone company explained that the net proceeds from this offering will be directed toward expanding Volatus' defense business segment and increasing inventory of drone systems to meet surging demand across Canada, the United States, and international markets. The announcement comes on the heels of Volatus securing a C$1 million contract to deliver a fleet of lightweight tactical ISR (intelligence, surveillance, and reconnaissance) drone systems to a customer in a NATO member country. The contract is expected to be fulfilled by the end of the month, with gross margins consistent with the company's standard for defense sector deliveries. Designed for short-range tactical operations, the ISR drones feature electro-optical and thermal imaging sensors, enabling day and night missions in all weather conditions. Their compact form factor, rapid deployment capability, and robust data capture make them ideal for situational awareness and reconnaissance in dynamic environments. 'As threats continue to evolve, so must the technologies that support frontline operations,' Glen Lynch, CEO of Volatus Aerospace said in a news release. 'Our ISR solutions are field-tested, cost-effective, and designed to deliver critical intelligence when and where it's needed most.' The NATO contract and the new financing round point to Volatus' growing influence in the defense sector and its ability to respond to the increasing demand for scalable, economically sustainable ISR capabilities. This news also came the same day as another top Canadian drone developer, Draganfly (CSE:DPRO) showcased its wares at the Pentagon's Low-Cost Uncrewed Combat Attack Systems (LUCAS) event. Volatus Aerospace stock (TSXV:FLT) last traded at $0.60 and is flying 313.79 per cent higher since the start of the year. Join the discussion: Find out what the Bullboards are saying about Volatus Aerospace and check out Stockhouse's stock forums and message boards. Stockhouse does not provide investment advice or recommendations. All investment decisions should be made based on your own research and consultation with a registered investment professional. The issuer is solely responsible for the accuracy of the information contained herein. For full disclaimer information, please click here .
Cision Canada
6 days ago
- Business
- Cision Canada
Denison Announces Results from Midwest ISR Preliminary Economic Assessment, Including After-Tax NPV of $965 Million
TORONTO, Aug. 6, 2025 /CNW/ - Denison Mines Corp. ("Denison" or the "Company") (TSX: DML) (NYSE American: DNN) is pleased to report the results of the Preliminary Economic Assessment ("PEA") completed for In-Situ Recovery ("ISR") mining of the Midwest Main uranium deposit ("Midwest Main") at the Company's 25.17%-owned Midwest project ("Midwest"). The PEA outlines total ISR mine production (100% basis) of 37.4 million pounds U 3 O 8 over an approximately 6-year mine life, resulting in annual average production of nearly 6.1 million pounds U 3 O 8, an after-tax base-case NPV of $965 million, and after-tax base-case IRR of 82.7%. PDF Version View PDF Midwest is a joint venture ("MWJV") 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. Orano Canada is the operator of Midwest and is part of the Orano Group, which is recognized as a leading international operator in the field of nuclear materials, with activities including uranium mining, conversion, enrichment, and other fuel services. David Cates, Denison's President & CEO commented," The Midwest PEA illustrates tremendous technical and economic potential for ISR mining at Midwest Main. While preliminary in nature, the study incorporates the findings of our 2023 and 2024 field test programs, which provided support for key ISR criteria necessary for the application of the mining method and demonstrates the potential for robust economics. The project is estimated to have an all-in cost of production amongst the lowest cost uranium mines in the world, benefitting from a powerful combination of low initial capital costs and low cash operating costs. Denison has established itself as the industry leader in advancing the deployment of the ISR mining method to high-grade uranium deposits in the Athabasca Basin region of northern Saskatchewan, and we are pleased to have worked together with Engcomp to deliver this exciting result. We thank our Joint Venture partner Orano for entrusting us to advance the MWJV's efforts to evaluate ISR mining at Midwest." Midwest PEA Highlights: Base case post-tax Net Present Value ("NPV")(8%) of $965 million (100% basis) – with Denison's 25.17% interest in the project equating to a base-case after-tax NPV 8% of $243 million. Base case pre-tax NPV 8% of $1.62 billion (100% basis). Robust base-case Internal Rate of Return ("IRR") of 83% (post-tax) and 111% (pre-tax). Base-case indicative after-tax payback period of 9 months. Estimated annual mine production of 6.1 million pounds U 3 O 8 for total life of mine production of 37.4 million pounds U 3 O 8 over an approximately 6-year mine life. Processing assumed to occur at the Orano-Denison owned McClean Lake mill, supporting modest estimated initial capital costs of $254 million (100% basis) and yielding an impressive after-tax NPV 8% to initial capital cost ratio of 3.8 times. Denison's share of estimated initial capital costs is approximately $64 million. Updated Midwest Main mineral resource estimate of 38.7 million pounds U 3 O 8 in Indicated mineral resources (510,000 tonnes @ 3.5% U 3 O 8), plus 12.6 million pounds U 3 O 8 in Inferred mineral resources (905,000 tonnes @ 0.64% U 3 O 8). 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. Midwest Main ISR Preliminary Economic Assessment The PEA highlights that the ISR mining method has the potential to be a technically sound and economically robust means to extract significant uranium production from the high-grade Midwest Main deposit with low initial capital costs, a high rate of return, and rapid payback. The assessment incorporates the results of the 2023 and 2024 ISR field de-risking programs completed by Denison on behalf of the MWJV following the completion of an internal Conceptual Mining Study in early 2023, which considered the potential application of ISR mining to Midwest Main. Engcomp Engineering & Computing Professionals ("Engcomp"), an independent engineering firm based in Saskatoon, Saskatchewan, with expertise in uranium mine development studies, is the lead author of the PEA, and incorporated contributions from Newmans Geotechnique, Petrotek Corporation, and Understood Mineral Resources Ltd. All dollar amounts are stated in Canadian dollars, unless otherwise noted. Key operating parameters and economic results from the PEA are presented in the tables below. (1) See Table 3 below for additional information regarding estimated mineral resource. See Table 4 below for additional information regarding initial capital costs. (2) Based on the estimated number of pounds U 3 O 8 to be produced over the life of the project divided by mine life. (3) All-in cost is estimated on a pre-tax basis and includes all project operating costs, capital costs post-FID, and decommissioning costs divided by the estimated number of pounds U 3 O 8 to be produced. Table 2 – Summary of Midwest Economic Analysis (100% Basis) Uranium Selling Price USD$ 80/lb U 3 O 8 (1) Exchange Rate (CAD$:USD$) 1.35 Discount Rate 8 % Operating profit margin (2) 85.4 % Pre-tax NPV 8% (3) $1.62 billion Pre-tax IRR (3) 111.1 % Pre-tax payback period (4) ~6 months Post-tax NPV 8% (3) $964.7 million Post-tax IRR (3) 82.7 % Post-tax payback period (4) ~9 months (1) Price forecast is stated in constant (not-inflated) dollars. (2) Operating profit margin is calculated as aggregate uranium revenue less aggregate operating costs, divided by aggregate uranium revenue. Operating costs exclude all royalties, surcharges and income taxes. (3) NPV and IRR are calculated to the start of construction activities for the Midwest project and excludes $16.8 million in pre-FID expenditures. (4) Payback period is stated as number of months to payback from the start of uranium production. Mineral Resource Estimate The Midwest uranium project is comprised of two primary deposits: Midwest Main and Midwest A. The Midwest Main mineral resource estimate has been updated to reflect additional drill holes completed since the previous mineral resource estimate from 2018. The additional drilling consisted primarily of test well installations for ISR de-risking activities and certain targeted resource definition drill holes. As a result of the additional drilling, the updated estimate of mineral resources consists of 38.7 million pounds U 3 O 8 in Indicated mineral resources (510,000 tonnes @ 3.5% U 3 O 8), and 12.6 million pounds U 3 O 8 in Inferred mineral resources (905,000 tonnes @ 0.64% U 3 O 8). The updated mineral resources estimated for Midwest, including the Midwest Main and Midwest A deposits, are summarized below. (1) The effective date of the mineral resource estimate is December 2, 2024. The Qualified Person (QP) for the estimate is Mr. Matt Batty, of Understood Mineral Resources. (2) Mineral resource estimates are prepared in accordance with CIM Definition Standards (CIM, 2014) and the CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines (CIM, 2019). Mineral resources that are not mineral reserves do not have demonstrated economic viability. (3) Mineral resources are reported at a cut-off grade of 0.1% U 3 O 8. (4) Mineral resources are reported using a uranium price of USD$80/lb U 3 O 8. (5) All figures have been rounded to reflect the relative accuracy of the estimate. Figures may not add due to rounding. (6) The Midwest Main and Midwest A deposits consist of various geological zones including the unconformity zone "UC", perched zone "PER", basement zone "BSMT", low-grade "LG", and high-grade zone "HG". (7) Total Indicated and Total Inferred grades indicate average grades. (8) % U 3 O 8 equal to % U X 1.18. Mining Overview & Potentially Mineable Resources The PEA is based on utilization of the ISR method for mining the unconformity-hosted portions of the Midwest Main deposit. A three-phase development sequence is planned to exploit the orebody over an approximately 6-year mine life in a manner that is projected to optimize NPV, IRR, and capital efficiency, while maintaining a steady rate of production throughout the projected mine life. Key features of the application of ISR at the Midwest Main deposit include: Utilization of a low pH mining solution. Injection and extraction wells on a 10-metre spacing in a 5-spot pattern with extraction/recovery wells placed in the centre of a ring of injection wells. A total of 676 ISR wells are required for complete coverage of the deposit. Utilization of commercial permeability enhancement techniques to increase hydraulic conductivity of the near well environment within the deposit, where necessary. Use of a freeze wall (curtain) as a tertiary measure to isolate the mining area from the regional groundwater, requiring the installation of 341 freeze holes. A total of 50 monitoring wells are projected to be required around the perimeter of the mineralized zone and within the overlying and underlying aquifers, as dictated by geologic and hydrogeologic parameters, and are spaced approximately every 125 metres. An illustration of the planned mine is provided in Figure 2, which depicts the location of the ISR wellfield, the three mining phases planned, and the associated surface infrastructure expected for the Midwest site. In general, each extraction well is surrounded by 4 or more injection wells, the type of which has been selected and/or located to optimize cost and recovery. A unique characteristic of the planned Midwest Main ISR mine is the use of artificial ground freezing around the perimeter of the planned mining phases to create a vertical hydraulic barrier surrounding the ISR mining area. The freeze perimeter is a tertiary containment measure and is planned to consist of vertical wells constructed from surface and extending into the impermeable basement rock underlying the deposit. Mining is planned to occur over an approximate 6-year period, with a partial year of production occurring in the final calendar year of the production plan. Production is expected to achieve nearly 6.1 million pounds U 3 O 8 annually for total recovered uranium of 37.4 million pounds U 3 O 8 over the life of the project, which is based on an estimated average mining recovery of 81%. Progressive reclamation and decommissioning are planned to commence in each phase of the ore zone once production has ceased. Processing Overview Processing of uranium-bearing solution ("UBS") recovered from mine production at Midwest Main is assumed to occur at the McClean Lake mill. The mill is part of the McClean Lake Joint Venture ("MLJV"), which is owned by Orano Canada (77.5%) and Denison (22.5%) and is currently processing material from the Cigar Lake mine (up to 18 million lbs U 3 O 8 /yr) under a toll milling agreement. Importantly, the mill is licensed to process up to 24 million lbs U 3 O 8 per year, and thus is expected to have approximately 6 million lbs U 3 O 8 per year in excess licenced processing capacity. UBS from Midwest Main would be trucked to the McClean mill and offloaded into a storage tank providing surge capacity for both the mine and mill. From the UBS storage tank it would be pumped into the clarification circuit for fines removal prior to solvent extraction. Following clarification, the solution would be processed as per the current mill flowsheet, with final drummed "yellowcake" expected to be a blend of the Midwest Main and Cigar Lake feed streams. Mining of the Midwest Main deposit via ISR is expected to reduce tailings deposited to the McClean Lake tailings management facility and reduce contaminant loading to the tailings circuit compared to conventional mining and milling. Site Infrastructure As processing is assumed to occur at the McClean Lake mill, the Midwest Main mine site is compact and has been designed to limit environmental disturbance. The natural terrain of the area is used where advantageous, further reducing the impact of the Project on the environment. As the Midwest Main deposit is situated below the South McMahon Lake, a berm is planned to be constructed to extend the western edge of the lake to provide a base for the installation of the ISR wellfield. Based on the Midwest Main site layout (see Figure 2), the primary site facilities will consist of the ISR wellfield and berm, freeze plant, storage pads and ponds, power substation and distribution, process infrastructure, and operations facilities. The total area for these facilities is estimated to be less than one square kilometer. Additional on-site infrastructure includes a 6.5 km gravel road from Highway 905 to the site, a high-voltage electrical power line from the existing SaskPower transmission line located alongside Highway 905, and the existing dam across the Mink Arm of South McMahon Lake. Due to the relatively short expected duration of mining activities and the mine site's proximity to existing lodging facilities, no camp or airstrip is envisioned to be required on site and existing facilities at Points North Landing, which is located approximately 3 km from the Midwest property, are expected to be utilized. Capital Costs Initial capital costs are expected to be incurred during an approximately 24-month construction period that will include the establishment of site infrastructure, as well as the freeze wall perimeter around the Phase 1 mining zone and initial ISR wellfield development within Phase 1. Sustaining capital costs are largely related to the continuation of wellfield development for the second and third mining phase as well as the completion of remediation and decommissioning of the mine site. (1) Totals may not sum precisely due to rounding In addition to the total capital costs identified in Table 4, further costs are expected to be incurred prior to making a final investment decision ("FID"). These costs are estimated to total $16.8 million and include project evaluation and development prior to the start of construction. Taken together with estimated indirect costs, owners' costs, sustaining and decommissioning capital costs, contingencies, and excluding $16.8 million in costs related to the pre-FID period, total life of mine capital costs are estimated at CAD$701.2 million. Operating Costs Average estimated operating costs are estimated to be $15.78 (USD$11.69) per pound U 3 O 8, which are highly competitive and would position the Midwest Main ISR project amongst the lowest-cost uranium mining operations globally. Average operating costs estimated for life of mine are summarized in Table 5 below. A recovery rate of 98.5% has been assumed for processing of the UBS from Midwest Main at the McClean Lake mill. (1) Totals may not sum precisely due to rounding Uranium Selling Price Assumptions The Base Case uranium price of USD$80.00 per pound U 3 O 8 is assumed for all years of production and is derived from the current long-term price of uranium as quoted by UxC, LLC in constant / uninflated 2024 dollars, translated to Canadian dollars using an exchange rate of 1.35 CAD/USD. Economic Analysis The Midwest PEA considers pre-tax and post-tax scenarios for the project's base-case economic analysis on a 100% basis. Sensitivity analysis of the economic results shows that project economics remain robust even in cases where capital costs or operating costs increase by 30%, each of which are estimated to reduce the after-tax base-case NPV 8% by approximately 10%. The project also remains robust in the case of a decline in uranium prices and offers excellent leverage to rising uranium prices. In the low-price scenario, a fixed uranium selling price of US$65.00 per pound U 3 O 8 is assumed and the project's after-tax NPV 8% decreases to $675 million with an IRR of 66.5%. In the high-price scenario, a fixed uranium selling price of US$95.00 per pound U 3 O 8 is assumed and the project's after-tax NPV 8% increases to $1.26 billion with an IRR of 97.1%. Recommendations Given the favourable technical and economic results from the PEA, the independent authors of the study recommend further advancement of the evaluation and de-risking of the application of the ISR mining method to the Midwest Main deposit, including the potential completion of a Pre-Feasibility Study. Additional work is recommended to focus on further classification of permeability characteristics of the ore body, a detailed review of infrastructure designs, verification of costing elements, and completion of various trade-off studies to assess opportunities for optimization identified during the PEA process. SABRE Mining Method In parallel to the continued evaluation of the potential use of the ISR mining method at Midwest, the MWJV is also advancing the assessment of the use of the Surface Access Borehole Resource Extraction ("SABRE") mining method for extraction of the Midwest Main deposit. SABRE is a proprietary mining method owned by the MLJV and currently being used at the McClean North deposit. While the PEA shows significant potential for the use of the ISR mining method at Midwest Main, there can be no assurance that the MWJV will ultimately advance the development of the Midwest Main deposit or that future development of the deposit will occur using the ISR mining method. The SABRE mining method has been commercially demonstrated and may also provide a viable means to extract the Midwest Main deposit. About Denison Denison is a uranium mining, exploration and development company with interests focused in the Athabasca Basin region of northern Saskatchewan, Canada. The Company 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, a 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 Environmental Assessment ("EA") received from the Province of Saskatchewan and Canadian Nuclear Safety Commission 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 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 MWJV's 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. 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 celebrated 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. Qualified Persons The disclosure of scientific or technical information contained in this release has been reviewed and approved by Mr. Chad Sorba, Denison's Vice President, Technical Services & Project Evaluation, who is a Qualified Person in accordance with the requirements of NI 43-101. Technical Information The Midwest PEA has been completed in accordance with NI 43-101, Canadian Institute of Mining, Metallurgy and Petroleum (CIM) standards, and best practices, as well as other standards such as the AACE Cost Estimation Standards. Other than the risks identified in Denison's Annual Information Form dated March 28, 2025 (the "AIF"), t here are no known legal, political, environmental or other risks that could materially affect the potential development of the mineral resources. A technical report prepared in accordance with NI 43-101, with further details of the results of the Midwest PEA, is anticipated to be completed and filed under Denison's profile on Denison's profile on SEDAR+ at and on EDGAR at a copy of which will also be available on Denison's website. Data verification has been undertaken by Qualified Persons to support mineral resource and mineral reserve estimation, including site visits, review of drill core, review of quality assurance program and quality control measures and data, re-sampling and sample analysis programs, and database verification. Validation checks were performed on all data. For a further description of the data verification, assay procedures and the quality assurance program and quality control measures applied by Denison, please see Denison's AIF filed under the Company's profile on SEDAR+ and EDGAR. 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 news 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'. In particular, this news release contains forward-looking information pertaining to the following: the interpretation of the Midwest PEA and expectations with respect thereto, including estimates of mine production, NPV, capital costs, operating costs and estimated uranium revenue; expectations with respect to pre- and post-FID costs; expectations with respect to taxes and royalties; assumptions with respect to the industry and uranium prices, anticipated impacts of inflation; expectations with respect to project development and permitting, construction and operational processes; infrastructure and the availability of services to be provided by third parties; expectations with respect to project remediation and decommissioning; future development methods and plans; expectations and assumptions with respect to the SABRE mining method and its current and potential deployment by the MLJV and its partners; and joint venture ownership interests and the continuity of its agreements with its joint venture partners and third parties. 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. In addition, 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. 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 modelling and assumptions upon which the interpretation of results are based may not be maintained after further testing or be representative of actual conditions. In addition, while the PEA shows significant potential for the use of the ISR mining method at Midwest Main, there can be no assurance that the MWJV will ultimately advance the development of the Midwest Main deposit or that future development of the deposit will occur using the ISR mining method. 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 AIF and subsequent quarterly financial reports 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 news 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 news release. Denison does not undertake any obligation to publicly update or revise any forward-looking information after the date of this news 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. Effective February 2019, the United States Securities and Exchange Commission ("SEC") adopted amendments to its disclosure rules to modernize the mineral property disclosure requirements for issuers whose securities are registered with the SEC under the Exchange Act and as a result, the SEC now recognizes estimates of 'measured mineral resources', 'indicated mineral resources' and 'inferred mineral resources'. In addition, the SEC has amended its definitions of 'proven mineral reserves' and 'probable mineral reserves' to be 'substantially similar' to the corresponding definitions under the CIM Standards, as required under NI 43-101. However, information regarding mineral resources or mineral reserves in Denison's disclosure may not be comparable to similar information made public by United States companies.
The Hindu
31-07-2025
- General
- The Hindu
3.3 magnitude tremor hits Gujarat's Kutch; no damage reported
A tremor of 3.3 magnitude hit Gujarat's Kutch districton Thursday (July 31, 2025) morning, the Institute of Seismological Research (ISR) said. The tremor was recorded at 9.52 am, with its epicentre located 16 km south-south west of Bela in the district, the Gandhinagar-based ISR said. No casualty or damage to property was reported because of the tremor, a district disaster response official said. Kutch district is located in a "very high risk" seismic zone, and earthquakes of lower intensity occur regularly there. The 2001 earthquake in Kutch was the third largest and second most destructive in India over the last two centuries. A large number of towns and villages in the district suffered almost complete destruction, killing 13,800 persons and leaving 1.67 lakh injured.
