Business
Denison Mines Reports Results From Q2 2020
TORONTO, Aug. 6, 2020 /CNW/ - Denison Mines Corp. ("Denison" or the "Company") (TSX: DML) (NYSE American: DNN) today filed its Condensed Consolidated Financial
About this update from Denison Mines Corp.
[{"type":"text","content":" TORONTO, Aug. 6, 2020 /CNW/ - Denison Mines Corp. (\"Denison\" or the \"Company\") (TSX: DML) (NYSE American: DNN) today filed its Condensed Consolidated Financial Statements and Management's Discussion & Analysis (\"MD&A\") for the quarter ended June 30, 2020. Both documents can be found on the Company's website at www.denisonmines.com or on SEDAR (at www.sedar.com) and EDGAR (at www.sec.gov/edgar.shtml). The highlights provided below are derived from these documents and should be read in conjunction with them. All amounts in this release are in Canadian dollars unless otherwise stated. View PDF version. David Cates, President and CEO of Denison commented, \"We've seen several positive trends develop in the uranium sector over the last several months. Demand has remained relatively stable with nuclear power plants answering the call to provide reliable and competitive base-load energy during the pandemic. At the same time, COVID-19 related supply curtailments and associated producer spot market buying has put upward pressure on the uranium spot price – to the point where the current spot price is approximately 10% higher than the base-case selling price assumed in the Pre-Feasibility Study for first production from Denison's proposed Phoenix In-Situ Recovery ('ISR') operation. While announcements have been made regarding the resumption of certain curtailed uranium mines, this was always expected by market participants. Regardless of the timing of these restarts, we should not lose sight of how impactful even temporary curtailments can be in a market that is actively drawing down inventories and other secondary supplies as part of a cyclical commodity correction – resulting in a permanent acceleration towards sustained improvements to supply-demand fundamentals. From a Denison perspective, our recent results illustrate our commitment to become the first company to bring the low-cost ISR uranium mining method to the high-grade uranium deposits of the Athabasca Basin region. In June 2020, we reported a significant milestone in the de-risking of the ISR mining method at Phoenix – announcing that an independent specialist firm concluded that a hydrogeologic model, developed based on actual field tests carried out at Phoenix in 2019, had produced 'proof of concept' for the application of the ISR mini...