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DENISON MINES
CORP.
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/s/ Amanda Willett
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Date: May 9,
2024
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Amanda
Willett
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Vice
President Legal and Corporate Secretary
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Exhibit Number
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Description
|
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99.1
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99.2
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99.3
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99.4
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99.5
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Exhibit
99.1
INTERIM CONSOLIDATED FINANCIAL STATEMENTS
|
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL
POSITION
(Unaudited -
Expressed in thousands of Canadian dollars (“CAD”)
except for share amounts)
|
|||||||
|
|
|
|
At March
31
2024
|
|
At December
31
2023
|
|
ASSETS
|
|
|
|
|
|
|
|
Current
|
|
|
|
|
|
|
|
Cash and cash
equivalents (note 4)
|
|
|
$
|
120,294
|
$
|
131,054
|
|
Trade and other
receivables (note 5)
|
|
|
|
2,407
|
|
1,913
|
|
Inventories (note
6)
|
|
|
|
3,100
|
|
3,580
|
|
Investments-equity
instruments (note 7)
|
|
|
|
9,642
|
|
10,400
|
|
Investments-uranium
(note 7)
|
|
|
|
11,789
|
|
-
|
|
Prepaid expenses
and other
|
|
|
|
1,597
|
|
1,594
|
|
|
|
|
|
148,829
|
|
148,541
|
|
Non-Current
|
|
|
|
|
|
|
|
Inventories-ore
in stockpiles (note 6)
|
|
|
|
2,098
|
|
2,098
|
|
Investments-equity
instruments (note 7)
|
|
|
|
79
|
|
117
|
|
Investments-uranium
(note 7)
|
|
|
|
259,349
|
|
276,815
|
|
Investments-convertible
debentures (note 7)
|
|
|
|
16,204
|
|
15,565
|
|
Investments-joint
venture (note 8)
|
|
|
|
17,651
|
|
17,290
|
|
Restricted cash
and investments (note 9)
|
|
|
12,617
|
|
11,231
|
||
Property, plant
and equipment (note 10)
|
|
|
|
256,082
|
|
254,946
|
|
Total
assets
|
|
|
$
|
712,909
|
$
|
726,603
|
|
LIABILITIES
|
|
|
|
|
|
|
|
Current
|
|
|
|
|
|
|
|
Accounts payable
and accrued liabilities (note 11)
|
|
|
$
|
15,285
|
$
|
10,822
|
|
Current portion
of long-term liabilities:
|
|
|
|
|
|
|
|
Deferred revenue
(note 12)
|
|
|
|
4,501
|
|
4,535
|
|
Reclamation
obligations (note 13)
|
|
|
|
2,160
|
|
2,256
|
|
Other liabilities
(note 14)
|
|
|
|
343
|
|
333
|
|
|
|
|
|
22,289
|
|
17,946
|
|
Non-Current
|
|
|
|
|
|
|
|
Deferred revenue
(note 12)
|
|
|
|
30,437
|
|
30,423
|
|
Reclamation
obligations (note 13)
|
|
|
|
32,893
|
|
32,642
|
|
Other liabilities
(note 14)
|
|
|
|
1,168
|
|
1,201
|
|
Deferred income
tax liability
|
|
|
|
2,579
|
|
2,607
|
|
Total
liabilities
|
|
|
|
89,366
|
|
84,819
|
|
EQUITY
|
|
|
|
|
|
|
|
Share capital
(note 15)
|
|
|
|
1,656,423
|
|
1,655,024
|
|
Contributed
surplus (note 16)
|
|
|
|
70,112
|
|
69,823
|
|
Deficit
|
|
|
|
(1,104,761)
|
|
(1,084,881)
|
|
Accumulated other
comprehensive income (note 17)
|
|
|
|
1,769
|
|
1,818
|
|
Total
equity
|
|
|
|
623,543
|
|
641,784
|
|
Total
liabilities and equity
|
|
|
$
|
712,909
|
$
|
726,603
|
|
Issued and
outstanding common shares (note 15)
|
|
|
892,002,706
|
|
890,970,371
|
||
Commitments
and contingencies (note 22)
|
|||||||
The accompanying
notes are an integral part of the condensed interim consolidated
financial statements
|
INTERIM CONSOLIDATED FINANCIAL STATEMENTS
|
CONDENSED INTERIM
CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE
LOSS
(Unaudited -
Expressed in thousands of CAD dollars except for share and per
share amounts)
|
|
|
||||||||
|
|
|
|
Three
Months Ended
March
31
|
|
|||||
|
|
|
|
|
|
2024
|
|
2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVENUES (note 19)
|
|
|
|
|
$
|
832
|
$
|
(982)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses (note 18 and 19)
|
|
|
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|
|
(1,220)
|
|
(904)
|
|
|
Exploration (note
19)
|
|
|
|
|
|
(5,413)
|
|
(3,947)
|
|
|
Evaluation (note
19)
|
|
|
|
|
|
(5,701)
|
|
(2,722)
|
|
|
General and
administrative (note 19)
|
|
|
|
|
|
(3,584)
|
|
(3,254)
|
|
|
Other (loss)
income (note 18)
|
|
|
|
|
|
(5,082)
|
|
10,222
|
|
|
|
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|
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(21,000)
|
|
(605)
|
|
|
Loss
before net finance expense, equity accounting
|
|
|
|
(20,168)
|
|
(1,587)
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
Finance income
(expense), net (note 18)
|
|
|
|
|
|
841
|
|
(850)
|
|
|
Equity share of
loss of joint venture (note 8)
|
|
|
|
|
|
(581)
|
|
(894)
|
|
|
Loss before
taxes
|
|
|
|
|
|
(19,908)
|
|
(3,331)
|
|
|
Income tax
recovery:
|
|
|
|
|
|
|
|
|
|
|
Deferred
|
|
|
|
|
|
28
|
|
497
|
|
|
Net loss from
continuing operations
|
|
|
|
|
|
(19,880)
|
|
(2,834)
|
|
|
Net income from
discontinuted operations, net of taxes (note 19)
|
|
|
|
|
|
-
|
|
434
|
|
|
Net loss for the
period
|
|
|
|
|
$
|
(19,880)
|
$
|
(2,400)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
comprehensive (loss) income (note 17):
|
|
|
|
|
|
|
|
|||
Items that are or
may be subsequently reclassified to loss:
|
|
|
|
|
|
|
|
|||
Foreign currency
translation change
|
|
|
|
|
|
(49)
|
|
4
|
|
|
Comprehensive
loss for the period
|
|
|
|
|
$
|
(19,929)
|
$
|
(2,396)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
net loss per share, continuing and discontinued
operations:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
$
|
(0.02)
|
$
|
0.00
|
||
Diluted
|
|
|
|
|
$
|
(0.02)
|
$
|
0.00
|
||
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|||
Weighted-average
number of shares outstanding (in thousands):
|
|
|
|
|
|
|
|
|||
Basic
|
|
|
|
|
|
891,224
|
|
832,826
|
|
|
Diluted
|
|
|
|
|
|
891,224
|
|
832,826
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The accompanying
notes are an integral part of the condensed interim consolidated
financial statements
|
|
|
INTERIM CONSOLIDATED FINANCIAL STATEMENTS
|
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN
EQUITY
(Unaudited -
Expressed in thousands of CAD dollars)
|
|
|||||||||||||||
|
|
|
|
Three
Month Ended
March
31
|
|
|||||||||||
|
|
|
|
|
|
2024
|
|
2023
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|||||||
Share capital (note 15)
|
|
|
|
|
|
|
|
|
|
|||||||
Balance-beginning
of period
|
|
|
|
|
$
|
1,655,024
|
$
|
1,539,209
|
|
|||||||
Shares issued for
cash, net of issue costs
|
|
|
|
|
|
-
|
|
15,298
|
|
|||||||
Share options
exercised-cash
|
|
|
|
|
|
769
|
|
339
|
|
|||||||
Share options
exercised-transfer from contributed surplus
|
|
|
|
357
|
|
129
|
|
|||||||||
Share units
exercised-transfer from contributed surplus
|
|
|
|
273
|
|
16
|
|
|||||||||
Balance-end of
period
|
|
|
|
|
|
1,656,423
|
|
1,554,991
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|||||||
Contributed surplus
|
|
|
|
|
|
|
|
|
|
|||||||
Balance-beginning
of period
|
|
|
|
|
|
69,823
|
|
70,281
|
|
|||||||
Share-based
compensation expense (note 16)
|
|
|
|
|
|
919
|
|
1,044
|
|
|||||||
Share options
exercised-transfer to share capital
|
|
|
|
|
|
(357)
|
|
(129)
|
|
|||||||
Share units
exercised-transfer to share capital
|
|
|
|
|
|
(273)
|
|
(16)
|
|
|||||||
Balance-end of
period
|
|
|
|
|
|
70,112
|
|
71,180
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|||||||
Deficit
|
|
|
|
|
|
|
|
|
|
|||||||
Balance-beginning
of period
|
|
|
|
|
|
(1,084,881)
|
|
(1,175,256)
|
|
|||||||
Net income
(loss)
|
|
|
|
|
|
(19,880)
|
|
(2,400)
|
|
|||||||
Balance-end of
period
|
|
|
|
|
|
(1,104,761)
|
|
(1,177,656)
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|||||||
Accumulated
other comprehensive income (note 17)
|
|
|
|
|
|
|
|
|||||||||
Balance-beginning
of period
|
|
|
|
|
|
1,818
|
|
1,782
|
|
|||||||
Foreign currency
translation
|
|
|
|
|
|
(49)
|
|
4
|
|
|||||||
Balance-end of
period
|
|
|
|
|
|
1,769
|
|
1,786
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|||||||
Total Equity
|
|
|
|
|
|
|
|
|
|
|||||||
Balance-beginning
of period
|
|
|
|
|
$
|
641,784
|
$
|
436,016
|
|
|||||||
Balance-end of
period
|
|
|
|
|
$
|
623,543
|
$
|
450,301
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|||||||
The accompanying
notes are an integral part of the condensed interim consolidated
financial statements
|
|
INTERIM CONSOLIDATED FINANCIAL STATEMENTS
|
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOW
(Unaudited -
Expressed in thousands of CAD dollars)
|
||||||||
|
|
|
|
Three
Month Ended
March
31
|
||||
|
|
|
|
2024
|
|
2023
|
||
CASH (USED IN) PROVIDED BY:
|
|
|
|
|
|
|
||
OPERATING ACTIVITIES
|
|
|
|
|
|
|
||
Net loss for the
period
|
|
|
$
|
(19,880)
|
$
|
(2,400)
|
||
Adjustments and
items not affecting cash and cash equivalents:
|
|
|
|
|
|
|
||
Depletion,
depreciation, amortization and accretion
|
|
|
|
2,556
|
|
2,689
|
||
Fair value change
losses (gains):
|
|
|
|
|
|
|
||
Investments-equity
instruments (notes 7 and 18)
|
|
|
|
796
|
|
(1,166)
|
||
Investments-uranium
(notes 7 and 20)
|
|
|
|
5,677
|
|
(8,826)
|
||
Investments-convertible
debentures (notes 7 and 18)
|
|
|
|
(639)
|
|
-
|
||
Joint
venture-equity share of loss (note 8)
|
|
|
|
581
|
|
894
|
||
(Recognition)
reversal of deferred revenue (note 12)
|
|
|
|
(832)
|
|
982
|
||
Gain on property,
plant and equipment disposals
|
|
|
|
(13)
|
|
-
|
||
Post-employment
benefit payments (note 14)
|
|
|
|
(38)
|
|
(32)
|
||
Reclamation
obligation expenditures (note 13)
|
|
|
|
(318)
|
|
(327)
|
||
Share-based
compensation (note 16)
|
|
|
|
919
|
|
1,044
|
||
Foreign exchange
gain (note 18)
|
|
|
|
(634)
|
|
(163)
|
||
Deferred income
tax recovery
|
|
|
|
(28)
|
|
(497)
|
||
Change in
non-cash operating working capital items (note 18)
|
|
|
|
4,166
|
|
(13)
|
||
Net
cash used in operating activities
|
|
|
|
(7,687)
|
|
(7,815)
|
||
|
|
|
|
|
|
|
||
INVESTING ACTIVITIES
|
|
|
|
|
|
|
||
Increase in
restricted cash and investments (note 9)
|
|
|
|
(1,386)
|
|
(684)
|
||
Purchase of
investments in joint venture (note 8)
|
|
|
|
(942)
|
|
-
|
||
Additions of
property, plant and equipment (note 10)
|
|
|
|
(2,108)
|
|
(702)
|
||
Proceeds on
disposal of property, plant and equipment
|
|
|
|
69
|
|
-
|
||
Net
cash used in investing activities
|
|
|
|
(4,367)
|
|
(1,386)
|
||
|
|
|
|
|
|
|
||
FINANCING ACTIVITIES
|
|
|
|
|
|
|
||
Repayment
of debt obligations (note 14)
|
|
|
|
(60)
|
|
(54)
|
||
Proceeds
from share options exercised (note 16)
|
|
|
|
769
|
|
339
|
||
Proceeds
from share issues, net of issue costs
|
|
|
|
-
|
|
15,298
|
||
Net
cash provided by financing activities
|
|
|
|
709
|
|
15,583
|
||
|
|
|
|
|
|
|
||
(Decrease)
increase in cash and cash equivalents
|
|
|
|
(11,345)
|
|
6,382
|
||
Foreign
exchange effect on cash and cash equivalents
|
|
|
|
585
|
|
165
|
||
Cash
and cash equivalents, beginning of period
|
|
|
|
131,054
|
|
50,915
|
||
Cash
and cash equivalents, end of period
|
|
|
$
|
120,294
|
$
|
57,462
|
||
|
||||||||
|
||||||||
The accompanying
notes are an integral part of the condensed interim consolidated
financial statements
|
INTERIM CONSOLIDATED FINANCIAL STATEMENTS
|
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE MONTHS ENDED MARCH 31, 2024
|
|
(Unaudited -
Expressed in CAD dollars except for shares and per share
amounts)
|
|
INTERIM CONSOLIDATED FINANCIAL STATEMENTS
|
|
|
|
|
At March
31
|
|
At December
31
|
(in
thousands)
|
|
|
|
2024
|
|
2023
|
|
|
|
|
|
|
|
Cash
|
|
|
$
|
2,503
|
$
|
2,650
|
Cash in MLJV and
MWJV
|
|
|
|
1,794
|
|
1,036
|
Cash
equivalents
|
|
|
|
115,997
|
|
127,368
|
|
|
|
$
|
120,294
|
$
|
131,054
|
|
|
|
|
At March
31
|
|
At December
31
|
(in
thousands)
|
|
|
|
2024
|
|
2023
|
|
|
|
|
|
|
|
Trade
receivables
|
|
|
$
|
1,223
|
$
|
899
|
Receivables in
MLJV and MWJV
|
|
|
|
456
|
|
623
|
Sales tax
receivables
|
|
|
|
478
|
|
364
|
Sundry
receivables
|
|
|
|
250
|
|
27
|
|
|
|
$
|
2,407
|
$
|
1,913
|
|
|
|
|
At March
31
|
|
At December
31
|
(in
thousands)
|
|
|
|
2024
|
|
2023
|
|
|
|
|
|
|
|
Inventory of ore
in stockpiles
|
|
|
$
|
2,098
|
$
|
2,098
|
Mine and mill
supplies in MLJV
|
|
|
|
3,055
|
|
3,580
|
Supplies
|
|
|
|
45
|
|
-
|
|
|
|
$
|
5,198
|
$
|
5,678
|
|
|
|
|
|
|
|
Inventories-by
balance sheet presentation:
|
|
|
|
|
|
|
Current
|
|
|
$
|
3,100
|
$
|
3,580
|
Long term-ore in
stockpiles
|
|
|
|
2,098
|
|
2,098
|
|
|
|
$
|
5,198
|
$
|
5,678
|
|
|
|
|
At March
31
|
|
At December
31
|
(in
thousands)
|
|
|
|
2024
|
|
2023
|
|
|
|
|
|
|
|
Investments:
|
|
|
|
|
|
|
Equity
instruments
|
|
|
|
|
|
|
Shares
|
|
|
$
|
9,536
|
$
|
10,390
|
Warrants
|
|
|
|
185
|
|
127
|
Convertible
Debentures
|
|
|
|
16,204
|
|
15,565
|
Physical
Uranium
|
|
|
|
271,138
|
|
276,815
|
INTERIM CONSOLIDATED FINANCIAL STATEMENTS
|
|
|
|
$
|
297,063
|
$
|
302,897
|
|
|
|
|
|
|
|
Investments-by
balance sheet presentation:
|
|
|
|
|
|
|
Current
|
|
|
$
|
21,431
|
$
|
10,400
|
Long-term
|
|
|
|
275,632
|
|
292,497
|
|
|
|
$
|
297,063
|
$
|
302,897
|
(in
thousands)
|
|
Equity
Instruments
|
|
Convertible
Debentures
|
|
Physical
Uranium
|
|
Total
Investments
|
|
|
|
|
|
|
|
|
|
Balance-December
31, 2023
|
$
|
10,517
|
$
|
15,565
|
$
|
276,815
|
$
|
302,897
|
Change in fair
value gain to profit and (loss) (note 18)
|
|
(796)
|
|
639
|
|
(5,677)
|
|
(5,834)
|
Balance-March 31,
2024
|
$
|
9,721
|
$
|
16,204
|
$
|
271,138
|
$
|
297,063
|
|
|
|
|
At March
31
|
|
At December
31
|
(in
thousands)
|
|
|
|
2024
|
|
2023
|
|
|
|
|
|
|
|
Investment in
joint venture:
|
|
|
|
|
|
|
JCU
|
|
|
$
|
17,651
|
$
|
17,290
|
|
|
|
$
|
17,651
|
$
|
17,290
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance-December
31, 2023
|
|
|
|
|
$
|
17,290
|
Investment at
cost:
|
|
|
|
|
|
|
Additional
investment in JCU
|
|
|
|
|
|
942
|
Equity
share of loss
|
|
|
|
|
|
(581)
|
Balance-March 31,
2024
|
|
|
|
|
$
|
17,651
|
INTERIM CONSOLIDATED FINANCIAL STATEMENTS
|
|
|
|
|
At March
31
|
|
At December
31
|
|
(in
thousands)
|
|
|
|
2024
|
|
2023
|
|
|
|
|
|
|
|
|
|
Total current
assets(1)
|
|
|
$
|
1,707
|
$
|
525
|
|
Total non-current
assets
|
|
|
|
38,689
|
|
38,666
|
|
Total current
liabilities
|
|
|
|
(806)
|
|
(381)
|
|
Total non-current
liabilities
|
|
|
|
(4,289)
|
|
(4,230)
|
|
Total net
assets
|
|
|
$
|
35,301
|
$
|
34,580
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
|
|
February
29
2024(2)
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
|
$
|
-
|
|
Net
loss
|
|
|
|
|
|
(1,163)
|
|
|
|
|
|
|
|
|
|
Reconciliation of
JCU net assets to Denison investment carrying value:
|
|
|
|||||
Adjusted net assets of
JCU–at December 31, 2023
|
|
|
$
|
34,580
|
|||
Net
loss
|
|
|
|
|
|
(1,163)
|
|
Investments from
owners
|
|
|
|
|
|
1,884
|
|
Net assets of
JCU-at March 31, 2024
|
|
|
|
|
$
|
35,301
|
|
Denison ownership
interest
|
|
|
|
|
|
50.00%
|
|
Investment in
JCU
|
|
|
|
|
$
|
17,651
|
|
|
|
|
At March
31
|
|
At December
31
|
(in
thousands)
|
|
|
|
2024
|
|
2023
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
$
|
4,645
|
$
|
3,259
|
Investments
|
|
|
|
7,972
|
|
7,972
|
|
|
|
$
|
12,617
|
$
|
11,231
|
|
|
|
|
|
|
|
Restricted cash
and investments-by item:
|
|
|
|
|
|
|
Elliot Lake
reclamation trust fund
|
|
|
$
|
4,645
|
$
|
3,259
|
Letters of credit
facility pledged assets
|
|
|
|
7,972
|
|
7,972
|
|
|
|
$
|
12,617
|
$
|
11,231
|
INTERIM CONSOLIDATED FINANCIAL STATEMENTS
|
|
|
Plant
and Equipment
|
|
Mineral
|
|
Total
|
||
(in
thousands)
|
|
Owned
|
|
Right-of-Use
|
|
Properties
|
|
PP&E
|
|
|
|
|
|
|
|
|
|
Cost:
|
|
|
|
|
|
|
|
|
Balance-December
31, 2023
|
$
|
112,705
|
$
|
769
|
$
|
180,813
|
$
|
294,287
|
Additions (note
19)
|
|
1,507
|
|
76
|
|
861
|
|
2,444
|
Disposals
|
|
(192)
|
|
-
|
|
-
|
|
(192)
|
Balance-March 31,
2024
|
$
|
114,020
|
$
|
845
|
$
|
181,674
|
$
|
296,539
|
|
|
|
|
|
|
|
|
|
Accumulated
amortization, depreciation:
|
|
|
|
|
|
|
|
|
Balance-December
31, 2023
|
$
|
(38,833)
|
$
|
(508)
|
$
|
-
|
$
|
(39,341)
|
Amortization
|
|
(160)
|
|
-
|
|
-
|
|
(160)
|
Depreciation
(note 18)
|
|
(1,052)
|
|
(40)
|
|
-
|
|
(1,092)
|
Disposals
|
|
136
|
|
-
|
|
-
|
|
136
|
Balance-March 31,
2024
|
$
|
(39,909)
|
$
|
(548)
|
$
|
-
|
$
|
(40,457)
|
|
|
|
|
|
|
|
|
|
Carrying
value:
|
|
|
|
|
|
|
|
|
Balance-December
31, 2023
|
$
|
73,872
|
$
|
261
|
$
|
180,813
|
$
|
254,946
|
Balance-March 31,
2024
|
$
|
74,111
|
$
|
297
|
$
|
181,674
|
$
|
256,082
|
INTERIM CONSOLIDATED FINANCIAL STATEMENTS
|
|
|
|
|
At March
31
|
|
At December
31
|
|
(in
thousands)
|
|
|
|
2024
|
|
2023
|
|
|
|
|
|
|
|
|
|
Trade
payables
|
|
|
$
|
8,877
|
$
|
5,037
|
|
Payables in MLJV
and MWJV
|
|
|
|
5,464
|
|
4,843
|
|
Other
payables
|
|
|
|
944
|
|
942
|
|
|
|
|
$
|
15,285
|
$
|
10,822
|
|
|
|
|
At March
31
|
|
At December
31
|
(in
thousands)
|
|
|
|
2024
|
|
2023
|
|
|
|
|
|
|
|
Deferred
revenue-pre-sold toll milling:
|
|
|
|
|
|
|
CLJV Toll
Milling-Ecora
|
|
|
$
|
34,938
|
$
|
34,958
|
|
|
|
$
|
34,938
|
$
|
34,958
|
Deferred
revenue-by balance sheet presentation:
|
|
|
|
|
||
Current
|
|
|
$
|
4,501
|
$
|
4,535
|
Non-current
|
|
|
|
30,437
|
|
30,423
|
|
|
|
$
|
34,938
|
$
|
34,958
|
(in
thousands)
|
|
|
|
|
|
|
Deferred
Revenue
|
|
|
|
|
|
|
|
|
Balance-December
31, 2023
|
|
|
|
|
$
|
34,958
|
|
Revenue
recognized during the period (note 19)
|
|
|
|
|
|
(832)
|
|
Accretion (note
18)
|
|
|
|
|
|
812
|
|
Balance-March 31,
2024
|
|
|
|
|
$
|
34,938
|
INTERIM CONSOLIDATED FINANCIAL STATEMENTS
|
|
|
|
|
At March
31
|
|
At December
31
|
(in
thousands)
|
|
|
|
2024
|
|
2023
|
|
|
|
|
|
|
|
Reclamation
obligations-by item:
|
|
|
|
|
|
|
Elliot
Lake
|
|
|
$
|
19,843
|
$
|
19,796
|
MLJV and
MWJV
|
|
|
|
12,381
|
|
12,215
|
Wheeler River and
other
|
|
|
|
2,829
|
|
2,887
|
|
|
|
$
|
35,053
|
$
|
34,898
|
|
|
|
|
|
|
|
Reclamation
obligations-by balance sheet presentation:
|
|
|
|
|
||
Current
|
|
|
$
|
2,160
|
$
|
2,256
|
Non-current
|
|
|
|
32,893
|
|
32,642
|
|
|
|
$
|
35,053
|
$
|
34,898
|
(in
thousands)
|
|
|
|
|
|
Reclamation
Obligations
|
|
|
|
|
|
|
|
Balance-December
31, 2023
|
|
|
|
|
$
|
34,898
|
Accretion (note
18)
|
|
|
|
|
|
473
|
Expenditures
incurred
|
|
|
|
|
|
(318)
|
Balance-March 31,
2024
|
|
|
|
|
$
|
35,053
|
INTERIM CONSOLIDATED FINANCIAL STATEMENTS
|
|
|
|
|
At March
31
|
|
At December
31
|
(in
thousands)
|
|
|
|
2024
|
|
2023
|
|
|
|
|
|
|
|
Other
liabilities:
|
|
|
|
|
|
|
Post-employment
benefits
|
|
|
$
|
1,084
|
$
|
1,117
|
Lease
obligations
|
|
|
$
|
310
|
$
|
287
|
Loan
obligations
|
|
|
|
117
|
|
130
|
|
|
|
$
|
1,511
|
$
|
1,534
|
|
|
|
|
|
|
|
Other
liabilities-by balance sheet presentation:
|
|
|
|
|
|
|
Current
|
|
|
$
|
343
|
$
|
333
|
Non-current
|
|
|
|
1,168
|
|
1,201
|
|
|
|
$
|
1,511
|
$
|
1,534
|
|
|
|
|
At March
31
|
|
At December
31
|
(in
thousands)
|
|
|
|
2024
|
|
2023
|
|
|
|
|
|
|
|
Accrued benefit
obligation
|
|
|
$
|
1,084
|
$
|
1,117
|
|
|
|
$
|
1,084
|
$
|
1,117
|
|
|
|
|
|
|
|
Post-employment
benefits-by balance sheet presentation:
|
|
|
|
|
||
Current
|
|
|
$
|
120
|
$
|
120
|
Non-current
|
|
|
|
964
|
|
997
|
|
|
|
$
|
1,084
|
$
|
1,117
|
(in
thousands)
|
|
|
|
2024
|
|
2023
|
|
|
|
|
|
|
|
Balance-January
1
|
|
|
$
|
1,117
|
$
|
1,201
|
Accretion (note
18)
|
|
|
|
5
|
|
21
|
Benefits
paid
|
|
|
|
(38)
|
|
(105)
|
|
|
|
$
|
1,084
|
$
|
1,117
|
INTERIM CONSOLIDATED FINANCIAL STATEMENTS
|
|
|
|
Lease
|
|
Loan
|
|
Total
Debt
|
||
(in
thousands)
|
|
|
|
Liabilities
|
|
Liabilities
|
|
Obligations
|
|
|
|
|
|
|
|
|
|
|
|
Balance-December
31, 2023
|
|
|
$
|
287
|
|
130
|
$
|
417
|
|
Accretion (note
18)
|
|
|
|
6
|
|
-
|
|
6
|
|
Additions
|
|
|
|
64
|
|
-
|
|
64
|
|
Repayments
|
|
|
|
(47)
|
|
(13)
|
|
(60)
|
|
Balance-March 31,
2024
|
|
|
$
|
310
|
$
|
117
|
$
|
427
|
|
|
|
Lease
|
|
Loan
|
|
Total
Debt
|
||
(in
thousands)
|
|
|
|
Liabilities
|
|
Liabilities
|
|
Obligations
|
|
|
|
|
|
|
|
|
|
|
|
Maturity
analysis-contractual undiscounted cash flows:
|
|
|
|
|
|
|
|||
Next 12
months
|
|
|
$
|
173
|
$
|
50
|
$
|
223
|
|
One to five
years
|
|
|
|
163
|
|
72
|
|
235
|
|
Total
obligation-end of period-undiscounted
|
|
|
|
336
|
|
122
|
|
458
|
|
Present value
discount adjustment
|
|
|
|
(26)
|
|
(5)
|
|
(31)
|
|
Total
obligation-end of period-discounted
|
|
|
$
|
310
|
$
|
117
|
$
|
427
|
|
Number
of
|
|
|
|
|
Common
|
|
Share
|
|
(in thousands
except share amounts)
|
Shares
|
|
Capital
|
|
|
|
|
|
|
Balance-December
31, 2023
|
890,970,371
|
$
|
1,655,024
|
|
Issued for
cash:
|
|
|
|
|
Share option
exercises
|
639,334
|
|
769
|
|
Share option
exercises-transfer from contributed surplus
|
-
|
|
357
|
|
Share unit
exercises-transfer from contributed surplus
|
393,001
|
|
273
|
|
|
1,032,335
|
|
1,399
|
|
Balance-March 31,
2024
|
892,002,706
|
$
|
1,656,423
|
INTERIM CONSOLIDATED FINANCIAL STATEMENTS
|
|
|
|
|
Three
Months Ended
March
31
|
||||
(in
thousands)
|
|
|
|
|
|
2024
|
|
2023
|
|
|
|
|
|
|
|
|
|
Share based
compensation expense for:
|
|
|
|
|
|
|
|
|
Share
options
|
|
|
|
|
$
|
(377)
|
$
|
(375)
|
RSUs
|
|
|
|
|
|
(542)
|
|
(607)
|
PSUs
|
|
|
|
|
|
-
|
|
(62)
|
Share
based compensation expense
|
|
|
|
|
$
|
(919)
|
$
|
(1,044)
|
|
|
|
|
2024
|
||||
|
|
|
|
|
|
|
|
Weighted
|
|
|
|
|
|
|
|
|
Average
|
|
|
|
|
|
|
|
|
Exercise
|
|
|
|
|
|
|
Number
of
Common
|
|
Price
per
Share
|
|
|
|
|
|
|
Shares
|
|
(CAD)
|
|
|
|
|
|
|
|
|
|
Share options
outstanding-December 31, 2023
|
|
|
|
|
|
5,220,667
|
$
|
1.49
|
Grants
|
|
|
|
|
|
1,485,000
|
|
2.61
|
Exercises
(1)
|
|
|
|
|
|
(639,334)
|
|
1.20
|
Expiries
|
|
|
|
|
|
(16,000)
|
|
0.68
|
Forfeitures
|
|
|
|
|
|
(1,333)
|
|
1.84
|
Share options
outstanding-March 31, 2024
|
|
|
|
|
|
6,049,000
|
$
|
1.80
|
Share
options exercisable-March 31, 2024
|
|
|
|
|
|
2,999,333
|
$
|
1.47
|
INTERIM CONSOLIDATED FINANCIAL STATEMENTS
|
|
|
|
|
|
Weighted
|
|
|
|
Weighted-
|
|
|
|
|
|
Average
|
|
|
|
Average
|
|
|
|
|
|
Remaining
|
|
|
|
Exercise
|
Range of
Exercise
|
|
|
|
|
Contractual
|
|
Number
of
|
|
Price
per
|
Prices per
Share
|
|
|
|
|
Life
|
|
Common
|
|
Share
|
(CAD)
|
|
|
|
|
(Years)
|
|
Shares
|
|
(CAD)
|
|
|
|
|
|
|
|
|
|
|
Share options
outstanding
|
|
|
|
|
|
|
|||
$ 0.25 to $
0.49
|
|
0.94
|
|
36,000
|
$
|
0.46
|
|||
$ 0.50 to $
0.74
|
|
|
|
|
1.14
|
|
59,500
|
|
0.64
|
$ 0.75 to $
0.99
|
|
|
|
|
-
|
|
-
|
|
-
|
$ 1.00 to $
1.49
|
|
|
|
|
2.96
|
|
3,033,500
|
|
1.39
|
$ 1.50 to $
1.99
|
|
|
|
|
2.97
|
|
1,262,000
|
|
1.83
|
$ 2.00 to $
2.49
|
|
|
|
|
3.82
|
|
173,000
|
|
2.26
|
$ 2.50 to $
2.99
|
|
|
|
|
4.93
|
|
1,485,000
|
|
2.61
|
Share options
outstanding-March 31, 2024
|
|
3.44
|
|
6,049,000
|
$
|
1.80
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
March 31,
2024
|
|
|
|
|
|
|
|
Risk-free
interest rate
|
|
|
|
3.59%
|
|
Expected stock
price volatility
|
|
|
|
66.40%
|
|
Expected
life
|
|
|
|
3.41
years
|
|
Expected dividend
yield
|
|
|
|
-
|
|
Fair value
per options granted
|
|
|
$1.29
|
|
|
RSUs
|
|
PSUs
|
||||
|
|
|
|
Weighted
|
|
|
|
Weighted
|
|
|
|
|
Average
|
|
|
|
Average
|
|
|
Number
of
|
|
Fair
Value
|
|
Number
of
|
|
Fair
Value
|
|
|
Common
|
|
Per
RSU
|
|
Common
|
|
Per
PSU
|
|
|
Shares
|
|
(CAD)
|
|
Shares
|
|
(CAD)
|
|
|
|
|
|
|
|
|
|
Units
outstanding–December 31, 2023
|
|
5,580,919
|
$
|
1.20
|
|
481,500
|
$
|
0.83
|
Grants
|
|
1,690,000
|
|
2.61
|
|
-
|
|
-
|
Exercises
(1)
|
|
(171,501)
|
|
0.75
|
|
(221,500)
|
|
0.65
|
Units
outstanding–March 31, 2024
|
|
7,099,418
|
$
|
1.54
|
|
260,000
|
$
|
0.98
|
Units
vested–March 31, 2024
|
|
4,129,415
|
$
|
1.06
|
|
260,000
|
$
|
0.98
|
INTERIM CONSOLIDATED FINANCIAL STATEMENTS
|
|
|
|
|
At March
31
|
|
At December
31
|
(in
thousands)
|
|
|
|
2024
|
|
2023
|
|
|
|
|
|
|
|
Cumulative
foreign currency translation
|
|
|
$
|
407
|
$
|
456
|
Experience
gains-post employment liability
|
|
|
|
|
||
Gross
|
|
|
|
1,847
|
|
1,847
|
Tax
effect
|
|
|
|
(485)
|
|
(485)
|
|
|
|
$
|
1,769
|
$
|
1,818
|
|
|
|
|
Three
Months Ended
March
31
|
||||
(in
thousands)
|
|
|
|
|
|
2024
|
|
2023
|
|
|
|
|
|
|
|
|
|
Cost of goods and
services sold:
|
|
|
|
|
|
|
|
|
Operating
overheads:
|
|
|
|
|
|
|
|
|
Mining, other
development expense
|
|
|
|
|
$
|
(71)
|
$
|
(55)
|
Milling,
conversion expense
|
|
|
|
|
|
(667)
|
|
(652)
|
Legacy mine
overhead
|
|
|
|
|
|
(322)
|
|
(150)
|
Cost of goods and
services sold
|
|
|
|
|
|
(1,060)
|
|
(857)
|
Reclamation asset
amortization (note 10)
|
|
|
|
|
|
(160)
|
|
(47)
|
Operating
expenses – continuing operations
|
|
|
|
|
$
|
(1,220)
|
$
|
(904)
|
|
|
|
|
Three
Months Ended
March
31
|
||||
(in
thousands)
|
|
|
|
|
|
2024
|
|
2023
|
|
|
|
|
|
|
|
|
|
Gains (losses)
on:
|
|
|
|
|
|
|
|
|
Foreign
exchange
|
|
|
|
|
$
|
634
|
$
|
163
|
Fair value
changes:
|
|
|
|
|
|
|
|
|
Investments-equity
instruments (note 7)
|
|
|
|
|
|
(796)
|
|
1,166
|
Investments-uranium (note
7)
|
|
|
|
|
|
(5,677)
|
|
8,826
|
Investments-convertible
debentures (note 7)
|
|
|
|
|
|
639
|
|
-
|
Gain
on recognition of proceeds–U.I.
Repayment Agreement
|
|
396
|
|
269
|
||||
Uranium
investment carrying charges
|
|
|
|
|
|
(211)
|
|
(96)
|
Other
|
|
|
|
|
|
(67)
|
|
(82)
|
Other
income – continuing operations
|
|
|
|
|
$
|
(5,082)
|
$
|
10,246
|
INTERIM CONSOLIDATED FINANCIAL STATEMENTS
|
|
|
|
|
Three
Months Ended
March
31
|
||||
(in
thousands)
|
|
|
|
|
|
2024
|
|
2023
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
|
|
$
|
2,138
|
$
|
804
|
Interest
expense
|
|
|
|
|
|
(1)
|
|
(1)
|
Accretion
expense
|
|
|
|
|
|
|
|
|
Deferred
revenue (note 12)
|
|
|
|
|
|
(812)
|
|
(1,221)
|
Reclamation
obligations (note 13)
|
|
|
|
|
|
(473)
|
|
(420)
|
Post-employment
benefits (note 14)
|
|
|
|
|
|
(5)
|
|
(5)
|
Debt
obligations (note 14)
|
|
|
|
|
|
(6)
|
|
(7)
|
Finance
income (expense) – continuing operations
|
|
|
|
|
$
|
841
|
$
|
(850)
|
|
|
|
|
Three
Months Ended
March
31
|
||||
(in
thousands)
|
|
|
|
|
|
2024
|
|
2023
|
|
|
|
|
|
|
|
|
|
Continuing
operations:
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Mining, other
development expense
|
|
|
|
|
$
|
(1)
|
$
|
(1)
|
Milling,
conversion expense
|
|
|
|
|
|
(667)
|
|
(654)
|
Legacy mine
overhead
|
|
|
|
|
|
(51)
|
|
(52)
|
Evaluation
|
|
|
|
|
|
(162)
|
|
(144)
|
Exploration
|
|
|
|
|
|
(171)
|
|
(96)
|
General and
administrative
|
|
|
|
|
|
(40)
|
|
(38)
|
Depreciation
expense-gross
|
|
|
|
|
$
|
(1,092)
|
$
|
(985)
|
|
|
|
|
Three
Months Ended
March
31
|
||||
(in
thousands)
|
|
|
|
|
|
2024
|
|
2023
|
|
|
|
|
|
|
|
|
|
Salaries and
short-term employee benefits
|
|
|
|
|
$
|
(3,090)
|
$
|
(2,897)
|
Share-based
compensation (note 16)
|
|
|
|
|
|
(919)
|
|
(1,044)
|
Employee
benefits expense
|
|
|
|
|
$
|
(4,009)
|
$
|
(3,941)
|
|
|
|
|
Three
Months Ended
March
31
|
||||
(in
thousands)
|
|
|
|
|
|
2024
|
|
2023
|
|
|
|
|
|
|
|
|
|
Change in
non-cash working capital items:
|
|
|
|
|
|
|
|
|
Trade and other
receivables
|
|
|
|
|
$
|
(494)
|
$
|
(40)
|
Inventories
|
|
|
|
|
|
480
|
|
(55)
|
Prepaid expenses
and other assets
|
|
|
|
|
|
(10)
|
|
(325)
|
Accounts payable
and accrued liabilities
|
|
|
|
|
|
4,190
|
|
407
|
Change
in non-cash working capital items
|
|
|
|
|
$
|
4,166
|
$
|
(13)
|
INTERIM CONSOLIDATED FINANCIAL STATEMENTS
|
(in
thousands)
|
|
|
Mining
|
Corporate
and
Other
|
Total
|
|
|
|
|
|
|
Statement of Operations:
|
|
|
|
|
|
Revenues
|
|
$
|
832
|
-
|
832
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
Operating
expenses
|
|
|
(1,220)
|
-
|
(1,220)
|
Exploration
|
|
|
(5,413)
|
-
|
(5,413)
|
Evaluation
|
|
|
(5,701)
|
-
|
(5,701)
|
General and
administrative
|
|
|
(19)
|
(3,565)
|
(3,584)
|
|
|
|
(12,353)
|
(3,565)
|
(15,918)
|
Segment
loss
|
|
$
|
(11,521)
|
(3,565)
|
(15,086)
|
|
|
|
|
|
|
Revenues-supplemental:
|
|
|
|
|
|
Toll milling
services-deferred revenue (note 12)
|
|
832
|
-
|
832
|
|
|
|
$
|
832
|
-
|
832
|
|
|
|
|
|
|
Capital additions:
|
|
|
|
|
|
Property,
plant and equipment (note 10)
|
$
|
2,406
|
38
|
2,444
|
|
|
|
|
|
|
|
Long-lived assets:
|
|
|
|
|
|
Plant and
equipment
|
|
|
|
|
|
Cost
|
|
$
|
108,283
|
6,582
|
114,865
|
Accumulated
depreciation
|
|
|
(39,145)
|
(1,312)
|
(40,457)
|
Mineral
properties
|
|
|
181,674
|
-
|
181,674
|
|
|
$
|
250,812
|
5,270
|
256,082
|
INTERIM CONSOLIDATED FINANCIAL STATEMENTS
|
(in
thousands)
|
|
|
Mining
|
Corporate
and
Other
|
Total
|
|
|
|
|
|
|
Statement of Operations:
|
|
|
|
|
|
Revenues
|
|
$
|
(982)
|
-
|
(982)
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
Operating
expenses
|
|
|
(904)
|
-
|
(904)
|
Exploration
|
|
|
(3,947)
|
-
|
(3,947)
|
Evaluation
|
|
|
(2,722)
|
-
|
(2,722)
|
General and
administrative
|
|
|
(19)
|
(3,235)
|
(3,254)
|
|
|
|
(7,592)
|
(3,235)
|
(10,827)
|
Segment
loss
|
|
$
|
(8,574)
|
(3,235)
|
(11,809)
|
|
|
|
|
|
|
Revenues-supplemental:
|
|
|
|
|
|
Toll milling
services-deferred revenue (note 12)
|
|
(982)
|
-
|
(982)
|
|
|
|
$
|
(982)
|
-
|
(982)
|
|
|
|
|
|
|
Capital additions:
|
|
|
|
|
|
Property,
plant and equipment (note 10)
|
$
|
460
|
276
|
736
|
|
|
|
|
|
|
|
Long-lived assets:
|
|
|
|
|
|
Plant and
equipment
|
|
|
|
|
|
Cost
|
|
$
|
103,196
|
5,805
|
109,001
|
Accumulated
depreciation
|
|
|
(35,609)
|
(784)
|
(36,393)
|
Mineral
properties
|
|
|
180,600
|
-
|
180,600
|
|
|
$
|
248,187
|
5,021
|
253,208
|
|
|
|
|
Three
Months Ended
March
31
|
||||
(in
thousands)
|
|
|
|
|
|
2024
|
|
2023
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
|
$
|
-
|
$
|
2,066
|
|
|
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
|
|
|
|
Operating
expenses
|
|
|
|
|
|
-
|
|
(1,656)
|
Other
income
|
|
|
|
|
|
|
|
24
|
Income
from discontinued operations, net of taxes
|
|
|
|
|
$
|
-
|
$
|
434
|
INTERIM CONSOLIDATED FINANCIAL STATEMENTS
|
|
|
|
|
Three
Months Ended
March
31
|
||||
(in
thousands)
|
|
|
|
|
|
2024
|
|
2023
|
|
|
|
|
|
|
|
|
|
Salaries and
short-term employee benefits
|
|
|
|
|
$
|
(1,695)
|
$
|
(1,098)
|
Share-based
compensation
|
|
|
|
|
|
(753)
|
|
(814)
|
Key
management personnel compensation
|
|
|
|
|
$
|
(2,448)
|
$
|
(1,912)
|
INTERIM CONSOLIDATED FINANCIAL STATEMENTS
|
|
|
Financial
|
|
Fair
|
|
March
31,
|
|
December
31,
|
|
|
Instrument
|
|
Value
|
|
2024
|
|
2023
|
(in
thousands)
|
|
Category(1)
|
|
Hierarchy
|
|
Fair
Value
|
|
Fair
Value
|
|
|
|
|
|
|
|
|
|
Financial
Assets:
|
|
|
|
|
|
|
|
|
Cash and
equivalents
|
|
Category
B
|
|
|
$
|
120,294
|
$
|
131,054
|
Trade and other
receivables
|
|
Category
B
|
|
|
|
2,407
|
|
1,913
|
Investments
|
|
|
|
|
|
|
|
|
Equity
instruments-shares
|
|
Category
A
|
|
Level
1
|
|
9,536
|
|
10,390
|
Equity
instruments-warrants
|
|
Category
A
|
|
Level
2
|
|
185
|
|
127
|
Convertible
Debentures
|
|
Category
A
|
|
Level
3
|
|
16,204
|
|
15,565
|
Restricted
cash and equivalents
|
|
|
|
|
|
|
|
|
Elliot Lake
reclamation trust fund
|
|
Category
B
|
|
|
|
4,645
|
|
3,259
|
Credit
facility pledged assets
|
|
Category
B
|
|
|
|
7,972
|
|
7,972
|
|
|
|
|
|
$
|
161,243
|
$
|
170,280
|
|
|
|
|
|
|
|
|
|
Financial
Liabilities:
|
|
|
|
|
|
|
|
|
Account
payable and accrued liabilities
|
|
Category
C
|
|
|
|
15,285
|
|
10,822
|
Debt
obligations
|
|
Category
C
|
|
|
|
427
|
|
417
|
|
|
|
|
|
$
|
15,712
|
$
|
11,239
|
Exhibit
99.2
|
TABLE OF
CONTENTS
Q1 2024
PERFORMANCE HIGHLIGHTS
ABOUT
DENISON
RESULTS OF
OPERATIONS
Wheeler
River Uranium Project
LIQUIDITY
AND CAPITAL RESOURCES
DISCONTINUED
OPERATIONS
OUTLOOK FOR
2024
ADDITIONAL
INFORMATION
CAUTIONARY
STATEMENT REGARDING FORWARD-LOOKING
STATEMENTS
|
2
3
4
6
18
20
21
21 22
|
MANAGEMENT’S DISCUSSION & ANALYSIS
|
MANAGEMENT’S DISCUSSION & ANALYSIS
|
(in
thousands)
|
|
As at
March 31,
2024
|
|
As at
December 31,
2023
|
|
|
|
|
|
Financial Position:
|
|
|
|
|
Cash and cash
equivalents
|
$
|
120,294
|
$
|
131,054
|
Working
capital(1)
|
$
|
131,041
|
$
|
135,130
|
Investments in
uranium
|
$
|
271,138
|
$
|
276,815
|
Property, plant
and equipment
|
$
|
256,082
|
$
|
254,946
|
Total
assets
|
$
|
712,909
|
$
|
726,603
|
Total long-term
liabilities(2)
|
$
|
67,077
|
$
|
66,873
|
MANAGEMENT’S DISCUSSION & ANALYSIS
|
|
|
|
|
2024
|
|
2023
|
|
2023
|
|
2023
|
(in
thousands, except for per share amounts)
|
|
Q1
|
|
Q4
|
|
Q3
|
|
Q2
|
||
|
|
|
|
|
|
|
|
|
|
|
Continuing Operations:
|
|
|
|
|
|
|
|
|
|
|
Total
revenues
|
$
|
832
|
$
|
1,092
|
$
|
777
|
$
|
968
|
||
Net earnings
(loss)
|
$
|
(19,880)
|
$
|
34,627
|
$
|
57,916
|
$
|
(345)
|
||
Basic and diluted
earnings (loss) per share
|
$
|
(0.02)
|
$
|
0.04
|
$
|
0.07
|
$
|
(0.00)
|
||
|
|
|
|
|
|
|
|
|
||
Discontinued Operations:
|
|
|
|
|
|
|
|
|
||
Net earnings
(loss)
|
$
|
-
|
$
|
(150)
|
$
|
321
|
$
|
406
|
||
Basic and diluted
earnings (loss) per share
|
$
|
-
|
$
|
(0.00)
|
$
|
0.00
|
$
|
0.00
|
||
|
|
|
|
2023
|
|
2022
|
|
2022
|
|
2022
|
(in
thousands, except for per share amounts)
|
|
Q1
|
|
Q4
|
|
Q3
|
|
Q2
|
||
|
|
|
|
|
|
|
|
|
|
|
Continuing Operations:
|
|
|
|
|
|
|
|
|
||
Total
revenues
|
$
|
(982)
|
$
|
1,015
|
$
|
996
|
$
|
4,491
|
||
Net
loss
|
$
|
(2,834)
|
$
|
(6,247)
|
$
|
(6,854)
|
$
|
(16,688)
|
||
Basic and diluted
loss per share
|
$
|
(0.00)
|
$
|
(0.01)
|
$
|
(0.01)
|
$
|
(0.02)
|
||
|
|
|
|
|
|
|
|
|
||
Discontinued Operations:
|
|
|
|
|
|
|
|
|
||
Net
earnings
|
$
|
434
|
$
|
506
|
$
|
471
|
$
|
541
|
||
Basic and diluted
earnings per share
|
$
|
0.00
|
$
|
0.00
|
$
|
0.00
|
$
|
0.00
|
MANAGEMENT’S DISCUSSION & ANALYSIS
|
MANAGEMENT’S DISCUSSION & ANALYSIS
|
PROJECT EVALUATION ACTIVITIES
|
||||
Property
|
Denison’s ownership
|
Evaluation activities
|
||
Wheeler
River
|
95%(1)
|
Engineering,
detailed design, metallurgical testing, FFT care and maintenance,
project planning for 2024 field program activities, environmental
and sustainability activities, and EIS regulatory
reviews.
|
|
|
Waterbury
Lake
|
69.35%(2)
|
Project planning
for 2024 field activities.
|
|
|
Midwest
|
25.17%
|
Project planning,
execution of 2024 inaugural ISR well installation and field test,
and progression of the Preliminary Economic Assessment
(‘PEA’) report.
|
|
|
KLP
|
-(3)
|
Project planning
for 2024 activities.
|
|
|
|
|
|
|
MANAGEMENT’S DISCUSSION & ANALYSIS
|
Summary of Economic Results (100% Basis) – Base
Case
|
|
Uranium selling
price
|
UxC Spot Price(1)
(~US$66 to
US$70/lb U3O8)
|
Exchange Rate
(US$:CAD$)
|
1.35
|
Discount
Rate
|
8%
|
Operating profit
margin(2)
|
90.9%
|
|
|
Pre-tax
NPV8%(3) (Change from 2018 PFS)(4)
|
$2.34 billion
(+150%)
|
Pre-tax
IRR(3)
|
105.9%
|
Pre-tax payback
period(5)
|
~10
months
|
|
|
Post-tax
NPV8%(3)
|
$1.43
billion
|
Post-tax
IRR(3)
|
82.3%
|
Post-tax payback
period(5)
|
~11
months
|
|
|
Adjusted Post-tax
NPV8%(3)(6)
|
$1.56
billion
|
Adjusted Post-tax
IRR(3)(6)
|
90.0%
|
Adjusted Post-tax
payback period(3)(6)
|
~10
months
|
Summary of Key Phoenix Operational Parameters (100%
basis)
|
|
Mine
life
|
10
years
|
Proven &
Probable reserves(1)
|
56.7 million lbs
U3O8 (219,000 tonnes
at 11.7% U3O8)
|
First 5 years of
reserves(2)
|
41.9 million lbs
U3O8 (Average 8.4
million lbs U3O8 /
year)
|
Remaining years
of reserves
|
14.8 million lbs
U3O8 (Average 3.0
million lbs U3O8 /
year)
|
Initial capital
costs(3)
|
$419.4
million
|
Average cash
operating costs
|
$8.51 (US$6.28)
per lb U3O8
|
All-in
cost(4)
|
$21.73 (US$16.04)
per lb U3O8
|
MANAGEMENT’S DISCUSSION & ANALYSIS
|
Summary of Economic Results (100% Basis) – Base
Case
|
|
Uranium selling
price
|
US$75/lb U3O8(1)
(Fixed selling
price)
|
Exchange Rate
(US$:CAD$)
|
1.35
|
Discount
Rate
|
8%
|
Operating profit
margin(3)
|
83.0%
|
|
|
Pre-tax
NPV8%(3) (Change from 2018 PFS)(4)
|
$1.43 billion
(+148%)
|
Pre-tax
IRR(3)
|
41.4%
|
Pre-tax payback
period(5)
|
~ 20
months
|
|
|
Post-tax
NPV8%(3)(6)
|
$864.2
million
|
Post-tax
IRR(3)(6)
|
37.6%
|
Post-tax payback
period(5)(6)
|
~ 22
months
|
Summary of Key Gryphon Operational Parameters (100%
basis)
|
|
Mine
life
|
6.5
years
|
Probable
reserves(1)
|
49.7 million lbs
U3O8 (1,257,000 tonnes
at 1.8% U3O8)
|
Average annual
production
|
7.6 million lbs
U3O8
|
Initial capital
costs(2)
|
$737.4
million
|
Average cash
operating costs
|
$17.27 (US$12.75)
per lb U3O8
|
All-in
cost(3)
|
$34.50 (US$25.47)
per lb U3O8
|
MANAGEMENT’S DISCUSSION & ANALYSIS
|
MANAGEMENT’S DISCUSSION & ANALYSIS
|
MANAGEMENT’S DISCUSSION & ANALYSIS
|
MANAGEMENT’S DISCUSSION & ANALYSIS
|
MANAGEMENT’S DISCUSSION & ANALYSIS
|
EXPLORATION ACTIVITIES
|
|||
Property
|
Denison’s ownership
|
Drilling in metres
(m)(1)
|
Other activities
|
Crawford
Lake
|
100.00%
|
-
|
Geophysical
Survey
|
Johnston
Lake
|
100.00%
|
-
|
Geophysical
Survey
|
Moon Lake
South
|
75.00%
|
5,634 (8
holes)
|
Geophysical
Survey
|
Wheeler
River
|
95.00%(3)
|
6,666 (12
holes)
|
-
|
Waterfound
|
24.68%(2)
|
6,136 (10
holes)
|
Geophysical
Survey
|
|
|
|
|
Total
|
|
18,436 (20 holes)
|
|
MANAGEMENT’S DISCUSSION & ANALYSIS
|
MANAGEMENT’S DISCUSSION & ANALYSIS
|
MANAGEMENT’S DISCUSSION & ANALYSIS
|
MINERALIZED DRILL RESULTS FOR 2024 WINTER DRILLING
PROGRAM
|
|||||
Hole Number
|
Orientation
(azi./dip)
|
From
(m)
|
To
(m)
|
Length(1)
(m)
|
Grade
(% eU3O8)(2)
|
MS-24-233)
|
309°/-63.0°
|
503.7
|
504.3
|
0.6
|
0.12
|
MS-24-25(3)
|
301°/-54.5°
|
589.4
|
589.8
|
0.4
|
0.12
|
MS-24-27(3)
|
313°/-74.0°
|
536.4
|
536.6
|
0.2
|
0.08
|
MANAGEMENT’S DISCUSSION & ANALYSIS
|
MANAGEMENT’S DISCUSSION & ANALYSIS
|
MANAGEMENT’S DISCUSSION & ANALYSIS
|
MANAGEMENT’S DISCUSSION & ANALYSIS
|
|
|
|
|
|
Three Months Ended
|
|||
|
|
|
|
|
|
March 31,
|
|
March 31,
|
(in
thousands)
|
|
|
|
|
|
2024
|
|
2023
|
|
|
|
|
|
|
|
|
|
Salaries and
short-term employee benefits
|
|
|
|
|
$
|
(1,695)
|
$
|
(1,098)
|
Share-based
compensation
|
|
|
|
|
|
(753)
|
|
(814)
|
|
|
|
|
|
$
|
(2,448)
|
$
|
(1,912)
|
MANAGEMENT’S DISCUSSION & ANALYSIS
|
(in
thousands)
|
|
2024 BUDGET
|
Actual to
March 31, 2024(2)
|
Mining Segment
|
|
|
|
Development &
Operations
|
|
(4,986)
|
(2,419)
|
Exploration
|
|
(10,159)
|
(5,111)
|
Evaluation
|
|
(49,250)
|
(6,571)
|
JCU Cash
Contributions
|
|
(3,768)
|
(942)
|
|
|
(68,163)
|
(15,043)
|
Corporate and Other Segment
|
|
|
|
Corporate
Administration & Other
|
|
405
|
(288)
|
|
|
405
|
(288)
|
Total(1)
|
|
$ (67,758)
|
$ (15,331)
|
MANAGEMENT’S DISCUSSION & ANALYSIS
|
MANAGEMENT’S DISCUSSION & ANALYSIS
|
|
Denison Mines
Corp.
1100 – 40
University Ave
Toronto, ON M5J
1T1
www.denisonmines.com
|
David Cates
|
(416) 979-1991 ext.
362
|
President and Chief Executive
Officer
|
|
|
|
Geoff Smith
|
(416) 979-1991 ext.
358
|
Vice President Corporate
Development & Commercial
|
|
|
|
Follow Denison on
Twitter
|
@DenisonMinesCo
|