Denison signs impact benefit agreement on Wheeler River

Executive Summary

• Denison Mines Corp. has signed an Impact Benefit Agreement (IBA) with the Metis Nation-Saskatchewan (MN-S), 13 MN-S Locals, and two Northern Regions, confirming their consent and support for the development and operation of the Wheeler River project.
• An accompanying Exploration Agreement was signed, covering Denison’s exploration and evaluation activities within MN-S Northern Region 1 and Northern Region 3.
• The agreements establish a framework for long-term cooperation, including community investment, employment opportunities, environmental stewardship, and financial participation for the Metis parties.

Key Details

• Parties Involved: Denison Mines Corp. (acting on its own behalf and as operator for the Wheeler River joint venture) and the Metis Nation-Saskatchewan (MN-S), including MN-S Northern Region 1, MN-S Northern Region 3, and 13 specific MN-S Locals (Uranium City Local 50, Stony Rapids Local 80, La Ronge Local 19, Weyakwin Local 16, Timber Bay Local 20, Patuanak Local 82, Ile-a-la-Crosse Local 21, Canoe River Local 174, Jans Bay Local 38, Beauval Local 37, Cole Bay Local 41, Dore/Sled Lake Local 67, and Green Lake Local 5).
• Impact Benefit Agreement (IBA) Terms:
  • Confirms Metis consent and support for the Wheeler River project in Northern Saskatchewan.
  • Establishes a framework for a long-term cooperative relationship focused on openness, environmental stewardship, and respect for Metis interests.
  • Includes specific commitments for benefit sharing: community investment initiatives, contracting and business development opportunities, training and employment pathways, designated financial participation, and environmental monitoring participation.
• Exploration Agreement Terms:
  • Covers all of Denison's majority-owned and operated exploration and evaluation projects within MN-S NR-1 and MN-S NR-3.
  • Metis parties consent to Denison's exploration activities in the region.
  • Denison commits to supporting Metis interests in community development, benefits sharing, environmental protection, and sustainable consultation processes.
• Project Context (Wheeler River):
  • Denison holds an effective 95% interest in the Wheeler River uranium project, described as the largest undeveloped uranium project in the infrastructure-rich eastern Athabasca basin.
  • Phoenix Deposit: Feasibility study completed in mid-2023 for an In-Situ Recovery (ISR) operation. Permitting efforts commenced in 2019; Environmental Assessment (EA) approved by Saskatchewan in July 2025. Canadian Nuclear Safety Commission (CNSC) hearings for federal approval commenced in October 2025, scheduled to conclude the week of Dec. 8, 2025.
  • Gryphon Deposit: Update to the 2018 prefeasibility study completed for a conventional underground mining operation.
  • Both deposits have the potential to be competitive with the lowest-cost uranium mining operations globally.
• Other Asset Interests:
  • McClean Lake Joint Venture (MLJV): 22.5% ownership interest. Includes unmined deposits (mining at McClean North commenced July 2025 via Sabre mining method) and the McClean Lake uranium mill (processing Cigar Lake ore under toll milling agreement).
  • Midwest Joint Venture: 25.17% interest in Midwest Main and Midwest A deposits.
  • Waterbury Lake Property: 70.55% interest in Tthe Heldeth Tue (THT) and Huskie deposits.
  • JCU (Canada) Exploration Company Ltd.: 50% ownership interest, holding stakes in Millennium (30.099%), Kiggavik (33.8118%), and Christie Lake (34.4508%).
  • Total direct ownership interests cover approximately 384,000 hectares in the Athabasca basin.

Notable Quotes

• Glen McCallum, MN-S President: "Today's IBA not only represents enormous economic opportunities for Metis families, but a milestone in our government's relationship with Denison and other industry partners."
• David Cates, President and CEO, Denison: "Formalizing both the IBA and the exploration agreement reflects the progress we have made together, and also our shared commitment to ensuring that the interests, knowledge and voices of Metis citizens in Saskatchewan are meaningfully incorporated into the construction and future operation of the project..."
• Laura Burnouf, Regional Director, MN-S NR-1: "The strong partnership between all of our impacted Metis regions and locals, MN-S, and Denison Mines is a reflection of how we believe in progress and are more than willing to collaborate with industry to better the outlook for our citizens."
• Brennan Merasty, Regional Director, MN-S NR3: "Today's signing means our region and surrounding communities will see significant cultural, economic and employment benefits to be provided through this partnership."