Denison Mines (TSX:DML,NYSEAMERICAN:DNN) commented on “important” developments at its Phoenix uranium deposit following the completion of a feasibility research in June 2023.
The corporate is now midway by way of a two 12 months plan to achieve a closing funding determination, with the primary part of manufacturing focused for 2027 to 2028. In accordance with CEO David Cates, over 30 p.c of whole engineering is full.
“Our speedy engineering progress is feasible as a result of now we have constructed off of the systematic and rigorous technical analysis and de-risking work that was included into the feasibility research,” he mentioned in a Thursday (August 8) press release.
Phoenix is situated on the Wheeler River challenge in Canada’s Athabasca Basin, a uranium hotspot.
Cates famous that the feasibility research accounts for the price inflation that affected the mining sector from 2021 to 2023, whereas additionally integrating classes from the environmental evaluation course of, which Denison went by way of in 2022.
Engineering and long-lead procurement efforts are progressing effectively, in step with the corporate’s challenge plans.
Denison has additionally gotten assist for Wheeler River from each Indigenous and non-Indigenous events, and is making progress on finalizing an environmental affect assertion (EIS), challenge allowing and licensing.
“Primarily based on suggestions obtained up to now, we’re optimistic that the EIS evaluate course of is nearing completion,” Cates mentioned.
Financially, the Denison CEO emphasised that the corporate stays in a powerful place. It reported a debt-free steadiness sheet on the finish of the 12 months’s second quarter, in addition to working capital and investments equal to almost 95 p.c of Denison’s share of the preliminary CAPEX specified by the feasibility research for Phoenix.
Denison can be making progress exterior of Phoenix and Wheeler River. Cates mentioned the corporate is finishing up area research and evaluations at each the Tthe Heldeth Túé and Midwest Predominant deposits, additionally within the Athabasca Basin.
It just lately coordinated with nuclear gasoline cycle chief Orano Group to finish an inaugural area take a look at of in-situ restoration (IRS) mining at Midwest Predominant. The take a look at offered preliminary validation that the deposit has the traits mandatory for an ISR operation. The main focus is now on finishing a preliminary financial evaluation throughout 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.