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Denison Mines Corp. (NYSE American: DNN) announced the completion of its inaugural In-Situ Recovery (ISR) field test program at its 25.17% owned Midwest Uranium Project. The program involved drilling 10 small-diameter boreholes to evaluate site-specific conditions for ISR mining. Tests validated key assumptions in a prior conceptual mining study, confirming hydraulic conductivity and the effectiveness of permeability enhancement. Data collected will support a Preliminary Economic Assessment for ISR mining. The Midwest project is located 25 km from Denison's McClean Lake Operation, which has excess processing capacity. This marks Denison's third ISR mining evaluation in the Athabasca Basin.
Grounded Lithium Corp. (OTCQB: GRDAF) reported its financial and operating results for Q1 2024. Key highlights include a net comprehensive loss of CAD 507,607, a significant improvement from the CAD 1,682,288 loss reported in Q1 2023. The company also announced entering into agreements with Denison Mines Corp., which are expected to fund a field pilot for the KLP project. Operating cash flow used was CAD 411,756, down from CAD 1,730,836 in the same period last year. Capital expenditures saw a disposition of CAD 800,000. The company's working capital surplus was CAD 303,222, down from CAD 890,061 a year earlier. Shares outstanding increased to 78,279,227 from 69,656,423. Further details can be found in their financial statements and management's discussion on their website or sedarplus.ca.
Denison Mines Corp. reported the successful election of directors at the Annual General Meeting of Shareholders, with nominees elected and all business items approved. David Cates expressed gratitude to outgoing Board Chair Ron Hochstein and announced Jennifer Traub as the new Board Chair. Detailed voting results were provided, indicating overwhelming support for the elected directors.
Denison Mines Corp. reported financial and operational results for Q1 2024, highlighting the transition to detailed design engineering for the Phoenix ISR Project, planned restart of McClean Lake mining operations, signing of a Sustainable Communities Investment Agreement, acquisition of MaxPERF Tool Systems, sale of uranium, and an earn-in agreement with Grounded Lithium Corp. The company's strategy to focus on high-grade uranium deposits in the Athabasca Basin region has led to significant appreciation in value, positioning Denison for future growth.
