Denison Announces Signing of Impact Benefit Agreement and Exploration Agreement with Métis Nation-Saskatchewan, MN-S NR-1, and MN-S NR-3

Rhea-AI Summary

Denison (DNN) signed an Impact Benefit Agreement (IBA) and an Exploration Agreement with Métis Nation–Saskatchewan, 13 MN–S Locals, MN–S NR-1 and MN–S NR-3, confirming Métis consent and support for development and exploration around the Wheeler River Project.

The company holds an effective 95% interest in Wheeler River. Provincial Environmental Assessment approval was granted in July 2025, and Canadian Nuclear Safety Commission hearings for federal approval and a construction licence began in October 2025 and are scheduled to conclude the week of Dec 8, 2025.

Positive

• IBA signed securing Métis consent for Wheeler River Project
• Exploration Agreement covers MN–S NR-1 and NR-3 activities
• Denison holds an effective 95% interest in Wheeler River
• Provincial EA approval granted in July 2025
• CNSC federal hearings commenced October 2025
• 384,000 hectares of direct ownership in Athabasca Basin

Negative

• Federal approval pending—CNSC hearings ongoing and not yet concluded
• Company acknowledges forward-looking risks and uncertainties for project outcomes

News Market Reaction

+5.19%

1 alert

+5.19% News Effect

On the day this news was published, DNN gained 5.19%, reflecting a notable positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Wheeler River interest: 95% McClean Lake JV interest: 22.5% Midwest JV interest: 25.17% +5 more

8 metrics

Wheeler River interest 95% Effective ownership interest in flagship Wheeler River Uranium Project

McClean Lake JV interest 22.5% Ownership interest in McClean Lake Joint Venture

Midwest JV interest 25.17% Ownership interest in Midwest Joint Venture deposits

THT & Huskie interest 70.55% Ownership interest on Waterbury Lake Property deposits

Project land package ~384,000 hectares Direct ownership in Athabasca Basin properties

Provincial EA approval July 2025 Environmental Assessment approval for Wheeler River Project

CNSC hearing start October 2025 Federal hearing commencement for EA and construction licence

CNSC hearing end week Week of Dec 8, 2025 Scheduled conclusion of federal hearing on Wheeler River

Market Reality Check

Price: $3.69 Vol: Volume 46,641,287 vs 20-d...

normal vol

$3.69 Last Close

Volume Volume 46,641,287 vs 20-day average 52,037,270, indicating slightly lighter trading ahead of this news. normal

Technical Price at $2.76, trading above 200-day MA at $2.03, reflecting a pre-existing upward trend into this announcement.

Peers on Argus

While Denison was down 1.82% pre-release, key uranium peers like UUUU (8.13%), U...

While Denison was down 1.82% pre-release, key uranium peers like UUUU (8.13%), UEC (12.48%), LEU (6.36%), NXE (0.96%), and URG (5.04%) were all positive, suggesting this agreement-related news was more stock-specific than part of a broad sector move.

Historical Context

5 past events · Latest: Dec 04 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Dec 04	IBA & exploration pact	Positive	+5.2%	Métis consent and benefit framework for Wheeler River and regional exploration.
Dec 01	Community benefit deal	Positive	-1.6%	Nuhenéné Benefit Agreement granting consent and oversight roles to communities.
Nov 17	Strategic property deals	Positive	-3.6%	Agreements for interests in Russell Lake-area uranium properties near Wheeler River.
Nov 06	Q3 2025 earnings	Positive	-4.1%	First McClean North production, strong cash balance and Phoenix ISR progress.
Nov 04	Judicial review filing	Negative	-6.2%	Legal challenge seeking to overturn Wheeler River provincial EA approval.

Pattern Detected

Recent news often skewed positive on fundamentals and agreements, but price reactions have frequently been negative or mixed, with several selloffs on constructive project and transaction updates.

Recent Company History

Over the past month, Denison announced several key developments around its Saskatchewan uranium portfolio. On Nov 4, 2025, a judicial review of the Wheeler River provincial EA approval weighed on sentiment. Subsequent Q3 2025 results highlighted initial McClean North production, a US$345 million convertible notes offering and strong liquidity. In mid-November, Denison expanded its footprint via Skyharbour agreements. Community-consent milestones followed with the Nuhenéné Benefit Agreement on Dec 1, 2025 and this new IBA and Exploration Agreement on Dec 4, 2025, reinforcing Indigenous and Métis support as federal approvals advanced.

Market Pulse Summary

The stock moved +5.2% in the session following this news. A strong positive reaction aligns with Den...

Analysis

The stock moved +5.2% in the session following this news. A strong positive reaction aligns with Denison’s continued de-risking of Wheeler River, as this IBA and Exploration Agreement formalized Métis consent and benefit sharing. Prior community and benefit agreements sometimes saw mixed price follow-through, so investors could have weighed this alongside legal and permitting overhangs. With multiple long-life assets and Indigenous partnerships in place, attention often turned to financing structures and project execution risks that might temper initial enthusiasm.

Key Terms

impact benefit agreement, exploration agreement, environmental reclamation, environmental monitoring, +4 more

8 terms

impact benefit agreement regulatory

"signing of an Impact Benefit Agreement ("IBA") between Denison and the Métis Nation–Saskatchewan"

An impact benefit agreement is a formal arrangement between a development project, such as a resource extraction or infrastructure project, and the local community or stakeholders affected by it. It outlines commitments to share benefits, address concerns, and minimize negative effects, ensuring that those impacted receive fair consideration. For investors, such agreements can influence project approval, community support, and long-term success, making them an important factor in assessing project risks and opportunities.

exploration agreement regulatory

"In addition, the parties have also entered into an Exploration Agreement (the "Exploration Agreement")"

An exploration agreement is a formal contract between a landowner or governing authority and a company or individual that grants permission to search for natural resources, like minerals, oil, or gas, beneath the ground or seabed. It outlines the rights, responsibilities, and terms for conducting exploration activities. For investors, such agreements signal potential resource discoveries and future development opportunities, impacting the value and prospects of resource-based investments.

environmental reclamation technical

"Denison's commitment to environmental reclamation post-project and stability for citizens"

Environmental reclamation is the process of restoring land that has been disturbed or damaged by activities such as mining, construction, or industrial use, to a healthier and more natural state. It matters to investors because successful reclamation can reduce environmental risks, improve a company's reputation, and ensure compliance with regulations, ultimately supporting sustainable operations and long-term profitability.

environmental monitoring technical

"opportunities for the Métis Parties and their citizens to participate in environmental monitoring"

Environmental monitoring involves systematically observing and measuring aspects of the natural environment, such as air, water, soil, and ecosystems. It helps track changes or potential risks related to pollution, climate, or natural resources, allowing investors to assess the sustainability and long-term viability of companies and industries. By providing insights into environmental health, it supports informed decision-making and responsible investment choices.

joint venture financial

"on its own behalf and as operator on behalf of the Wheeler River Joint Venture"

A joint venture is when two or more companies team up to work on a specific project or business idea, sharing both the risks and the rewards. It’s like friends starting a lemonade stand together—each contributes resources and they split the profits, making it easier to succeed than going alone.

feasibility study technical

"the Phoenix feasibility study was completed for the Phoenix deposit as an ISR mining operation"

A feasibility study is an assessment that evaluates whether a proposed project or idea is practical and likely to succeed before investing significant time and resources. It considers factors like costs, potential benefits, and challenges, helping stakeholders decide if moving forward makes sense. Think of it as a detailed plan that gauges if a new venture is worth pursuing.

pre-feasibility study technical

"an update to the previously prepared 2018 Pre-Feasibility Study was completed"

A pre-feasibility study is an initial assessment that evaluates whether a proposed project or investment idea is worth exploring further. It involves examining basic factors like costs, potential benefits, and possible challenges, similar to conducting a preliminary check before deciding to invest more time and resources. This helps investors determine if pursuing the project further is practical and likely to be successful.

canadian nuclear safety commission regulatory

"commencement in October 2025 of the Canadian Nuclear Safety Commission Hearings"

The Canadian Nuclear Safety Commission is the federal regulator that oversees the safety and security of nuclear energy and radioactive materials in Canada, setting rules, issuing licences, and inspecting facilities. Its decisions affect project timelines, operating costs and legal risk for companies in the nuclear, energy and medical isotope sectors—like a building inspector whose approval determines whether a project can open or must fix costly problems, so investors watch it closely.

AI-generated analysis. Not financial advice.

TORONTO, Dec. 4, 2025 /PRNewswire/ - Denison Mines Corp. ("Denison", "DML" or "Company") (TSX: DML, NYSE American: DNN) is pleased to announce the signing of an Impact Benefit Agreement ("IBA") between Denison and the Métis Nation–Saskatchewan ("MN–S"), 13 MN–S Locals, MN-S Northern Region 1 ("MN–S NR-1"), and MN–S Northern Region 3 ("MN–S NR-3") (collectively, the "Métis Parties").  The IBA confirms the Métis Parties' consent to and support for the development and operation of Denison's flagship Wheeler River Project (the "Project") in northern Saskatchewan. In addition, the parties have also entered into an Exploration Agreement (the "Exploration Agreement") covering Denison's exploration and evaluation activities within MN–S NR-1 and MN–S NR-3 of the Métis Homeland (see Figure 1). PDF Version.

MN–S President Glen McCallum said, "Denison Mines recognized its duty to consult with MN- S Regions, MN–S Locals, and communities on the Wheeler River Project early in the planning stages. All parties have been negotiating since 2019. The MN–S commends Denison's commitment to environmental reclamation post-project and stability for citizens into the future. Today's IBA not only represents enormous economic opportunities for Métis families, but a milestone in our government's relationship with Denison and other industry partners."

David Cates, President and CEO of Denison, commented, "We extend our sincere appreciation to the leadership of the MN–S, MN–S NR-1, MN–S NR-3, and the 13 MN–S Locals for trusting Denison to advance the Wheeler River Project within the Métis Homeland. Since the beginning of our engagement with the MN–S, our team has remained deeply committed to building a long-lasting relationship grounded in trust, transparency, and mutual respect. 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 Métis citizens in Saskatchewan are meaningfully incorporated into the construction and future operation of the Project and Denison's exploration and evaluation activities in MN–S NR-1 and MN–S NR-3."

Laura Burnouf, Regional Director of MN–S NR-1 said, "Northern Saskatchewan is not only rich in natural resources, it is vibrant with the culture, tradition, and language of a distinct people. Denison's engagement with our Métis communities and its focus on local talent brings economic and employment opportunities to our Region and surrounding communities at a time when we face challenges with homelessness and addictions. The strong partnership between all of our impacted Métis 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." 

Regional Director of MN–S NR3, Minister Brennan Merasty, remarked, "Respecting our inherent and constitutionally protected rights as Métis citizens, our communities in the north have been engaged with Denison for six years. Today's signing means our Region, and surrounding communities will see significant cultural, economic, and employment benefits to be provided through this partnership. Our citizens' voices deserved to be at the negotiating table, and we will continue to work alongside Denison as the Wheeler River Project advances forward." 

The IBA was entered into by Denison (on its own behalf and as operator on behalf of the Wheeler River Joint Venture), the MN–S, MN–S NR-1, MN–S NR-3 and each of the following MN–S Locals within MN–S NR-1 or MN–S NR-3, which are comprised of citizens who live and practice traditional activities in the vicinity of the Wheeler River Project: Uranium City Local 50, Stony Rapids Local 80, La Ronge Local 19, Weyakwin Local 16, Timber Bay Local 20, Patuanak Local 82, Île-à-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 (collectively, the "Métis Locals").

Impact Benefit Agreement

The IBA acknowledges that the Project is located within the Métis Homeland and emphasizes a shared commitment to ensuring that the successful execution of the Project meaningfully supports the Métis Parties' broader social and economic priorities. This agreement sets out a framework for a long-term cooperative relationship grounded in openness, environmental stewardship, and respect for Métis interests. The IBA affirms that Project development can contribute to long-term community well-being while also reinforcing the joint responsibility to protect the surrounding lands, waters, and wildlife. The parties commit to reducing environmental risks while upholding the values central to the Métis Parties. 

The IBA also includes specific commitments for sharing the benefits generated by the Project, including community investment initiatives, contracting and business development opportunities, training and employment pathways, designated forms of financial participation, and opportunities for the Métis Parties and their citizens to participate in environmental monitoring.  

Together the commitments in the IBA reflect a joint vision for collaboration and establish a framework through which Denison and the Métis Parties can work side by side to ensure that the Project contributes to a sustainable and resilient future for Métis citizens in Saskatchewan.

Exploration Agreement

The Exploration Agreement extends the cooperative and mutually beneficial relationship between Denison and the Métis Parties beyond the Project and covers all of Denison's other majority owned and operated exploration and evaluation projects within MN–S NR-1 and MN–S NR-3.  The Métis Parties consent to Denison's exploration and evaluation activities in the region and Denison commits to support the Métis Parties' interests in community development, benefits sharing, environmental protection and monitoring, and sustainable and predictable consultation and engagement processes.

Through this cooperative approach, the parties aim to ensure Denison's future projects are positively advanced through the exploration and evaluation phases in a manner that is informed by and is fully respectful of the rights, knowledge, and interests of the Métis Parties.

About Denison

Denison is a leading uranium mining, development, and exploration company with interests focused in the Athabasca Basin region of northern Saskatchewan, Canada. Denison has an effective 95% interest in its flagship Wheeler River Uranium Project, which is the largest undeveloped uranium project in the infrastructure rich eastern portion of the Athabasca Basin region of northern Saskatchewan.

In mid-2023, the Phoenix feasibility study was completed for the Phoenix deposit as an ISR mining operation, and an update to the previously prepared 2018 Pre-Feasibility Study was completed for Wheeler River's Gryphon deposit as a conventional underground mining operation. Based on the respective studies, both deposits have the potential to be competitive with the lowest cost uranium mining operations in the world. Permitting efforts for the planned Phoenix ISR operation commenced in 2019 and are nearing completion with approval in July 2025 of the Project's EA by the Province of Saskatchewan and commencement in October 2025 of the Canadian Nuclear Safety Commission Hearings for Federal approval of the EA and project construction license. The Hearing is scheduled to continue and be concluded during the week of December 8, 2025.

Denison's interests in Saskatchewan also include a 22.5% ownership interest in the McClean Lake Joint Venture ("MLJV"), which includes unmined uranium deposits (with mining at McClean North deposit via the MLJV's SABRE mining method having commenced in July 2025 using the MLJV's SABRE mining method) and the McClean Lake uranium mill (currently utilizing a portion of its licensed capacity to process the ore from the Cigar Lake mine under a toll milling agreement), plus a 25.17% interest in the Midwest Joint Venture Midwest Main and Midwest A deposits, and a 70.55% interest in the Tthe Heldeth Túé ("THT") and Huskie deposits on the Waterbury Lake Property. The Midwest Main, Midwest A, THT and Huskie deposits are located within 20 kilometres of the McClean Lake mill. Taken together, Denison has direct ownership interests in properties covering ~384,000 hectares in the Athabasca Basin region.

Additionally, through its 50% ownership of JCU (Canada) Exploration Company, Limited ("JCU"), Denison holds interests in various uranium project joint ventures in Canada, including the Millennium project (JCU, 30.099%), the Kiggavik project (JCU, 33.8118) and Christie Lake (JCU, 34.4508%).

In 2024, Denison celebrated its 70th year in uranium mining, exploration, and development, which began in 1954 with Denison's first acquisition of mining claims in the Elliot Lake region of northern Ontario.

Follow Denison on X @DenisonMinesCo

About Métis Nation–Saskatchewan

Métis Nation–Saskatchewan is built on a foundation of Métis identity, culture, values and language. Empowered by the Métis citizens of Saskatchewan, MN–S works to advance Métis rights and strengthen capacity. MN–S represents the political, socioeconomic, cultural and educational interests of Métis in the province through an elected representative system at local, regional and provincial levels.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS 

Certain information contained in this news release constitutes 'forward-looking information', within the meaning of the applicable United States and Canadian legislation, concerning the business, operations and financial performance and condition of Denison. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as 'potential', 'plans', 'expects', 'budget', 'scheduled', 'estimates', 'forecasts', 'intends', 'anticipates', or 'believes', or the negatives and/or variations of such words and phrases, or state that certain actions, events or results 'may', 'could', 'would', 'might' or 'will' 'be taken', 'occur' or 'be achieved'.

In particular, this news release contains forward-looking information pertaining to Denison's current intentions and objectives with respect to, and commitments set forth in the IBA and Exploration Agreement; development and expansion plans and objectives for the Project; and expectations regarding its joint venture ownership interests and the continuity of its agreements with its partners and third parties.

Forward looking statements are based on the opinions and estimates of management as of the date such statements are made, and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Denison to be materially different from those expressed or implied by such forward-looking statements. Denison believes that the expectations reflected in this forward-looking information are reasonable but no assurance can be given that these expectations will prove to be accurate and results may differ materially from those anticipated in this forward-looking information. For a discussion in respect of risks and other factors that could influence forward looking events, please refer to the factors discussed in Denison's Annual Information Form dated March 28, 2025 or subsequent quarterly financial reports under the heading 'Risk Factors'. These factors are not, and should not be construed as being, exhaustive.

Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking information contained in this news release is expressly qualified by this cautionary statement. Any forward-looking information and the assumptions made with respect thereto speaks only as of the date of this news release. Denison does not undertake any obligation to publicly update or revise any forward-looking information after the date of this news release to conform such information to actual results or to changes in Denison's expectations except as otherwise required by applicable legislation.

 

 

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SOURCE Denison Mines Corp.

FAQ

What did Denison (DNN) announce on December 4, 2025 regarding the Wheeler River Project?

Denison announced signing an Impact Benefit Agreement and an Exploration Agreement with Métis Nation–Saskatchewan and related Locals to support development and exploration.

How much of the Wheeler River Project does Denison (DNN) own?

Denison holds an effective 95% interest in the Wheeler River Project.

What is the regulatory status of Wheeler River as of December 4, 2025?

The provincial Environmental Assessment was approved in July 2025 and Canadian Nuclear Safety Commission hearings for federal approval began in October 2025, with conclusion scheduled the week of Dec 8, 2025.

What do the IBA and Exploration Agreement provide for Métis communities related to DNN's projects?

They provide frameworks for benefit sharing, contracting, training, employment pathways, community investment and participation in environmental monitoring.

Does the Exploration Agreement cover areas beyond Wheeler River for Denison (DNN)?

Yes; it covers Denison's majority-owned exploration and evaluation activities within MN–S NR-1 and NR-3 of the Métis Homeland.

What material assets and operations near Wheeler River does Denison (DNN) report owning or participating in?

Denison cites a 22.5% interest in McClean Lake JV (with SABRE mining started July 2025), interests in Midwest and Waterbury Lake deposits, and ~384,000 hectares of Athabasca Basin properties.