Denison & Ya'thi Néné Lands and Resources Announce Signing of the Nuhenéné Benefit Agreement with Three First Nations and Four Municipalities

Rhea-AI Summary

Denison (NYSE: DNN) and Ya'thi Néné Lands and Resources signed the Nuhenéné Benefit Agreement on Dec 1, 2025 with seven Athabasca communities, granting consent and support for Denison's Wheeler River, Waterbury Lake, Midwest (25.77% Denison) and McClean Lake (22.5% Denison) projects in northern Saskatchewan.

The Agreement secures community roles in environmental oversight (including Woodland Caribou and surface water monitoring), commitments on community investment, business, employment, training and financial compensation, and formalizes consent as Denison advances federal approvals for the Phoenix ISR project.

Positive

• Provincial EA approval achieved July 2025 for Phoenix
• 95% effective interest in Wheeler River flagship project
• Federal hearings for Phoenix construction license continuing week of Dec 8, 2025
• McClean North mining commenced July 2025 under MLJV
• Clear community consent and formal benefit-sharing framework secured

Negative

• None.

News Market Reaction

-1.56%

1 alert

-1.56% News Effect

On the day this news was published, DNN declined 1.56%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Wheeler River interest: 95% Midwest Project interest: 25.77% McClean Lake interest: 22.5% +5 more

8 metrics

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

Midwest Project interest 25.77% Ownership interest in the Midwest Project

McClean Lake interest 22.5% Ownership interest in McClean Lake Project

Waterbury Lake interests 70.55% Interest in Tthe Heldeth Túé (THT) and Huskie deposits

Land position ~384,000 hectares Direct ownership interests in Athabasca Basin properties

EA approval date July 2025 Provincial Environmental Assessment approval for Phoenix ISR operation

Federal hearings start October 2025 CNSC hearings for federal EA and construction licence

Years in uranium 70 years Denison’s uranium mining, exploration and development history since 1954

Market Reality Check

Price: $4.31 Vol: Volume 46,641,287 vs 20-d...

normal vol

$4.31 Last Close

Volume Volume 46,641,287 vs 20-day average 52,037,270, indicating activity slightly below recent norms ahead of this announcement. normal

Technical Shares at $2.76 were trading above the 200-day MA of $2.03, reflecting a pre-news uptrend despite the latest pullback.

Peers on Argus

While DNN was down 1.82% pre‑announcement, key uranium peers like UUUU, UEC, LEU...

While DNN was down 1.82% pre‑announcement, key uranium peers like UUUU, UEC, LEU and URG showed gains between 5.04% and 12.48%, suggesting the weakness was more stock‑specific than sector‑wide.

Common Catalyst Same‑day peer headlines highlighted corporate milestones (e.g., LEU NYSE uplisting, NXE exploration assays), pointing to continued project and capital‑markets activity across uranium names.

Historical Context

5 past events · Latest: Dec 04 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Dec 04	Impact/benefit agreement	Positive	+5.2%	Impact Benefit and Exploration Agreements confirming Métis consent for Wheeler River.
Dec 01	Community benefit deal	Positive	-1.6%	Regional Nuhenéné Benefit Agreement granting consent and outlining shared benefits.
Nov 17	Asset acquisition	Positive	-3.6%	Agreements to gain interests in Skyharbour’s Russell Lake properties near Wheeler River.
Nov 06	Q3 results	Neutral	-4.1%	Q3 2025 report with first McClean North output and major financing completion.
Nov 04	Legal challenge	Negative	-6.2%	Judicial review application seeking to set aside provincial EA approval for Wheeler River.

Pattern Detected

Recent history shows negative reactions to several positive strategic updates, while clearly risk-focused or neutral disclosures more often aligned with downside moves.

Recent Company History

Over the last month, Denison reported multiple milestones around its Athabasca uranium portfolio. On Nov 4, 2025, the company acknowledged a judicial review challenge to Wheeler River’s provincial EA approval, followed by Q3 2025 results on Nov 6 highlighting first McClean North production and strong liquidity. Subsequent agreements with Skyharbour (Nov 17), the Nuhenéné Benefit Agreement (Dec 1) and an Impact Benefit Agreement with Métis Nation–Saskatchewan (Dec 4) underscored growing Indigenous and regional partnerships as federal approvals for Phoenix advanced.

Market Pulse Summary

This announcement formalized consent and benefit sharing with seven Athabasca communities for multip...

Analysis

This announcement formalized consent and benefit sharing with seven Athabasca communities for multiple Saskatchewan uranium projects, including Wheeler River and Waterbury Lake, and defined roles in environmental oversight and monitoring. In context of recent Q3 results, new project interests, and prior agreements with other Indigenous groups, it highlighted Denison’s focus on long-term social licence. Investors may watch how federal approvals and any legal proceedings evolve alongside these community partnerships.

Key Terms

in-situ recovery, environmental assessment, pre-feasibility study, joint venture

4 terms

in-situ recovery technical

"construction license for the planned Phoenix in-situ recovery uranium mine."

In-situ recovery is a mining method that extracts a valuable material by dissolving it underground and pumping the solution to the surface instead of digging or blasting rock. For investors, it matters because this approach often lowers upfront construction costs, shortens development time and reduces visible land disturbance, but it also brings regulatory, environmental and groundwater risks that can affect project timelines, operating costs and valuation.

environmental assessment regulatory

"Federal approval process for the Environmental Assessment and construction license"

An environmental assessment is a process that evaluates how a project or activity might impact the natural surroundings, such as air, water, land, and wildlife. It helps identify potential environmental risks and ensures that any negative effects are managed or minimized. For investors, this assessment provides insight into the sustainability and long-term viability of projects, which can influence their financial decisions and risk management.

pre-feasibility study technical

"an update to the previously prepared 2018 Pre-Feasibility Study ('PFS')"

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.

joint venture financial

"a 22.5% ownership interest in the McClean Lake Joint Venture ('MLJV')"

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.

AI-generated analysis. Not financial advice.

SASKATOON, SK, Dec. 1, 2025 /PRNewswire/ - Denison Mines Corp. ("Denison" or the "Company") (TSX: DML) (NYSE American: DNN) and the Ya'thi Néné Land and Resource Office ("YNLR") are pleased to announce the signing of the Nuhenéné Benefit Agreement ("Agreement"), which is a regional mutual benefits agreement between Denison and the Hatchet Lake Denesułiné First Nation, Black Lake Denesułiné First Nation, Fond du Lac Denesułiné First Nation, the Northern Hamlet of Stony Rapids, the Northern Settlement of Uranium City, the Northern Settlement of Wollaston Lake, the Northern Settlement of Camsell Portage (collectively the "Athabasca Communities"), and YNLR. The Agreement provides the Athabasca Communities' consent to and support for the development and operation of Denison's majority owned and operated Wheeler River Project and Waterbury Lake Project, and also includes Denison's minority interest in the Midwest Project (25.77% Denison owned), and the operating McClean Lake Project (22.5% Denison owned), all of which are located in northern Saskatchewan (collectively the "Projects"). PDF Version

David Cates, President and CEO of Denison commented, "The execution of the Nuhenéné Benefit Agreement marks another significant milestone for Denison and the Wheeler River Project, which is in the final stages of the Federal approval process for the Environmental Assessment and construction license for the planned Phoenix in-situ recovery uranium mine. Negotiations of the Agreement began following the signing of an exploration agreement between Denison and the Athabasca Communities in 2022. Since that time, our team has focused its extensive engagement efforts towards cultivating a strong and enduring relationship built on trust and mutual respect. We are honoured to sign this agreement, and extend our sincere appreciation to the leadership of the Athabasca Communities, the YNLR board members involved in the negotiation process, and the numerous community members and support staff that have contributed to our engagement activities over the last several years."

"This agreement shows what we can achieve when we put our people and our land at the centre of every decision," said Chief Bart Tsannie of Hatchet Lake Denesųłiné First Nation. "We expect responsible development, and we expect real benefits for our communities. This agreement delivers on that."

Chief Coreen Sayazie of Black Lake Denesųłiné First Nation commented, "YNLR led these negotiations with dedication, and we are proud of all who contributed to this work. Denison came to the table with honesty and integrity, and that helped us reach a fair and meaningful agreement. This agreement is the result of many voices working together for the Athabasca region, and it is a major achievement for all our communities."

"As Chief of Fond du Lac Denesųłiné First Nation, I believe this partnership will help build long-term prosperity for the Athabasca region," said Chief Ronnie Augier. "We believe in sustainable development, but also in strong protection of the land we depend on. Balancing these two priorities is central to Fond du Lac's and YNLR's work, and this agreement supports that balance for our children and future generations."

The Chairperson of Wollaston Lake Post, Terri Daniels, commented, "This agreement creates real opportunities for our people - good jobs, strong training programs, and space for our local businesses to grow. These benefits will help our members participate fully in the northern economy."

Mayor Daniel Powder of Stony Rapids, stated, "This agreement reflects years of hard work to protect our rights, our land, and our way of life. It is a positive step that honours our values while creating opportunities for our people to benefit from activity in our territory."

"Independent environmental monitoring has always been a priority for our communities," said Uranium City Chairperson, Duane Larocque. "This agreement strengthens our role in overseeing the land, the water, and the wildlife. It gives us a clear role in making sure the activities are carried out with respect and transparency."

Chairperson Claire Larocque of Camsell Portage said, "Our seven Athabasca communities have worked side by side for many years, and this agreement reflects the strength of that unity. When we stand together, we open the door to real opportunities and positive outcomes for our region."

"Our ongoing work with Denison has shown their readiness to listen, collaborate, and support the priorities of Athabasca residents," said Mary Denechezhe, YNLR Board Chair. "This agreement builds on that foundation and creates meaningful opportunities for our communities while supporting responsible development." 

Nuhenéné Benefit Agreement

The Agreement acknowledges that the Projects are located within the Nuhenéné Traditional Land of the Athabasca Denesułiné (see Figure 1) and provides Denison with the Athabasca Communities' consent and support to advance the Projects. Amongst other key commitments, the Agreement provides the Athabasca Communities and its members an important role in environmental oversight, with specific recognition and support for the protection of the Woodland Caribou and for surface water monitoring. The Agreement also commits to the sharing of benefits from the successful operation of the Projects — including community investment, business opportunities, employment and training opportunities, and financial compensation.

Overall, the Agreement describes a jointly held vision for the future that reflects a mutual commitment to maintain an open, respectful, and cooperative relationship between Denison and the Athabasca Communities. Importantly, the Agreement defines the characteristics of the positive legacy that will be associated with the sustainable development of the Projects.

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 ('PFS') 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 YNLR and the Athabasca Communities of Nuhenéné

YNLR is a non-profit organization owned by the seven Athabasca Basin communities: Hatchet Lake First Nation, Black Lake First Nation, Fond du Lac First Nation, and the northern municipalities of Stony Rapids, Wollaston Lake, Uranium City, and Camsell Portage. Together, these communities represent the heart of Nuhenéné, the vast and culturally significant Traditional Land of the Athabasca Denesułiné, encompassing remote lakes, caribou ranges, traplines, travel routes, and harvesting areas that continue to sustain the people in this territory.

YNLR was established in 2016 following the signing of the Ya'thi Néné Collaboration Agreement between the Athabasca communities and uranium producers Cameco and Orano. The organization was created to ensure that the voices, rights, and long-term interests of Athabasca residents are meaningfully represented in decisions affecting their lands, waters, and communities.

YNLR works to protect the environmental, social, economic, and cultural well-being of the Athabasca region, guided by the knowledge, traditions, and aspirations of the Denesułiné people. The organization serves as a regional steward and trusted partner, working closely with industry and government to ensure responsible development within Nuhenéné. Through Indigenous-led land stewardship, rigorous environmental monitoring, community engagement, and support for education, training, and employment, YNLR strives to uphold a balanced approach that protects the land and water for traditional use while promoting sustainable development and economic opportunities for Athabasca residents.

Follow YNLR on Facebook, Instagram, LinkedIn @YathiNene

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 Nuhenéné Benefit Agreement; development and expansion plans and objectives for the Projects; 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 does the Nuhenéné Benefit Agreement mean for Denison (DNN) shareholders?

It secures Athabasca community consent and benefit-sharing for Denison's Wheeler River, Waterbury Lake, Midwest and McClean Lake projects, reducing social risk and formalizing local oversight roles.

Has Denison (DNN) received environmental approvals for the Phoenix ISR project and what is the timeline?

Provincial EA approval was granted in July 2025 and Canadian Nuclear Safety Commission hearings for the federal EA and construction license are scheduled to conclude during the week of Dec 8, 2025.

What ownership stakes does Denison hold in the projects referenced in the agreement?

Denison holds an effective 95% interest in Wheeler River, 25.77% in Midwest, 22.5% in McClean Lake and majority interests in Waterbury Lake deposits including 70.55% in certain Waterbury deposits.

What community and environmental commitments are included in the DNN Nuhenéné Agreement?

The Agreement includes roles for community environmental oversight, specific Woodland Caribou protection recognition, surface water monitoring, community investment, business opportunities, training, employment and financial compensation.

How does the agreement affect Denison's near-term operations at McClean Lake and nearby deposits?

The agreement complements ongoing activity: McClean North mining began July 2025 under the McClean Lake Joint Venture and several deposits are within 20 km of the McClean Lake mill.