Denison, YNLR sign Nuhenene benefit agreement

Executive Summary

• Denison Mines Corp. and the Ya'thi Nene Land and Resource Office (YNLR) signed the Nuhenene Benefit Agreement with three First Nations and four municipalities (collectively, the Athabasca communities).
• The agreement provides formal consent and support from the Athabasca communities for the development and operation of Denison’s Wheeler River and Waterbury Lake projects, as well as its minority interests in the Midwest and McClean Lake projects.
• The agreement establishes a framework for environmental oversight, including specific protections for woodland caribou and surface water monitoring, alongside commitments to share benefits through community investment, business opportunities, employment, and financial compensation.

Key Details

• Parties Involved: Denison Mines Corp., Ya'thi Nene Land and Resource Office (YNLR), Hatchet Lake Denesuline First Nation, Black Lake Denesuline First Nation, Fond du Lac Denesuline First Nation, Northern Hamlet of Stony Rapids, Northern Settlement of Uranium City, Northern Settlement of Wollaston Lake, and Northern Settlement of Camsell Portage.
• Projects Covered:
  • Wheeler River project (Denison majority owned and operated).
  • Waterbury Lake project (Denison majority owned and operated).
  • Midwest project (25.77% Denison owned).
  • McClean Lake project (22.5% Denison owned).
• Key Commitments:
  • Environmental Oversight: Communities have an important role in environmental oversight, with specific recognition for the protection of woodland caribou and surface water monitoring.
  • Benefit Sharing: Includes community investment, business opportunities, employment, training opportunities, and financial compensation derived from successful project operations.
  • Relationship: Defines a jointly held vision for sustainable development and a respectful, cooperative relationship between Denison and the Athabasca communities.
• Project Status Updates (from Boilerplate):
  • Wheeler River (Phoenix Deposit): Phoenix feasibility study completed mid-2023 (ISR operation). Federal approval for environmental assessment and construction licence is in final stages. EA approved by Province of Saskatchewan in July 2025; Canadian Nuclear Safety Commission hearings commenced October 2025, scheduled to conclude week of Dec. 8, 2025.
  • Wheeler River (Gryphon Deposit): Update to 2018 prefeasibility study completed mid-2023 (conventional underground mining).
  • McClean Lake: Mining at McClean North deposit commenced July 2025 using Sabre mining method. Mill utilizing licensed capacity to process Cigar Lake ore under toll milling agreement.
  • Midwest & Waterbury Lake: Denison holds 25.17% interest in Midwest Main/A deposits and 70.55% interest in THT/Huskie deposits on Waterbury Lake property. These deposits are within 20km of the McClean Lake mill.
  • Total Land Interest: Denison holds direct ownership interests in approximately 384,000 hectares in the Athabasca basin region.

Notable Quotes

• David Cates, President and CEO, Denison: "The execution of the Nuhenene benefit agreement marks another significant milestone for Denison and the Wheeler River project... We are honoured to sign this agreement and extend our sincere appreciation to the leadership of the Athabasca communities..."
• Chief Bart Tsannie, Hatchet Lake Denesuline First Nation: "This agreement shows what we can achieve when we put our people and our land at the centre of every decision... This agreement delivers on that."
• Mary Denechezhe, Board Chair, YNLR: "Our ongoing work with Denison has shown their readiness to listen, collaborate and support the priorities of Athabasca residents... This agreement builds on that foundation and creates meaningful opportunities for our communities while supporting responsible development."