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Denison Mines Corp. (“Denison” or the “Company”) (TSX:DML)(NYSE MKT:DNN) today filed its Consolidated Financial Statements and Management’s Discussion & Analysis (“MD&A”) for the year ended December 31, 2016. Both documents can be found on the Company’s website at www.denisonmines.com or on SEDAR (at www.sedar.com) and EDGAR (at www.sec.gov/edgar.shtml). The highlights provided below are derived from …
Denison Mines Corp. (“Denison” or the “Company”) (TSX:DML)(NYSE MKT:DNN) today filed its Consolidated Financial Statements and Management’s Discussion & Analysis (“MD&A”) for the year ended December 31, 2016. Both documents can be found on the Company’s website at www.denisonmines.com or on SEDAR (at www.sedar.com) and EDGAR (at www.sec.gov/edgar.shtml). The highlights provided below are derived from these documents and should be read in conjunction with them. All amounts in this release are in U.S. dollars unless otherwise stated.
As quoted in the press release:
David Cates, President and CEO of Denison commented “2016 was a very difficult year for the uranium market – as we saw the spot price of U3O8 drop over 40% to reach a 12-year low below $20 per pound late in the year. Despite the market, Denison had a tremendous year in 2016, as we moved aggressively towards positioning the Company for when the uranium market bounces back and the long-term fundamentals of decreasing sources of supply and dramatic increases in global demand for uranium come to roost. With Wheeler River, the largest undeveloped high-grade uranium project in the infrastructure rich eastern portion of the Athabasca Basin, emerging in 2016 as a potentially economic project with low upfront CAPEX and very competitive estimated cash operating costs, we were able to justify initiating PFS activities in 2016, as well as continuing to explore and expand the resource base around the Gryphon deposit.
In early 2017, the uranium market has started to show signs of life and Denison has announced transactions to both increase its controlling position in Wheeler River and fortify its balance sheet. Significant production cuts have been announced by the world’s largest uranium producer, and the spot price of U3O8 has already increased roughly 40% from its lows in late 2016, together suggesting that a turnaround for the uranium space could be on the horizon. With that context, we have a focused plan for 2017, and an ambitious team that is motivated to position the Company as the next uranium producer in the Athabasca Basin region.”
