"Denison’s goal is to bring together the world’s lowest cost uranium mining method (ISR), with the world’s highest-grade undeveloped uranium deposit (Phoenix) to create Canada’s next producing uranium mine. Today, the prospect of accomplishing this is higher than it has ever been."
Founding Year:
Denison has a long history, having produced uranium for 35 years, ending in 1992. The formation of the modern Denison company came in 2006 with the merger of Denison and International Uranium Corp.
Traded on TSX as DML; Traded on NYSE American as DNN.
Summary:
Denison is a uranium exploration and development company with interests focused in the Athabasca Basin region of northern Saskatchewan, Canada. In addition to its flagship project, the 90% owned Wheeler River project, which ranks as the largest undeveloped high-grade uranium project in the infrastructure rich eastern portion of the Athabasca Basin region, Denison's Athabasca Basin exploration portfolio consists of numerous projects covering approximately 280,000 hectares. Denison's interests in Athabasca Basin also include a 22.5% ownership interest in the McClean Lake joint venture ("MLJV"), which includes several uranium deposits and the McClean Lake uranium mill, which is currently processing ore from the Cigar Lake mine under a toll milling agreement, plus a 25.17% interest in the Midwest and Midwest A deposits, and a 65.92% interest in the J Zone and Huskie deposits and Huskie discovery on the Waterbury Lake property. Each of Midwest, Midwest A, J Zone and Huskie are located within 20 kilometres of the McClean Lake mill. Denison is engaged in mine decommissioning and other environmental services through its Closed Mines Operations division and is the manager of Uranium Participation Corporation ("UPC"), a publicly traded company which invests in uranium oxide and uranium hexafluoride.
Main Leadership:
David D. Cates, President and Chief Executive Officer
Mr. Cates is a Chartered Professional Accountant (CPA, CA) and holds Master of Accounting (MAcc) and Honours Bachelor of Arts (BA) degrees from the University of Waterloo. Mr. Cates has extensive expertise in the Canadian and international uranium mining industry from over a decade of senior management and financial experience in various roles with Denison. Mr. Cates was appointed President & CEO of Denison in 2015, having previously served as the company's Vice President, Finance & Tax and Chief Financial Officer. Prior to joining Denison in 2008, Mr. Cates held positions at Kinross Gold Corp. and PwC LLP. Mr. Cates also serves as a Director of Denison, and is a Director of each of the Canadian Nuclear Association, SkyHarbour Resources Ltd. (TSX-V: SYH) and GoviEx Uranium Inc. (TSX-V: GXU). Both Skyharbour and GoviEx are engaged in uranium exploration and/or development.
Mac McDonald, Executive Vice President & Chief Financial Officer
Mr. McDonald is a Chartered Professional Accountant with more than 15 years progressive experience in the extractive industries. Before joining Denison, Mr. McDonald was Director of Financial Reporting at IAMGOLD Corporation and prior to that was working at PwC Canada providing audit, tax and other financial advisory services, specializing in global companies in the extractive industry. He has extensive knowledge in the areas of financial reporting in accordance with IFRS, risk and quality management, SOX and internal controls, as well as experience in public and private debt and equity offerings in Canada and the United States.
Tim Gabruch, Vice President Commercial
Mr. Gabruch has more than 25 years of commercial experience in the uranium mining and nuclear energy industries, including more than 20 years working with Cameco Corporation in a variety of marketing and corporate development roles. Most recently he served as vice-president, marketing, where he led a diverse corporate marketing team tasked with delivering more than 30 million pounds of uranium annually, and contributed to the overall management of the company as a member of its executive management committee. Through his career, Tim has worked directly with nuclear utilities globally and has also led a variety of business development projects and investment opportunities internationally, including the acquisition of Cameco's former nuclear fuel trading subsidiary, NUKEM GmbH. Tim holds bachelor degrees in arts (political studies) and commerce as well as a master of business administration, all from the University of Saskatchewan. He has completed executive education programs at INSEAD and Northwestern University.
David Bronkhorst, Vice President Operations
Mr. Bronkhorst is a seasoned mining executive with over 35 years of experience in base metals, gold, and uranium mining. Most recently he held the position of Vice President, Mining, Projects and Technology at Cameco Corporation, which involved responsibilities for conventional mining operations in the Athabasca Basin region in northern Saskatchewan and In-Situ Recovery (ISR) mining operations in the USA. During his 16-year career with Cameco, David also served as the General Manager at the Rabbit Lake Operation and the General Manager of the McArthur River Operation. Through his experience with Cameco's various mining operations, David has acquired unique senior level expertise with both conventional and highly specialized uranium extraction techniques. David is a graduate of the Mining Engineering program (1981) at Queen's University (Kingston ON, Canada) and is a member of the Association of Professional Engineers in Saskatchewan (APEGS). He has served as a director for the Saskatchewan Mining Association (SMA) and continues to support the International Atomic Energy Agency (IAEA) as an expert in uranium extraction methods.
Michael J. Schoonderwoerd, Vice President Controller
Mr. Schoonderwoerd was appointed Vice President Controller of the Company on January 1, 2013. Mr. Schoonderwoerd joined Denison as Corporate Controller in August 2004. Prior to that date, Mr. Schoonderwoerd was a Finance Manager at Nortel Networks from 1996 to 2004 in various capacities ranging from corporate consolidations and external reporting, business unit finance support and manufacturing divestiture activities. Mr. Schoonderwoerd received his Chartered Accountant designation in 1996 and he received his Honours Bachelor of Business Administration from Wilfrid Laurier University in 1992.
Amanda Willett, Vice President Legal and Corporate Secretary
Ms. Willett joined Denison as Corporate Counsel and Corporate Secretary in 2016. Prior to joining Denison, Ms. Willett was a securities law associate at Blake, Cassels & Graydon LLP in Vancouver since 2011 and prior to that was a corporate and securities law associate with Stikeman Elliott LLP in Toronto from 2008. Her practice focused on advising public and private companies on matters including mergers and acquisitions, joint ventures, securities offerings, securities law and stock exchange compliance matters, and general corporate matters. She has been involved in a broad range of transactional and corporate governance work for companies listed on the TSX and the TSX Venture Exchange, with an emphasis on advising companies in the mining industry. Ms. Willett graduated from York University in 2007 with an LL.B. from Osgoode Hall Law School and an MBA degree from the Schulich School of Business.
Main Assets:
I. Flagship Wheeler River Project – 90% INTEREST • Denison’s Flagship property in eastern Athabasca Basin (AB) • Phoenix + Gryphon staged co-development • PFS completed Q3'18 with 38.7% IRR and pre-tax NPV of $1.3B (8% discount) • Selection of ISR mining method for Phoenix with onsite processing at Wheeler River II. McClean Lake Mill – 22.5% INTEREST • Strategic high-grade Athabasca Basin uranium mill • 6 M lbs/year excess milling capacity • Currently tolling Cigar Lake ore • 24 M lbs /year lic. Capacity III. Diverse Project Portfolio • Interests in Midwest (25.17%), McClean (22.5%), and Waterbury (~64%) • 280,000 hectares of AB exploration properties (e.g. Crawford, Hook-Carter, Murphy) IV. Cash Flow from UPC & Closed Mines Ops. • Management Services Agreement with UPC (TSX: U) • Closed mines Operations division based in Elliot Lake • Regular cash flow minimizes reliance on dilutive equity financing
Contact:
Tim Gabruch Vice President Commercial +1 306 261-6284 denisonmines.com 230 – 22nd Street East, Suite 200 Saskatoon, Saskatchewan Canada S7K 0E9
As of July 31, 2020 the company held 16,058,373 lbs of uranium concentrates, and 400,000 kg U in the form of uranium hexafluoride. The fair value of this material is roughly C$746 million.
Summary:
Uranium Participation Corp. (UPC), founded in 2005 and listed on the Toronto Stock Exchange (TSX: U), invests in physical holdings of uranium, with the primary objective of achieving appreciation in the value of its uranium holdings. The Corporation also earns income from the occasional lending or relocating portions of its uranium holdings (U3O8 or UF6) to third parties. As a result, shareholders of UPC own an indirect investment in physical uranium – without being exposed to risks associated with investments in companies that engage in the exploration, mining, and processing of uranium.
Strategy Quote:
UPC’s business model and strategy is very straight forward. We hold physical uranium at licensed facilities around the world and provide a financial vehicle for private investors to participate in the uranium market – as the underlying value of our common shares increases and decreases based on the value of our uranium investments, which is driven primarily by changes in the market price of uranium.
UPC’s business is not to actively speculate on changes in uranium prices, but to invest in holdings of uranium and provide leverage to the uranium price, leaving it to investors to make their own decisions as to future price changes.
Founding Year:
UPC was founded in 2005. Traded on TSX as U.
Main Leadership:
David Cates, President and Chief Executive Officer Mr. Cates is a director and President and CEO of Denison Mines Corp. ("Denison") and Denison Mines Inc. (the "Manager"). Through the various roles he has held with Denison during his tenure, Mr. Cates has been involved in numerous aspects of the Corporation, from day-to-day oversight of management functions to the Corporation's acquisition of Uranium Limited in 2010. Mr. Cates is a Chartered Professional Accountant (CPA, CA) and holds a Master in Accounting degree from the University of Waterloo. Mac McDonald, Chief Financial Officer Mr. McDonald is a Chartered Professional Accountant (CPA, CA) and brings extensive financial experience to the role. Previously, Mr. McDonald held positions with PwC LLP providing audit, tax and other financial advisory services for global companies. Mr. McDonald has extensive knowledge in the areas of financial reporting in accordance with IFRS, risk and quality management, SOX and internal controls, as well as experience in public and private debt and equity offerings in Canada and the United States. Mr. McDonald also serves as Executive Vice President and Chief Financial Officer of Denison and Chief Financial Officer of the Manager. Tim Gabruch, Chief Commercial Officer Mr. Gabruch has extensive commercial experience in the uranium mining and nuclear energy industries, including more than 20 years working with Cameco Corporation in a variety of marketing and corporate development roles. Most recently he served as vice-president, marketing, where he led a diverse corporate marketing team tasked with delivering more than 30 million pounds of uranium annually, and contributed to the overall management of the company as a member of its executive management committee. Through his career, Tim has worked directly with nuclear utilities globally and has also led a variety of business development projects and investment opportunities internationally, including the acquisition of Cameco's former nuclear fuel trading subsidiary, NUKEM GmbH. Tim holds bachelor degrees in arts (political studies) and commerce as well as a master of business administration, all from the University of Saskatchewan. He has completed executive education programs at INSEAD and Northwestern University. Mr. Gabruch also serves as Vice President Commercial of Denison. Amanda Willett, Corporate Secretary Ms. Willett is the Corporate Secretary of the Corporation and the Manager, and is Vice President Legal and Corporate Secretary of Denison. Prior to joining Denison and the Corporation in 2016, Ms. Willett was a securities law associate at Blake, Cassels & Graydon LLP in Vancouver, a position she held since 2011. Prior to that, she was a corporate and securities law associate with Stikeman Elliott LLP in Toronto. Her practice focused on advising public and private companies on matters including mergers and acquisitions, joint ventures, securities offerings, securities law and stock exchange compliance matters, and general corporate matters. She has been involved in a broad range of transactional and corporate governance work for companies listed on the TSX and the TSX Venture Exchange, with an emphasis on advising companies in the mining industry. Ms. Willett graduated from York University in 2007 with an LL.B. from Osgoode Hall Law School and an MBA degree from the Schulich School of Business. She is a member of both the Ontario and British Columbia Bars.
Contact:
Tim Gabruch Vice President Commercial +1 306 261-6284 uraniumparticipation.com 230 – 22nd Street East, Suite 200 Saskatoon, Saskatchewan Canada S7K 0E9