Document And Entity Information
Document And Entity Information | 12 Months Ended |
Dec. 31, 2023 | |
Document And Entity Information | |
Entity Registrant Name | Denison Mines Corp. |
Entity Central Index Key | 0001063259 |
Amendment Flag | false |
Document Type | 6-K |
Document Period End Date | Dec. 31, 2023 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | FY |
Entity File Number | 001-33414 |
Entity Address Address Line 1 | 1100-40 University Avenue |
Entity Address City Or Town | Toronto |
Entity Address State Or Province | ON |
Entity Address Postal Zip Code | M5J 1T1 |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION $ in Thousands | Dec. 31, 2023 CAD ($) shares | Dec. 31, 2023 USD ($) shares | Dec. 31, 2022 CAD ($) shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 CAD ($) shares |
Current | |||||
Cash and cash equivalents | $ 131,054,000 | $ 50,915,000 | $ 63,998,000 | ||
Trade and other receivables | 1,913,000 | 4,143,000 | |||
Inventories | 3,580,000 | 2,713,000 | |||
Investments-equity instruments | 10,400,000 | 8,022,000 | |||
Prepaid expenses and other | 1,594,000 | 1,367,000 | |||
Total current assets | 148,541,000 | 67,160,000 | |||
Non-Current | |||||
Inventories-ore in stockpiles | 2,098,000 | 2,098,000 | |||
Investments-equity instruments | 117,000 | 87,000 | |||
Investments-uranium | 276,815,000 | 162,536,000 | |||
Investments-convertible debentures | 15,565,000 | 0 | |||
Investments-joint venture | 17,290,000 | 19,305,000 | |||
Restricted cash and investments | 11,231,000 | 11,105,000 | |||
Property, plant and equipment | 254,946,000 | 253,505,000 | |||
Total assets | 726,603,000 | 515,796,000 | |||
Current | |||||
Accounts payable and accrued liabilities | 10,822,000 | 10,299,000 | |||
Current portion of long-term liabilities: | |||||
Deferred revenue | 4,535,000 | $ 4,535 | 4,915,000 | $ 4,915 | |
Reclamation obligations | 2,256,000 | 2,865,000 | |||
Other liabilities | 333,000 | 336,000 | |||
Total current liabilities | 17,946,000 | 18,415,000 | |||
Non-Current | |||||
Deferred revenue | 30,423,000 | $ 30,423 | 28,380,000 | $ 28,380 | |
Reclamation obligations | 32,642,000 | 26,594,000 | |||
Other liabilities | 1,201,000 | 1,441,000 | |||
Deferred income tax liability | 2,607,000 | 4,950,000 | |||
Total liabilities | 84,819,000 | 79,780,000 | |||
EQUITY | |||||
Share capital | 1,655,024,000 | 1,539,209,000 | 1,517,029,000 | ||
Contributed surplus | 69,823,000 | 70,281,000 | |||
Deficit | (1,084,881,000) | (1,175,256,000) | |||
Accumulated other comprehensive income | 1,818,000 | 1,782,000 | |||
Total equity | 641,784,000 | 436,016,000 | $ 396,691,000 | ||
Total liabilities and equity | $ 726,603,000 | $ 515,796,000 | |||
Issued and outstanding common shares | shares | 890,970,371 | 890,970,371 | 826,325,592 | 826,325,592 | 812,429,995 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - CAD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME | ||
REVENUES | $ 1,855 | $ 8,973 |
EXPENSES | ||
Operating expenses | (3,898) | (5,352) |
Exploration | (9,564) | (8,097) |
Evaluation | (18,622) | (22,181) |
General and administrative | (13,760) | (12,538) |
Other income | 136,472 | 55,244 |
Total expenses before finance charges, equity accounting and tax | 90,628 | 7,076 |
Income before net finance expense, equity accounting | 92,483 | 16,049 |
Finance expense, net | (1,062) | (2,859) |
Equity share of loss of joint venture | (4,400) | (2,887) |
Income before taxes | 87,021 | 10,303 |
Income Tax Recovery [Abstract] | ||
Deferred | 2,343 | 2,269 |
Net income from continuing operations | 89,364 | 12,572 |
Net income from discontinued operations, net of income taxes | 1,011 | 1,782 |
Net income for the period | 90,375 | 14,354 |
Items that are or may be subsequently reclassified to income : | ||
Foreign currency translation change | 36 | 6 |
Comprehensive income for the period | $ 90,411 | $ 14,360 |
Basic net income per share: | ||
Continuing operations | $ 0.11 | $ 0.02 |
Discontinued operations | 0 | 0 |
Diluted net income per share: | ||
Continuing operations | 0.10 | 0.02 |
Discontinued operations | $ 0 | $ 0 |
Weighted-average number of shares outstanding (in thousands): | ||
Basic | 848,023 | 818,891 |
Diluted | 853,969 | 828,735 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - CAD ($) | Share capital | Contributed surplus | Deficit | Accumulated other comprehensive income | Total |
Balance-beginning of period at Dec. 31, 2021 | $ 1,517,029,000 | $ 67,496,000 | $ (1,189,610,000) | $ 1,776,000 | $ 396,691,000 |
Shares issued for cash, net of issue costs | 19,601,000 | ||||
Other shares issued, net of issue costs | 169,000 | ||||
Share-based compensation expense | 3,736,000 | (3,736,000) | |||
Share options exercised-cash | 1,459,000 | (1,459,000) | |||
Share option exercises-transfer from contributed surplus | 550,000 | (550,000) | |||
Share units exercised-transfer from contributed surplus | 401,000 | (401,000) | |||
Foreign currency translation | 6,000 | ||||
Net income | 14,354,000 | 14,354,000 | |||
Balance-end of period at Dec. 31, 2022 | 1,539,209,000 | 70,281,000 | (1,175,256,000) | 1,782,000 | 436,016,000 |
Shares issued for cash, net of issue costs | 107,884,000 | ||||
Other shares issued, net of issue costs | 193,000 | ||||
Share-based compensation expense | 3,746,000 | (3,746,000) | |||
Share options exercised-cash | 3,534,000 | (3,534,000) | |||
Share option exercises-transfer from contributed surplus | 1,474,000 | (1,474,000) | |||
Share units exercised-transfer from contributed surplus | 2,730,000 | (2,730,000) | |||
Foreign currency translation | 36,000 | ||||
Net income | 90,375,000 | 90,375,000 | |||
Balance-end of period at Dec. 31, 2023 | $ 1,655,024,000 | $ 69,823,000 | $ (1,084,881,000) | $ 1,818,000 | $ 641,784,000 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOW - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES: | ||
Net income for the period | $ 90,375 | $ 14,354 |
Adjustments and items not affecting cash and cash equivalents: | ||
Depletion, depreciation, amortization and accretion | 9,391 | 8,667 |
Fair value change losses (gains): | ||
Investments-equity instruments | 9 | 6,469 |
Investments-uranium | (134,180) | (29,422) |
Investments-convertible debentures | (565) | 0 |
Warrants on investment | 0 | (1,625) |
Share purchase warrants liabilities | 0 | (20,337) |
Joint venture-equity share of loss | 4,400 | 2,887 |
Recognition of deferred revenue | (1,855) | (5,987) |
Loss (gain) on property, plant and equipment disposals | (1,299) | 25 |
Post-employment benefit payments | (105) | (95) |
Reclamation obligation income statement adjustment | 3,229 | (4,126) |
Reclamation obligation expenditures | (3,118) | (1,348) |
Reclamation liability deposit from joint venture partner | 99 | 0 |
Share-based compensation | 3,746 | 3,736 |
Foreign exchange gain | (321) | (816) |
Deferred income tax recovery | (2,343) | (2,269) |
Change in non-cash operating working capital items | 1,870 | 1,743 |
Net cash used in operating activities | (30,667) | (28,144) |
INVESTING ACTIVITIES | ||
(Decrease)/Increase in restricted cash and investments | (126) | 896 |
Purchase of investment in joint venture | (2,385) | (800) |
Purchase of investment-convertible debentures | (15,000) | 0 |
Additions of property, plant and equipment | (3,234) | (6,869) |
Proceeds on disposal of investment - uranium | 19,901 | 0 |
Proceeds on disposal of property, plant and equipment | 125 | 12 |
Net cash used in investing activities | (719) | (6,761) |
FINANCING ACTIVITIES | ||
Issuance of debt obligations | 0 | 158 |
Repayment of debt obligations | (218) | (209) |
Proceeds from share issues, net of issue costs | 107,863 | 19,551 |
Proceeds from share options exercised | 3,534 | 1,459 |
Net cash provided by financing activities | 111,179 | 20,959 |
Increase/(Decrease) in cash and cash equivalents | 79,793 | (13,946) |
Foreign exchange effect on cash and cash equivalents | 346 | 863 |
Cash and cash equivalents, beginning of period | 50,915 | 63,998 |
Cash and cash equivalents, end of period | $ 131,054 | $ 50,915 |
NATURE OF OPERATIONS
NATURE OF OPERATIONS | 12 Months Ended |
Dec. 31, 2023 | |
NATURE OF OPERATIONS | |
NATURE OF OPERATIONS | 1. Denison Mines Corp. (“DMC”) and its subsidiary companies and joint arrangements (collectively, “Denison” or the “Company”) are engaged in uranium mining related activities, which can include acquisition, exploration, and development of uranium bearing properties, extraction, processing and selling of, and investing in uranium. The Company has an effective 95.0% interest in the Wheeler River Joint Venture (“WRJV”), a 69.35% interest in the Waterbury Lake Uranium Limited Partnership (“WLULP”), a 22.5% interest in the McClean Lake Joint Venture (“MLJV”) (which includes the McClean Lake mill) and a 25.17% interest in the Midwest Joint Venture (“MWJV”), each of which are located in the eastern portion of the Athabasca Basin region in northern Saskatchewan, Canada. The McClean Lake mill is contracted to provide toll milling services to the Cigar Lake Joint Venture (“CLJV”) under the terms of a toll milling agreement between the parties (see note 12). Through its 50% ownership of JCU (Canada) Exploration Company, Limited (“JCU”), Denison holds further indirect interests in various uranium project joint ventures in Canada, including the Millennium project (JCU 30.099%), the Kiggavik project (JCU 33.8118%) and the Christie Lake project (JCU 34.4508%). See note 8 for details. In addition, Denison’s exploration portfolio includes further interests in properties in the Athabasca Basin region. DMC is incorporated under the Business Corporations Act References to “2023” and “2022” refer to the year ended December 31, 2023, and the year ended December 31, 2022 respectively. |
STATEMENT OF COMPLIANCE, ACCOUN
STATEMENT OF COMPLIANCE, ACCOUNTING POLICIES AND COMPARATIVE NUMBERS | 12 Months Ended |
Dec. 31, 2023 | |
STATEMENT OF COMPLIANCE, ACCOUNTING POLICIES AND COMPARATIVE NUMBERS | |
STATEMENT OF COMPLIANCE, ACCOUNTING POLICIES AND COMPARATIVE NUMBERS | 2. Statement of Compliance These consolidated financial statements have been prepared in accordance with International Financial Reporting Standard (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). These financial statements were approved by the board of directors for issue on February 29, 2024. Material accounting policies These consolidated financial statements are presented in Canadian dollars (“CAD”) and all financial information is presented in CAD, unless otherwise noted. The preparation of the consolidated financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amount of assets, liabilities, revenues and expenses. Actual results may vary from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in note 3. The Company has considered the amendments to IAS 1: Presentation of Financial Statements, IAS 8: Accounting Policies, Changes in Account Estimates and Errors, IAS 12: Income Taxes and IFRS 17: Reporting Standard for Insurance Contracts, which are effective for annual periods beginning on or after January 1, 2023 and has concluded that these amendments have no impact on the Company’s consolidated financial statements. The material accounting policies used in the preparation of these consolidated financial statements are described below: A. The financial statements of the Company include the accounts of DMC, its subsidiaries and its joint arrangements (see note 25). Subsidiaries Subsidiaries are all entities over which the DMC group of entities has control. The group controls an entity where the group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the group and are deconsolidated from the date that control ceases. Intercompany transactions, balances and unrealized gains and losses from intercompany transactions are eliminated. Joint arrangements A joint arrangement is a contractual arrangement of which the DMC group of entities and another independent party have joint control. Joint arrangements are either joint operations or joint ventures. The classification of a joint arrangement as a joint operation or a joint venture depends upon the rights and obligations of the parties to the arrangement. The Company determines the type of joint arrangement in which it is involved by considering the structure and form of the arrangement, the terms agreed by the parties in the contractual arrangement and other facts and circumstances such as the parties’ rights and obligations arising from the arrangement. Joint operations are contractual arrangements which involve joint control between the parties which have rights to the assets, and obligations for the liabilities, relating to the joint arrangement. The consolidated financial statements of the Company include its share of the assets in such joint operations, together with its share of the liabilities and the revenues and expenses arising jointly or otherwise from those operations. All such amounts are measured in accordance with the terms of each arrangement. A joint venture is a joint arrangement over which the Company shares joint control and which provides the Company with the rights to the net assets of the joint arrangement. Joint ventures are accounted for using the equity method. Under the equity method, investments in joint ventures are initially recorded at cost and adjusted thereafter to record the Company’s share of post-acquisition earnings or loss of the joint venture as if the joint venture had been consolidated. The carrying value of investments in joint ventures is also increased or decreased to reflect the Company’s share of capital transactions, including amounts recognized in “Other comprehensive income or loss”, and for accounting changes that relate to periods subsequent to the date of acquisition. B. Functional and presentation currency Items included in the financial statements of each entity in the DMC group are measured using the currency of the primary economic environment in which the entity operates (“the functional currency”). Primary and secondary indicators are used to determine the functional currency. Primary indicators include the currency that mainly influences sales prices, labour, material and other costs. Secondary indicators include the currency in which funds from financing activities are generated and in which receipts from operating activities are usually retained. Typically, the local currency has been determined to be the functional currency of Denison’s entities. The financial statements of entities that have a functional currency different from the presentation currency of DMC (“foreign operations”) are translated into Canadian dollars as follows: assets and liabilities at the closing rate at the date of the statement of financial position, and income and expenses at the average rate of the period (as this is considered a reasonable approximation to actual rates). All resulting changes are recognized in “Other comprehensive income or loss” as cumulative foreign currency translation adjustments. When the Company disposes of its entire interest in a foreign operation, or loses control, joint control, or significant influence over a foreign operation, the foreign currency gains or losses accumulated in “Other comprehensive income or loss” related to the foreign operation are recognized in the statement of income or loss as translational foreign exchange gains or losses. Transactions and balances Foreign currency transactions are translated into an entity’s functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of foreign currency transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in currencies other than an operation’s functional currency are recognized in the statement of income or loss as transactional foreign exchange gains or losses. C. Financial assets and financial liabilities are recognized when the Company becomes a party to the contractual provisions of a financial instrument. Financial assets are derecognized when the rights to receive cash flows from the assets have expired or have been transferred and the Company has transferred substantially all risks and rewards of ownership. Financial liabilities are derecognized when the obligations specified in the contract are discharged, cancelled or expire. At initial recognition, the Company classifies its financial instruments in the following categories: Financial assets and liabilities at fair value through profit or loss (“FVTPL”) A financial asset is classified in this category if it is a derivative instrument, an equity instrument for which the Company has not made the irrevocable election to classify as fair value through Other comprehensive income (“FVTOCI”), or a debt instrument that is not held within a business model whose objective includes holding the financial assets in order to collect contractual cash flows that are solely payments of principal and interest. Derivative financial liabilities and contingent consideration liabilities related to business combinations are also classified in this category. Financial instruments in this category are recognized initially and subsequently at fair value. Transaction costs are expensed in the statement of income or loss. Gains and losses arising from changes in fair value are presented in the statement of income or loss – within “Other income (expense)” in the period in which they arise. Equity investments in shares and warrants, uranium investments, and convertible debentures are classified as financial assets at FVTPL. Financial assets at amortized cost A financial asset is classified in this category if it is a debt instrument and / or other similar asset that is held within a business model whose objective is to hold the asset in order to collect the contractual cash flows (i.e. principal and interest). Financial assets in this category are initially recognized at fair value plus transaction costs and subsequently measured at amortized cost using the effective interest method less a provision for impairment. Interest income is recorded in the statement of income or loss through “Finance income”. Cash and cash equivalents, restricted cash, and trade and other receivables are classified as financial assets at amortized cost. Financial liabilities at amortized cost All financial liabilities that are not recorded as FVTPL are classified in this category and are initially recognized less a discount (when material) to reduce the financial liabilities to fair value and less any directly attributable transaction costs. Subsequently, financial liabilities are measured at amortized cost using the effective interest method. Interest expense is recorded in the statement of income or loss through “Finance expense”. Accounts payable and accrued liabilities, and debt obligations are classified as financial liabilities at amortized cost. Refer to the “Fair Value of Financial Instruments” section of note 23 for the Company’s classification of its financial assets and liabilities within the fair value hierarchy. D. At each reporting date, the Company assesses the expected credit losses ("ECLS") associated with its financial assets that are not carried at FVTPL. ECLS are calculated based on the difference between the contractual cash flows and the cash flows that the Company expects to receive, discounted, where applicable, based on the asset’s original effective interest rate. For “Trade receivables”, the Company calculates ECLS based on historical credit loss experience, adjusted for forward-looking factors specific to debtors and the economic environment. In recording an impairment loss, the carrying amount of the asset is reduced by this expected credit loss (“ECL”) either directly or indirectly through the use of an allowance account. E. Expenditures, including depreciation, depletion and amortization of production assets, incurred in the mining and processing activities that will result in future uranium concentrate production, are deferred and accumulated as ore in stockpiles, in-process inventories and concentrate inventories. These amounts are carried at the lower of weighted average cost or net realizable value (“NRV”). NRV is calculated as the estimated future uranium concentrate selling price in the ordinary course of business (net of selling costs) less the estimated costs to complete production of the inventory into a saleable form. Stockpiles are comprised of coarse ore that has been extracted from the mine and is available for further processing. Mining production costs are added to the stockpile as incurred and removed from the stockpile based upon the weighted average cost per ton of ore produced from mines considered to be in commercial production. The current portion of ore in stockpiles represents the amount expected to be processed in the next twelve months. In-process and concentrate inventories include the cost of the ore removed from the stockpile, a pro-rata share of the amortization of the associated mineral property, as well as production costs incurred to process the ore into a saleable product. Processing costs typically include labor, chemical reagents and directly attributable mill overhead expenditures. Items are valued at weighted average cost. Materials and other supplies held for use in the production of inventories are carried at weighted average cost and are not written down below that cost if the finished products in which they will be incorporated are expected to be sold at or above cost. However, when a decline in the price of concentrates indicates that the cost of the finished products exceeds NRV, the materials are written down to NRV. In such circumstances, the replacement cost of the materials may be the best available measure of their NRV. F. The Company’s uranium investments are held for long-term capital appreciation. Investments in uranium are initially recorded at cost, on the date that control of the uranium passes to the Company. Cost includes the purchase price and any directly attributable transaction costs. Subsequent to initial recognition, investments in uranium are measured at fair value at each reporting period end. Fair value is determined based on the most recent month-end spot price for uranium published by UxC LLC (“UxC”) and converted to Canadian dollars using the foreign exchange rate at the date of the consolidated statement of financial position. Related fair value gains and losses recognized subsequent to initial recognition are recorded in the consolidated statement of income (loss) as a component of “Other income (expense)” in the period in which they arise. G. Plant and equipment Plant and equipment are recorded at acquisition or production cost and carried net of depreciation and impairments. Cost includes expenditures incurred by the Company that are directly attributable to the acquisition of the asset. Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost can be measured reliably. The carrying amount of a replaced asset is derecognized when replaced. Repairs and maintenance costs are charged to the statement of income and loss during the period in which they are incurred. Depreciation is calculated on a straight line or unit of production basis as appropriate. Where a straight-line methodology is used, the assets are depreciated to their estimated residual value over an estimated useful life which ranges from three to twenty years depending upon the asset type. Where a unit of production methodology is used, the assets are depreciated to their estimated residual value over the useful life defined by management’s best estimate of recoverable reserves and resources in the current estimated mine plan. When assets are retired or sold, the resulting gains or losses are reflected in the statement of income or loss as a component of “Other income (expense)”. The Company allocates the amount initially recognized in respect of an item of plant and equipment to its significant parts and depreciates separately each such part over its useful life. Residual values, methods of depreciation and useful lives of the assets are reviewed at least annually and adjusted if appropriate. Where straight-line depreciation is utilized, the range of useful lives for various asset classes is generally as follows: Buildings 15 - 20 years; Production machinery and equipment 5 - 7 years; Other assets 3 - 5 years. Mineral property acquisition, exploration, evaluation and development costs Costs relating to mineral and / or exploration rights acquired through a business combination or asset acquisition are capitalized and reported as part of “Property, plant and equipment”. Exploration and Evaluation expenditures are expensed as incurred. Once commercial viability and technical feasibility for a project has been established, the project is classified as a “Development Stage” mineral property, an impairment test is performed on the transition, and all further development costs are capitalized to the asset. Once a development stage mineral property goes into commercial production, the project is classified as “Producing” and the accumulated costs are amortized over the estimated recoverable reserves and resources in the current mine plan using a unit of production basis. Proceeds received from the sale of an interest in a property are credited against the carrying value of the property, with any difference recorded in the statement of income or loss as a gain or loss on sale within “Other income (expense)”. Lease assets (and lease obligations) At the inception of a contract, the Company assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Company assesses whether: ● the contract involves the use of an identified asset – this may be specified explicitly or implicitly and should be physically distinct or represent substantially all of the capacity of a physically distinct asset. If the supplier has a substantive substitution right, then the asset is not identified; ● the Company has the right to obtain substantially all of the economic benefits from the use of the asset throughout the period of use; and ● the Company has the right to direct the use of the asset. The Company has this right when it has the decision-making rights that are most relevant to changing how and for what purpose the asset is used. In rare cases where the decision about how and for what purpose the asset is used is predetermined, the Company has the right to direct the use of the asset if either (a) the Company has the right to operate the asset; or (b) the Company designed the asset in a way that predetermines how and for what purpose it will be used. If the contract contains a lease, the Company accounts for the lease and non-lease components separately. For the lease component, a right-of-use asset and a corresponding lease liability are set-up at the date at which the leased asset is available for use by the Company. The right-of-use asset is depreciated over the shorter of the asset’s useful life and the lease term on a straight-line basis. The lease payments associated with the lease liability are discounted using either the interest rate implicit in the lease, if available, or the Company’s incremental borrowing rate. Each lease payment is allocated between the liability and the finance cost (i.e. accretion) so as to produce a constant rate of interest on the remaining lease liability balance. H. After application of the equity method to joint ventures, at each reporting date the Company determines whether there is objective evidence that the investment in the joint venture is impaired. If there is such evidence, the Company calculates the amount of impairment as the difference between the recoverable amount of the associate or joint venture and it’s carrying value, and then recognizes the loss within “Equity share of loss” in the statement of income or loss. Property, plant and equipment assets are assessed at the end of each reporting period to determine if there is any indication that the asset may be impaired. If any such indication exists, an estimate of the recoverable amount of the asset is made. For the purpose of measuring recoverable amounts, assets are grouped at the lowest level, or cash generating unit (“CGU”), for which there are separately identifiable cash inflows. The recoverable amount is the higher of an asset’s fair value less costs of disposal and value in use (being the present value of the expected future cash flows of the relevant asset or CGU, as determined by management). An impairment loss is recognized for the amount by which the CGU’s carrying amount exceeds its recoverable amount. Mineral property assets are assessed for impairment using the impairment indicators under IFRS 6 “Exploration for and Evaluation of Mineral Resources” up until the commercial viability and technical feasibility for the property is established. From that point onwards, mineral property assets are tested for impairment using the impairment indicators of IAS 36 “Impairment of Assets”. I. Share-based compensation The Company uses a fair value-based method of accounting for share options to employees and to non-employees. The fair value is determined using the Black-Scholes option pricing model on the date of the grant. The cost is recognized on a graded method basis, adjusted for expected forfeitures, over the applicable vesting period as an increase in share-based compensation expense and the contributed surplus account. When such share options are exercised, the proceeds received by the Company, together with the respective amount from contributed surplus, are credited to share capital. The Company also has a share unit plan pursuant to which it may grant share units to employees – the share units are equity-settled awards. The Company determines the fair value of the awards on the date of grant. The cost is recognized on a graded method basis, adjusted for expected forfeitures, over the applicable vesting period, as an increase in share-based compensation expense and the contributed surplus account. When such share units are settled for common shares, the applicable amounts of contributed surplus are credited to share capital. J. Reclamation provisions, which are legal and constructive obligations related to the retirement of tangible long-lived assets, are recognized when such obligations are incurred, and a reasonable estimate of the value can be determined. These obligations are measured initially at the present value of expected cash flows using a pre-tax discount rate reflecting risks specific to the liability and the resulting costs are capitalized and added to the carrying value of the related assets. In subsequent periods, the liability is adjusted for the accretion of the discount and the expense is recorded in the statement of income or loss. Changes in the amount or timing of the underlying future cash flows or changes in the discount rate are immediately recognized as an increase or decrease in the carrying amounts of the related asset, if one exists, and liability. These costs are amortized to the results of operations over the life of the asset. Reductions in the amount of the liability are first applied against the amount of the net reclamation asset with any excess value being recorded in the statement of income or loss. The Company’s activities are subject to numerous governmental laws and regulations. Estimates of future reclamation liabilities for asset decommissioning and site restoration are recognized in the period when such liabilities are incurred. These estimates are updated on a periodic basis and are subject to changing laws, regulatory requirements, changing technology and other factors which will be recognized when appropriate. Liabilities related to site restoration include long-term treatment and monitoring costs and incorporate total expected costs net of recoveries. Expenditures incurred to dismantle facilities, restore, and monitor closed resource properties are charged against the related reclamation liability. K. Current income tax payable is based on taxable income for the period. Taxable income differs from income as reported in the statement of income or loss because it excludes items of income or expense that are taxable or deductible in other periods and it further excludes items that are never taxable or deductible. The Company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred income taxes are accounted for using the balance sheet liability method. Deferred income tax assets and liabilities are computed based on temporary differences between the financial statement carrying values of the existing assets and liabilities and their respective income tax bases used in the computation of taxable income. Computed deferred tax liabilities are generally recognized for all taxable temporary differences and deferred tax assets are recognized to the extent that it is probable that taxable income will be available against which deductible temporary differences can be utilized. Such assets and liabilities are not recognized if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable income nor the accounting income. Deferred tax liabilities are recognized for taxable temporary differences arising on investments in subsidiaries and investments, and interests in joint ventures, except where the Company is able to control the reversal of the temporary differences and it is probable that the temporary differences will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable earnings will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset realized, based on tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is charged or credited to the statement of income or loss (or comprehensive income or loss in some specific cases), except when it relates to items charged or credited directly to equity, in which case the deferred tax is also recorded within equity. Income tax assets and liabilities are offset when there is a legally enforceable right to offset the assets and liabilities and when they relate to income taxes levied by the same tax authority on either the same taxable entity or different taxable entities where there is an intention to settle the balance on a net basis. L. The Company’s Canadian exploration activities have been financed in part through the issuance of flow-through common shares, whereby the Canadian income tax deductions relating to these expenditures are claimable by the subscribers and not by the Company. The proceeds from issuing flow-through shares are allocated between the offering of shares and the sale of tax benefits. The allocation is based on the difference (“premium”) between the quoted price of the Company’s existing shares and the amount the investor pays for the actual flow-through shares. A liability is recognized for the premium when the shares are issued and is extinguished when the tax effect of the temporary differences, resulting from the renunciation of the tax deduction to the flow-through shareholders, is recorded - with the difference between the liability and the value of the tax assets renounced being recorded as a deferred tax expense. The tax effect of the renunciation is recorded at the time the Company makes the renunciation to its subscribers – which may differ from the effective date of renunciation. If the flow-through shares are not issued at a premium, a liability is not established, and on renunciation the full value of the tax assets renounced is recorded as a deferred tax expense. M. Revenue from pre-sold toll milling services Revenue from the pre-sale of toll milling arrangement cash flows is recognized as the toll milling services are provided. At contract inception, the Company estimates the expected transaction price of the toll milling services being sold based on available information and calculates an average per unit transaction price that applies over the life of the contract. This unit price is used to draw-down the deferred revenue balance as the toll milling services occur. When changes occur to the expected timing, or volume of toll milling services, the per unit transaction price is adjusted to reflect the change (such review to be done annually, at a minimum), and a cumulative catch-up adjustment is made to reflect the updated rate. The amount of the upfront payment received from the toll milling pre-sale arrangements includes a significant financing component due to the longer-term nature of such agreements. As such, the Company also recognizes accretion expense on the deferred revenue balance which is recorded in the statement of income or loss through “Finance expense, net”. Revenue from environmental services (i.e. Closed Mines group) Environmental service contracts represent a series of distinct performance obligations that are substantially the same and have the same pattern of transfer of control to the customer. The transaction price is estimated at contract inception and is recognized over the life of the contract as control is transferred to the customer. Variable consideration, where applicable, is estimated at contract inception using either the expected value method or the most likely amount method. If it is highly probable that a subsequent reversal of revenue will not occur when the uncertainty has been resolved, the Company will recognize as revenue the estimated transaction price, including the estimate of the variable portion, upon transfer of control to the customer, otherwise the variable portion of the transaction price will be constrained, and will not be recognized as revenue until the uncertainty has been resolved. N. Basic earnings (loss) per share (“EPS”) is calculated by dividing the net income or loss for the period attributable to equity owners of DMC by the weighted average number of common shares outstanding during the period. Diluted EPS is calculated by adjusting the weighted average number of common shares outstanding for dilutive instruments. The number of shares included with respect to options, warrants and similar instruments is computed using the treasury stock method. O. Discontinued operations A discontinued operation is a component of the Company that has either been disposed of, abandoned, or that is classified as held for sale and: (i) represents a separate major line of business or geographical area of operations; (ii) is part of a single coordinated plan to dispose of a separate major line of business or geographical area of operations; or (iii) is a subsidiary acquired exclusively with a view to resale. A component of the Company is comprised of operations and cash flows that can be clearly distinguished, operationally and for financial reporting purposes, from the rest of the Company. Further, a discontinued operation must be a component of the Company that was a cash generating unit ("CGU") while being held for use. Disposal groups to be abandoned include those that are to be used to the end of their economic life and those that are to be closed rather than sold. Net income or loss of a discontinued operation and any gain or loss on disposal are combined and presented as net income or loss from discontinued operations, net of tax, in the statement of income or loss. At the end of August, 2023, the Company’s long-term third party Closed Mine services contract came to an end and the Company ceased providing such third party care and maintenance services (see note 21). The Company is treating the Closed Mines segment as a discontinued operation as a result of the termination of this contract and the subsequent decision to no longer provide such services. |
CRITICAL ACCOUNTING ESTIMATES A
CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS | 12 Months Ended |
Dec. 31, 2023 | |
CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS | |
CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS | 3. The preparation of consolidated financial statements in accordance with IFRS requires the use of certain critical accounting estimates and judgements that affect the amounts reported. It also requires management to exercise judgement in applying the Company’s accounting policies. These judgements and estimates are based on management’s best knowledge of the relevant facts and circumstances taking into account previous experience. Although the Company regularly reviews the estimates and judgements made that affect these financial statements, actual results may be materially different. Significant estimates and judgements made by management relate to: A. At each reporting date, the Company assesses whether there is an indicator that its mineral properties may be impaired. Judgement is applied in identifying whether or not an indicator exists. Impairment indicators exist when facts and circumstances suggest that the carrying amount of a mineral property may exceed its recoverable amount. Both internal and external sources of information are considered when determining the presence of an impairment indicator or an indicator of reversal of a previous impairment. Judgment is required when identifying indicators of impairment which include results from exploration programs during the reporting period, a decline in the reserves and resources by property, and events or changes to the operations such as: a) unfavourable changes in the property or project economics; b) environmental restrictions on development; c) the period for which the Company has the right to explore in the specific area has expired or will expire in the next 12 months and is not expected to be renewed; and d) substantive expenditure on further exploration for and evaluation of mineral resources in the specific area is neither budgeted nor planned. Judgment is also required when considering whether significant positive changes in any of these items indicate a previous impairment may have reversed. When an indicator is identified, the Company determines the recoverable amount of the property, which is the higher of an asset’s fair value less costs of disposal or value in use. An impairment loss is recognized if the carrying value exceeds the recoverable amount. The recoverable amount of a mineral property may be determined by reference to estimated future operating results and discounted net cash flows, current market valuations of similar properties or a combination of the above. In undertaking this review, management of the Company is required to make significant estimates of, amongst other things: reserve and resource amounts, future production and sale volumes, forecast commodity prices, future operating, capital and reclamation costs to the end of the mine’s life and current market valuations from observable market data which may not be directly comparable. These estimates are subject to various risks and uncertainties, which may ultimately have an effect on the expected recoverable amount of a specific mineral property asset. Changes in these estimates could have a material impact on the carrying value of the mineral property amounts and the impairment losses recognized. B. Asset retirement obligations are recorded as a liability when the asset is initially constructed, or a constructive or legal obligation exists. The valuation of the liability typically involves identifying costs to be incurred in the future and discounting them to the present using an appropriate discount rate for the liability. The determination of future costs involves a number of estimates relating to timing, type of costs, mine closure plans, and review of potential methods and technical advancements. Furthermore, due to uncertainties concerning environmental remediation, the ultimate cost of the Company’s decommissioning liability could differ materially from amounts provided. The estimate of the Company’s obligation is subject to change due to amendments to applicable laws and regulations and as new information concerning the Company’s operations becomes available. The Company is not able to determine the impact on its financial position, if any, of environmental laws and regulations that may be enacted in the future. |
CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS | 12 Months Ended |
Dec. 31, 2023 | |
CASH AND CASH EQUIVALENTS | |
CASH AND CASH EQUIVALENTS | 4. The cash and cash equivalent balance consists of: At December 31 At December 31 (in thousands) 2023 2022 Cash $ 2,650 $ 1,801 Cash in MLJV and MWJV 1,036 1,263 Cash equivalents 127,368 47,851 $ 131,054 $ 50,915 Cash equivalents consist of various investment savings account instruments and money market funds, all of which are short term in nature, highly liquid and readily convertible into cash. |
TRADE AND OTHER RECEIVABLES
TRADE AND OTHER RECEIVABLES | 12 Months Ended |
Dec. 31, 2023 | |
TRADE AND OTHER RECEIVABLES | |
TRADE AND OTHER RECEIVABLES | 5. The trade and other receivables balance consists of: At December 31 At December 31 (in thousands) 2023 2022 Trade receivables $ 899 $ 3,184 Receivables in MLJV and MWJV 623 508 Sales tax receivables 364 428 Sundry receivables 27 23 $ 1,913 $ 4,143 |
INVENTORIES
INVENTORIES | 12 Months Ended |
Dec. 31, 2023 | |
INVENTORIES | |
INVENTORIES | 6. The inventories balance consists of: At December 31 At December 31 (in thousands) 2023 2022 Inventory of ore in stockpiles $ 2,098 $ 2,098 Mine and mill supplies in MLJV 3,580 2,713 $ 5,678 $ 4,811 Inventories-by balance sheet presentation: Current $ 3,580 $ 2,713 Long term-ore in stockpiles 2,098 2,098 $ 5,678 $ 4,811 Long-term ore in stockpile inventory represents an estimate of the amount of ore on the stockpile in excess of the next twelve months of planned mill production. |
INVESTMENTS
INVESTMENTS | 12 Months Ended |
Dec. 31, 2023 | |
INVESTMENTS | |
INVESTMENTS | 7. The investments balance consists of: At December 31 At December 31 (in thousands) 2023 2022 Investments: Equity instruments Shares $ 10,390 $ 8,022 Warrants 127 87 Convertible Debentures 15,565 — Physical Uranium 276,815 162,536 $ 302,897 $ 170,645 Investments-by balance sheet presentation: Current $ 10,400 $ 8,022 Long-term 292,497 162,623 $ 302,897 $ 170,645 The investments continuity summary is as follows: Equity Convertible Physical Total (in thousands) Instruments Debentures Uranium Investments Balance-January 1, 2022 $ 14,578 $ — $ 133,114 $ 147,692 Change in fair value gain to profit and (loss) (note 20) (6,469) — 29,422 22,953 Balance-December 31, 2022 $ 8,109 $ — $ 162,536 $ 170,645 Purchase of investments 2,417 15,000 — 17,417 Sale of investments — — (19,901) (19,901) Change in fair value gain to profit and (loss) (note 20) (9) 565 134,180 134,736 Balance-December 31, 2023 $ 10,517 $ 15,565 $ 276,815 $ 302,897 At December 31, 2023, the Company holds equity instruments consisting of shares and warrants in publicly traded companies as well as convertible debt instruments. Non-current instruments consist of warrants in publicly traded companies exercisable for a period more than one year after the balance sheet date as well as convertible debt instruments convertible and redeemable for a period more than one year after the balance sheet date. Investment in uranium During the year ended December 31, 2023, the Company sold 200,000 pounds of physical uranium as uranium oxide concentrates (“U 3 8 3 8 3 8 Investment in convertible debentures During the year ended December 31, 2023, the Company completed a $15,000,000 strategic investment in F3 Uranium Corp. (“F3”) in the form of unsecured convertible debentures (the “Debentures”). The Debentures carry a 9% coupon (the “Interest”), payable quarterly over a 5-year term and will be convertible at Denison’s option into common shares of F3 at a conversion price of $0.56 per share. F3 has, at its sole discretion, the right to pay up to one 20 |
INVESTMENT IN JOINT VENTURE
INVESTMENT IN JOINT VENTURE | 12 Months Ended |
Dec. 31, 2023 | |
INVESTMENT IN JOINT VENTURE | |
INVESTMENT IN JOINT VENTURE | 8. The investment in joint venture balance consists of: At December 31 At December 31 (in thousands) 2023 2022 Investment in joint venture: JCU $ 17,290 $ 19,305 $ 17,290 $ 19,305 A summary of the investment in JCU is as follows: (in thousands) Balance-December 31, 2022 $ 19,305 Investment at cost: Equity share of loss (4,400) Additional investment in JCU 2,385 Balance-December 31, 2023 $ 17,290 JCU is a private company that holds a portfolio of twelve uranium project joint venture interests in Canada, including a 10% interest in the WRJV, a 30.099% interest in the Millennium project (Cameco Corporation 69.901%), a 33.8118% interest in the Kiggavik project (Orano Canada Inc. 66.1882%), and a 34.4508% interest in the Christie Lake project (UEC 65.5492%). In 2023, each shareholder of JCU funded operations with an investment in JCU of $2,385,000. The investment was made by share subscription, where each shareholder acquired additional common shares in JCU in accordance with each shareholder's pro-rata ownership interest in JCU. As a result, the Company's ownership interest in JCU remained unchanged at 50%. The following tables summarize the consolidated financial information of JCU on a 100% basis, taking into account adjustments made by Denison for equity accounting purposes (including fair value adjustments and differences in accounting policies). Denison records its equity share of earnings (loss) in JCU one month in arrears (due to the information not yet being available), adjusted for any known material transactions that have occurred up to the period end date on which Denison is reporting. At December 31 At December 31 (in thousands) 2023 2022 Total current assets (1) $ 525 $ 2,273 Total non-current assets 38,666 38,371 Total current liabilities (381) (1,949) Total non-current liabilities (4,230) (86) Total net assets $ 34,580 $ 38,609 Twelve Months Ended Twelve Months Ended November 30, 2023 (2) November 30, 2022 (2) Revenue $ — $ — Net loss (8,799) (5,775) Other comprehensive income $ — $ — Reconciliation of JCU net assets to Denison investment carrying value: Adjusted net assets of JCU–at December 31 $ 38,609 $ 42,784 Net loss (8,799) (5,775) Investment from owners 4,770 1,600 Net assets of JCU–at November 30, 2023 $ 34,580 $ 38,609 Denison ownership interest 50.00 % 50.00 % Investment in JCU $ 17,290 $ 19,305 (1) Included in current assets are $525,000 in cash and cash equivalents (December 31, 2022 - $1,473,000 ). (2) Represents JCU net loss for the twelve months ended November 30 (recorded one month in arrears), adjusted for differences in fair value allocations and accounting policies. |
RESTRICTED CASH AND INVESTMENTS
RESTRICTED CASH AND INVESTMENTS | 12 Months Ended |
Dec. 31, 2023 | |
Restricted Cash And Investments [Abstract] | |
RESTRICTED CASH AND INVESTMENTS | 9. RESTRICTED CASH AND INVESTMENTS The Company has certain restricted cash and investments deposited to collateralize a portion of its reclamation obligations. The restricted cash and investments balance consists of: At December 31 At December 31 (in thousands) 2023 2022 Cash and cash equivalents $ 3,259 $ 3,133 Investments 7,972 7,972 $ 11,231 $ 11,105 Restricted cash and investments-by item: Elliot Lake reclamation trust fund $ 3,259 $ 3,133 Letters of credit facility pledged assets 7,972 7,972 $ 11,231 $ 11,105 At December 31, 2023 and December 31, 2022, investments consist of guaranteed investment certificates with maturities of less than 90 days. Elliot Lake reclamation trust fund The Company has the obligation to maintain its decommissioned Elliot Lake uranium mine pursuant to a Reclamation Funding Agreement effective December 21, 1995 (“Reclamation Agreement”) with the Governments of Canada and Ontario. The Reclamation Agreement, as further amended in February 1999, requires the Company to maintain funds in the reclamation trust fund equal to estimated reclamation spending for the succeeding six calendar years, less interest expected to accrue on the funds during the period. Withdrawals from this reclamation trust fund can only be made with the approval of the Governments of Canada and Ontario to fund Elliot Lake monitoring and site restoration costs. In 2023, the Company deposited an additional $864,000 into the Elliot Lake reclamation trust fund and withdrew $886,000. In 2022, the Company deposited an additional $1,199,000 into the Elliot Lake reclamation trust fund and withdrew $974,000. Letters of credit facility pledged assets At December 31, 2023, the Company has $7,972,000 on deposit with Bank of Nova Scotia (“BNS”) as pledged restricted cash and investments pursuant to its obligations under the letters of credit facility (see notes 13 and 15). |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2023 | |
PROPERTY, PLANT AND EQUIPMENT | |
PROPERTY, PLANT AND EQUIPMENT | 10. The property, plant and equipment (“PP&E”) continuity summary is as follows: Plant and Equipment Mineral Total (in thousands) Owned Right-of-Use Properties PP&E Cost: Balance-January 1, 2022 $ 105,683 $ 953 $ 179,788 $ 286,424 Additions (note 21) 6,731 103 431 7,265 Disposals (187) (293) — (480) Reclamation adjustment (note 13) (4,159) — — (4,159) Balance-December 31, 2022 $ 108,068 $ 763 $ 180,219 $ 289,050 Additions (note 21) 1,398 34 1,836 3,268 Disposals (259) (28) (1,242) (1,529) Reclamation adjustment (note 13) 3,498 — — 3,498 Balance-December 31, 2023 $ 112,705 $ 769 $ 180,813 $ 294,287 Accumulated amortization, depreciation: Balance-January 1, 2022 $ (31,420) $ (542) $ — $ (31,962) Amortization (199) — — (199) Depreciation (note 20) (3,797) (146) — (3,943) Disposals 150 293 — 443 Reclamation adjustment (note 13) 116 — — 116 Balance-December 31, 2022 $ (35,150) $ (395) $ — $ (35,545) Amortization (188) — — (188) Depreciation (note 20) (3,804) (140) — (3,944) Disposals 259 27 — 286 Reclamation adjustment (note 13) 50 — — 50 Balance-December 31, 2023 $ (38,833) $ (508) $ — $ (39,341) Carrying value: Balance-December 31, 2022 $ 72,918 $ 368 $ 180,219 $ 253,505 Balance-December 31, 2023 $ 73,872 $ 261 $ 180,813 $ 254,946 Plant and Equipment - Owned The Company has a 22.5% interest in the McClean Lake mill through its ownership interest in the MLJV. The carrying value of the mill, comprised of various infrastructure, building and machinery assets, represents $55,036,000, or 74.5%, of the December 2023 total carrying value amount of owned Plant and Equipment assets. The additions to PP&E in 2023 primarily relate to interests in mineral properties acquired in the period and renovations to the Company’s office building in Saskatoon. A toll milling agreement amongst the participants of the MLJV and the CLJV provides for the processing of certain output of the Cigar Lake mine at the McClean Lake mill, for which the owners of the McClean Lake mill receive a toll milling fee and other benefits. Denison has an agreement with Ecora Resources PLC (“Ecora”) (formerly named Anglo Pacific Group PLC “APG”) with respect to certain of the toll milling fees it receives from this toll milling agreement – see note 12. In determining the units of production amortization rate for the McClean Lake mill, the amount of production attributable to the mill assets includes Denison’s expected share of mill feed related to MLJV ores, MWJV ores and the CLJV toll milling contract. Milling activities in 2023 and 2022 at the McClean Lake mill were dedicated exclusively to processing and packaging ore from the Cigar Lake mine. Plant and Equipment – Right-of-Use The Company has included the cost of various right-of-use (“ROU”) assets within its plant and equipment ROU carrying value amount. These assets consist of building, vehicle and office equipment leases. The majority of the asset value is attributable to the building lease assets for the Company’s office in Toronto and warehousing space in Saskatoon. Mineral Properties The Company has various interests in development, evaluation and exploration projects located in Saskatchewan, Canada, which are either held directly or through option or various contractual agreements. The following projects, all located in Saskatchewan, represent $164,575,000, or 91.0%, of the carrying value amount of mineral property assets as at December 31, 2023: a) Wheeler River – the Company has a 90.0% direct interest in the project, and an additional 5.0% indirect interest through its investment in JCU (includes the Phoenix and Gryphon deposits); b) Waterbury Lake – the Company has a 69.35% interest in the project (includes the THT and Huskie deposits) and also has a 2.0% net smelter return royalty on the portion of the project it does not own; c) Midwest – the Company has a 25.17% interest in the project (includes the Midwest Main and Midwest A deposits); d) Mann Lake – the Company has a 30.0% interest in the project; e) Wolly – the Company has a 20.77% interest in the project; f) Johnston Lake – the Company has a 100% interest in the project; and g) McClean Lake – the Company has a 22.5% interest in the project (includes the Sue D, Sue E, Caribou, McClean North and McClean South deposits). South Dufferin In 2023, the Company entered into and completed an agreement to sell its 100% interest in the South Dufferin property to Skyharbour Resources Ltd (“Skyharbour”) in exchange for $125,000 in cash, 6,000,000 Skyharbour common shares, and 1,000,000 Skyharbour warrants with an exercise price of $0.60 and a 24 month term, for total consideration of $2,541,000 and a gain on sale of $1,299,000. Waterbury Lake In 2023, the Company increased its interest in the Waterbury Lake property from 67.41% to 69.35% pursuant to the dilution provisions in the agreements governing the project (see note 22). |
ACCOUNTS PAYABLE AND ACCRUED LI
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES | 12 Months Ended |
Dec. 31, 2023 | |
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES | |
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES | 11. The accounts payable and accrued liabilities balance consists of: At December 31 At December 31 (in thousands) 2023 2022 Trade payables $ 5,037 $ 5,434 Payables in MLJV and MWJV 4,843 4,036 Other payables 942 829 $ 10,822 $ 10,299 |
DEFERRED REVENUE
DEFERRED REVENUE | 12 Months Ended |
Dec. 31, 2023 | |
DEFERRED REVENUE | |
DEFERRED REVENUE | 12. The deferred revenue balance consists of: At December 31 At December 31 (in thousands) 2023 2022 Deferred revenue-pre-sold toll milling: CLJV Toll Milling-Ecora $ 34,958 $ 33,295 $ 34,958 $ 33,295 Deferred revenue-by balance sheet presentation: Current $ 4,535 $ 4,915 Non-current 30,423 28,380 $ 34,958 $ 33,295 The deferred revenue liability continuity summary is as follows: (in thousands) 2023 2022 Balance-January 1 $ 33,295 $ 36,508 Revenue recognized during the period (note 21) (1,855) (5,987) Accretion (note 20) 3,518 2,774 Balance-December 31 $ 34,958 $ 33,295 Arrangement with Ecora Resources PLC (“Ecora”) In February 2017, Denison closed an arrangement with Ecora, formerly named Anglo Pacific Group PLC. Denison received an upfront payment of $43,500,000 in exchange for its right to receive specified future toll milling cash receipts from the MLJV earned by the Company related to the processing of specified Cigar Lake ore through the McClean Lake mill under the current toll milling agreement with the CLJV from July 1, 2016 onwards (the “Ecora Arrangement”). The up-front payment was based upon an estimate of the gross toll milling cash receipts to be received by Denison discounted at a rate of 8.50%. At closing, the Company made payments to Ecora of $3,520,000, representing the Cigar Lake toll milling cash receipts received by Denison in respect of toll milling activity for the period from July 1, 2016 through January 31, 2017, and reflected those amounts as a reduction of the initial upfront amount received, thereby reducing the initial deferred revenue balance to $39,980,000 at the closing date. In 2023, the Company recognized $1,855,000 of toll milling revenue from the draw-down of deferred revenue, based on Cigar Lake toll milling production of 15,097,000 pounds U 3 8 In 2022, the Company recognized $5,987,000 of toll milling revenue from the draw-down of deferred revenue, based on Cigar Lake toll milling production of 18,010,000 pounds U 3 8 The current portion of the deferred revenue liability reflects Denison’s estimate of Cigar Lake toll milling over the next 12 months. This assumption is based on current mill packaged production expectations and is reassessed on a quarterly basis. |
RECLAMATION OBLIGATIONS
RECLAMATION OBLIGATIONS | 12 Months Ended |
Dec. 31, 2023 | |
RECLAMATION OBLIGATIONS | |
RECLAMATION OBLIGATIONS | 13. The reclamation obligations balance consists of: At December 31 At December 31 (in thousands) 2023 2022 Reclamation obligations-by item: Elliot Lake $ 19,796 $ 16,634 MLJV and MWJV 12,215 10,069 Wheeler River and other 2,887 2,756 $ 34,898 $ 29,459 Reclamation obligations-by balance sheet presentation: Current $ 2,256 $ 2,865 Non-current 32,642 26,594 $ 34,898 $ 29,459 The reclamation obligations continuity summary is as follows: (in thousands) 2023 2022 Balance-January 1 $ 29,459 $ 37,532 Reclamation liability deposit from joint venture partner 99 — Accretion (note 20) 1,681 1,444 Expenditures incurred (3,118) (1,348) Liability adjustments-balance sheet (note 10) 3,548 (4,043) Liability adjustment-income statement (note 21) 3,229 (4,126) Balance-December 31 $ 34,898 $ 29,459 Site Restoration: Elliot Lake The Elliot Lake uranium mine was closed in 1992 and capital works to decommission this site were completed in 1997. The remaining provision is for the estimated cost of monitoring the Tailings Management Areas at the Denison and Stanrock sites and for treatment of water discharged from these areas. The Company conducts its activities at both sites pursuant to licenses issued by the Canadian Nuclear Safety Commission (“CNSC”). The above accrual represents the Company’s best estimate of the present value of the total future reclamation cost, based on assumptions as to what levels of treatment will be required in the future, discounted at 5.45% per annum (December 31, 2022 – 5.71%). As at December 31, 2023, the undiscounted amount of estimated future reclamation costs, in current year dollars, is $45,283,000 (December 31, 2022 - $40,166,000). The reclamation costs are expected to be incurred between 2024 and 2083. Revisions to the reclamation liability for Elliot Lake are recognized in the income statement as the site is closed and there is no asset recognized for this site. Spending on restoration activities at the Elliot Lake site is funded by the Elliot Lake Reclamation Trust fund (see note 9). Site Restoration: McClean Lake Joint Venture and Midwest Joint Venture The MLJV and MWJV operations are subject to environmental regulations as set out by the Saskatchewan government and the CNSC. Cost estimates of the expected future decommissioning and reclamation activities are prepared periodically and filed with the applicable regulatory authorities for approval. The above accrual represents the Company's best estimate of the present value of future reclamation costs discounted at 5.45% per annum (December 31, 2022 – 5.71%). As at December 31, 2023, the Company’s estimate of the undiscounted amount of future reclamation costs, in current year dollars, is $24,333,000 (December 31, 2022 - $23,601,000). The majority of the reclamation costs are expected to be incurred between 2038 and 2056. Revisions to the reclamation liabilities for the MLJV and MWJV are recognized on the balance sheet as adjustments to the assets associated with the sites. Under the Saskatchewan Mineral Industry Environmental Protection Regulations (1996), the Company is required to provide its pro-rata share of financial assurances to the province of Saskatchewan relating to future decommissioning and reclamation plans that have been filed and approved by the applicable regulatory authorities. Accordingly, as at December 31, 2023, the Company has provided irrevocable standby letters of credit from a chartered bank in favour of the Saskatchewan Ministry of Environment, totalling $22,972,000, which relate to the most recently filed reclamation plan dated November 2021. Refer to note 15 for details regarding further amendment to the letters of credit facility that occurred in December 2023. Site Restoration: Wheeler River and other The Company’s exploration and evaluation activities, including those related to Wheeler River, are subject to environmental regulations as set out by the government of Saskatchewan. Cost estimates of the estimated future decommissioning and reclamation activities are recognized when the liability is incurred. The accrual represents the Company’s best estimate of the present value of the future reclamation cost contemplated in these cost estimates discounted at 5.45% per annum (December 31, 2022 - 5.71%). As at December 31, 2023, the undiscounted amount of estimated future reclamation costs, in current year dollars, is estimated at $3,260,000 (December 31, 2022 - $3,601,000). Revisions to the reclamation liabilities for exploration and evaluation activities are recognized on the balance sheet as adjustments to the net reclamation assets associated with the respective properties. As at December 31, 2023, the Company has provided irrevocable standby letters of credit from a chartered bank in favour of the Saskatchewan Ministry of Environment, totalling $992,000, which relate to the most recently filed reclamation plan for the Phoenix FFT site, dated December 2022. In 2023, the Company received a deposit of $99,000 from its joint venture partner to cover its share of the required letters of credit. |
SHARE PURCHASE WARRANTS
SHARE PURCHASE WARRANTS | 12 Months Ended |
Dec. 31, 2023 | |
SHARE PURCHASE WARRANTS | |
SHARE PURCHASE WARRANTS | 14. In connection with the public offerings of units in February 2021 and March 2021, the Company issued 15,796,975 and 39,215,000 share purchase warrants to unit holders, respectively. The February 2021 warrants entitled the holder to acquire one common share of the Company at an exercise price of US$2.00 for 24 months 24 months Since these warrants were exercisable in USD, which differs from the Company’s CAD functional currency, they were classified as derivative liabilities and were required to be carried as liabilities at Fair Value Though Profit or Loss. When the fair value of the warrants was revalued at each reporting period, the change in the liability was recorded through net profit or loss in “Other income (expense)”. At December 31, 2022, the fair value of the share purchase warrants were estimated to be $nil. Number of Warrant (in thousands except warrant amounts) Warrants Liability Balance-December 31, 2022 55,006,475 $ — Expiry of share purchase warrants (55,006,475) — Balance-December 31, 2023 — $ — |
OTHER LIABILITIES
OTHER LIABILITIES | 12 Months Ended |
Dec. 31, 2023 | |
OTHER LIABILITIES | |
OTHER LIABILITIES | 15. The other liabilities balance consists of: At December 31 At December 31 (in thousands) 2023 2022 Other liabilities: Post-employment benefits $ 1,117 $ 1,201 Lease obligations 287 396 Loan obligations 130 180 $ 1,534 $ 1,777 Other liabilities-by balance sheet presentation: Current $ 333 $ 336 Non-current 1,201 1,441 $ 1,534 $ 1,777 Post-employment Benefits The Company provides post-employment benefits for former Canadian employees who retired on immediate pension prior to 1997. The post-employment benefits provided include life insurance and medical and dental benefits as set out in the applicable group policies. No post-employment benefits are provided to employees outside the employee group referenced above. The post-employment benefit plan is not funded. The effective date of the most recent actuarial valuation of the accrued benefit obligation is October 1, 2020. The amount accrued is based on estimates provided by the plan administrator which are based on past experience, limits on coverage as set out in the applicable group policies and assumptions about future cost trends. The significant assumptions used in the most recent valuation are listed below: ● Discount rate of 1.75% ; ● Medical cost increase trend rate of 4.09% in 2020, grading up to 5.30% per year by 2026, staying flat at 5.30% per year from 2026 to 2030 and then grading down to 4.05% per year from 2031 through to 2041; and ● Dental cost increase trend rate of 4.50% in 2020, grading up to 5.30% per year by 2026, staying flat at 5.30% per year from 2026 to 2030 and then grading down to 4.05% per year from 2031 through to 2041. The post-employment benefits balance consists of: At December 31 At December 31 (in thousands) 2023 2022 Accrued benefit obligation $ 1,117 $ 1,201 $ 1,117 $ 1,201 Post-employment benefits-by balance sheet presentation: Current $ 120 $ 120 Non-current 997 1,081 $ 1,117 $ 1,201 The post-employment benefits continuity summary is as follows: (in thousands) 2023 2022 Balance-January 1 $ 1,201 $ 1,274 Accretion (note 20) 21 22 Benefits paid (105) (95) Balance-December 31 $ 1,117 $ 1,201 Debt Obligations At December 31, 2023, the Company’s debt obligations are comprised of lease and loan liabilities. The debt obligations continuity summary is as follows: Lease Loan Total Debt (in thousands) Liabilities Liabilities Obligations Balance-January 1, 2022 $ 452 $ 56 $ 508 Accretion (note 20) 32 — 32 Additions (note 10) 87 158 245 Repayments (175) (34) (209) Balance-December 31, 2022 $ 396 $ 180 $ 576 Accretion (note 20) 27 — 27 Additions 33 — 33 Repayments (168) (50) (218) Liability adjustment gain (1) — (1) Balance-December 31, 2023 $ 287 $ 130 $ 417 Debt Obligations – Scheduled Maturities The following table outlines the Company’s scheduled maturities of its debt obligations at December 31, 2023: Lease Loan Total Debt (in thousands) Liabilities Liabilities Obligations Maturity analysis-contractual undiscounted cash flows: Next 12 months $ 161 52 $ 213 One to five years 150 83 233 More than five years — — — Total obligation-end of period-undiscounted 311 135 446 Present value discount adjustment (24) (5) (29) Total obligation-end of period-discounted $ 287 130 $ 417 Letters of Credit Facility In December 2023, the Company entered into an agreement with BNS to amend the terms of the Company’s Credit Facility to extend the maturity date to January 31, 2025 (the “Credit Facility”). All other terms of the Credit Facility (amount of credit facility, tangible net worth covenant, investment amounts, pledged assets and security for the facility) remain unchanged by the amendment and the Credit Facility remains subject to letter of credit and standby fees of 2.40% (0.40% on the $7,972,000 covered by pledged cash collateral) and 0.75% respectively. During the year ended December 31, 2023, the Company incurred letter of credit fees of $417,000 (December 31, 2022 - $383,000). At December 31, 2023, the Company is in compliance with its facility covenants and has access to letters of credit of up to $23,964,000 (December 31, 2022 - $23,964,000). The facility is fully utilized as collateral for non-financial letters of credit issued in support of reclamation obligations for the MLJV, MWJV and Wheeler River (see note 13). |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2023 | |
INCOME TAXES | |
INCOME TAXES | 16. The income tax recovery balance from continuing operations consists of: (in thousands) 2023 2022 Deferred income tax: Origination of temporary differences $ 2,578 $ 149 Tax benefit-previously unrecognized tax assets — 2,128 Prior year under provision (235) (8) 2,343 2,269 Income tax recovery $ 2,343 $ 2,269 The Company operates in multiple industries and jurisdictions, and the related income is subject to varying rates of taxation. The combined Canadian tax rate reflects the federal and provincial tax rates in effect in Ontario, Canada for each applicable year. A reconciliation of the combined Canadian tax rate to the Company’s effective rate of income tax is as follows: (in thousands) 2023 2022 Income before taxes – continuing operations $ 87,021 $ 10,303 Combined Canadian tax rate 26.50 % 26.50 % Income tax expense at combined rate (23,061) (2,730) Difference in tax rates (6,536) (3,394) Non-deductible amounts (5,042) (3,018) Non-taxable amounts 33,314 17,334 Change in deferred tax assets not recognized (1) 3,925 (5,729) Change in tax rates, legislation (80) (151) Prior year under provision (235) (8) Other 58 (35) Income tax recovery $ 2,343 $ 2,269 (1) The Company has recognized certain previously unrecognized Canadian tax assets in 2022 as a result of the renunciation of certain tax benefits to subscribers pursuant to the Company's flow-through share issuances of $8,000,000 in December 2022. The deferred income tax assets (liabilities) balance reported on the balance sheet is comprised of the temporary differences as presented below: At December 31 At December 31 (in thousands) 2023 2022 Deferred income tax assets: Property, plant and equipment, net $ 387 $ 387 Post-employment benefits 295 314 Reclamation obligations 11,699 8,990 Non-capital tax loss carry forwards 18,489 20,070 Capital loss carry forward 25,088 9,483 Other 9,348 8,077 Deferred income tax assets-gross 65,306 47,321 Set-off against deferred income tax liabilities (65,306) (47,321) Deferred income tax assets-per balance sheet $ — $ — Deferred income tax liabilities: Inventory $ (852) $ (759) Property, plant and equipment, net (40,707) (40,757) Investments-equity instruments and uranium (25,088) (9,483) Other (1,266) (1,272) Deferred income tax liabilities-gross (67,913) (52,271) Set-off of deferred income tax assets 65,306 47,321 Deferred income tax liabilities-per balance sheet $ (2,607) $ (4,950) The deferred income tax liability continuity summary is as follows: (in thousands) 2023 2022 Balance-January 1 $ (4,950) $ (7,219) Recognized in income 2,343 2,269 Recognized in other liabilities (flow-through shares) — — Recognized in other comprehensive income — — Balance-December 31 $ (2,607) $ (4,950) Management believes that it is not probable that sufficient taxable profit will be available in future years to allow the benefit of the following deferred tax assets to be utilized: At December 31 At December 31 (in thousands) 2023 2022 Deferred income tax assets not recognized Property, plant and equipment $ 6,985 $ 5,372 Tax losses-capital 38,445 55,704 Tax losses-operating 69,919 57,580 Tax credits 1,126 1,126 Other deductible temporary differences 2,881 2,653 Deferred income tax assets not recognized $ 119,356 $ 122,435 The expiry dates of the Company’s Canadian operating tax losses and tax credits are as follows: Expiry At December 31 At December 31 (in thousands) Date 2023 2022 Tax losses-gross 2025-2043 $ 324,965 $ 287,754 Tax benefit at tax rate of 26% - 27% 88,408 77,650 Set-off against deferred tax liabilities (18,489) (20,070) Total tax loss assets not recognized $ 69,919 $ 57,580 Tax credits 2025-2035 1,126 1,126 Total tax credit assets not recognized $ 1,126 $ 1,126 |
SHARE CAPITAL
SHARE CAPITAL | 12 Months Ended |
Dec. 31, 2023 | |
SHARE CAPITAL | |
SHARE CAPITAL | 17. Denison is authorized to issue an unlimited number of common shares without par value. A continuity summary of the issued and outstanding common shares and the associated dollar amounts is presented below: Number of Common (in thousands except share amounts) Shares Share Capital Balance-January 1, 2022 812,429,995 $ 1,517,029 Issued for cash: Shares issued proceeds-total 11,042,862 20,200 Less: share issue costs — (599) Other share issue proceeds-total 128,052 219 Less: other share issue costs — (50) Share option exercises 2,169,681 1,459 Share option exercises-transfer from contributed surplus — 550 Share unit exercises-transfer from contributed surplus 555,002 401 13,895,597 22,180 Balance-December 31, 2022 826,325,592 $ 1,539,209 Issued for cash: Shares issued proceeds-total 56,786,160 112,969 Less: share issue costs — (5,085) Other share issue proceeds-total 153,237 213 Less: other share issue costs — (20) Share option exercises 4,559,047 3,534 Share option exercises-transfer from contributed surplus — 1,474 Share unit exercises-transfer from contributed surplus 3,146,335 2,730 64,644,779 115,815 Balance-December 31, 2023 890,970,371 $ 1,655,024 Unit and Other Share Issues On September 16, 2021, the Company filed a short form base shelf prospectus with the securities’ regulatory authorities in each of the provinces and territories in Canada and a registration statement on Form F-10 in the United States (“2021 Shelf Prospectus”) to qualify the issuance of securities up to an aggregate offering amount of $250,000,000 during the 25-month period ended October 16, 2023. On September 28, 2021, Denison entered into an equity distribution agreement providing for an At-the-Market (“ATM”) equity offering program qualified by a prospectus supplement to the 2021 Shelf Prospectus (“2021 ATM Program"). The 2021 ATM Program allowed Denison, through its agents, to, from time to time, offer and sell, in Canada and the United States, such number of common shares as would have an aggregate offering price of up to US$50,000,000. The 2021 ATM Program was terminated on October 11, 2023. During the year ended December 31, 2023, the Company issued 19,786,160 shares under the 2021 ATM Program. The common shares were issued at an average price of $1.91 per share for aggregate gross proceeds of $37,887,000. The Company also recognized issue costs of $845,000 related to these ATM share issuances, which include $757,000 of commissions and $88,000 associated with the maintenance of the 2021 Shelf Prospectus and 2021 ATM Program. During the year ended December 31, 2022, the Company issued 11,042,862 shares under the 2021 ATM Program. The common shares were issued at an average price of $1.83 per share for aggregate gross proceeds of $20,200,000. The Company also recognized issue costs of $599,000 related to these ATM share issuances, which includes $404,000 of commissions and $195,000 associated with the maintenance of the 2021 Shelf Prospectus and 2021 ATM Program. In total, as at December 31, 2023, the Company issued 34,669,322 shares under the 2021 ATM Program for aggregate gross proceeds of $66,062,000. The common shares were issued at an average price of $1.91. The Company also recognized total issue costs of $2,192,000 related to its ATM share issuances which includes $1,321,000 of commissions and $871,000 associated with the set-up and maintenance of the 2021 Shelf Prospectus and 2021 ATM Program. On October 16, 2023, the Company completed a bought deal public offering by way of a prospectus supplement to the 2021 Shelf Prospectus of 37,000,000 common shares of the Company at US$1.49 per share for gross proceeds of $75,082,000 (US$55,130,000). The Company also recognized issue costs of $4,240,000 related to this bought deal public offering share issuance. Flow-Through Share Issues During the year ended December 31, 2022, the Company financed a portion of its exploration programs through the use of flow-through share issuances. Canadian income tax deductions relating to these expenditures are claimable by the investors and not by the Company. As at December 31, 2022, the Company had satisfied its obligation to spend $8,000,000 on eligible exploration expenditures by the end of fiscal 2022 due to the issuance of flow-through shares in March 2021. The Company renounced the income tax benefits of this issue in February 2022, with an effective date of renunciation to its subscribers of December 31, 2021. |
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2023 | |
SHARE-BASED COMPENSATION | |
SHARE-BASED COMPENSATION | 18. The Company’s share-based compensation arrangements include share options, restricted share units (“RSUs”) and performance share units (“PSUs”). Share-based compensation is recorded over the vesting period, and a summary of share-based compensation expense recognized in the statement of income (loss) is as follows: (in thousands) 2023 2022 Share based compensation expense for: Share options $ (1,324) $ (1,416) RSUs (2,336) (2,076) PSUs (86) (244) Share based compensation expense $ (3,746) $ (3,736) An additional $2,068,000 in share-based compensation expense remains to be recognized, up until December 2026, on outstanding share options and share units at December 31, 2023. Share Options The Company’s Share Option Plan provides for the granting of share options up to 10% of the issued and outstanding common shares at the time of grant, subject to a maximum of 39,670,000 common shares. As of December 31, 2023, an aggregate of 28,725,593 options (December 31, 2022 - 27,485,093) have been granted (less cancellations) since the Share Option Plan’s inception in 1997. Under the Share Option Plan, all share options are granted at the discretion of the Company’s board of directors, including any vesting provisions if applicable. The term of any share option granted may not exceed ten years and the exercise price may not be lower than the closing price of the Company’s shares on the last trading day immediately preceding the date of grant. Typically, share options granted under the Share Option Plan have five-year terms and vesting period of two or three years. Share options issued during the twelve months ended December 31, 2023 and December 31, 2022 had vesting periods of three years. A continuity summary of the share options granted under the Company’s Share Option Plan is presented below: 2023 2022 Weighted Weighted Average Average Exercise Exercise Number of Price per Number of Price per Common Share Common Share Shares (CAD) Shares (CAD) Share options outstanding-January 1 8,539,214 $ 1.09 9,449,895 $ 0.86 Grants 1,881,000 1.54 1,687,000 1.82 Exercises (1) (4,559,047) 0.78 (2,169,681) 0.67 Expiries (24,000) 0.60 (26,000) 0.85 Forfeitures (616,500) 1.37 (402,000) 1.14 Share options outstanding-December 31 5,220,667 $ 1.49 8,539,214 $ 1.09 Share options exercisable-December 31 2,757,669 $ 1.35 5,178,714 $ 0.78 (1) The weighted average share price at the date of exercise was $2.05 (December 31, 2022 - $1.75 ). A summary of the Company’s share options outstanding at December 31, 2023 is presented below: 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 1.19 86,000 $ 0.46 $0.50 to $0.74 1.13 75,500 0.65 $0.75 to $0.99 — — — $1.00 to $1.49 3.05 3,616,167 1.37 $1.50 to $1.99 3.22 1,270,000 1.83 $2.00 to $2.49 4.07 173,000 2.26 Share options outstanding-December 31, 2023 3.06 5,220,667 $ 1.49 Share options outstanding at December 31, 2023 expire between March 2024 and December 2028. The fair value of each share option granted is estimated on the date of grant using the Black-Scholes option pricing model. The following table outlines the assumptions used in the model to determine the fair value of share options granted: 2023 2022 Risk-free interest rate 3.68% - 4.70 % 1.44% - 4.07 % Expected stock price volatility 65.75% - 73.41 % 73.8% - 76.78 % Expected life 3.41 years to 3.43 years 3.37 years to 3.42 years Expected dividend yield — — Fair value per options granted 0.79 to 1.14 0.82 to 1.10 The fair values of share options with vesting provisions are amortized on a graded method basis as share-based compensation expense over the applicable vesting periods. Share Units The Company has a share unit plan which provides for the granting of share unit awards to directors, officers, employees and consultants of the Company, in the form of RSUs or PSUs. The maximum number of share units that are issuable under the share unit plan is 15,000,000. Each share unit represents the right to receive one common share from treasury, subject to the satisfaction of various time and / or performance conditions. Under the plan, all share unit grants, vesting periods and performance conditions therein are approved by the Company’s board of directors. RSUs granted under the plan in 2023, to date, vest ratably over a period of three years. PSUs granted under the plan in 2023, vest over one year based upon the achievement of certain non-market performance vesting conditions. PSUs granted in 2018 vest ratably over a period of five years, PSUs granted in 2019 vest ratably over a period of four years and PSUs granted in 2020 vest ratably over a period of three years. A continuity summary of the RSUs of the Company granted under the share unit plan for 2023 and 2022 is presented below: 2023 2022 Weighted Weighted Average Average Number of Fair Value Number of Fair Value Common Per RSU Common Per RSU Shares (CAD) Shares (CAD) RSUs outstanding-January 1 6,416,089 $ 1.04 5,801,841 $ 0.80 Grants 1,507,000 1.52 1,251,000 2.08 Exercises (1) (2,157,835) 0.93 (435,002) 0.82 Forfeitures (184,335) 1.65 (201,750) 1.04 RSUs outstanding-December 31 5,580,919 $ 1.20 6,416,089 $ 1.04 RSUs vested-December 31 3,189,921 $ 0.85 3,307,840 $ 0.67 (1) The weighted average share price at the date of exercise was $1.94 (December 31, 2022 - $1.79 ). A continuity summary of the PSUs of the Company granted under the share unit plan for 2023 and 2022 is presented below: 2023 2022 Weighted Weighted Average Average Number of Fair Value Number of Fair Value Common Per PSU Common Per PSU Shares (CAD) Shares (CAD) PSUs outstanding-January 1 1,470,000 $ 0.77 1,530,000 $ 0.62 Grants — — 120,000 2.08 Exercises (1) (988,500) 0.74 (120,000) 0.38 Forfeitures — — (60,000) 0.38 PSUs outstanding-December 31 481,500 $ 0.83 1,470,000 $ 0.77 PSUs vested-December 31 481,500 $ 0.83 1,080,000 $ 0.65 (1) The weighted average share price at the date of exercise was $2.07 (December 31, 2022 - $1.58 ). The fair value of each RSU and PSU granted is estimated on the date of grant using the Company’s closing share price on the day before the grant date. |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME | 12 Months Ended |
Dec. 31, 2023 | |
ACCUMULATED OTHER COMPREHENSIVE INCOME | |
ACCUMULATED OTHER COMPREHENSIVE INCOME | 19. The accumulated other comprehensive income balance consists of: At December 31 At December 31 (in thousands) 2023 2022 Cumulative foreign currency translation $ 456 $ 420 Experience gains-post employment liability Gross 1,847 1,847 Tax effect (485) (485) $ 1,818 $ 1,782 |
SUPPLEMENTAL FINANCIAL INFORMAT
SUPPLEMENTAL FINANCIAL INFORMATION | 12 Months Ended |
Dec. 31, 2023 | |
SUPPLEMENTAL FINANCIAL INFORMATION | |
SUPPLEMENTAL FINANCIAL INFORMATION | 20. The components of Operating expenses for continuing operations are as follows: (in thousands) 2023 2022 Cost of goods and services sold: Cost of goods sold-mineral concentrates $ — $ (444) Operating overheads: Mining, other development expense (261) (660) Milling, conversion expense (2,463) (3,104) Less absorption: - Mineral properties — 68 - Milling — — Other costs (986) (749) Cost of goods and services sold (3,710) (4,889) Reclamation asset amortization (188) (199) Selling expenses — (48) Sales royalties and non-income taxes — (216) Operating expenses – continuing operations $ (3,898) $ (5,352) The components of Other income for continuing operations are as follows: (in thousands) 2023 2022 Gains (losses) on: Foreign exchange $ 321 $ 816 Disposal of property, plant and equipment 1,299 (25) Fair value changes: Investments-equity instruments (note 7) (9) (6,469) Investments-uranium (note 7) 134,180 29,422 Investments-convertible debentures (note 7) 565 — Warrants on investment (note 7) — 1,625 Share purchase warrant liabilities (note 14) — 20,337 Reclamation obligation adjustments (note 13) (3,229) 4,126 Gain on recognition of proceeds–UI Repayment Agreement 4,097 6,142 Uranium investment carrying charges (409) (374) Other (343) (356) Other income – continuing operations $ 136,472 $ 55,244 The components of Finance expense for continuing operations are as follows: (in thousands) 2023 2022 Interest income $ 4,189 $ 1,419 Interest expense (4) (6) Accretion expense Deferred revenue (note 12) (3,518) (2,774) Post-employment benefits (note 15) (21) (22) Reclamation obligations (note 13) (1,681) (1,444) Debt obligations (note 15) (27) (32) Finance expense – continuing operations $ (1,062) $ (2,859) A summary of depreciation expense recognized in the statement of income (loss) is as follows: (in thousands) 2023 2022 Continuing operations: Operating expenses: Mining, other development expense $ (1) $ (2) Milling, conversion expense (2,455) (3,076) Evaluation (583) (270) Exploration (540) (266) General and administrative (154) (144) Decommissioning (211) (185) Depreciation expense-gross $ (3,944) $ (3,943) A summary of employee benefits expense recognized in the statement of income (loss) is as follows: (in thousands) 2023 2022 Salaries and short-term employee benefits $ (13,021) $ (12,416) Share-based compensation (note 18) (3,746) (3,736) Termination benefits (944) (2) Employee benefits expense $ (17,711) $ (16,154) A summary of lease related amounts recognized in the statement of income (loss) is as follows: (in thousands) 2023 2022 Accretion expense on lease liabilities $ (27) $ (32) Expenses relating to short-term leases (5,753) (6,095) Expenses relating to non-short term low-value leases — (1) Lease related expense-gross $ (5,780) $ (6,128) The change in non-cash operating working capital items in the consolidated statements of cash flows is as follows: (in thousands) 2023 2022 Change in non-cash working capital items: Trade and other receivables $ 2,230 $ (512) Inventories (866) 741 Prepaid expenses and other assets (253) 129 Accounts payable and accrued liabilities 759 1,385 Change in non-cash working capital items $ 1,870 $ 1,743 The supplemental cash flow disclosure required for the consolidated statements of cash flows is as follows: (in thousands) 2023 2022 Supplemental cash flow disclosure: Interest paid $ (4) $ (6) Income taxes paid — — |
SEGMENTED INFORMATION
SEGMENTED INFORMATION | 12 Months Ended |
Dec. 31, 2023 | |
SEGMENTED INFORMATION | |
SEGMENTED INFORMATION | 21. Business Segments The Company operates in two primary segments – the Mining segment and the Corporate and Other segment. The Mining segment includes activities related to exploration, evaluation and development, mining, milling (including toll milling), sale of mineral concentrates and results of the Company’s mine decommissioning. The Corporate and Other segment includes general corporate expenses not allocated to the other segments. For the year ended December 31, 2023, reportable segment results were as follows: Total Corporate Continuing (in thousands) Mining and Other Operations Statement of Operations: Revenues $ 1,855 — 1,855 Expenses: Operating expenses $ (3,898) — (3,898) Exploration (9,564) — (9,564) Evaluation (18,622) — (18,622) General and administrative (19) (13,741) (13,760) (32,103) (13,741) (45,844) Segment income (loss) $ (30,248) (13,741) (43,989) Revenues-supplemental: Toll milling services-deferred revenue (note 12) 1,855 — 1,855 $ 1,855 — 1,855 Capital additions: Property, plant and equipment (note 10) $ 2,165 1,103 3,268 Long-lived assets: Plant and equipment Cost $ 106,914 6,559 113,473 Accumulated depreciation (38,178) (1,162) (39,340) Mineral properties 180,813 — 180,813 $ 249,549 5,397 254,946 For the year ended December 31, 2022, reportable segment results were as follows: Total Corporate Continuing (in thousands) Mining and Other Operations Statement of Operations: Revenues $ 8,973 — 8,973 Expenses: Operating expenses $ (5,352) — (5,352) Evaluation (8,097) — (8,097) Exploration (22,181) — (22,181) General and administrative (22) (12,516) (12,538) (35,652) (12,516) (48,168) Segment income (loss) $ (26,679) (12,516) (39,195) Revenues-supplemental: Toll milling services-deferred revenue (note 12) $ 5,987 — 5,987 Uranium concentrate sales 2,986 — 2,986 $ 8,973 — 8,973 Capital additions: Property, plant and equipment (note 10) $ 2,634 4,631 7,265 Long-lived assets: Plant and equipment Cost $ 103,338 5,493 108,831 Accumulated depreciation (34,803) (742) (35,545) Mineral properties 180,219 — 180,219 $ 248,754 4,751 253,505 Discontinued Operations At the end of August, 2023, the Company’s long-term third party closed mines services contract came to an end. Following the termination of this contract and during the fourth quarter, the Company determined that it would cease providing such third party care and maintenance services for closed mines and reorganized the business accordingly. The Company’s post-closure mine care and maintenance services were previously reported in a Closed Mines services segment which now constitutes a discontinued operation. The consolidated statement of income (loss) for the discontinued operation for 2023 and 2022 is as follows: Year Ended December 31 December 31 (in thousands) 2023 2022 Revenue $ 6,582 $ 7,972 Expenses Operating expenses (5,715) (6,273) Other income Finance fees 144 83 Income from discontinued operations, net of taxes $ 1,011 $ 1,782 Cash flows for the Closed Mines discontinued operation for 2023 and 2022 is as follows: Year Ended December 31 December 31 (in thousands) 2023 2022 Cash inflow: Net cash from operating activities $ 3,274 $ 1,909 Net cash flows for the year $ 3,274 $ 1,909 Revenue Concentration Until September 2023, the Company’s business was such that, at any given time, it sold its environmental and other services to a relatively small number of customers. During 2023, one customer from the discontinued operations (Closed Mines Services) segment and one customer from the Mining segment accounted for approximately 100% of total revenues consisting of 78%, and 22% respectively. During 2022, one customer from the discontinued operations segment and two customers from the Mining segment accounted for approximately 100% of total revenues consisting of 47%, and 53% respectively. Revenue Commitments The Company is contracted to pay onward to Ecora all toll milling cash proceeds received from the MLJV related to the processing of specified Cigar Lake ore through the McClean Lake mill (see note 12). The timing and amount of such future toll milling cash proceeds are outside the control of the Company. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2023 | |
RELATED PARTY TRANSACTIONS | |
RELATED PARTY TRANSACTIONS | 22. Korea Electric Power Corporation (“KEPCO”) and Korea Hydro & Nuclear Power (“KHNP”) In connection with KEPCO’s indirect investment in Denison in June 2009, KEPCO and Denison became parties to a strategic relationship agreement. With KEPCO’s indirect ownership of Denison’s shares transferred from an affiliate of KEPCO to KHNP Canada Energy Ltd. (“KHNP Canada”), an affiliate of KEPCO’s wholly-owned subsidiary, KHNP, Denison and KHNP Canada entered into an amended and restated strategic relationship agreement (“KHNP SRA”) in September 2017. The KHNP SRA provides KHNP Canada, amongst other matters, the rights to: (a) subscribe for additional common shares in Denison’s future public equity offerings; (b) a right of first opportunity if Denison intends to sell any of its substantial assets; (c) a right to participate in certain purchases of substantial assets which Denison proposes to acquire; and (d) a right to nominate one director to Denison’s board so long as its share interest in Denison is above 5.0%. KHNP Canada is also the majority member of the Korea Waterbury Uranium Limited Partnership (“KWULP”). KWULP is a consortium of investors that holds the non-Denison owned interests in Waterbury Lake Uranium Corporation (“WLUC”) and the WLULP, entities whose key asset is the Waterbury Lake property. At December 31, 2023, WLUC is owned by Denison Waterbury Corp (60%) and KWULP (40%) while the WLULP is owned by Denison Waterbury Corp (69.35% - limited partner), KWULP (30.63% - limited partner) and WLUC (0.02% - general partner). When a spending program is approved, each participant is required to fund these entities based upon its respective ownership interest or be diluted accordingly. Spending program approval requires 75% of the limited partners’ voting interest. In January 2014, Denison agreed to allow KWULP to defer a decision regarding its funding obligation to WLUC and WLULP until September 30, 2015 and to not be immediately diluted as per the dilution provisions in the relevant agreements (“Dilution Agreement”). Instead, under the Dilution Agreement, dilution would be delayed until September 30, 2015 and then applied in each subsequent period, if applicable, in accordance with the original agreements. In exchange, Denison received authorization to approve spending programs on the property, up to an aggregate $10,000,000, until September 30, 2016 without obtaining approval from 75% of the voting interest. Under subsequent amendments, Denison and KWULP have agreed to extend Denison’s authorization under the Dilution Agreement to approve program spending up to an aggregate $20,000,000 until December 31, 2023. In 2022, Denison funded 100% of the approved fiscal 2022 program for Waterbury Lake and KWULP continued to dilute its interest in the WLULP. As a result, Denison increased its interest in the WLULP from 66.90% to 67.41%, in two steps, which was accounted for using effective dates of May 31, 2023 and November 30, 2022. The increased ownership interest resulted in Denison recording its increased pro-rata share of the assets and liabilities of Waterbury Lake, the majority of which relates to an addition to mineral property assets of $363,000. In 2023, Denison funded 100% of the approved fiscal 2023 program for Waterbury Lake and KWULP continued to dilute its interest in the WLULP. As a result, Denison increased its interest in the WLULP from 67.41% to 69.35% , which was accounted for using an effective date of October 31, 2023. The increased ownership interest resulted in Denison recording its increased pro-rata share of the assets and liabilities of Waterbury Lake, the majority of which relates to an addition to mineral property assets of $1,456,000 . Compensation of Key Management Personnel Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Company, directly or indirectly. Key management personnel includes the Company’s executive officers, vice-presidents and members of its Board of Directors. The following compensation was awarded to key management personnel: (in thousands) 2023 2022 Salaries and short-term employee benefits $ (3,302) $ (3,251) Share-based compensation (2,865) (3,083) Key management personnel compensation $ (6,167) $ (6,334) |
CAPITAL MANAGEMENT AND FINANCIA
CAPITAL MANAGEMENT AND FINANCIAL RISK | 12 Months Ended |
Dec. 31, 2023 | |
CAPITAL MANAGEMENT AND FINANCIAL RISK | |
CAPITAL MANAGEMENT AND FINANCIAL RISK | 23. Capital Management The Company’s capital includes equity, cash, cash equivalents, investments in debt instruments, investments in equity instruments and the current portion of debt obligations. The Company’s primary objective with respect to its capital management is to ensure that it has sufficient capital to maintain its ongoing operations, to provide returns to shareholders and benefits for other stakeholders, and to pursue growth opportunities. Long-term planning, annual budgeting and controls over major investment decisions are the primary tools used to manage the Company’s capital. The Company’s cash is managed centrally and disbursed to the various business units based on a system of internal controls that require review and approval of significant expenditures by the Company’s key decision makers. Under the Company’s delegation of authority guidelines, significant debt obligations require the approval of the Board of Directors. The Company monitors and reviews the composition of its net cash and investment position on an ongoing basis and adjusts its holdings as necessary to achieve the desired level of risk and/or to accommodate operating plans for the current and future periods. The Company’s net cash and investment position is summarized below: At December 31 At December 31 (in thousands) 2023 2022 Net cash and investments: Cash and cash equivalents (note 4) $ 131,054 $ 50,915 Equity instrument investments (note 7) 10,517 8,109 Investments-uranium (note 7) 276,815 162,536 Investments-convertible debentures (note 7) 15,565 — Debt obligations-current (note 15) (213) (216) Net cash and investments $ 433,738 $ 221,344 At December 31, 2023, total equity was $641,784,000 (December 31, 2022 - $436,016,000). Financial Risk The Company examines the various financial risks to which it is exposed and assesses the impact and likelihood of those risks. These risks may include credit risk, liquidity risk, currency risk, interest rate risk, commodity price risk, and equity price risk. (a) Credit risk is the risk of loss due to a counterparty’s inability to meet its obligations under a financial instrument that will result in a financial loss to the Company. The Company believes that the carrying amount of its cash and cash equivalents, trade and other receivables, restricted cash and investments, and convertible debentures represent its maximum credit exposure. The maximum exposure to credit risk at the reporting dates is as follows: At December 31 At December 31 (in thousands) 2023 2022 Cash and cash equivalents $ 131,054 $ 50,915 Trade and other receivables 1,913 4,143 Restricted cash and investments 11,231 11,105 Investments-convertible debentures 15,565 — $ 159,763 $ 66,163 The Company limits cash and cash equivalents, and restricted cash and investments risk by dealing with credit worthy financial institutions. The majority of the Company’s normal course trade receivables balance relates to its joint operations and joint venture partners who have established credit worthiness with the Company through past dealings. Based on its historical credit loss experience, the Company has recorded an allowance for credit loss of $nil on its normal course trade receivables as at December 31, 2023 and December 31, 2022. The Company’s Mongolia Sale Receivable is accounted for at fair value and is assessed as having a fair value of $nil using Level 3 inputs. (b) Liquidity risk is the risk that the Company will encounter difficulties in meeting obligations associated with its financial liabilities as they become due. The Company has in place a planning and budgeting process to help determine the funds required to support the Company’s normal operating requirements on an ongoing basis. The Company ensures that there is sufficient committed capital to meet its short-term business requirements, taking into account its anticipated cash flows from operations, its holdings of cash and cash equivalents and equity investments, its financial covenants, and its access to credit and capital markets, if required. The maturities of the Company’s financial liabilities at December 31, 2023 are as follows: Within 1 1 to 5 (in thousands) Year Years Accounts payable and accrued liabilities (note 11) $ 10,822 $ — Debt obligations (note 15) 213 204 $ 11,035 $ 204 (c) Foreign exchange risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Company predominantly operates in Canada and incurs the majority of its operating and capital costs in Canadian dollars. As the prices of uranium are quoted in U.S. currency, fluctuations in the Canadian dollar relative to the U.S. dollar can significantly impact the valuation of the Company’s holdings of physical uranium from a Canadian dollar perspective. The Company is also exposed to some foreign exchange risk on its net U.S dollar financial asset position, including cash and cash equivalents held in U.S. dollars. At December 31, 2023, the Company’s net U.S dollar financial assets and uranium investments were $24,228,000 and $276,815,000, respectively, in CAD dollars. The impact of the U.S dollar strengthening or weakening (by 10%) on the value of the Company’s net U.S dollar-denominated assets is as follows: Dec. 31'2023 Sensitivity Foreign Foreign Change in Exchange Exchange net income (in thousands except foreign exchange rates) Rate Rate (loss) Currency risk CAD weakens 1.3226 1.1903 $ 30,081 CAD strengthens 1.3226 1.4549 $ (30,081) Currently, the Company does not have any programs or instruments in place to hedge this possible currency risk. (d) Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company is exposed to interest rate risk on its liabilities through its outstanding borrowings and on its assets through its investments in convertible debt instruments. The Company monitors its exposure to interest rates and has not entered into any derivative contracts to manage this risk. The sensitivity analysis below illustrates the impact of interest rate risk on the convertible debt instruments held by the Company at December 31, 2023: Absolute change Base 1% increase 1% decrease Credit spread 20 % 21 % 19 % Convertible debentures fair value (in thousands) $ 15,565 15,339 15,801 (e) The Company’s uranium holdings are directly tied to the spot price of uranium. At December 31, 2023, a 10% increase in the uranium spot price would have increased the value of the Company’s holdings of physical uranium by $27,681,500, while a 10% decrease would have decreased the value of the Company’s holdings of physical uranium by $27,681,500. (f) The Company is exposed to equity price risk on its investments in equity instruments of other publicly traded companies. At December 31, 2023, a 10% increase in the equity price should have increased the value of the Company’s holdings of equity instruments by $1,052,000, while a 10% decrease would have decreased the value of the Company’s holdings of equity instruments by $1,052,000 Absolute change Base 10% increase 10% decrease Equity price $ 0.40 0.44 0.36 Convertible debentures fair value (in thousands) $ 15,565 16,307 14,562 Fair Value of Investments and Financial Instruments IFRS requires disclosures about the inputs to fair value measurements, including their classification within a hierarchy that prioritizes the inputs to fair value measurement. The three levels of the fair value hierarchy are: ● Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities; ● Level 2 - Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly; and ● Level 3 - Inputs that are not based on observable market data. The fair value of financial instruments which trade in active markets, such as share and warrant equity instruments, is based on quoted market prices at the balance sheet date. The quoted market price used to value financial assets held by the Company is the current closing price. The fair value of financial instruments that do not trade in active markets have been valued using different valuation approaches. Warrants have been valued using the Black-Scholes pricing model. The convertible debentures have been valued using a valuation model based on the finite-difference method, which results in a pair of coupled partial differential equations that are solved simultaneously to calculate the value of the debt and embedded conversion option in a convertible bond. Inputs used for the valuation of the convertible debentures include: valuation dates, maturity date, risk-free rates, share prices of the bond issuer at valuation dates, equity volatility, stated interest rate, conversion price, redemption price, and the credit spreads. Significant unobservable inputs include a 20.05% credit spread that is based on the ICE BofA CCC & Lower US High Yield Index Option-Adjusted Spread and a volatility of 57% at December 31, 2023. The Company determines the valuation approaches for each type of financial instrument it holds in accordance with the most relevant measurement basis and re-assesses their relevancy during each reporting period. Except as otherwise disclosed, the fair values of cash and cash equivalents, trade and other receivables, accounts payable and accrued liabilities, restricted cash and cash equivalents and debt obligations approximate their carrying values as a result of the short-term nature of the instruments, the variable interest rate associated with the instruments or the fixed interest rate of the instruments being similar to market rates. During 2023 and 2022, there were no transfers between levels 1, 2 and 3 and there were no changes in valuation techniques. The following table illustrates the classification of the Company’s financial assets and liabilities within the fair value hierarchy as at December 31, 2023 and December 31, 2022: Financial Fair December 31, December 31, Instrument Value 2023 2022 (in thousands) Category (1) Hierarchy Fair Value Fair Value Financial Assets: Cash and equivalents Category B $ 131,054 $ 50,915 Trade and other receivables Category B 1,913 4,143 Investments Equity instruments-shares Category A Level 1 10,390 8,022 Equity instruments-warrants Category A Level 2 127 87 Convertible Debentures Category A Level 3 15,565 — Restricted cash and equivalents Elliot Lake reclamation trust fund Category B 3,259 3,133 Credit facility pledged assets Category B 7,972 7,972 $ 170,280 $ 74,272 Financial Liabilities: Account payable and accrued liabilities Category C 10,822 10,299 Debt obligations Category C 417 576 $ 11,239 $ 10,875 (1) Financial instrument designations are as follows: Category A=Financial assets and liabilities at fair value through profit and loss; Category B=Financial assets at amortized cost; and Category C=Financial liabilities at amortized cost. Investments in uranium are categorized in Level 2. Investments in uranium are measured at fair value at each reporting period based on the month-end spot price for uranium published by UxC and converted to Canadian dollars using the period-end indicative foreign exchange rate. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2023 | |
COMMITMENTS AND CONTINGENCIES | |
COMMITMENTS AND CONTINGENCIES | 24. General Legal Matters The Company is involved, from time to time, in various legal actions and claims in the ordinary course of business. In the opinion of management, the aggregate amount of any potential liability is not expected to have a material adverse effect on the Company’s financial position or results. Specific Legal Matters Mongolia Mining Division Sale – Arbitration Proceedings with Uranium Industry a.s. In November 2015, the Company sold all of its mining assets and operations located in Mongolia to Uranium Industry a.s (“UI”) pursuant to an amended and restated share purchase agreement (the “GSJV Agreement”). The primary assets at that time were the exploration licenses for the Hairhan, Haraat, Gurvan Saihan and Ulzit projects. As consideration for the sale per the GSJV Agreement, the Company received cash consideration of USD$1,250,000 prior to closing and the rights to receive additional contingent consideration of up to USD$12,000,000. On September 2016, the Mineral Resources Authority of Mongolia (“MRAM”) formally issued mining license certificates for all four projects, triggering Denison’s right to receive contingent consideration of USD$10,000,000 (collectively, the “Mongolia Sale Receivable”). The original due date for payment of the Mongolia Sale Receivable by UI was November 16, 2016. This contingent consideration is accounted for at fair value. Upon the issuance of the mining license receivable, the fair value of the contingent consideration was increased from $nil to US$10,000,000 and upon the non-payment by UI the fair value was reduced back to $nil. Under an extension agreement between UI and the Company, the payment due date of the Mongolia Sale Receivable was extended from November 16, 2016 to July 16, 2017 (the “Extension Agreement”). As consideration for the extension, UI agreed to pay interest on the Mongolia Sale Receivable amount at a rate of 5% per year, payable monthly up to July 16, 2017 and they also agreed to pay a USD$100,000 instalment amount towards the balance of the Mongolia Sale Receivable amount. The required payments were not made. In February 2017, the Company served notice to UI that it was in default of its obligations under the GSJV Agreement and the Extension Agreement and on December 12, 2017, the Company filed a Request for Arbitration between the Company and UI under the Arbitration Rules of the London Court of International Arbitration. The final award was rendered by an arbitration panel on July 27, 2020, with the panel finding in favour of Denison and ordering UI to pay the Company USD$10,000,000 plus interest at a rate of 5% per annum from November 16, 2016, plus certain legal and arbitration costs. In January 2022, the Company executed a Repayment Agreement with UI (the “Repayment Agreement”). Under the terms of the Repayment Agreement, UI has agreed to make scheduled payments of the Arbitration Award, plus additional interest and fees, through a series of quarterly installments and annual milestone payments until December 31, 2025. The total amount due to Denison under the Repayment Agreement is approximately USD$16,000,000 inclusive of additional interest to be earned over the term of the agreement at a rate of 6.5% per annum. The Repayment Agreement includes customary covenants and conditions in favour of Denison, including certain restrictions on UI’s ability to take on additional debt, in consideration for Denison’s deferral of enforcement of the Arbitration Award while UI is in compliance with its obligations under the Repayment Agreement. During the year ended December 31, 2023, the Company received US$3,100,000 from UI (December 31, 2022 - US$4,800,000), of which a portion relates to reimbursement of legal and other expenses incurred by Denison, resulting in the recognition of income of $4,097,000 (December 31, 2022 - $6,142,000) in the period. This contingent consideration continues to be recorded at fair value at each period end (December 31, 2023 and 2022- $nil). Performance Bonds and Letters of Credit In conjunction with various contracts, reclamation and other performance obligations, the Company may be required to issue performance bonds and letters of credit as security to creditors to guarantee the Company’s performance. Any potential payments which might become due under these items would be related to the Company’s non-performance under the applicable contract. As at December 31, 2023, the Company had outstanding letters of credit of $23,964,000 for reclamation obligations which are collateralized by the Company’s 2024 Credit Facility (see note 15). |
INTEREST IN OTHER ENTITIES
INTEREST IN OTHER ENTITIES | 12 Months Ended |
Dec. 31, 2023 | |
INTEREST IN OTHER ENTITIES | |
INTEREST IN OTHER ENTITIES | 25. The significant subsidiaries, associates and joint arrangements of the Company at December 31, 2023 are listed below. The table also includes information related to key contractual arrangements associated with the Company’s mineral property interests that comprise 91.0% of the December 31, 2023 carrying value of its Mineral Property assets (see note 10). December December Fiscal Place 31, 2023 31, 2022 2023 Of Ownership Ownership Participating Accounting Business Interest (1) Interest (1) Interest (2) Method Subsidiaries Denison Mines Inc. Canada 100.00 % 100.00 % N/A Consolidation Denison AB Holdings Corp. Canada 100.00 % 100.00 % N/A Consolidation Denison Waterbury Corp Canada 100.00 % 100.00 % N/A Consolidation 9373721 Canada Inc. Canada 100.00 % 100.00 % N/A Consolidation Denison Mines (Bermuda) I Ltd Bermuda 100.00 % 100.00 % N/A Consolidation Joint Operations Waterbury Lake Uranium Corp (3) Canada 60.00 % 60.00 % 100 % Voting Share (4) Waterbury Lake Uranium LP (3) Canada 69.35 % 67.41 % 100 % Voting Share (4) Joint Venture JCU Canada 50.00 % 50.00 % 50.00 % Equity (5) Key Contractual Arrangements Wheeler River Joint Venture Canada 90.00 % 90.00 % 90.00 % (5) Denison Share (4) Midwest Joint Venture Canada 25.17 % 25.17 % 25.17 % Denison Share (4) Mann Lake Joint Venture Canada 30.00 % 30.00 % N/A (6) Denison Share (4) Wolly Joint Venture Canada 20.77 % 20.77 % 20.77 % Denison Share (4) McClean Lake Joint Venture Canada 22.50 % 22.50 % 22.50 % Denison Share (4) (1) Ownership Interest represents Denison’s percentage equity / voting interest in the entity or contractual arrangement. (2) Participating interest represents Denison’s percentage funding contribution to the particular joint operation or contractual arrangement. This percentage can differ from ownership interest in instances where other parties to the arrangement have carried interests, they are earning-in to the arrangement, or they are diluting their interest in the arrangement (provided the arrangement has dilution provisions therein). (3) WLUC and WLULP were acquired by Denison as part of the Fission Energy Corp. acquisition in April 2013. Denison uses its equity interest to account for its share of assets, liabilities, revenues and expenses for these joint operations. In 2023, Denison funded 100% of the activities in these joint operations pursuant to the terms of an agreement that allows it to approve spending for the WLULP without having the required 75% of the voting interest (see note 22). (4) Denison Share is where Denison accounts for its share of assets, liabilities, revenues and expenses in accordance with the specific terms within the contractual arrangement. This can be by using either its ownership interest (i.e. Voting Share) or its participating interest (i.e. Funding Share), depending on the arrangement terms. The Voting Share and Funding Share approaches produce the same accounting result when the Company’s ownership interest and participating interests are equal. (5) Denison indirectly owns an additional 5% ownership interest through its joint venture in JCU, which is accounted for using the equity method and is thus not reflected here as part of its participating share in the WRJV. (6) The participating interest for 2023 for this arrangement is shown as Not Applicable as there was no approved spending program carried out during fiscal 2023 . |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2023 | |
SUBSEQUENT EVENTS | |
SUBSEQUENT EVENTS | 26. Sale of Uranium In January 2024, Denison finalized an agreement to sell 100,000 pounds of U 3 8 Earn-In Agreement with Grounded Lithium Corp. In January 2024, Denison entered into an agreement with Grounded Lithium Corp. (“Grounded Lithium”) with respect to the Kindersley Lithium Project (“KLP”) in Saskatchewan. The agreement includes a series of earn-in options, with each earn-in option being comprised of a cash payment to Grounded Lithium as well as dedicated expenditures to advance KLP. Should Denison complete all three earn-in options, it will have made cumulative cash payments to Grounded Lithium of $3.2 million and have funded $12.0 million in project expenditures and will have earned a 75% working interest in the KLP. Upon funding the total amounts of each earn-in option phase, Denison has the right to either exercise the earn-in option and acquire the working interest associated with that phase or move on to the ensuing option phase. The agreement terminates on the earliest of: (i) Denison electing to acquire its working interest and convert to a formal joint venture, (ii) June 30, 2028, or (iii) a date as otherwise agreed between the parties. Acquisition of MaxPERF Tool Systems In February 2024, the Company announced its acquisition of fixed and mobile MaxPERF Tool Systems from Penetrators Canada Inc. (“Penetrators”). The MaxPERF Tool Systems have been successfully deployed several times as a method of permeability enhancement in In-Situ Recovery (“ISR”) field studies conducted on the Company’s potential ISR mining projects, including at the Phoenix deposit. Penetrators has also agreed to work exclusively with Denison for a 10-year period with respect to the use of the MaxPERF Tool Systems for uranium mining applications, and related services, in Saskatchewan. |
STATEMENT OF COMPLIANCE, ACCO_2
STATEMENT OF COMPLIANCE, ACCOUNTING POLICIES AND COMPARATIVE NUMBERS (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
STATEMENT OF COMPLIANCE, ACCOUNTING POLICIES AND COMPARATIVE NUMBERS | |
Consolidation principles | A. The financial statements of the Company include the accounts of DMC, its subsidiaries and its joint arrangements (see note 25). Subsidiaries Subsidiaries are all entities over which the DMC group of entities has control. The group controls an entity where the group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the group and are deconsolidated from the date that control ceases. Intercompany transactions, balances and unrealized gains and losses from intercompany transactions are eliminated. Joint arrangements A joint arrangement is a contractual arrangement of which the DMC group of entities and another independent party have joint control. Joint arrangements are either joint operations or joint ventures. The classification of a joint arrangement as a joint operation or a joint venture depends upon the rights and obligations of the parties to the arrangement. The Company determines the type of joint arrangement in which it is involved by considering the structure and form of the arrangement, the terms agreed by the parties in the contractual arrangement and other facts and circumstances such as the parties’ rights and obligations arising from the arrangement. Joint operations are contractual arrangements which involve joint control between the parties which have rights to the assets, and obligations for the liabilities, relating to the joint arrangement. The consolidated financial statements of the Company include its share of the assets in such joint operations, together with its share of the liabilities and the revenues and expenses arising jointly or otherwise from those operations. All such amounts are measured in accordance with the terms of each arrangement. A joint venture is a joint arrangement over which the Company shares joint control and which provides the Company with the rights to the net assets of the joint arrangement. Joint ventures are accounted for using the equity method. Under the equity method, investments in joint ventures are initially recorded at cost and adjusted thereafter to record the Company’s share of post-acquisition earnings or loss of the joint venture as if the joint venture had been consolidated. The carrying value of investments in joint ventures is also increased or decreased to reflect the Company’s share of capital transactions, including amounts recognized in “Other comprehensive income or loss”, and for accounting changes that relate to periods subsequent to the date of acquisition. |
Foreign currency translation | B. Functional and presentation currency Items included in the financial statements of each entity in the DMC group are measured using the currency of the primary economic environment in which the entity operates (“the functional currency”). Primary and secondary indicators are used to determine the functional currency. Primary indicators include the currency that mainly influences sales prices, labour, material and other costs. Secondary indicators include the currency in which funds from financing activities are generated and in which receipts from operating activities are usually retained. Typically, the local currency has been determined to be the functional currency of Denison’s entities. The financial statements of entities that have a functional currency different from the presentation currency of DMC (“foreign operations”) are translated into Canadian dollars as follows: assets and liabilities at the closing rate at the date of the statement of financial position, and income and expenses at the average rate of the period (as this is considered a reasonable approximation to actual rates). All resulting changes are recognized in “Other comprehensive income or loss” as cumulative foreign currency translation adjustments. When the Company disposes of its entire interest in a foreign operation, or loses control, joint control, or significant influence over a foreign operation, the foreign currency gains or losses accumulated in “Other comprehensive income or loss” related to the foreign operation are recognized in the statement of income or loss as translational foreign exchange gains or losses. Transactions and balances Foreign currency transactions are translated into an entity’s functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of foreign currency transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in currencies other than an operation’s functional currency are recognized in the statement of income or loss as transactional foreign exchange gains or losses. |
Financial instruments | C. Financial assets and financial liabilities are recognized when the Company becomes a party to the contractual provisions of a financial instrument. Financial assets are derecognized when the rights to receive cash flows from the assets have expired or have been transferred and the Company has transferred substantially all risks and rewards of ownership. Financial liabilities are derecognized when the obligations specified in the contract are discharged, cancelled or expire. At initial recognition, the Company classifies its financial instruments in the following categories: Financial assets and liabilities at fair value through profit or loss (“FVTPL”) A financial asset is classified in this category if it is a derivative instrument, an equity instrument for which the Company has not made the irrevocable election to classify as fair value through Other comprehensive income (“FVTOCI”), or a debt instrument that is not held within a business model whose objective includes holding the financial assets in order to collect contractual cash flows that are solely payments of principal and interest. Derivative financial liabilities and contingent consideration liabilities related to business combinations are also classified in this category. Financial instruments in this category are recognized initially and subsequently at fair value. Transaction costs are expensed in the statement of income or loss. Gains and losses arising from changes in fair value are presented in the statement of income or loss – within “Other income (expense)” in the period in which they arise. Equity investments in shares and warrants, uranium investments, and convertible debentures are classified as financial assets at FVTPL. Financial assets at amortized cost A financial asset is classified in this category if it is a debt instrument and / or other similar asset that is held within a business model whose objective is to hold the asset in order to collect the contractual cash flows (i.e. principal and interest). Financial assets in this category are initially recognized at fair value plus transaction costs and subsequently measured at amortized cost using the effective interest method less a provision for impairment. Interest income is recorded in the statement of income or loss through “Finance income”. Cash and cash equivalents, restricted cash, and trade and other receivables are classified as financial assets at amortized cost. Financial liabilities at amortized cost All financial liabilities that are not recorded as FVTPL are classified in this category and are initially recognized less a discount (when material) to reduce the financial liabilities to fair value and less any directly attributable transaction costs. Subsequently, financial liabilities are measured at amortized cost using the effective interest method. Interest expense is recorded in the statement of income or loss through “Finance expense”. Accounts payable and accrued liabilities, and debt obligations are classified as financial liabilities at amortized cost. Refer to the “Fair Value of Financial Instruments” section of note 23 for the Company’s classification of its financial assets and liabilities within the fair value hierarchy. |
Impairment of financial assets | D. At each reporting date, the Company assesses the expected credit losses ("ECLS") associated with its financial assets that are not carried at FVTPL. ECLS are calculated based on the difference between the contractual cash flows and the cash flows that the Company expects to receive, discounted, where applicable, based on the asset’s original effective interest rate. For “Trade receivables”, the Company calculates ECLS based on historical credit loss experience, adjusted for forward-looking factors specific to debtors and the economic environment. In recording an impairment loss, the carrying amount of the asset is reduced by this expected credit loss (“ECL”) either directly or indirectly through the use of an allowance account. |
Inventories | E. Expenditures, including depreciation, depletion and amortization of production assets, incurred in the mining and processing activities that will result in future uranium concentrate production, are deferred and accumulated as ore in stockpiles, in-process inventories and concentrate inventories. These amounts are carried at the lower of weighted average cost or net realizable value (“NRV”). NRV is calculated as the estimated future uranium concentrate selling price in the ordinary course of business (net of selling costs) less the estimated costs to complete production of the inventory into a saleable form. Stockpiles are comprised of coarse ore that has been extracted from the mine and is available for further processing. Mining production costs are added to the stockpile as incurred and removed from the stockpile based upon the weighted average cost per ton of ore produced from mines considered to be in commercial production. The current portion of ore in stockpiles represents the amount expected to be processed in the next twelve months. In-process and concentrate inventories include the cost of the ore removed from the stockpile, a pro-rata share of the amortization of the associated mineral property, as well as production costs incurred to process the ore into a saleable product. Processing costs typically include labor, chemical reagents and directly attributable mill overhead expenditures. Items are valued at weighted average cost. Materials and other supplies held for use in the production of inventories are carried at weighted average cost and are not written down below that cost if the finished products in which they will be incorporated are expected to be sold at or above cost. However, when a decline in the price of concentrates indicates that the cost of the finished products exceeds NRV, the materials are written down to NRV. In such circumstances, the replacement cost of the materials may be the best available measure of their NRV. |
Investments-uranium | F. The Company’s uranium investments are held for long-term capital appreciation. Investments in uranium are initially recorded at cost, on the date that control of the uranium passes to the Company. Cost includes the purchase price and any directly attributable transaction costs. Subsequent to initial recognition, investments in uranium are measured at fair value at each reporting period end. Fair value is determined based on the most recent month-end spot price for uranium published by UxC LLC (“UxC”) and converted to Canadian dollars using the foreign exchange rate at the date of the consolidated statement of financial position. Related fair value gains and losses recognized subsequent to initial recognition are recorded in the consolidated statement of income (loss) as a component of “Other income (expense)” in the period in which they arise. |
Property, plant and equipment | G. Plant and equipment Plant and equipment are recorded at acquisition or production cost and carried net of depreciation and impairments. Cost includes expenditures incurred by the Company that are directly attributable to the acquisition of the asset. Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost can be measured reliably. The carrying amount of a replaced asset is derecognized when replaced. Repairs and maintenance costs are charged to the statement of income and loss during the period in which they are incurred. Depreciation is calculated on a straight line or unit of production basis as appropriate. Where a straight-line methodology is used, the assets are depreciated to their estimated residual value over an estimated useful life which ranges from three to twenty years depending upon the asset type. Where a unit of production methodology is used, the assets are depreciated to their estimated residual value over the useful life defined by management’s best estimate of recoverable reserves and resources in the current estimated mine plan. When assets are retired or sold, the resulting gains or losses are reflected in the statement of income or loss as a component of “Other income (expense)”. The Company allocates the amount initially recognized in respect of an item of plant and equipment to its significant parts and depreciates separately each such part over its useful life. Residual values, methods of depreciation and useful lives of the assets are reviewed at least annually and adjusted if appropriate. Where straight-line depreciation is utilized, the range of useful lives for various asset classes is generally as follows: Buildings 15 - 20 years; Production machinery and equipment 5 - 7 years; Other assets 3 - 5 years. Mineral property acquisition, exploration, evaluation and development costs Costs relating to mineral and / or exploration rights acquired through a business combination or asset acquisition are capitalized and reported as part of “Property, plant and equipment”. Exploration and Evaluation expenditures are expensed as incurred. Once commercial viability and technical feasibility for a project has been established, the project is classified as a “Development Stage” mineral property, an impairment test is performed on the transition, and all further development costs are capitalized to the asset. Once a development stage mineral property goes into commercial production, the project is classified as “Producing” and the accumulated costs are amortized over the estimated recoverable reserves and resources in the current mine plan using a unit of production basis. Proceeds received from the sale of an interest in a property are credited against the carrying value of the property, with any difference recorded in the statement of income or loss as a gain or loss on sale within “Other income (expense)”. Lease assets (and lease obligations) At the inception of a contract, the Company assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Company assesses whether: ● the contract involves the use of an identified asset – this may be specified explicitly or implicitly and should be physically distinct or represent substantially all of the capacity of a physically distinct asset. If the supplier has a substantive substitution right, then the asset is not identified; ● the Company has the right to obtain substantially all of the economic benefits from the use of the asset throughout the period of use; and ● the Company has the right to direct the use of the asset. The Company has this right when it has the decision-making rights that are most relevant to changing how and for what purpose the asset is used. In rare cases where the decision about how and for what purpose the asset is used is predetermined, the Company has the right to direct the use of the asset if either (a) the Company has the right to operate the asset; or (b) the Company designed the asset in a way that predetermines how and for what purpose it will be used. If the contract contains a lease, the Company accounts for the lease and non-lease components separately. For the lease component, a right-of-use asset and a corresponding lease liability are set-up at the date at which the leased asset is available for use by the Company. The right-of-use asset is depreciated over the shorter of the asset’s useful life and the lease term on a straight-line basis. The lease payments associated with the lease liability are discounted using either the interest rate implicit in the lease, if available, or the Company’s incremental borrowing rate. Each lease payment is allocated between the liability and the finance cost (i.e. accretion) so as to produce a constant rate of interest on the remaining lease liability balance. |
Impairment of non-financial assets | H. After application of the equity method to joint ventures, at each reporting date the Company determines whether there is objective evidence that the investment in the joint venture is impaired. If there is such evidence, the Company calculates the amount of impairment as the difference between the recoverable amount of the associate or joint venture and it’s carrying value, and then recognizes the loss within “Equity share of loss” in the statement of income or loss. Property, plant and equipment assets are assessed at the end of each reporting period to determine if there is any indication that the asset may be impaired. If any such indication exists, an estimate of the recoverable amount of the asset is made. For the purpose of measuring recoverable amounts, assets are grouped at the lowest level, or cash generating unit (“CGU”), for which there are separately identifiable cash inflows. The recoverable amount is the higher of an asset’s fair value less costs of disposal and value in use (being the present value of the expected future cash flows of the relevant asset or CGU, as determined by management). An impairment loss is recognized for the amount by which the CGU’s carrying amount exceeds its recoverable amount. Mineral property assets are assessed for impairment using the impairment indicators under IFRS 6 “Exploration for and Evaluation of Mineral Resources” up until the commercial viability and technical feasibility for the property is established. From that point onwards, mineral property assets are tested for impairment using the impairment indicators of IAS 36 “Impairment of Assets”. |
Employee benefits | I. Share-based compensation The Company uses a fair value-based method of accounting for share options to employees and to non-employees. The fair value is determined using the Black-Scholes option pricing model on the date of the grant. The cost is recognized on a graded method basis, adjusted for expected forfeitures, over the applicable vesting period as an increase in share-based compensation expense and the contributed surplus account. When such share options are exercised, the proceeds received by the Company, together with the respective amount from contributed surplus, are credited to share capital. The Company also has a share unit plan pursuant to which it may grant share units to employees – the share units are equity-settled awards. The Company determines the fair value of the awards on the date of grant. The cost is recognized on a graded method basis, adjusted for expected forfeitures, over the applicable vesting period, as an increase in share-based compensation expense and the contributed surplus account. When such share units are settled for common shares, the applicable amounts of contributed surplus are credited to share capital. |
Reclamation provisions | J. Reclamation provisions, which are legal and constructive obligations related to the retirement of tangible long-lived assets, are recognized when such obligations are incurred, and a reasonable estimate of the value can be determined. These obligations are measured initially at the present value of expected cash flows using a pre-tax discount rate reflecting risks specific to the liability and the resulting costs are capitalized and added to the carrying value of the related assets. In subsequent periods, the liability is adjusted for the accretion of the discount and the expense is recorded in the statement of income or loss. Changes in the amount or timing of the underlying future cash flows or changes in the discount rate are immediately recognized as an increase or decrease in the carrying amounts of the related asset, if one exists, and liability. These costs are amortized to the results of operations over the life of the asset. Reductions in the amount of the liability are first applied against the amount of the net reclamation asset with any excess value being recorded in the statement of income or loss. The Company’s activities are subject to numerous governmental laws and regulations. Estimates of future reclamation liabilities for asset decommissioning and site restoration are recognized in the period when such liabilities are incurred. These estimates are updated on a periodic basis and are subject to changing laws, regulatory requirements, changing technology and other factors which will be recognized when appropriate. Liabilities related to site restoration include long-term treatment and monitoring costs and incorporate total expected costs net of recoveries. Expenditures incurred to dismantle facilities, restore, and monitor closed resource properties are charged against the related reclamation liability. |
Current and deferred income tax | K. Current income tax payable is based on taxable income for the period. Taxable income differs from income as reported in the statement of income or loss because it excludes items of income or expense that are taxable or deductible in other periods and it further excludes items that are never taxable or deductible. The Company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred income taxes are accounted for using the balance sheet liability method. Deferred income tax assets and liabilities are computed based on temporary differences between the financial statement carrying values of the existing assets and liabilities and their respective income tax bases used in the computation of taxable income. Computed deferred tax liabilities are generally recognized for all taxable temporary differences and deferred tax assets are recognized to the extent that it is probable that taxable income will be available against which deductible temporary differences can be utilized. Such assets and liabilities are not recognized if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable income nor the accounting income. Deferred tax liabilities are recognized for taxable temporary differences arising on investments in subsidiaries and investments, and interests in joint ventures, except where the Company is able to control the reversal of the temporary differences and it is probable that the temporary differences will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable earnings will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset realized, based on tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is charged or credited to the statement of income or loss (or comprehensive income or loss in some specific cases), except when it relates to items charged or credited directly to equity, in which case the deferred tax is also recorded within equity. Income tax assets and liabilities are offset when there is a legally enforceable right to offset the assets and liabilities and when they relate to income taxes levied by the same tax authority on either the same taxable entity or different taxable entities where there is an intention to settle the balance on a net basis. |
Flow-through common shares | L. The Company’s Canadian exploration activities have been financed in part through the issuance of flow-through common shares, whereby the Canadian income tax deductions relating to these expenditures are claimable by the subscribers and not by the Company. The proceeds from issuing flow-through shares are allocated between the offering of shares and the sale of tax benefits. The allocation is based on the difference (“premium”) between the quoted price of the Company’s existing shares and the amount the investor pays for the actual flow-through shares. A liability is recognized for the premium when the shares are issued and is extinguished when the tax effect of the temporary differences, resulting from the renunciation of the tax deduction to the flow-through shareholders, is recorded - with the difference between the liability and the value of the tax assets renounced being recorded as a deferred tax expense. The tax effect of the renunciation is recorded at the time the Company makes the renunciation to its subscribers – which may differ from the effective date of renunciation. If the flow-through shares are not issued at a premium, a liability is not established, and on renunciation the full value of the tax assets renounced is recorded as a deferred tax expense. |
Revenue recognition | M. Revenue from pre-sold toll milling services Revenue from the pre-sale of toll milling arrangement cash flows is recognized as the toll milling services are provided. At contract inception, the Company estimates the expected transaction price of the toll milling services being sold based on available information and calculates an average per unit transaction price that applies over the life of the contract. This unit price is used to draw-down the deferred revenue balance as the toll milling services occur. When changes occur to the expected timing, or volume of toll milling services, the per unit transaction price is adjusted to reflect the change (such review to be done annually, at a minimum), and a cumulative catch-up adjustment is made to reflect the updated rate. The amount of the upfront payment received from the toll milling pre-sale arrangements includes a significant financing component due to the longer-term nature of such agreements. As such, the Company also recognizes accretion expense on the deferred revenue balance which is recorded in the statement of income or loss through “Finance expense, net”. Revenue from environmental services (i.e. Closed Mines group) Environmental service contracts represent a series of distinct performance obligations that are substantially the same and have the same pattern of transfer of control to the customer. The transaction price is estimated at contract inception and is recognized over the life of the contract as control is transferred to the customer. Variable consideration, where applicable, is estimated at contract inception using either the expected value method or the most likely amount method. If it is highly probable that a subsequent reversal of revenue will not occur when the uncertainty has been resolved, the Company will recognize as revenue the estimated transaction price, including the estimate of the variable portion, upon transfer of control to the customer, otherwise the variable portion of the transaction price will be constrained, and will not be recognized as revenue until the uncertainty has been resolved. |
Earnings (loss) per share | N. Basic earnings (loss) per share (“EPS”) is calculated by dividing the net income or loss for the period attributable to equity owners of DMC by the weighted average number of common shares outstanding during the period. Diluted EPS is calculated by adjusting the weighted average number of common shares outstanding for dilutive instruments. The number of shares included with respect to options, warrants and similar instruments is computed using the treasury stock method. |
Discontinued operations | O. Discontinued operations A discontinued operation is a component of the Company that has either been disposed of, abandoned, or that is classified as held for sale and: (i) represents a separate major line of business or geographical area of operations; (ii) is part of a single coordinated plan to dispose of a separate major line of business or geographical area of operations; or (iii) is a subsidiary acquired exclusively with a view to resale. A component of the Company is comprised of operations and cash flows that can be clearly distinguished, operationally and for financial reporting purposes, from the rest of the Company. Further, a discontinued operation must be a component of the Company that was a cash generating unit ("CGU") while being held for use. Disposal groups to be abandoned include those that are to be used to the end of their economic life and those that are to be closed rather than sold. Net income or loss of a discontinued operation and any gain or loss on disposal are combined and presented as net income or loss from discontinued operations, net of tax, in the statement of income or loss. At the end of August, 2023, the Company’s long-term third party Closed Mine services contract came to an end and the Company ceased providing such third party care and maintenance services (see note 21). The Company is treating the Closed Mines segment as a discontinued operation as a result of the termination of this contract and the subsequent decision to no longer provide such services. |
STATEMENT OF COMPLIANCE, ACCO_3
STATEMENT OF COMPLIANCE, ACCOUNTING POLICIES AND COMPARATIVE NUMBERS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
STATEMENT OF COMPLIANCE, ACCOUNTING POLICIES AND COMPARATIVE NUMBERS | |
Useful lives for various asset classes | Buildings 15 - 20 years; Production machinery and equipment 5 - 7 years; Other assets 3 - 5 years. |
CASH AND CASH EQUIVALENTS (Tabl
CASH AND CASH EQUIVALENTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
CASH AND CASH EQUIVALENTS | |
Summary of Cash and cash equivalent balance | At December 31 At December 31 (in thousands) 2023 2022 Cash $ 2,650 $ 1,801 Cash in MLJV and MWJV 1,036 1,263 Cash equivalents 127,368 47,851 $ 131,054 $ 50,915 |
TRADE AND OTHER RECEIVABLES (Ta
TRADE AND OTHER RECEIVABLES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
TRADE AND OTHER RECEIVABLES | |
Summary of Trade and other receivables | At December 31 At December 31 (in thousands) 2023 2022 Trade receivables $ 899 $ 3,184 Receivables in MLJV and MWJV 623 508 Sales tax receivables 364 428 Sundry receivables 27 23 $ 1,913 $ 4,143 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
INVENTORIES | |
Summary of Inventories | At December 31 At December 31 (in thousands) 2023 2022 Inventory of ore in stockpiles $ 2,098 $ 2,098 Mine and mill supplies in MLJV 3,580 2,713 $ 5,678 $ 4,811 Inventories-by balance sheet presentation: Current $ 3,580 $ 2,713 Long term-ore in stockpiles 2,098 2,098 $ 5,678 $ 4,811 |
INVESTMENTS (Tables)
INVESTMENTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
INVESTMENTS | |
Summary of Investments balances | At December 31 At December 31 (in thousands) 2023 2022 Investments: Equity instruments Shares $ 10,390 $ 8,022 Warrants 127 87 Convertible Debentures 15,565 — Physical Uranium 276,815 162,536 $ 302,897 $ 170,645 Investments-by balance sheet presentation: Current $ 10,400 $ 8,022 Long-term 292,497 162,623 $ 302,897 $ 170,645 |
Summary of Investments continuity | Equity Convertible Physical Total (in thousands) Instruments Debentures Uranium Investments Balance-January 1, 2022 $ 14,578 $ — $ 133,114 $ 147,692 Change in fair value gain to profit and (loss) (note 20) (6,469) — 29,422 22,953 Balance-December 31, 2022 $ 8,109 $ — $ 162,536 $ 170,645 Purchase of investments 2,417 15,000 — 17,417 Sale of investments — — (19,901) (19,901) Change in fair value gain to profit and (loss) (note 20) (9) 565 134,180 134,736 Balance-December 31, 2023 $ 10,517 $ 15,565 $ 276,815 $ 302,897 |
INVESTMENT IN JOINT VENTURE (Ta
INVESTMENT IN JOINT VENTURE (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
INVESTMENT IN JOINT VENTURE | |
Investment in joint venture | At December 31 At December 31 (in thousands) 2023 2022 Investment in joint venture: JCU $ 17,290 $ 19,305 $ 17,290 $ 19,305 (in thousands) Balance-December 31, 2022 $ 19,305 Investment at cost: Equity share of loss (4,400) Additional investment in JCU 2,385 Balance-December 31, 2023 $ 17,290 |
Summaries of Consolidated Financial Information of JCU | At December 31 At December 31 (in thousands) 2023 2022 Total current assets (1) $ 525 $ 2,273 Total non-current assets 38,666 38,371 Total current liabilities (381) (1,949) Total non-current liabilities (4,230) (86) Total net assets $ 34,580 $ 38,609 Twelve Months Ended Twelve Months Ended November 30, 2023 (2) November 30, 2022 (2) Revenue $ — $ — Net loss (8,799) (5,775) Other comprehensive income $ — $ — Reconciliation of JCU net assets to Denison investment carrying value: Adjusted net assets of JCU–at December 31 $ 38,609 $ 42,784 Net loss (8,799) (5,775) Investment from owners 4,770 1,600 Net assets of JCU–at November 30, 2023 $ 34,580 $ 38,609 Denison ownership interest 50.00 % 50.00 % Investment in JCU $ 17,290 $ 19,305 (1) Included in current assets are $525,000 in cash and cash equivalents (December 31, 2022 - $1,473,000 ). (2) Represents JCU net loss for the twelve months ended November 30 (recorded one month in arrears), adjusted for differences in fair value allocations and accounting policies. |
RESTRICTED CASH AND INVESTMEN_2
RESTRICTED CASH AND INVESTMENTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Restricted Cash And Investments [Abstract] | |
Summary of restricted cash and investments | At December 31 At December 31 (in thousands) 2023 2022 Cash and cash equivalents $ 3,259 $ 3,133 Investments 7,972 7,972 $ 11,231 $ 11,105 Restricted cash and investments-by item: Elliot Lake reclamation trust fund $ 3,259 $ 3,133 Letters of credit facility pledged assets 7,972 7,972 $ 11,231 $ 11,105 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
PROPERTY, PLANT AND EQUIPMENT | |
Summary of property, plant and equipment continuity | Plant and Equipment Mineral Total (in thousands) Owned Right-of-Use Properties PP&E Cost: Balance-January 1, 2022 $ 105,683 $ 953 $ 179,788 $ 286,424 Additions (note 21) 6,731 103 431 7,265 Disposals (187) (293) — (480) Reclamation adjustment (note 13) (4,159) — — (4,159) Balance-December 31, 2022 $ 108,068 $ 763 $ 180,219 $ 289,050 Additions (note 21) 1,398 34 1,836 3,268 Disposals (259) (28) (1,242) (1,529) Reclamation adjustment (note 13) 3,498 — — 3,498 Balance-December 31, 2023 $ 112,705 $ 769 $ 180,813 $ 294,287 Accumulated amortization, depreciation: Balance-January 1, 2022 $ (31,420) $ (542) $ — $ (31,962) Amortization (199) — — (199) Depreciation (note 20) (3,797) (146) — (3,943) Disposals 150 293 — 443 Reclamation adjustment (note 13) 116 — — 116 Balance-December 31, 2022 $ (35,150) $ (395) $ — $ (35,545) Amortization (188) — — (188) Depreciation (note 20) (3,804) (140) — (3,944) Disposals 259 27 — 286 Reclamation adjustment (note 13) 50 — — 50 Balance-December 31, 2023 $ (38,833) $ (508) $ — $ (39,341) Carrying value: Balance-December 31, 2022 $ 72,918 $ 368 $ 180,219 $ 253,505 Balance-December 31, 2023 $ 73,872 $ 261 $ 180,813 $ 254,946 |
ACCOUNTS PAYABLE AND ACCRUED _2
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES | |
Schedule of accounts payable and accrued liabilities | At December 31 At December 31 (in thousands) 2023 2022 Trade payables $ 5,037 $ 5,434 Payables in MLJV and MWJV 4,843 4,036 Other payables 942 829 $ 10,822 $ 10,299 |
DEFERRED REVENUE (Tables)
DEFERRED REVENUE (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
DEFERRED REVENUE | |
Summary of deferred revenue balance | At December 31 At December 31 (in thousands) 2023 2022 Deferred revenue-pre-sold toll milling: CLJV Toll Milling-Ecora $ 34,958 $ 33,295 $ 34,958 $ 33,295 Deferred revenue-by balance sheet presentation: Current $ 4,535 $ 4,915 Non-current 30,423 28,380 $ 34,958 $ 33,295 |
Summary of deferred revenue liability continuity | (in thousands) 2023 2022 Balance-January 1 $ 33,295 $ 36,508 Revenue recognized during the period (note 21) (1,855) (5,987) Accretion (note 20) 3,518 2,774 Balance-December 31 $ 34,958 $ 33,295 |
RECLAMATION OBLIGATIONS (Tables
RECLAMATION OBLIGATIONS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
RECLAMATION OBLIGATIONS | |
Summary of Reclamation obligations | At December 31 At December 31 (in thousands) 2023 2022 Reclamation obligations-by item: Elliot Lake $ 19,796 $ 16,634 MLJV and MWJV 12,215 10,069 Wheeler River and other 2,887 2,756 $ 34,898 $ 29,459 Reclamation obligations-by balance sheet presentation: Current $ 2,256 $ 2,865 Non-current 32,642 26,594 $ 34,898 $ 29,459 |
Summary of Reclamation obligations continuity | (in thousands) 2023 2022 Balance-January 1 $ 29,459 $ 37,532 Reclamation liability deposit from joint venture partner 99 — Accretion (note 20) 1,681 1,444 Expenditures incurred (3,118) (1,348) Liability adjustments-balance sheet (note 10) 3,548 (4,043) Liability adjustment-income statement (note 21) 3,229 (4,126) Balance-December 31 $ 34,898 $ 29,459 |
SHARE PURCHASE WARRANTS (Tables
SHARE PURCHASE WARRANTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
SHARE PURCHASE WARRANTS | |
Schedule share purchase warrants liability | Number of Warrant (in thousands except warrant amounts) Warrants Liability Balance-December 31, 2022 55,006,475 $ — Expiry of share purchase warrants (55,006,475) — Balance-December 31, 2023 — $ — |
OTHER LIABILITIES (Tables)
OTHER LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
OTHER LIABILITIES | |
Summary of other liabilities | At December 31 At December 31 (in thousands) 2023 2022 Other liabilities: Post-employment benefits $ 1,117 $ 1,201 Lease obligations 287 396 Loan obligations 130 180 $ 1,534 $ 1,777 Other liabilities-by balance sheet presentation: Current $ 333 $ 336 Non-current 1,201 1,441 $ 1,534 $ 1,777 |
Schedule of Post-employment benefits | At December 31 At December 31 (in thousands) 2023 2022 Accrued benefit obligation $ 1,117 $ 1,201 $ 1,117 $ 1,201 Post-employment benefits-by balance sheet presentation: Current $ 120 $ 120 Non-current 997 1,081 $ 1,117 $ 1,201 |
Summary of Post-employment benefits continuity | (in thousands) 2023 2022 Balance-January 1 $ 1,201 $ 1,274 Accretion (note 20) 21 22 Benefits paid (105) (95) Balance-December 31 $ 1,117 $ 1,201 |
Summary of debt obligations continuity | Lease Loan Total Debt (in thousands) Liabilities Liabilities Obligations Balance-January 1, 2022 $ 452 $ 56 $ 508 Accretion (note 20) 32 — 32 Additions (note 10) 87 158 245 Repayments (175) (34) (209) Balance-December 31, 2022 $ 396 $ 180 $ 576 Accretion (note 20) 27 — 27 Additions 33 — 33 Repayments (168) (50) (218) Liability adjustment gain (1) — (1) Balance-December 31, 2023 $ 287 $ 130 $ 417 |
Schedule of debt obligation maturities | Lease Loan Total Debt (in thousands) Liabilities Liabilities Obligations Maturity analysis-contractual undiscounted cash flows: Next 12 months $ 161 52 $ 213 One to five years 150 83 233 More than five years — — — Total obligation-end of period-undiscounted 311 135 446 Present value discount adjustment (24) (5) (29) Total obligation-end of period-discounted $ 287 130 $ 417 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
INCOME TAXES | |
Summary of income tax recovery | (in thousands) 2023 2022 Deferred income tax: Origination of temporary differences $ 2,578 $ 149 Tax benefit-previously unrecognized tax assets — 2,128 Prior year under provision (235) (8) 2,343 2,269 Income tax recovery $ 2,343 $ 2,269 |
Summary of reconciliation of the effective rate of income tax | (in thousands) 2023 2022 Income before taxes – continuing operations $ 87,021 $ 10,303 Combined Canadian tax rate 26.50 % 26.50 % Income tax expense at combined rate (23,061) (2,730) Difference in tax rates (6,536) (3,394) Non-deductible amounts (5,042) (3,018) Non-taxable amounts 33,314 17,334 Change in deferred tax assets not recognized (1) 3,925 (5,729) Change in tax rates, legislation (80) (151) Prior year under provision (235) (8) Other 58 (35) Income tax recovery $ 2,343 $ 2,269 (1) The Company has recognized certain previously unrecognized Canadian tax assets in 2022 as a result of the renunciation of certain tax benefits to subscribers pursuant to the Company's flow-through share issuances of $8,000,000 in December 2022. |
Summary of deferred income tax assets (liabilities) | At December 31 At December 31 (in thousands) 2023 2022 Deferred income tax assets: Property, plant and equipment, net $ 387 $ 387 Post-employment benefits 295 314 Reclamation obligations 11,699 8,990 Non-capital tax loss carry forwards 18,489 20,070 Capital loss carry forward 25,088 9,483 Other 9,348 8,077 Deferred income tax assets-gross 65,306 47,321 Set-off against deferred income tax liabilities (65,306) (47,321) Deferred income tax assets-per balance sheet $ — $ — Deferred income tax liabilities: Inventory $ (852) $ (759) Property, plant and equipment, net (40,707) (40,757) Investments-equity instruments and uranium (25,088) (9,483) Other (1,266) (1,272) Deferred income tax liabilities-gross (67,913) (52,271) Set-off of deferred income tax assets 65,306 47,321 Deferred income tax liabilities-per balance sheet $ (2,607) $ (4,950) |
Summary of deferred income tax liability continuity | (in thousands) 2023 2022 Balance-January 1 $ (4,950) $ (7,219) Recognized in income 2,343 2,269 Recognized in other liabilities (flow-through shares) — — Recognized in other comprehensive income — — Balance-December 31 $ (2,607) $ (4,950) |
Summary of deferred income tax assets not recognized | At December 31 At December 31 (in thousands) 2023 2022 Deferred income tax assets not recognized Property, plant and equipment $ 6,985 $ 5,372 Tax losses-capital 38,445 55,704 Tax losses-operating 69,919 57,580 Tax credits 1,126 1,126 Other deductible temporary differences 2,881 2,653 Deferred income tax assets not recognized $ 119,356 $ 122,435 |
Summary of Canadian tax losses and tax credits not recognized | Expiry At December 31 At December 31 (in thousands) Date 2023 2022 Tax losses-gross 2025-2043 $ 324,965 $ 287,754 Tax benefit at tax rate of 26% - 27% 88,408 77,650 Set-off against deferred tax liabilities (18,489) (20,070) Total tax loss assets not recognized $ 69,919 $ 57,580 Tax credits 2025-2035 1,126 1,126 Total tax credit assets not recognized $ 1,126 $ 1,126 |
SHARE CAPITAL (Tables)
SHARE CAPITAL (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
SHARE CAPITAL | |
Issued and outstanding common shares continuity | Number of Common (in thousands except share amounts) Shares Share Capital Balance-January 1, 2022 812,429,995 $ 1,517,029 Issued for cash: Shares issued proceeds-total 11,042,862 20,200 Less: share issue costs — (599) Other share issue proceeds-total 128,052 219 Less: other share issue costs — (50) Share option exercises 2,169,681 1,459 Share option exercises-transfer from contributed surplus — 550 Share unit exercises-transfer from contributed surplus 555,002 401 13,895,597 22,180 Balance-December 31, 2022 826,325,592 $ 1,539,209 Issued for cash: Shares issued proceeds-total 56,786,160 112,969 Less: share issue costs — (5,085) Other share issue proceeds-total 153,237 213 Less: other share issue costs — (20) Share option exercises 4,559,047 3,534 Share option exercises-transfer from contributed surplus — 1,474 Share unit exercises-transfer from contributed surplus 3,146,335 2,730 64,644,779 115,815 Balance-December 31, 2023 890,970,371 $ 1,655,024 |
SHARE-BASED COMPENSATION (Table
SHARE-BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
SHARE-BASED COMPENSATION | |
Share based compensation expense | (in thousands) 2023 2022 Share based compensation expense for: Share options $ (1,324) $ (1,416) RSUs (2,336) (2,076) PSUs (86) (244) Share based compensation expense $ (3,746) $ (3,736) |
Summary of the share options continuity | 2023 2022 Weighted Weighted Average Average Exercise Exercise Number of Price per Number of Price per Common Share Common Share Shares (CAD) Shares (CAD) Share options outstanding-January 1 8,539,214 $ 1.09 9,449,895 $ 0.86 Grants 1,881,000 1.54 1,687,000 1.82 Exercises (1) (4,559,047) 0.78 (2,169,681) 0.67 Expiries (24,000) 0.60 (26,000) 0.85 Forfeitures (616,500) 1.37 (402,000) 1.14 Share options outstanding-December 31 5,220,667 $ 1.49 8,539,214 $ 1.09 Share options exercisable-December 31 2,757,669 $ 1.35 5,178,714 $ 0.78 (1) The weighted average share price at the date of exercise was $2.05 (December 31, 2022 - $1.75 ). |
Summary of the Company's share options outstanding | 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 1.19 86,000 $ 0.46 $0.50 to $0.74 1.13 75,500 0.65 $0.75 to $0.99 — — — $1.00 to $1.49 3.05 3,616,167 1.37 $1.50 to $1.99 3.22 1,270,000 1.83 $2.00 to $2.49 4.07 173,000 2.26 Share options outstanding-December 31, 2023 3.06 5,220,667 $ 1.49 |
Fair value of options granted assumptions | 2023 2022 Risk-free interest rate 3.68% - 4.70 % 1.44% - 4.07 % Expected stock price volatility 65.75% - 73.41 % 73.8% - 76.78 % Expected life 3.41 years to 3.43 years 3.37 years to 3.42 years Expected dividend yield — — Fair value per options granted 0.79 to 1.14 0.82 to 1.10 |
RSUs continuity | 2023 2022 Weighted Weighted Average Average Number of Fair Value Number of Fair Value Common Per RSU Common Per RSU Shares (CAD) Shares (CAD) RSUs outstanding-January 1 6,416,089 $ 1.04 5,801,841 $ 0.80 Grants 1,507,000 1.52 1,251,000 2.08 Exercises (1) (2,157,835) 0.93 (435,002) 0.82 Forfeitures (184,335) 1.65 (201,750) 1.04 RSUs outstanding-December 31 5,580,919 $ 1.20 6,416,089 $ 1.04 RSUs vested-December 31 3,189,921 $ 0.85 3,307,840 $ 0.67 (1) The weighted average share price at the date of exercise was $1.94 (December 31, 2022 - $1.79 ). |
PSUs continuity | 2023 2022 Weighted Weighted Average Average Number of Fair Value Number of Fair Value Common Per PSU Common Per PSU Shares (CAD) Shares (CAD) PSUs outstanding-January 1 1,470,000 $ 0.77 1,530,000 $ 0.62 Grants — — 120,000 2.08 Exercises (1) (988,500) 0.74 (120,000) 0.38 Forfeitures — — (60,000) 0.38 PSUs outstanding-December 31 481,500 $ 0.83 1,470,000 $ 0.77 PSUs vested-December 31 481,500 $ 0.83 1,080,000 $ 0.65 (1) The weighted average share price at the date of exercise was $2.07 (December 31, 2022 - $1.58 ). |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
ACCUMULATED OTHER COMPREHENSIVE INCOME | |
Summary of accumulated other comprehensive income | At December 31 At December 31 (in thousands) 2023 2022 Cumulative foreign currency translation $ 456 $ 420 Experience gains-post employment liability Gross 1,847 1,847 Tax effect (485) (485) $ 1,818 $ 1,782 |
SUPPLEMENTAL FINANCIAL INFORM_2
SUPPLEMENTAL FINANCIAL INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
SUPPLEMENTAL FINANCIAL INFORMATION | |
Operating expenses | (in thousands) 2023 2022 Cost of goods and services sold: Cost of goods sold-mineral concentrates $ — $ (444) Operating overheads: Mining, other development expense (261) (660) Milling, conversion expense (2,463) (3,104) Less absorption: - Mineral properties — 68 - Milling — — Other costs (986) (749) Cost of goods and services sold (3,710) (4,889) Reclamation asset amortization (188) (199) Selling expenses — (48) Sales royalties and non-income taxes — (216) Operating expenses – continuing operations $ (3,898) $ (5,352) |
Other income | (in thousands) 2023 2022 Gains (losses) on: Foreign exchange $ 321 $ 816 Disposal of property, plant and equipment 1,299 (25) Fair value changes: Investments-equity instruments (note 7) (9) (6,469) Investments-uranium (note 7) 134,180 29,422 Investments-convertible debentures (note 7) 565 — Warrants on investment (note 7) — 1,625 Share purchase warrant liabilities (note 14) — 20,337 Reclamation obligation adjustments (note 13) (3,229) 4,126 Gain on recognition of proceeds–UI Repayment Agreement 4,097 6,142 Uranium investment carrying charges (409) (374) Other (343) (356) Other income – continuing operations $ 136,472 $ 55,244 |
Finance expense | (in thousands) 2023 2022 Interest income $ 4,189 $ 1,419 Interest expense (4) (6) Accretion expense Deferred revenue (note 12) (3,518) (2,774) Post-employment benefits (note 15) (21) (22) Reclamation obligations (note 13) (1,681) (1,444) Debt obligations (note 15) (27) (32) Finance expense – continuing operations $ (1,062) $ (2,859) |
Depreciation expense | (in thousands) 2023 2022 Continuing operations: Operating expenses: Mining, other development expense $ (1) $ (2) Milling, conversion expense (2,455) (3,076) Evaluation (583) (270) Exploration (540) (266) General and administrative (154) (144) Decommissioning (211) (185) Depreciation expense-gross $ (3,944) $ (3,943) |
Employee benefits expense | (in thousands) 2023 2022 Salaries and short-term employee benefits $ (13,021) $ (12,416) Share-based compensation (note 18) (3,746) (3,736) Termination benefits (944) (2) Employee benefits expense $ (17,711) $ (16,154) |
Lease related amounts | (in thousands) 2023 2022 Accretion expense on lease liabilities $ (27) $ (32) Expenses relating to short-term leases (5,753) (6,095) Expenses relating to non-short term low-value leases — (1) Lease related expense-gross $ (5,780) $ (6,128) |
Change in non-cash working capital items | (in thousands) 2023 2022 Change in non-cash working capital items: Trade and other receivables $ 2,230 $ (512) Inventories (866) 741 Prepaid expenses and other assets (253) 129 Accounts payable and accrued liabilities 759 1,385 Change in non-cash working capital items $ 1,870 $ 1,743 |
Supplemental cash flow disclosure | (in thousands) 2023 2022 Supplemental cash flow disclosure: Interest paid $ (4) $ (6) Income taxes paid — — |
SEGMENTED INFORMATION (Tables)
SEGMENTED INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
SEGMENTED INFORMATION | |
Reportable segment results | For the year ended December 31, 2023, reportable segment results were as follows: Total Corporate Continuing (in thousands) Mining and Other Operations Statement of Operations: Revenues $ 1,855 — 1,855 Expenses: Operating expenses $ (3,898) — (3,898) Exploration (9,564) — (9,564) Evaluation (18,622) — (18,622) General and administrative (19) (13,741) (13,760) (32,103) (13,741) (45,844) Segment income (loss) $ (30,248) (13,741) (43,989) Revenues-supplemental: Toll milling services-deferred revenue (note 12) 1,855 — 1,855 $ 1,855 — 1,855 Capital additions: Property, plant and equipment (note 10) $ 2,165 1,103 3,268 Long-lived assets: Plant and equipment Cost $ 106,914 6,559 113,473 Accumulated depreciation (38,178) (1,162) (39,340) Mineral properties 180,813 — 180,813 $ 249,549 5,397 254,946 For the year ended December 31, 2022, reportable segment results were as follows: Total Corporate Continuing (in thousands) Mining and Other Operations Statement of Operations: Revenues $ 8,973 — 8,973 Expenses: Operating expenses $ (5,352) — (5,352) Evaluation (8,097) — (8,097) Exploration (22,181) — (22,181) General and administrative (22) (12,516) (12,538) (35,652) (12,516) (48,168) Segment income (loss) $ (26,679) (12,516) (39,195) Revenues-supplemental: Toll milling services-deferred revenue (note 12) $ 5,987 — 5,987 Uranium concentrate sales 2,986 — 2,986 $ 8,973 — 8,973 Capital additions: Property, plant and equipment (note 10) $ 2,634 4,631 7,265 Long-lived assets: Plant and equipment Cost $ 103,338 5,493 108,831 Accumulated depreciation (34,803) (742) (35,545) Mineral properties 180,219 — 180,219 $ 248,754 4,751 253,505 |
Schedule of consolidated income (loss) and cash flows for the closed mines discontinued operation | Year Ended December 31 December 31 (in thousands) 2023 2022 Revenue $ 6,582 $ 7,972 Expenses Operating expenses (5,715) (6,273) Other income Finance fees 144 83 Income from discontinued operations, net of taxes $ 1,011 $ 1,782 Cash flows for the Closed Mines discontinued operation for 2023 and 2022 is as follows: Year Ended December 31 December 31 (in thousands) 2023 2022 Cash inflow: Net cash from operating activities $ 3,274 $ 1,909 Net cash flows for the year $ 3,274 $ 1,909 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
RELATED PARTY TRANSACTIONS | |
Summary of compensation was awarded to key management personnel | (in thousands) 2023 2022 Salaries and short-term employee benefits $ (3,302) $ (3,251) Share-based compensation (2,865) (3,083) Key management personnel compensation $ (6,167) $ (6,334) |
CAPITAL MANAGEMENT AND FINANC_2
CAPITAL MANAGEMENT AND FINANCIAL RISK (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
CAPITAL MANAGEMENT AND FINANCIAL RISK [Line item] | |
Capital management | At December 31 At December 31 (in thousands) 2023 2022 Net cash and investments: Cash and cash equivalents (note 4) $ 131,054 $ 50,915 Equity instrument investments (note 7) 10,517 8,109 Investments-uranium (note 7) 276,815 162,536 Investments-convertible debentures (note 7) 15,565 — Debt obligations-current (note 15) (213) (216) Net cash and investments $ 433,738 $ 221,344 |
Credit risk | At December 31 At December 31 (in thousands) 2023 2022 Cash and cash equivalents $ 131,054 $ 50,915 Trade and other receivables 1,913 4,143 Restricted cash and investments 11,231 11,105 Investments-convertible debentures 15,565 — $ 159,763 $ 66,163 |
Maturities of financial liabilities | Within 1 1 to 5 (in thousands) Year Years Accounts payable and accrued liabilities (note 11) $ 10,822 $ — Debt obligations (note 15) 213 204 $ 11,035 $ 204 |
Currency risk | Dec. 31'2023 Sensitivity Foreign Foreign Change in Exchange Exchange net income (in thousands except foreign exchange rates) Rate Rate (loss) Currency risk CAD weakens 1.3226 1.1903 $ 30,081 CAD strengthens 1.3226 1.4549 $ (30,081) |
Price risk | Absolute change Base 10% increase 10% decrease Equity price $ 0.40 0.44 0.36 Convertible debentures fair value (in thousands) $ 15,565 16,307 14,562 |
Fair value of financial assets and financial liabilities | Financial Fair December 31, December 31, Instrument Value 2023 2022 (in thousands) Category (1) Hierarchy Fair Value Fair Value Financial Assets: Cash and equivalents Category B $ 131,054 $ 50,915 Trade and other receivables Category B 1,913 4,143 Investments Equity instruments-shares Category A Level 1 10,390 8,022 Equity instruments-warrants Category A Level 2 127 87 Convertible Debentures Category A Level 3 15,565 — Restricted cash and equivalents Elliot Lake reclamation trust fund Category B 3,259 3,133 Credit facility pledged assets Category B 7,972 7,972 $ 170,280 $ 74,272 Financial Liabilities: Account payable and accrued liabilities Category C 10,822 10,299 Debt obligations Category C 417 576 $ 11,239 $ 10,875 (1) Financial instrument designations are as follows: Category A=Financial assets and liabilities at fair value through profit and loss; Category B=Financial assets at amortized cost; and Category C=Financial liabilities at amortized cost. |
Interest rate risk | |
CAPITAL MANAGEMENT AND FINANCIAL RISK [Line item] | |
Sensitivity analysis | below illustrates the impact of interest rate risk on the convertible debt instruments held by the Company at December 31, 2023: Absolute change Base 1% increase 1% decrease Credit spread 20 % 21 % 19 % Convertible debentures fair value (in thousands) $ 15,565 15,339 15,801 |
INTEREST IN OTHER ENTITIES (Tab
INTEREST IN OTHER ENTITIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
INTEREST IN OTHER ENTITIES | |
Schedule of significant subsidiaries, associates and joint arrangements of the Company | December December Fiscal Place 31, 2023 31, 2022 2023 Of Ownership Ownership Participating Accounting Business Interest (1) Interest (1) Interest (2) Method Subsidiaries Denison Mines Inc. Canada 100.00 % 100.00 % N/A Consolidation Denison AB Holdings Corp. Canada 100.00 % 100.00 % N/A Consolidation Denison Waterbury Corp Canada 100.00 % 100.00 % N/A Consolidation 9373721 Canada Inc. Canada 100.00 % 100.00 % N/A Consolidation Denison Mines (Bermuda) I Ltd Bermuda 100.00 % 100.00 % N/A Consolidation Joint Operations Waterbury Lake Uranium Corp (3) Canada 60.00 % 60.00 % 100 % Voting Share (4) Waterbury Lake Uranium LP (3) Canada 69.35 % 67.41 % 100 % Voting Share (4) Joint Venture JCU Canada 50.00 % 50.00 % 50.00 % Equity (5) Key Contractual Arrangements Wheeler River Joint Venture Canada 90.00 % 90.00 % 90.00 % (5) Denison Share (4) Midwest Joint Venture Canada 25.17 % 25.17 % 25.17 % Denison Share (4) Mann Lake Joint Venture Canada 30.00 % 30.00 % N/A (6) Denison Share (4) Wolly Joint Venture Canada 20.77 % 20.77 % 20.77 % Denison Share (4) McClean Lake Joint Venture Canada 22.50 % 22.50 % 22.50 % Denison Share (4) (1) Ownership Interest represents Denison’s percentage equity / voting interest in the entity or contractual arrangement. (2) Participating interest represents Denison’s percentage funding contribution to the particular joint operation or contractual arrangement. This percentage can differ from ownership interest in instances where other parties to the arrangement have carried interests, they are earning-in to the arrangement, or they are diluting their interest in the arrangement (provided the arrangement has dilution provisions therein). (3) WLUC and WLULP were acquired by Denison as part of the Fission Energy Corp. acquisition in April 2013. Denison uses its equity interest to account for its share of assets, liabilities, revenues and expenses for these joint operations. In 2023, Denison funded 100% of the activities in these joint operations pursuant to the terms of an agreement that allows it to approve spending for the WLULP without having the required 75% of the voting interest (see note 22). (4) Denison Share is where Denison accounts for its share of assets, liabilities, revenues and expenses in accordance with the specific terms within the contractual arrangement. This can be by using either its ownership interest (i.e. Voting Share) or its participating interest (i.e. Funding Share), depending on the arrangement terms. The Voting Share and Funding Share approaches produce the same accounting result when the Company’s ownership interest and participating interests are equal. (5) Denison indirectly owns an additional 5% ownership interest through its joint venture in JCU, which is accounted for using the equity method and is thus not reflected here as part of its participating share in the WRJV. (6) The participating interest for 2023 for this arrangement is shown as Not Applicable as there was no approved spending program carried out during fiscal 2023 . |
NATURE OF OPERATIONS (Details)
NATURE OF OPERATIONS (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Wheeler River Joint Venture | |||
NATURE OF OPERATIONS | |||
Effective Ownership Interest | 95% | ||
Ownership Interest, in Key Contractual Arrangements | 90% | ||
Waterbury Lake Uranium LP | |||
NATURE OF OPERATIONS | |||
Ownership interest, Joint Operations | 69.35% | 69.35% | 67.41% |
McClean Lake Joint Venture | |||
NATURE OF OPERATIONS | |||
Ownership Interest, in Key Contractual Arrangements | 22.50% | 22.50% | |
Midwest Joint Venture | |||
NATURE OF OPERATIONS | |||
Ownership Interest, in Key Contractual Arrangements | 25.17% | 25.17% | |
Millennium Project | |||
NATURE OF OPERATIONS | |||
Ownership interest, Joint Operations | 30.099% | ||
Kiggavik Project | |||
NATURE OF OPERATIONS | |||
Ownership interest, Joint Operations | 33.8118% | ||
Christie Lake | |||
NATURE OF OPERATIONS | |||
Ownership interest, Joint Operations | 34.4508% | ||
JCU | |||
NATURE OF OPERATIONS | |||
Ownership interest, Joint Operations | 50% | 50% | |
JCU | Wheeler River Joint Venture | |||
NATURE OF OPERATIONS | |||
Ownership interest, Joint Operations | 5% |
STATEMENT OF COMPLIANCE, ACCO_4
STATEMENT OF COMPLIANCE, ACCOUNTING POLICIES AND COMPARATIVE NUMBERS - PPE (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Buildings | Top of Range | |
Statement [Line Items] | |
Property, plant and equipment useful life | 20 years |
Buildings | Bottom of Range | |
Statement [Line Items] | |
Property, plant and equipment useful life | 15 years |
Production machinery and equipment | Top of Range | |
Statement [Line Items] | |
Property, plant and equipment useful life | 7 years |
Production machinery and equipment | Bottom of Range | |
Statement [Line Items] | |
Property, plant and equipment useful life | 5 years |
Other assets | Top of Range | |
Statement [Line Items] | |
Property, plant and equipment useful life | 5 years |
Other assets | Bottom of Range | |
Statement [Line Items] | |
Property, plant and equipment useful life | 3 years |
CASH AND CASH EQUIVALENTS (Deta
CASH AND CASH EQUIVALENTS (Details) - CAD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Statement [Line Items] | |||
Cash and cash equivalents | $ 131,054 | $ 50,915 | $ 63,998 |
Cash | |||
Statement [Line Items] | |||
Cash and cash equivalents | 2,650 | 1,801 | |
Cash in MLJV and MWJV | |||
Statement [Line Items] | |||
Cash and cash equivalents | 1,036 | 1,263 | |
Cash equivalents | |||
Statement [Line Items] | |||
Cash and cash equivalents | $ 127,368 | $ 47,851 |
TRADE AND OTHER RECEIVABLES (De
TRADE AND OTHER RECEIVABLES (Details) - CAD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Statement [Line Items] | ||
Trade and other receivables | $ 1,913 | $ 4,143 |
Trade Receivables | ||
Statement [Line Items] | ||
Trade and other receivables | 899 | 3,184 |
Receivables in MLJV and MWJV | ||
Statement [Line Items] | ||
Trade and other receivables | 623 | 508 |
Sales Tax Receivables | ||
Statement [Line Items] | ||
Trade and other receivables | 364 | 428 |
Sundry Receivables | ||
Statement [Line Items] | ||
Trade and other receivables | 27 | 23 |
Trade and other receivables before ECL allowance | ||
Statement [Line Items] | ||
Trade and other receivables | $ 1,913 | $ 4,143 |
INVENTORIES (Details)
INVENTORIES (Details) - CAD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Statement [Line Items] | ||
Inventories, Current | $ 3,580 | $ 2,713 |
Inventories, Long term-ore in stockpiles | 2,098 | 2,098 |
Inventories-by balance sheet presentation | 5,678 | 4,811 |
Inventory of ore in stockpiles | ||
Statement [Line Items] | ||
Inventories-by balance sheet presentation | 2,098 | 2,098 |
Mine and mill supplies | ||
Statement [Line Items] | ||
Inventories-by balance sheet presentation | $ 3,580 | $ 2,713 |
INVESTMENTS - Balances (Details
INVESTMENTS - Balances (Details) - CAD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Statement [Line Items] | |||
Current investments | $ 10,400 | $ 8,022 | |
Long-term | 292,497 | 162,623 | |
Total investment | 302,897 | 170,645 | $ 147,692 |
Convertible Debentures | |||
Statement [Line Items] | |||
Total investment | 15,565 | 0 | 0 |
Physical Uranium | |||
Statement [Line Items] | |||
Total investment | 276,815 | 162,536 | $ 133,114 |
Warrants | |||
Statement [Line Items] | |||
Total investment | 127 | 87 | |
Shares | |||
Statement [Line Items] | |||
Total investment | $ 10,390 | $ 8,022 |
INVESTMENTS - Rollforward (Deta
INVESTMENTS - Rollforward (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Statement [Line Items] | ||
Investments beginning balance | $ 170,645 | $ 147,692 |
Purchase of investments | 17,417 | |
Sale of investments | (19,901) | |
Other income - continuing operations | 136,472 | 55,244 |
Change in fair value gain to profit and (loss) | 134,736 | 22,953 |
Investments ending balance | 302,897 | 170,645 |
Equity Instruments | ||
Statement [Line Items] | ||
Investments beginning balance | 8,109 | 14,578 |
Purchase of investments | 2,417 | |
Sale of investments | 0 | |
Investments ending balance | 10,517 | 8,109 |
Physical Uranium | ||
Statement [Line Items] | ||
Investments beginning balance | 162,536 | 133,114 |
Purchase of investments | 0 | |
Sale of investments | (19,901) | |
Change in fair value gain to profit and (loss) | 134,180 | 29,422 |
Investments ending balance | 276,815 | 162,536 |
Convertible Debentures | ||
Statement [Line Items] | ||
Investments beginning balance | 0 | 0 |
Purchase of investments | 15,000 | |
Sale of investments | 0 | |
Change in fair value gain to profit and (loss) | 565 | 0 |
Investments ending balance | 15,565 | 0 |
Investments-equity instruments | ||
Statement [Line Items] | ||
Other income - continuing operations | (9) | (6,469) |
Investments-equity instruments | Equity Instruments | ||
Statement [Line Items] | ||
Other income - continuing operations | $ (9) | $ (6,469) |
INVESTMENTS - Narrative (Detail
INVESTMENTS - Narrative (Details) | 12 Months Ended | |||||||||
Dec. 31, 2023 CAD ($) | Dec. 31, 2023 CAD ($) | Dec. 31, 2023 CAD ($) | Dec. 31, 2023 CAD ($) lb | Dec. 31, 2023 CAD ($) $ / lb | Dec. 31, 2023 CAD ($) $ / lb | Dec. 31, 2023 CAD ($) $ / shares | Dec. 31, 2023 CAD ($) $ / shares | Dec. 31, 2022 CAD ($) | Dec. 31, 2023 USD ($) | |
Investments [Line Items] | ||||||||||
Physical Uranium Holdings Cost | $ 84,377,000 | $ 84,377,000 | $ 84,377,000 | $ 84,377,000 | $ 84,377,000 | $ 84,377,000 | $ 84,377,000 | $ 84,377,000 | $ 68,240,000 | |
Physical uranium sold | lb | 200,000 | |||||||||
Physical uranium hold | lb | 2,300,000 | |||||||||
Weighted average price per pound of uranium sold | 99.50 | 73.38 | ||||||||
Physical Uranium Holdings Cost Per Price | $ / shares | $ 29.67 | |||||||||
Purchase of investment-convertible debenture | 15,000,000 | $ 0 | ||||||||
Convertible Debentures | ||||||||||
Investments [Line Items] | ||||||||||
Purchase of investment-convertible debenture | 15,000,000 | |||||||||
Investments, coupon rate | 9% | |||||||||
Investments, interest payment period | 5 years | |||||||||
Investments, convertible to common shares, conversion price per share | $ / shares | $ 0.56 | |||||||||
Investments, interest payable in common shares, percent | 33.33% | |||||||||
Number of trading days considered for calculating volume weighted average share price | 20 days | |||||||||
Fair value of Debentures | $ 15,565,000 | $ 15,565,000 | 15,565,000 | $ 15,565,000 | $ 15,565,000 | $ 15,565,000 | $ 15,565,000 | $ 15,565,000 | ||
Gain on fair value | $ 565,000 |
INVESTMENT IN JOINT VENTURE - B
INVESTMENT IN JOINT VENTURE - Balance (Details) - CAD ($) $ in Thousands | Dec. 31, 2023 | Nov. 30, 2023 | Dec. 31, 2022 | Nov. 30, 2022 |
Investment in joint venture | ||||
Total Investment in Joint Venture | $ 17,290 | $ 19,305 | ||
JCU | ||||
Investment in joint venture | ||||
Total Investment in Joint Venture | $ 17,290 | $ 17,290 | $ 19,305 | $ 19,305 |
INVESTMENT IN JOINT VENTURE - R
INVESTMENT IN JOINT VENTURE - Rollforward (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Investment in joint venture | ||
Beginning Balance - Investment in Joint Venture | $ 19,305 | |
Equity share of loss | (4,400) | $ (2,887) |
Additional investment in JCU | 2,385 | 800 |
Ending Balance - Investment in Joint Venture | $ 17,290 | $ 19,305 |
INVESTMENT IN JOINT VENTURE - N
INVESTMENT IN JOINT VENTURE - Narrative (Details) - CAD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement [Line Items] | |||
100% JCU | 100% | ||
Arrears term of equity shares in JCU | 1 month | ||
Cash and cash equivalents | $ 131,054,000 | $ 50,915,000 | $ 63,998,000 |
JCU | |||
Statement [Line Items] | |||
Acquisition percentage | 50% | 50% | |
Incremental investment in JCU | $ 2,385,000 | ||
Cash and cash equivalents | $ 525,000 | $ 1,473,000 | |
JCU | Wheeler River Joint Venture | |||
Statement [Line Items] | |||
Acquisition percentage | 10% | ||
JCU | Millennium Project | |||
Statement [Line Items] | |||
Acquisition percentage | 30.099% | ||
JCU | Cameco Corporation | |||
Statement [Line Items] | |||
Acquisition percentage | 69.901% | ||
JCU | Kiggavik Project | |||
Statement [Line Items] | |||
Acquisition percentage | 33.8118% | ||
JCU | Orano Canada Inc. | |||
Statement [Line Items] | |||
Acquisition percentage | 66.1882% | ||
JCU | Christie Lake | |||
Statement [Line Items] | |||
Acquisition percentage | 34.4508% | ||
JCU | UEC | |||
Statement [Line Items] | |||
Acquisition percentage | 65.5492% |
INVESTMENT IN JOINT VENTURE - F
INVESTMENT IN JOINT VENTURE - Financial Impact of JV (Details) - CAD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Statement [Line Items] | ||
Total current assets | $ 148,541 | $ 67,160 |
Total current liabilities | (17,946) | (18,415) |
JCU | ||
Statement [Line Items] | ||
Total current assets | 525 | 2,273 |
Total non-current assets | 38,666 | 38,371 |
Total current liabilities | (381) | (1,949) |
Total non-current liabilities | (4,230) | (86) |
Total net assets | $ 34,580 | $ 38,609 |
INVESTMENT IN JOINT VENTURE - J
INVESTMENT IN JOINT VENTURE - JV Carrying Value Rollforward (Details) - CAD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Nov. 30, 2023 | Dec. 31, 2022 | Nov. 30, 2022 | |
Statement [Line Items] | ||||
Revenue | $ 1,855 | $ 0 | $ 8,973 | $ 0 |
Net income | 90,375 | 14,354 | ||
Other comprehensive income | 0 | 0 | ||
Reconciliation of JCU net assets to Denison investment carrying value: | ||||
Adjusted net assets of JCU-at December 31 | 38,609 | 42,784 | ||
Net income | 90,375 | 14,354 | ||
Investment from owners | 4,770 | 1,600 | ||
Net assets of JCU-at November 30, 2023 | $ 34,580 | $ 38,609 | ||
Denison ownership interest | 50% | 50% | ||
Investment in JCU | 17,290 | 19,305 | ||
JCU | ||||
Statement [Line Items] | ||||
Net income | $ (8,799) | $ (5,775) | ||
Reconciliation of JCU net assets to Denison investment carrying value: | ||||
Net income | (8,799) | (5,775) | ||
Investment in JCU | $ 17,290 | $ 17,290 | $ 19,305 | $ 19,305 |
RESTRICTED CASH AND INVESTMEN_3
RESTRICTED CASH AND INVESTMENTS (Details) - CAD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Statement [Line Items] | ||
Restricted cash and investments | $ 11,231 | $ 11,105 |
Cash and cash equivalents | ||
Statement [Line Items] | ||
Restricted cash and investments | 3,259 | 3,133 |
Investments | ||
Statement [Line Items] | ||
Restricted cash and investments | 7,972 | 7,972 |
Elliot Lake reclamation trust fund | ||
Statement [Line Items] | ||
Restricted cash and investments | 3,259 | 3,133 |
Letters of credit facility pledged assets | ||
Statement [Line Items] | ||
Restricted cash and investments | $ 7,972 | $ 7,972 |
RESTRICTED CASH AND INVESTMEN_4
RESTRICTED CASH AND INVESTMENTS - Narrative (Details) - CAD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Elliot Lake reclamation trust fund | ||
Statement [Line Items] | ||
Deposit | $ 864,000 | $ 1,199,000 |
Fund withdrew | 886,000 | $ 974,000 |
Letters of credit facility pledged assets | ||
Statement [Line Items] | ||
Amount on deposit | $ 7,972,000 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
PROPERTY PLANT AND EQUIPMENT | ||
Property, plant and equipment, beginning | $ 253,505 | |
Depreciation | (3,944) | $ (3,943) |
Reclamation adjustment | 3,548 | (4,043) |
Property, plant and equipment, ending | 254,946 | 253,505 |
Accumulated amortization, depreciation | ||
PROPERTY PLANT AND EQUIPMENT | ||
Property, plant and equipment, beginning | (35,545) | (31,962) |
Amortization | (188) | (199) |
Depreciation | (3,944) | (3,943) |
Disposals | 286 | 443 |
Reclamation adjustment | 50 | 116 |
Property, plant and equipment, ending | (39,341) | (35,545) |
Cost | ||
PROPERTY PLANT AND EQUIPMENT | ||
Property, plant and equipment, beginning | 289,050 | 286,424 |
Additions | 3,268 | 7,265 |
Disposals | (1,529) | (480) |
Reclamation adjustment | 3,498 | (4,159) |
Property, plant and equipment, ending | 294,287 | 289,050 |
Carrying value | ||
PROPERTY PLANT AND EQUIPMENT | ||
Property, plant and equipment, beginning | 253,505 | |
Property, plant and equipment, ending | 254,946 | 253,505 |
Plant and Equipment Owned | Accumulated amortization, depreciation | ||
PROPERTY PLANT AND EQUIPMENT | ||
Property, plant and equipment, beginning | (35,150) | (31,420) |
Amortization | (188) | (199) |
Depreciation | (3,804) | (3,797) |
Disposals | 259 | 150 |
Reclamation adjustment | 50 | 116 |
Property, plant and equipment, ending | (38,833) | (35,150) |
Plant and Equipment Owned | Cost | ||
PROPERTY PLANT AND EQUIPMENT | ||
Property, plant and equipment, beginning | 108,068 | 105,683 |
Additions | 1,398 | 6,731 |
Disposals | (259) | (187) |
Reclamation adjustment | 3,498 | (4,159) |
Property, plant and equipment, ending | 112,705 | 108,068 |
Plant and Equipment Owned | Carrying value | ||
PROPERTY PLANT AND EQUIPMENT | ||
Property, plant and equipment, beginning | 72,918 | |
Property, plant and equipment, ending | 73,872 | 72,918 |
Plant and Equipment Right of Use | Accumulated amortization, depreciation | ||
PROPERTY PLANT AND EQUIPMENT | ||
Property, plant and equipment, beginning | (395) | (542) |
Amortization | 0 | 0 |
Depreciation | (140) | (146) |
Disposals | 27 | 293 |
Reclamation adjustment | 0 | 0 |
Property, plant and equipment, ending | (508) | (395) |
Plant and Equipment Right of Use | Cost | ||
PROPERTY PLANT AND EQUIPMENT | ||
Property, plant and equipment, beginning | 763 | 953 |
Additions | 34 | 103 |
Disposals | (28) | (293) |
Reclamation adjustment | 0 | 0 |
Property, plant and equipment, ending | 769 | 763 |
Plant and Equipment Right of Use | Carrying value | ||
PROPERTY PLANT AND EQUIPMENT | ||
Property, plant and equipment, beginning | 368 | |
Property, plant and equipment, ending | 261 | 368 |
Mineral properties | Accumulated amortization, depreciation | ||
PROPERTY PLANT AND EQUIPMENT | ||
Property, plant and equipment, beginning | 0 | 0 |
Amortization | 0 | 0 |
Depreciation | 0 | 0 |
Disposals | 0 | 0 |
Reclamation adjustment | 0 | 0 |
Property, plant and equipment, ending | 0 | 0 |
Mineral properties | Cost | ||
PROPERTY PLANT AND EQUIPMENT | ||
Property, plant and equipment, beginning | 180,219 | 179,788 |
Additions | 1,836 | 431 |
Disposals | (1,242) | 0 |
Reclamation adjustment | 0 | 0 |
Property, plant and equipment, ending | 180,813 | 180,219 |
Mineral properties | Carrying value | ||
PROPERTY PLANT AND EQUIPMENT | ||
Property, plant and equipment, beginning | 180,219 | |
Property, plant and equipment, ending | $ 180,813 | $ 180,219 |
PROPERTY, PLANT AND EQUIPMENT -
PROPERTY, PLANT AND EQUIPMENT - Narrative (Details) - CAD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
PROPERTY PLANT AND EQUIPMENT | |||
Percentage of mineral property assets | 91% | ||
Net smelter return royalty | 2% | ||
Proceeds on disposal of property, plant and equipment | $ 125,000 | $ 12,000 | |
South Dufferin | |||
PROPERTY PLANT AND EQUIPMENT | |||
Percentage of interest sold | 100% | ||
Proceeds on disposal of property, plant and equipment | $ 125,000 | ||
Shares received on sale of property | 6,000,000 | ||
Warrants received on sale of property | 1,000,000 | ||
Warrants exercise price per share | $ 0.60 | ||
Warrants expiration term | 24 months | ||
Consideration on disposal of property | $ 2,541,000 | ||
Gains on disposals of property, plant and equipment | $ 1,299,000 | ||
Wheeler River Joint Venture | |||
PROPERTY PLANT AND EQUIPMENT | |||
Ownership Interest, in Key Contractual Arrangements | 90% | ||
Waterbury Lake Uranium LP | |||
PROPERTY PLANT AND EQUIPMENT | |||
Ownership interest, Joint Operations | 69.35% | 69.35% | 67.41% |
Midwest Joint Venture | |||
PROPERTY PLANT AND EQUIPMENT | |||
Ownership Interest, in Key Contractual Arrangements | 25.17% | 25.17% | |
Mann Lake Joint Venture | |||
PROPERTY PLANT AND EQUIPMENT | |||
Ownership Interest, in Key Contractual Arrangements | 30% | 30% | |
Wolly Joint Venture | |||
PROPERTY PLANT AND EQUIPMENT | |||
Ownership Interest, in Key Contractual Arrangements | 20.77% | 20.77% | |
Johnston Lake Joint Venture | |||
PROPERTY PLANT AND EQUIPMENT | |||
Ownership interest, contractual arrangements | 100% | ||
McClean Lake Joint Venture | |||
PROPERTY PLANT AND EQUIPMENT | |||
Ownership Interest, in Key Contractual Arrangements | 22.50% | 22.50% | |
Building and Machinery | $ 55,036,000 | $ 55,036,000 | |
Percentage of building and machinery | 74.50% | ||
JCU | |||
PROPERTY PLANT AND EQUIPMENT | |||
Ownership interest, Joint Operations | 50% | 50% | |
JCU | Wheeler River Joint Venture | |||
PROPERTY PLANT AND EQUIPMENT | |||
Ownership interest, Joint Operations | 5% | ||
Saskatchewan | |||
PROPERTY PLANT AND EQUIPMENT | |||
Carrying value of mineral property assets | $ 164,575,000 | $ 164,575,000 | |
Percentage of mineral property assets | 91% |
ACCOUNTS PAYABLE AND ACCRUED _3
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Details) - CAD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES | ||
Accounts payable and accrued liabilities | $ 10,822 | $ 10,299 |
Trade Payables | ||
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES | ||
Accounts payable and accrued liabilities | 5,037 | 5,434 |
Payables in MLJV and MWJV | ||
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES | ||
Accounts payable and accrued liabilities | 4,843 | 4,036 |
Other Payables | ||
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES | ||
Accounts payable and accrued liabilities | $ 942 | $ 829 |
DEFERRED REVENUE - Balance (Det
DEFERRED REVENUE - Balance (Details) $ in Thousands, $ in Thousands | Dec. 31, 2023 CAD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CAD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CAD ($) |
DEFERRED REVENUE | |||||
Deferred revenue, Current | $ 4,535 | $ 4,535 | $ 4,915 | $ 4,915 | |
Deferred revenue, Non-current | 30,423 | 30,423 | 28,380 | 28,380 | |
Total deferred revenue | $ 34,958 | 34,958 | $ 33,295 | 33,295 | $ 36,508 |
CLJV Toll Milling-Ecora | |||||
DEFERRED REVENUE | |||||
Total deferred revenue | $ 34,958 | $ 33,295 |
DEFERRED REVENUE - Deferred rev
DEFERRED REVENUE - Deferred revenue liability (Details) $ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 CAD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CAD ($) | |
DEFERRED REVENUE | |||
Deferred revenue, Beginning Balance | $ 33,295 | $ 33,295 | $ 36,508 |
Revenue recognized during the period | (1,855) | (5,987) | |
Accretion | 1,062 | 2,859 | |
Deferred revenue, Ending Balance | 34,958 | $ 34,958 | 33,295 |
Accretion expense - Deferred revenue | |||
DEFERRED REVENUE | |||
Accretion | $ 3,518 | $ 2,774 |
DEFERRED REVENUE - Additional I
DEFERRED REVENUE - Additional Information (Details) | 1 Months Ended | 12 Months Ended | |
Feb. 28, 2017 CAD ($) | Dec. 31, 2023 CAD ($) lb | Dec. 31, 2022 CAD ($) lb | |
DEFERRED REVENUE | |||
Upfront payment | $ 43,500,000 | ||
Discount rate | 8.50% | ||
Initial deferred revenue | $ 39,980,000 | ||
Toll milling revenue recognized | $ 1,855,000 | $ 5,987,000 | |
Milling production, by pound | lb | 15,097,000 | 18,010,000 | |
Increase in revenue | $ 1,948,000 | $ 1,070,000 | |
Ecora Arrangement | |||
DEFERRED REVENUE | |||
Payment to related party | $ 3,520,000 |
RECLAMATION OBLIGATIONS - Balan
RECLAMATION OBLIGATIONS - Balances (Details) - CAD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Reclamation Obligations | |||
Current reclamation obligations | $ 2,256 | $ 2,865 | |
Non-current reclamation obligations | 32,642 | 26,594 | |
Total reclamation obligations | 34,898 | 29,459 | $ 37,532 |
Elliot Lake | |||
Reclamation Obligations | |||
Total reclamation obligations | 19,796 | 16,634 | |
MLJV and MWJV | |||
Reclamation Obligations | |||
Total reclamation obligations | 12,215 | 10,069 | |
Wheeler River and Other | |||
Reclamation Obligations | |||
Total reclamation obligations | $ 2,887 | $ 2,756 |
RECLAMATION OBLIGATIONS - Rollf
RECLAMATION OBLIGATIONS - Rollforward (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Reclamation Obligations | ||
Reclamation obligations, Beginning balance | $ 29,459 | $ 37,532 |
Reclamation liability deposit from joint venture partner | 99 | 0 |
Accretion | 1,062 | 2,859 |
Expenditures incurred | (3,118) | (1,348) |
Liability adjustments-balance sheet | 3,548 | (4,043) |
Liability adjustments-Income statement | 3,229 | (4,126) |
Reclamation obligations, Ending balance | 34,898 | 29,459 |
Accretion expense | ||
Reclamation Obligations | ||
Accretion | $ 1,681 | $ 1,444 |
RECLAMATION OBLIGATIONS - Addit
RECLAMATION OBLIGATIONS - Additional information (Details) - CAD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Reclamation Obligations | ||
Deposit by Joint Venture Partner | $ 99,000 | |
Chartered Bank | Letters Of Credit [Member] | ||
Reclamation Obligations | ||
Total borrowing | 992,000 | |
Elliot Lake [Member] | ||
Reclamation Obligations | ||
Undiscounted amount of estimated future reclamation costs | $ 45,283,000 | $ 40,166,000 |
Discounted rate | 5.45% | 5.71% |
MLJV and MWJV | ||
Reclamation Obligations | ||
Undiscounted amount of estimated future reclamation costs | $ 24,333,000 | $ 23,601,000 |
Discounted rate | 5.45% | 5.71% |
Reclamation obligations credit facility | $ 22,972,000 | |
Wheeler River and Other | ||
Reclamation Obligations | ||
Undiscounted amount of estimated future reclamation costs | $ 3,260,000 | $ 3,601,000 |
Discounted rate | 5.45% | 5.71% |
SHARE PURCHASE WARRANTS (Detail
SHARE PURCHASE WARRANTS (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 CAD ($) shares | |
SHARE PURCHASE WARRANTS | |
Number of warrants, beginning | shares | 55,006,475 |
Expiry of share purchase warrants | shares | (55,006,475) |
Number of warrants, ending | shares | 0 |
Warrant Liability, beginning | $ | $ 0 |
Expiry of share purchase warrants | $ | 0 |
Warrant Liability, ending | $ | $ 0 |
SHARE PURCHASE WARRANTS - Addit
SHARE PURCHASE WARRANTS - Additional information (Details) | 1 Months Ended | 12 Months Ended | |
Mar. 31, 2021 $ / shares shares | Feb. 28, 2021 $ / shares shares | Dec. 31, 2022 $ / shares | |
SHARE PURCHASE WARRANTS | |||
Estimated fair value of warrants, per share | $ 0 | ||
February 2021 Warrants | |||
SHARE PURCHASE WARRANTS | |||
Share purchase warrants issued | shares | 15,796,975 | ||
Exercise price of share purchase warrants | $ 2 | ||
Expected term | 24 months | ||
March 2021 Warrants | |||
SHARE PURCHASE WARRANTS | |||
Share purchase warrants issued | shares | 39,215,000 | ||
Exercise price of share purchase warrants | $ 2.25 | ||
Expected term | 24 months |
OTHER LIABILITIES - Balance (De
OTHER LIABILITIES - Balance (Details) - CAD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
OTHER LIABILITIES | ||
Other current liabilities | $ 333 | $ 336 |
Other non-current liabilities | 1,201 | 1,441 |
Total other liabilities | 1,534 | 1,777 |
Post empoyement benifit | ||
OTHER LIABILITIES | ||
Total other liabilities | 1,117 | 1,201 |
Lease Obligations | ||
OTHER LIABILITIES | ||
Total other liabilities | 287 | 396 |
Loan Obligations | ||
OTHER LIABILITIES | ||
Total other liabilities | $ 130 | $ 180 |
OTHER LIABILITIES - Post-employ
OTHER LIABILITIES - Post-employment benefits balance (Details) - CAD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
OTHER LIABILITIES [Line items] | |||
Current post-employment benefits | $ 120 | $ 120 | |
Non-current post-employment benefits | 997 | 1,081 | |
Total post-employment benefits | 1,117 | 1,201 | $ 1,274 |
Defined Benefit Plan | |||
OTHER LIABILITIES [Line items] | |||
Total post-employment benefits | $ 1,117 | $ 1,201 |
OTHER LIABILITIES - Rollforward
OTHER LIABILITIES - Rollforward (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
OTHER LIABILITIES [Line items] | ||
Post-employment benefits, Beginning balance | $ 1,201 | $ 1,274 |
Accretion | 1,062 | 2,859 |
Benefits paid | (105) | (95) |
Post-employment benefits, Ending balance | 1,117 | 1,201 |
Accretion expense - Post-employment benefits | ||
OTHER LIABILITIES [Line items] | ||
Accretion | $ 21 | $ 22 |
OTHER LIABILITIES - Additional
OTHER LIABILITIES - Additional Information (Details) | Dec. 31, 2023 |
OTHER LIABILITIES [Line items] | |
Discount rate | 1.75% |
2020 | |
OTHER LIABILITIES [Line items] | |
Medical cost rate | 4.09% |
Dental cost rate | 4.50% |
Per Year By 2026 | |
OTHER LIABILITIES [Line items] | |
Medical cost rate | 5.30% |
Dental cost rate | 5.30% |
Per Year From 2026 To 2030 | |
OTHER LIABILITIES [Line items] | |
Medical cost rate | 5.30% |
Dental cost rate | 5.30% |
Per Year From 2031 Through To 2041 | |
OTHER LIABILITIES [Line items] | |
Medical cost rate | 4.05% |
Dental cost rate | 4.05% |
OTHER LIABILITIES - Lease and l
OTHER LIABILITIES - Lease and loan liabilities (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
OTHER LIABILITIES | ||
Debt obligations, beginning | $ 576 | $ 508 |
Accretion | 1,062 | 2,859 |
Additions | 33 | 245 |
Repayments | (218) | (209) |
Liability adjustment gain | (1) | |
Debt obligations, ending | 417 | 576 |
Accretion expense - Debt obligations | ||
OTHER LIABILITIES | ||
Accretion | 27 | 32 |
Loan Liabilities | ||
OTHER LIABILITIES | ||
Debt obligations, beginning | 180 | 56 |
Additions | 0 | 158 |
Repayments | (50) | (34) |
Liability adjustment gain | 0 | |
Debt obligations, ending | 130 | 180 |
Loan Liabilities | Accretion expense - Debt obligations | ||
OTHER LIABILITIES | ||
Accretion | 0 | 0 |
Lease Liabilities | ||
OTHER LIABILITIES | ||
Debt obligations, beginning | 396 | 452 |
Additions | 33 | 87 |
Repayments | (168) | (175) |
Liability adjustment gain | (1) | |
Debt obligations, ending | 287 | 396 |
Lease Liabilities | Accretion expense - Debt obligations | ||
OTHER LIABILITIES | ||
Accretion | $ 27 | $ 32 |
OTHER LIABILITIES - Scheduled M
OTHER LIABILITIES - Scheduled Maturities (Details) $ in Thousands | Dec. 31, 2023 CAD ($) |
OTHER LIABILITIES | |
Next 12 months | $ 213 |
One to five years | 233 |
More than five years | 0 |
Total obligation-end of period-undiscounted | 446 |
Present value discount adjustment | (29) |
Total obligation-end of period-discounted | 417 |
Loan Liabilities | |
OTHER LIABILITIES | |
Next 12 months | 52 |
One to five years | 83 |
More than five years | 0 |
Total obligation-end of period-undiscounted | 135 |
Present value discount adjustment | (5) |
Total obligation-end of period-discounted | 130 |
Lease Liabilities | |
OTHER LIABILITIES | |
Next 12 months | 161 |
One to five years | 150 |
More than five years | 0 |
Total obligation-end of period-undiscounted | 311 |
Present value discount adjustment | (24) |
Total obligation-end of period-discounted | $ 287 |
OTHER LIABILITIES - Narrative (
OTHER LIABILITIES - Narrative (Details) - CAD ($) | 1 Months Ended | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
OTHER LIABILITIES | |||
Letter of credit fees | $ 417,000 | $ 383,000 | |
Description of letter of credit facility | (0.40% on the $7,972,000 covered by pledged cash collateral) and 0.75% respectively. During the year ended December 31, 2023, the Company incurred letter of credit fees of $417,000 (December 31, 2022 - $383,000) | ||
Maximum availability of LOC | $ 23,964,000 | 23,964,000 | $ 23,964,000 |
2023 Credit Facility | |||
OTHER LIABILITIES | |||
Letter of credit and stand by fees | 0.40% | ||
Pledge of restricted cash and investments as collateral | $ 7,972,000 | $ 7,972,000 | |
Letter of credit fees | 2.40% | ||
Standby fees percent | 0.75% |
INCOME TAXES - Income tax recov
INCOME TAXES - Income tax recovery balance (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Deferred income tax: | ||
Origination of temporary differences | $ 2,578 | $ 149 |
Tax benefit-previously unrecognized tax assets | 0 | 2,128 |
Prior year under provision | (235) | (8) |
Deferred income tax | 2,343 | 2,269 |
Income tax recovery | $ 2,343 | $ 2,269 |
INCOME TAXES - Reconciliation o
INCOME TAXES - Reconciliation of the combined Canadian tax rate to effective rate (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
INCOME TAXES | ||
Income before taxes | $ 87,021,000 | $ 10,303,000 |
Combined Canadian tax rate | 26.50% | 26.50% |
Income tax expense at combined rate | $ (23,061,000) | $ (2,730,000) |
Difference in tax rates | (6,536,000) | (3,394,000) |
Non-deductible amounts | (5,042,000) | (3,018,000) |
Non-taxable amounts | 33,314,000 | 17,334,000 |
Change in deferred tax assets not recognized | 3,925,000 | (5,729,000) |
Change in tax rates, legislation | (80,000) | (151,000) |
Prior year under provision | (235,000) | (8,000) |
Other | 58,000 | (35,000) |
Income tax recovery | $ 2,343,000 | 2,269,000 |
Renunciation of certain tax benefits | $ 8,000,000 |
INCOME TAXES - Deferred income
INCOME TAXES - Deferred income tax assets (liabilities) rollforward (Details) - CAD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
INCOME TAXES | ||
Deferred income tax assets-gross | $ 65,306 | $ 47,321 |
Set-off against deferred income tax liabilities | (65,306) | (47,321) |
Deferred income tax assets-per balance sheet | 0 | 0 |
Deferred income tax liabilities: | ||
Deferred income tax liabilities-gross | (67,913) | (52,271) |
Set-off of deferred income tax assets | 65,306 | 47,321 |
Deferred income tax liabilities-per balance sheet | (2,607) | (4,950) |
Other. | ||
INCOME TAXES | ||
Deferred income tax assets-gross | 9,348 | 8,077 |
Deferred income tax liabilities: | ||
Deferred income tax liabilities-gross | (1,266) | (1,272) |
Non-capital tax loss carry forwards | ||
INCOME TAXES | ||
Deferred income tax assets-gross | 18,489 | 20,070 |
Investments equity instruments and uranium | ||
Deferred income tax liabilities: | ||
Deferred income tax liabilities-gross | (25,088) | (9,483) |
Capital loss carry forward | ||
INCOME TAXES | ||
Deferred income tax assets-gross | 25,088 | 9,483 |
Inventory | ||
Deferred income tax liabilities: | ||
Deferred income tax liabilities-gross | (852) | (759) |
Reclamation obligations | ||
INCOME TAXES | ||
Deferred income tax assets-gross | 11,699 | 8,990 |
Post-employment benefits | ||
INCOME TAXES | ||
Deferred income tax assets-gross | 295 | 314 |
Property, plant and equipment, net | ||
INCOME TAXES | ||
Deferred income tax assets-gross | 387 | 387 |
Deferred income tax liabilities: | ||
Deferred income tax liabilities-gross | $ (40,707) | $ (40,757) |
INCOME TAXES - Deferred incom_2
INCOME TAXES - Deferred income tax liability rollforward (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
INCOME TAXES | ||
Deferred income tax liability, Beginning | $ (4,950) | |
Recognized in income | 2,343 | $ 2,269 |
Deferred income tax liability, Ending | (2,607) | (4,950) |
Deferred income tax liability | ||
INCOME TAXES | ||
Deferred income tax liability, Beginning | (4,950) | (7,219) |
Recognized in income | 2,343 | 2,269 |
Recognized in other liabilities (flow-through shares) | 0 | 0 |
Recognized in other comprehensive income | 0 | 0 |
Deferred income tax liability, Ending | $ (2,607) | $ (4,950) |
INCOME TAXES - Deferred incom_3
INCOME TAXES - Deferred income tax assets not recognized (Details) - CAD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
INCOME TAXES | ||
Deferred income tax assets not recognized | $ 119,356 | $ 122,435 |
Tax losses-capital | ||
INCOME TAXES | ||
Deferred income tax assets not recognized | 38,445 | 55,704 |
Tax losses-operating | ||
INCOME TAXES | ||
Deferred income tax assets not recognized | 69,919 | 57,580 |
Tax credits | ||
INCOME TAXES | ||
Deferred income tax assets not recognized | 1,126 | 1,126 |
Other deductible temporary differences | ||
INCOME TAXES | ||
Deferred income tax assets not recognized | 2,881 | 2,653 |
Property, plant and equipment, net | ||
INCOME TAXES | ||
Deferred income tax assets not recognized | $ 6,985 | $ 5,372 |
INCOME TAXES - Canadian operati
INCOME TAXES - Canadian operating tax losses and tax credits expiry dates (Details) - Canada - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
INCOME TAXES | ||
Tax losses - gross | $ 324,965 | $ 287,754 |
Tax benefit at tax rate of 26% - 27% | 88,408 | 77,650 |
Set-off against deferred tax liabilities | (18,489) | (20,070) |
Total tax loss assets not recognized | 69,919 | 57,580 |
Tax credits | 1,126 | 1,126 |
Total tax credit assets not recognized | $ 1,126 | $ 1,126 |
Top of range [Member] | ||
INCOME TAXES | ||
Percentage of tax benefit | 27% | |
Bottom of range [Member] | ||
INCOME TAXES | ||
Percentage of tax benefit | 26% |
SHARE CAPITAL (Details)
SHARE CAPITAL (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Number of Common Shares | ||
Number of Common Shares at Beginning | 826,325,592 | 812,429,995 |
Shares issued proceeds-total | 56,786,160 | 11,042,862 |
Other share issue proceeds-total | 153,237 | 128,052 |
Less: other share issue costs | $ (20) | $ (50) |
Share option exercises | 4,559,047 | 2,169,681 |
Share unit exercises-transfer from contributed surplus | 3,146,335 | 555,002 |
Total number of shares issued for cash | 64,644,779 | 13,895,597 |
Number of Common Shares at Ending | 890,970,371 | 826,325,592 |
Share Capital | ||
Beginning, amount | $ 1,539,209 | $ 1,517,029 |
Shares issued proceeds-total | 112,969 | 20,200 |
Less: share issue costs | (5,085) | (599) |
Other share issue proceeds-total | 213 | 219 |
Less: other share issue costs | (20) | (50) |
Share options exercised-cash | 3,534 | 1,459 |
Share option exercises-transfer from contributed surplus | 1,474 | 550 |
Share unit exercises-transfer from contributed surplus | 2,730 | 401 |
Total share capital amount | 115,815 | 22,180 |
Ending, amount | $ 1,655,024 | $ 1,539,209 |
SHARE CAPITAL - Narrative (Deta
SHARE CAPITAL - Narrative (Details) | 12 Months Ended | |||||
Oct. 16, 2023 CAD ($) shares | Oct. 16, 2023 USD ($) $ / shares shares | Dec. 31, 2023 CAD ($) $ / shares shares | Dec. 31, 2022 CAD ($) $ / shares shares | Sep. 28, 2021 CAD ($) | Sep. 16, 2021 CAD ($) | |
Share Capital | ||||||
Aggregate gross proceeds | $ 107,863,000 | $ 19,551,000 | ||||
Share capital | ||||||
Share Capital | ||||||
Aggregate offering amount | $ 50,000,000 | $ 250,000,000 | ||||
Eligible exploration expenditures to spend | $ 8,000,000 | |||||
Set-up and maintenance of 2021 Shelf Prospectus and 2021 ATM Program | ||||||
Share Capital | ||||||
Average price per share | $ / shares | $ 1.91 | |||||
Issuance costs | $ 2,192,000 | |||||
Commissions | 1,321,000 | |||||
Costs associated with set-up | $ 871,000 | |||||
Total number of shares issued under ATM | shares | 34,669,322 | |||||
Aggregate gross proceeds | $ 66,062,000 | |||||
Maintenance of 2021 Shelf Prospectus and 2021 ATM Program | ||||||
Share Capital | ||||||
Issued of common shares under ATM | shares | 19,786,160 | 11,042,862 | ||||
Average price per share | $ / shares | $ 1.91 | $ 1.83 | ||||
Issuance costs | $ 845,000 | $ 599,000 | ||||
Commissions | 757,000 | 404,000 | ||||
Costs associated with set-up | 88,000 | 195,000 | ||||
Aggregate gross proceeds | $ 37,887,000 | $ 20,200,000 | ||||
Bought deal public offering by way of a prospectus supplement to the 2021 shelf prospectus | ||||||
Share Capital | ||||||
Issued of common shares under ATM | shares | 37,000,000 | 37,000,000 | ||||
Average price per share | $ / shares | $ 1.49 | |||||
Aggregate gross proceeds | $ 75,082,000 | $ 55,130,000 | ||||
Issue costs | $ 4,240,000 |
SHARE-BASED COMPENSATION - Expe
SHARE-BASED COMPENSATION - Expense (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
SHARE-BASED COMPENSATION | ||
Share-based compensation expense | $ (3,746) | $ (3,736) |
Share options | ||
SHARE-BASED COMPENSATION | ||
Share-based compensation expense | (1,324) | (1,416) |
RSUs | ||
SHARE-BASED COMPENSATION | ||
Share-based compensation expense | (2,336) | (2,076) |
PSUs | ||
SHARE-BASED COMPENSATION | ||
Share-based compensation expense | $ (86) | $ (244) |
SHARE-BASED COMPENSATION - Opti
SHARE-BASED COMPENSATION - Options rollforward (Details) | 12 Months Ended | |
Dec. 31, 2023 EquityInstruments $ / shares | Dec. 31, 2022 EquityInstruments $ / shares | |
SHARE-BASED COMPENSATION | ||
Share options outstanding, beginning | EquityInstruments | 8,539,214 | 9,449,895 |
Share options grants | EquityInstruments | 1,881,000 | 1,687,000 |
Share options exercises | EquityInstruments | (4,559,047) | (2,169,681) |
Share options expires | EquityInstruments | (24,000) | (26,000) |
Share options forfeitures | EquityInstruments | (616,500) | (402,000) |
Share options outstanding, ending | EquityInstruments | 5,220,667 | 8,539,214 |
Share options exercisable, ending | EquityInstruments | 2,757,669 | 5,178,714 |
Weighted Average Exercise Price per Share, share options outstanding, beginning | $ / shares | $ 1.09 | $ 0.86 |
Weighted Average Exercise Price per Share, share options grants | $ / shares | 1.54 | 1.82 |
Weighted Average Exercise Price per Share, share options exercises | $ / shares | 0.78 | 0.67 |
Weighted Average Exercise Price per Share, share options expires | $ / shares | 0.60 | 0.85 |
Weighted Average Exercise Price per Share, share options forfeitures | $ / shares | 1.37 | 1.14 |
Weighted Average Exercise Price per Share, Share options outstanding, ending | $ / shares | 1.49 | 1.09 |
Weighted Average Exercise Price per Share, Share options exercisable, ending | $ / shares | $ 1.35 | $ 0.78 |
SHARE-BASED COMPENSATION - Op_2
SHARE-BASED COMPENSATION - Options outstanding (Details) | 12 Months Ended | ||
Dec. 31, 2023 EquityInstruments $ / shares | Dec. 31, 2022 EquityInstruments $ / shares | Dec. 31, 2021 EquityInstruments $ / shares | |
SHARE-BASED COMPENSATION | |||
Weighted Average Remaining Contractual Life | 3 years 21 days | ||
Number of Common Shares | EquityInstruments | 5,220,667 | 8,539,214 | 9,449,895 |
Weighted-Average Exercise Price per Share | $ 1.49 | $ 1.09 | $ 0.86 |
$0.25 to $0.49 | |||
SHARE-BASED COMPENSATION | |||
Weighted Average Remaining Contractual Life | 1 year 2 months 8 days | ||
Number of Common Shares | EquityInstruments | 86,000 | ||
Weighted-Average Exercise Price per Share | $ 0.46 | ||
Range of Exercise Prices per Share Minimum | 0.25 | ||
Range of Exercise Prices per Share Maximum | $ 0.49 | ||
$0.50 to $0.74 | |||
SHARE-BASED COMPENSATION | |||
Weighted Average Remaining Contractual Life | 1 year 1 month 17 days | ||
Number of Common Shares | EquityInstruments | 75,500 | ||
Weighted-Average Exercise Price per Share | $ 0.65 | ||
Range of Exercise Prices per Share Minimum | 0.50 | ||
Range of Exercise Prices per Share Maximum | $ 0.74 | ||
$0.75 to $0.99 | |||
SHARE-BASED COMPENSATION | |||
Weighted Average Remaining Contractual Life | 0 years | ||
Number of Common Shares | EquityInstruments | 0 | ||
Weighted-Average Exercise Price per Share | $ 0 | ||
Range of Exercise Prices per Share Minimum | 0.75 | ||
Range of Exercise Prices per Share Maximum | $ 0.99 | ||
$1.00 to $1.49 | |||
SHARE-BASED COMPENSATION | |||
Weighted Average Remaining Contractual Life | 3 years 18 days | ||
Number of Common Shares | EquityInstruments | 3,616,167 | ||
Weighted-Average Exercise Price per Share | $ 1.37 | ||
Range of Exercise Prices per Share Minimum | 1 | ||
Range of Exercise Prices per Share Maximum | $ 1.49 | ||
$1.50 to $1.99 | |||
SHARE-BASED COMPENSATION | |||
Weighted Average Remaining Contractual Life | 3 years 2 months 19 days | ||
Number of Common Shares | EquityInstruments | 1,270,000 | ||
Weighted-Average Exercise Price per Share | $ 1.83 | ||
Range of Exercise Prices per Share Minimum | 1.50 | ||
Range of Exercise Prices per Share Maximum | $ 1.99 | ||
$2.00 to $2.49 | |||
SHARE-BASED COMPENSATION | |||
Weighted Average Remaining Contractual Life | 4 years 25 days | ||
Number of Common Shares | EquityInstruments | 173,000 | ||
Weighted-Average Exercise Price per Share | $ 2.26 | ||
Range of Exercise Prices per Share Minimum | 2 | ||
Range of Exercise Prices per Share Maximum | $ 2.49 |
SHARE-BASED COMPENSATION - Fair
SHARE-BASED COMPENSATION - Fair value of share options granted (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
SHARE-BASED COMPENSATION | ||
Expected dividend yield | 0% | 0% |
Fair value per option granted | 0.79 to 1.14 | 0.82 to 1.10 |
Bottom of Range | ||
SHARE-BASED COMPENSATION | ||
Risk-free interest rate | 3.68% | 1.44% |
Expected stock price volatility | 65.75% | 73.80% |
Expected life | 3 years 4 months 28 days | 3 years 4 months 13 days |
Top of Range | ||
SHARE-BASED COMPENSATION | ||
Risk-free interest rate | 4.70% | 4.07% |
Expected stock price volatility | 73.41% | 76.78% |
Expected life | 3 years 5 months 4 days | 3 years 5 months 1 day |
SHARE-BASED COMPENSATION - RSU
SHARE-BASED COMPENSATION - RSU Rollforward (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
SHARE-BASED COMPENSATION | ||
RSUs outstanding, beginning | 6,416,089 | 5,801,841 |
Grants | 1,507,000 | 1,251,000 |
Exercises | (2,157,835) | (435,002) |
Forfeitures | (184,335) | (201,750) |
RSUs outstanding, ending | 5,580,919 | 6,416,089 |
RSUs vested, ending | 3,189,921 | 3,307,840 |
RSUs outstanding, Weighted Average Fair Value, beginning | $ 1.04 | $ 0.80 |
RSUs grants, Weighted Average Fair Value | 1.52 | 2.08 |
RSUs exercises, Weighted Average Fair Value | 0.93 | 0.82 |
RSUs forfeitures, Weighted Average Fair Value | 1.65 | 1.04 |
RSUs outstanding, Weighted Average Fair Value, ending | 1.20 | 1.04 |
RSUs vested, Weighted Average Fair Value, ending | $ 0.85 | $ 0.67 |
SHARE-BASED COMPENSATION - PSU
SHARE-BASED COMPENSATION - PSU Rollforward (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
SHARE-BASED COMPENSATION | ||
PSUs outstanding, beginning | 1,470,000 | 1,530,000 |
Grants | 0 | 120,000 |
Exercises | (988,500) | (120,000) |
Forfeitures | 0 | (60,000) |
PSUs outstanding, ending | 481,500 | 1,470,000 |
PSUs vested, ending | 481,500 | 1,080,000 |
PSUs outstanding, Weighted Average Fair Value, beginning | $ 0.77 | $ 0.62 |
PSUs grants, Weighted Average Fair Value | 0 | 2.08 |
PSUs exercises, Weighted Average Fair Value | 0.74 | 0.38 |
PSUs forfeitures, Weighted Average Fair Value | 0 | 0.38 |
PSUs outstanding, Weighted Average Fair Value, ending | 0.83 | 0.77 |
PSUs vested, Weighted Average Fair Value, ending | $ 0.83 | $ 0.65 |
SHARE-BASED COMPENSATION - Narr
SHARE-BASED COMPENSATION - Narrative (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
SHARE-BASED COMPENSATION | ||
Share-based compensation expense | $ 2,068,000 | |
Granting of share options percentage | 10% | |
Issued and outstanding common shares at the time of grant, subject to a maximum | 39,670,000 | |
Aggregate options granted | 28,725,593 | 27,485,093 |
Number of share units that are issuable | 15,000,000 | |
Share options | ||
SHARE-BASED COMPENSATION | ||
Weighted average share price at the date of exercise | $ 2.05 | $ 1.75 |
RSUs | ||
SHARE-BASED COMPENSATION | ||
Weighted average share price at the date of exercise | 1.94 | 1.79 |
PSUs | ||
SHARE-BASED COMPENSATION | ||
Weighted average share price at the date of exercise | $ 2.07 | $ 1.58 |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE INCOME (Details) - CAD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
ACCUMULATED OTHER COMPREHENSIVE INCOME | ||
Cumulative foreign currency translation | $ 456 | $ 420 |
Gross - Experience gains-post employment liability | 1,847 | 1,847 |
Tax effect - Experience gains-post employment liability | (485) | (485) |
Accumulated other comprehensive income | $ 1,818 | $ 1,782 |
SUPPLEMENTAL FINANCIAL INFORM_3
SUPPLEMENTAL FINANCIAL INFORMATION - Operating expenses (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
SUPPLEMENTAL FINANCIAL INFORMATION | ||
Operating expenses | $ (3,898) | $ (5,352) |
Cost of goods sold-mineral concentrates | ||
SUPPLEMENTAL FINANCIAL INFORMATION | ||
Cost of goods and services sold | 0 | (444) |
Operating overheads: Mining, other development expense | ||
SUPPLEMENTAL FINANCIAL INFORMATION | ||
Cost of goods and services sold | (261) | (660) |
Operating overheads: Milling, conversion expense | ||
SUPPLEMENTAL FINANCIAL INFORMATION | ||
Cost of goods and services sold | (2,463) | (3,104) |
Less absorption: Mineral properties | ||
SUPPLEMENTAL FINANCIAL INFORMATION | ||
Less absorption on cost of sales | 0 | 68 |
Less absorption: Milling | ||
SUPPLEMENTAL FINANCIAL INFORMATION | ||
Less absorption on cost of sales | 0 | 0 |
Other costs | ||
SUPPLEMENTAL FINANCIAL INFORMATION | ||
Cost of goods and services sold | (986) | (749) |
Cost of goods and services sold | ||
SUPPLEMENTAL FINANCIAL INFORMATION | ||
Cost of goods and services sold | (3,710) | (4,889) |
Reclamation asset amortization | ||
SUPPLEMENTAL FINANCIAL INFORMATION | ||
Operating expenses | (188) | (199) |
Selling expenses | ||
SUPPLEMENTAL FINANCIAL INFORMATION | ||
Operating expenses | 0 | (48) |
Sales royalties and non-income taxes | ||
SUPPLEMENTAL FINANCIAL INFORMATION | ||
Operating expenses | $ 0 | $ (216) |
SUPPLEMENTAL FINANCIAL INFORM_4
SUPPLEMENTAL FINANCIAL INFORMATION - Other income (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
SUPPLEMENTAL FINANCIAL INFORMATION | ||
Other income - continuing operations | $ 136,472 | $ 55,244 |
Investments-equity instruments | ||
SUPPLEMENTAL FINANCIAL INFORMATION | ||
Other income - continuing operations | (9) | (6,469) |
Gains (losses) on - Foreign exchange | ||
SUPPLEMENTAL FINANCIAL INFORMATION | ||
Other income - continuing operations | 321 | 816 |
Gains (losses) on - Disposal of property, plant and equipment | ||
SUPPLEMENTAL FINANCIAL INFORMATION | ||
Other income - continuing operations | 1,299 | (25) |
Fair value changes - Investments-uranium | ||
SUPPLEMENTAL FINANCIAL INFORMATION | ||
Other income - continuing operations | 134,180 | 29,422 |
Investments-convertible debentures | ||
SUPPLEMENTAL FINANCIAL INFORMATION | ||
Other income - continuing operations | 565 | 0 |
Fair value changes - Warrants on investment | ||
SUPPLEMENTAL FINANCIAL INFORMATION | ||
Other income - continuing operations | 0 | 1,625 |
Fair value changes - Share purchase warrant liabilities | ||
SUPPLEMENTAL FINANCIAL INFORMATION | ||
Other income - continuing operations | 0 | (20,337) |
Reclamation obligation adjustments | ||
SUPPLEMENTAL FINANCIAL INFORMATION | ||
Other income - continuing operations | (3,229) | 4,126 |
Gain on recognition of proceeds-UI Repayment Agreement | ||
SUPPLEMENTAL FINANCIAL INFORMATION | ||
Other income - continuing operations | 4,097 | 6,142 |
Uranium investment carrying charges | ||
SUPPLEMENTAL FINANCIAL INFORMATION | ||
Other income - continuing operations | (409) | (374) |
Other | ||
SUPPLEMENTAL FINANCIAL INFORMATION | ||
Other income - continuing operations | $ (343) | $ (356) |
SUPPLEMENTAL FINANCIAL INFORM_5
SUPPLEMENTAL FINANCIAL INFORMATION - Finance expense (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
SUPPLEMENTAL FINANCIAL INFORMATION | ||
Finance expense, net | $ (1,062) | $ (2,859) |
Interest income | ||
SUPPLEMENTAL FINANCIAL INFORMATION | ||
Finance income | 4,189 | 1,419 |
Interest expense | ||
SUPPLEMENTAL FINANCIAL INFORMATION | ||
Finance expense, net | (4) | (6) |
Accretion expense - Deferred revenue | ||
SUPPLEMENTAL FINANCIAL INFORMATION | ||
Finance expense, net | (3,518) | (2,774) |
Accretion expense - Post-employment benefits | ||
SUPPLEMENTAL FINANCIAL INFORMATION | ||
Finance expense, net | (21) | (22) |
Accretion expense - Reclamation obligations | ||
SUPPLEMENTAL FINANCIAL INFORMATION | ||
Finance expense, net | (1,681) | (1,444) |
Accretion expense - Debt obligations | ||
SUPPLEMENTAL FINANCIAL INFORMATION | ||
Finance expense, net | $ (27) | $ (32) |
SUPPLEMENTAL FINANCIAL INFORM_6
SUPPLEMENTAL FINANCIAL INFORMATION - Depreciation expense (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
SUPPLEMENTAL FINANCIAL INFORMATION | ||
Depreciation | $ (3,944) | $ (3,943) |
Mining, other development expense | ||
SUPPLEMENTAL FINANCIAL INFORMATION | ||
Depreciation | (1) | (2) |
Milling, conversion expense | ||
SUPPLEMENTAL FINANCIAL INFORMATION | ||
Depreciation | (2,455) | (3,076) |
Evaluation | ||
SUPPLEMENTAL FINANCIAL INFORMATION | ||
Depreciation | (583) | (270) |
Exploration | ||
SUPPLEMENTAL FINANCIAL INFORMATION | ||
Depreciation | (540) | (266) |
General and administrative | ||
SUPPLEMENTAL FINANCIAL INFORMATION | ||
Depreciation | (154) | (144) |
Decommissioning | ||
SUPPLEMENTAL FINANCIAL INFORMATION | ||
Depreciation | $ (211) | $ (185) |
SUPPLEMENTAL FINANCIAL INFORM_7
SUPPLEMENTAL FINANCIAL INFORMATION - Employee benefits expense (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
SUPPLEMENTAL FINANCIAL INFORMATION | ||
Employee benefits expense | $ (17,711) | $ (16,154) |
Salaries and short-term employee benefits | ||
SUPPLEMENTAL FINANCIAL INFORMATION | ||
Employee benefits expense | (13,021) | (12,416) |
Share-based compensation | ||
SUPPLEMENTAL FINANCIAL INFORMATION | ||
Employee benefits expense | (3,746) | (3,736) |
Termination benefits | ||
SUPPLEMENTAL FINANCIAL INFORMATION | ||
Employee benefits expense | $ (944) | $ (2) |
SUPPLEMENTAL FINANCIAL INFORM_8
SUPPLEMENTAL FINANCIAL INFORMATION - Lease expense (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
SUPPLEMENTAL FINANCIAL INFORMATION | ||
Accretion expense on lease liabilities | $ (27) | $ (32) |
Expenses relating to short-term leases | (5,753) | (6,095) |
Expenses relating to non-short term low-value leases | 0 | (1) |
Lease related expense-gross | $ (5,780) | $ (6,128) |
SUPPLEMENTAL FINANCIAL INFORM_9
SUPPLEMENTAL FINANCIAL INFORMATION - Non-cash operating working capital items (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
SUPPLEMENTAL FINANCIAL INFORMATION | ||
Change in non-cash operating working capital items | $ 1,870 | $ 1,743 |
Trade and other receivables. | ||
SUPPLEMENTAL FINANCIAL INFORMATION | ||
Change in non-cash operating working capital items | 2,230 | (512) |
Inventories | ||
SUPPLEMENTAL FINANCIAL INFORMATION | ||
Change in non-cash operating working capital items | (866) | 741 |
Prepaid expenses and other assets | ||
SUPPLEMENTAL FINANCIAL INFORMATION | ||
Change in non-cash operating working capital items | (253) | 129 |
Accounts payable and accrued liabilities | ||
SUPPLEMENTAL FINANCIAL INFORMATION | ||
Change in non-cash operating working capital items | $ 759 | $ 1,385 |
SUPPLEMENTAL FINANCIAL INFOR_10
SUPPLEMENTAL FINANCIAL INFORMATION - Cash flow disclosure (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Supplemental cash flow disclosure: | ||
Interest paid | $ (4) | $ (6) |
Income taxes paid | $ 0 | $ 0 |
SEGMENTED INFORMATION - Results
SEGMENTED INFORMATION - Results (Details) | 12 Months Ended | ||||
Dec. 31, 2023 CAD ($) segment | Nov. 30, 2023 CAD ($) | Dec. 31, 2022 CAD ($) | Nov. 30, 2022 CAD ($) | Dec. 31, 2021 CAD ($) | |
SEGMENTED INFORMATION | |||||
Number of primary operating segments | segment | 2 | ||||
Revenue | $ 1,855,000 | $ 0 | $ 8,973,000 | $ 0 | |
Expenses: | |||||
Operating expenses | (3,898,000) | (5,352,000) | |||
Exploration | (9,564,000) | (8,097,000) | |||
Evaluation | (18,622,000) | (22,181,000) | |||
General and administrative | (13,760,000) | (12,538,000) | |||
Revenues - supplemental: | |||||
Toll milling services-deferred revenue | 1,855,000 | 5,987,000 | |||
Long-lived assets: | |||||
Property, plant and equipment, Cost | 254,946,000 | 253,505,000 | |||
Accumulated depreciation and amortisation [member] | |||||
Long-lived assets: | |||||
Property, plant and equipment, Cost | (39,341,000) | (35,545,000) | $ (31,962,000) | ||
Mineral properties | Accumulated depreciation and amortisation [member] | |||||
Long-lived assets: | |||||
Property, plant and equipment, Cost | 0 | 0 | $ 0 | ||
Segments Operating | |||||
SEGMENTED INFORMATION | |||||
Revenue | 1,855,000 | 8,973,000 | |||
Expenses: | |||||
Operating expenses | (3,898,000) | (5,352,000) | |||
Exploration | (9,564,000) | (8,097,000) | |||
Evaluation | (18,622,000) | (22,181,000) | |||
General and administrative | (13,760,000) | (12,538,000) | |||
Total expenses | (45,844,000) | (48,168,000) | |||
Segment income (loss) | (43,989,000) | (39,195,000) | |||
Revenues - supplemental: | |||||
Toll milling services-deferred revenue | 1,855,000 | 5,987,000 | |||
Uranium concentrate sales | 2,986,000 | ||||
Capital additions: | |||||
Property, plant and equipment | 3,268,000 | 7,265,000 | |||
Long-lived assets: | |||||
Property, plant and equipment, Cost | 254,946,000 | 253,505,000 | |||
Property, plant and equipment, Accumulated depreciation | 39,340,000 | 35,545,000 | |||
Segments Operating | Plant and Equipment, Cost | |||||
Long-lived assets: | |||||
Property, plant and equipment, Cost | 113,473,000 | 108,831,000 | |||
Segments Operating | Mineral properties | |||||
Long-lived assets: | |||||
Property, plant and equipment, Cost | 180,813,000 | 180,219,000 | |||
Mining | Segments Operating | |||||
SEGMENTED INFORMATION | |||||
Revenue | 1,855,000 | 8,973,000 | |||
Expenses: | |||||
Operating expenses | (3,898,000) | (5,352,000) | |||
Exploration | (9,564,000) | (8,097,000) | |||
Evaluation | (18,622,000) | (22,181,000) | |||
General and administrative | (19,000) | (22,000) | |||
Total expenses | (32,103,000) | (35,652,000) | |||
Segment income (loss) | (30,248,000) | (26,679,000) | |||
Revenues - supplemental: | |||||
Toll milling services-deferred revenue | 1,855,000 | 5,987,000 | |||
Uranium concentrate sales | 2,986,000 | ||||
Capital additions: | |||||
Property, plant and equipment | 2,165,000 | 2,634,000 | |||
Long-lived assets: | |||||
Property, plant and equipment, Cost | 249,549,000 | 248,754,000 | |||
Property, plant and equipment, Accumulated depreciation | 38,178,000 | 34,803,000 | |||
Mining | Segments Operating | Plant and Equipment, Cost | |||||
Long-lived assets: | |||||
Property, plant and equipment, Cost | 106,914,000 | 103,338,000 | |||
Mining | Segments Operating | Mineral properties | |||||
Long-lived assets: | |||||
Property, plant and equipment, Cost | 180,813,000 | 180,219,000 | |||
Corporate and Other | Segments Operating | |||||
SEGMENTED INFORMATION | |||||
Revenue | 0 | 0 | |||
Expenses: | |||||
Operating expenses | 0 | 0 | |||
Exploration | 0 | 0 | |||
Evaluation | 0 | 0 | |||
General and administrative | (13,741,000) | (12,516,000) | |||
Total expenses | (13,741,000) | (12,516,000) | |||
Segment income (loss) | (13,741,000) | (12,516,000) | |||
Revenues - supplemental: | |||||
Toll milling services-deferred revenue | 0 | 0 | |||
Uranium concentrate sales | 0 | ||||
Capital additions: | |||||
Property, plant and equipment | 1,103,000 | 4,631,000 | |||
Long-lived assets: | |||||
Property, plant and equipment, Cost | 5,397,000 | 4,751,000 | |||
Property, plant and equipment, Accumulated depreciation | 1,162,000 | 742,000 | |||
Corporate and Other | Segments Operating | Plant and Equipment, Cost | |||||
Long-lived assets: | |||||
Property, plant and equipment, Cost | 6,559,000 | 5,493,000 | |||
Corporate and Other | Segments Operating | Mineral properties | |||||
Long-lived assets: | |||||
Property, plant and equipment, Cost | $ 0 | $ 0 |
SEGMENTED INFORMATION - Income
SEGMENTED INFORMATION - Income (loss) from discontinued operations (Details) - CAD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Nov. 30, 2023 | Dec. 31, 2022 | Nov. 30, 2022 | |
Discontinued Operations | ||||
Revenue | $ 1,855 | $ 0 | $ 8,973 | $ 0 |
Expenses | ||||
Operating expenses | (3,898) | (5,352) | ||
Other income | ||||
Income from discontinued operations, net of taxes | 1,011 | 1,782 | ||
Closed Mines services | ||||
Discontinued Operations | ||||
Revenue | 6,582 | 7,972 | ||
Expenses | ||||
Operating expenses | (5,715) | (6,273) | ||
Other income | ||||
Finance fees | 144 | 83 | ||
Income from discontinued operations, net of taxes | $ 1,011 | $ 1,782 |
SEGMENTED INFORMATION - Cash fl
SEGMENTED INFORMATION - Cash flows from discontinued operations (Details) - Closed Mines services - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Discontinued Operations | ||
Net cash from operating activities | $ 3,274 | $ 1,909 |
Net cash flows for the year | $ 3,274 | $ 1,909 |
SEGMENTED INFORMATION - Revenue
SEGMENTED INFORMATION - Revenue Concentration (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
SEGMENTED INFORMATION | ||
Revenue Concentration | 100% | 100% |
Mining | ||
SEGMENTED INFORMATION | ||
Revenue Concentration | 22% | 53% |
Closed mines services | ||
SEGMENTED INFORMATION | ||
Revenue Concentration | 78% | 47% |
RELATED PARTY TRANSACTIONS - Ke
RELATED PARTY TRANSACTIONS - Key Management Compensation (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
RELATED PARTY TRANSACTIONS | ||
Salaries and short-term employee benefits | $ (3,302) | $ (3,251) |
Share-based compensation | (2,865) | (3,083) |
Key management personnel compensation | $ (6,167) | $ (6,334) |
RELATED PARTY TRANSACTIONS - Na
RELATED PARTY TRANSACTIONS - Narrative (Details) - CAD ($) | 1 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2023 | Oct. 31, 2023 | Oct. 30, 2023 | May 31, 2023 | Nov. 30, 2022 | Sep. 30, 2016 | Jan. 31, 2014 | Dec. 31, 2023 | Dec. 31, 2022 | |
RELATED PARTY TRANSACTIONS | |||||||||
Percentage of interests to be held to nominate one director | 5% | ||||||||
Dilution Agreement to approve program spending | $ 10,000,000 | $ 20,000,000 | |||||||
Funding percentage rate | 100% | 100% | |||||||
Waterbury Lake Uranium LP | |||||||||
RELATED PARTY TRANSACTIONS | |||||||||
Ownership interest | 69.35% | 69.35% | 67.41% | ||||||
Voting interest percentage | 75% | 75% | |||||||
Mineral property assets | $ 1,456,000 | $ 363,000 | |||||||
Denison Waterbury Corp | |||||||||
RELATED PARTY TRANSACTIONS | |||||||||
Ownership interest | 69.35% | 67.41% | 67.41% | 66.90% | 60% | ||||
KWULP | |||||||||
RELATED PARTY TRANSACTIONS | |||||||||
Ownership interest | 40% | ||||||||
KWULP Limited Partner | |||||||||
RELATED PARTY TRANSACTIONS | |||||||||
Ownership interest | 30.63% | ||||||||
WLUC | |||||||||
RELATED PARTY TRANSACTIONS | |||||||||
Ownership interest | 0.02% | ||||||||
WLULP Limited Partner | |||||||||
RELATED PARTY TRANSACTIONS | |||||||||
Ownership interest | 69.35% |
CAPITAL MANAGEMENT AND FINANC_3
CAPITAL MANAGEMENT AND FINANCIAL RISK - Net cash and investment position (Details) - CAD ($) | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
CAPITAL MANAGEMENT AND FINANCIAL RISK [Line item] | |||
Cash and cash equivalents | $ 131,054,000 | $ 50,915,000 | $ 63,998,000 |
Investments | 302,897,000 | 170,645,000 | 147,692,000 |
Debt obligations-current | (213,000) | (216,000) | |
Net cash and investments | 433,738,000 | 221,344,000 | |
Total equity | 641,784,000 | 436,016,000 | 396,691,000 |
Equity instrument | |||
CAPITAL MANAGEMENT AND FINANCIAL RISK [Line item] | |||
Investments | 10,517,000 | 8,109,000 | 14,578,000 |
Uranium | |||
CAPITAL MANAGEMENT AND FINANCIAL RISK [Line item] | |||
Investments | 276,815,000 | 162,536,000 | 133,114,000 |
Convertible debenture | |||
CAPITAL MANAGEMENT AND FINANCIAL RISK [Line item] | |||
Investments | $ 15,565,000 | $ 0 | $ 0 |
CAPITAL MANAGEMENT AND FINANC_4
CAPITAL MANAGEMENT AND FINANCIAL RISK - Maximum exposure to credit risk (Details) - CAD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
CAPITAL MANAGEMENT AND FINANCIAL RISK | |||
Cash and cash equivalents | $ 131,054 | $ 50,915 | $ 63,998 |
Trade and other receivables | 1,913 | 4,143 | |
Restricted cash and investments | 11,231 | 11,105 | |
Non-Current Investments, Convertible Debenture | 15,565 | 0 | |
Investments-convertible debenture | 15,565 | 0 | |
Maximum exposure to credit risk | $ 159,763 | $ 66,163 |
CAPITAL MANAGEMENT AND FINANC_5
CAPITAL MANAGEMENT AND FINANCIAL RISK - Maturities of the Company's financial liabilities (Details) - CAD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
CAPITAL MANAGEMENT AND FINANCIAL RISK | ||
Accounts payable and accrued liabilities | $ 10,822 | $ 10,299 |
Within 1 Year | ||
CAPITAL MANAGEMENT AND FINANCIAL RISK | ||
Accounts payable and accrued liabilities | 10,822 | |
Debt obligations | 213 | |
Maturities of financial liabilities | 11,035 | |
1 to 5 Years | ||
CAPITAL MANAGEMENT AND FINANCIAL RISK | ||
Accounts payable and accrued liabilities | 0 | |
Debt obligations | 204 | |
Maturities of financial liabilities | $ 204 |
CAPITAL MANAGEMENT AND FINANC_6
CAPITAL MANAGEMENT AND FINANCIAL RISK - Net U.S dollar-denominated assets (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 CAD ($) | |
CAD weakens | |
CAPITAL MANAGEMENT AND FINANCIAL RISK | |
Foreign Exchange Rate | 1.3226 |
Sensitivity Foreign Exchange Rate | 1.1903 |
Change in net income (loss) | $ 30,081 |
CAD strengthens | |
CAPITAL MANAGEMENT AND FINANCIAL RISK | |
Foreign Exchange Rate | 1.3226 |
Sensitivity Foreign Exchange Rate | 1.4549 |
Change in net income (loss) | $ (30,081) |
CAPITAL MANAGEMENT AND FINANC_7
CAPITAL MANAGEMENT AND FINANCIAL RISK - Interest Rate Risk (Details) $ in Thousands | Dec. 31, 2023 CAD ($) | Dec. 31, 2022 CAD ($) | Dec. 31, 2021 CAD ($) |
CAPITAL MANAGEMENT AND FINANCIAL RISK | |||
Convertible debenture faire value, Base | $ 302,897 | $ 170,645 | $ 147,692 |
Convertible Debentures | |||
CAPITAL MANAGEMENT AND FINANCIAL RISK | |||
Convertible debenture faire value, Base | $ 15,565 | $ 0 | |
Convertible Debentures | Interest rate risk | |||
CAPITAL MANAGEMENT AND FINANCIAL RISK | |||
Credit spread, Increase | 21% | ||
Credit spread, Decrease | 19% | ||
Convertible debenture faire value, Increase | $ 15,339 | ||
Convertible debenture faire value, Decrease | $ 15,801 | ||
Credit spread | Convertible Debentures | |||
CAPITAL MANAGEMENT AND FINANCIAL RISK | |||
Credit spread, Base | 20 | ||
Convertible debenture faire value, Base | $ 15,565 |
CAPITAL MANAGEMENT AND FINANC_8
CAPITAL MANAGEMENT AND FINANCIAL RISK - Equity Price Risk (Details) - CAD ($) | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
CAPITAL MANAGEMENT AND FINANCIAL RISK | |||
Percentage of increase in equity price risk exposure used for sensitivity analysis | 10% | ||
Percentage of decrease in equity price risk exposure used for sensitivity analysis | 10% | ||
Investments | $ 302,897,000 | $ 170,645,000 | $ 147,692,000 |
Equity Instruments | |||
CAPITAL MANAGEMENT AND FINANCIAL RISK | |||
Increase in investments due to increase in equity price | 1,052,000 | ||
Decrease in investments due to decrease in equity price | $ (1,052,000) | ||
Convertible Debentures | |||
CAPITAL MANAGEMENT AND FINANCIAL RISK | |||
Equity price | $ 0.40 | ||
Increased equity price risk exposure used for sensitivity analysis | 0.44 | ||
Decreased equity price risk exposure used for sensitivity analysis | $ 0.36 | ||
Investments | $ 15,565,000 | $ 0 | |
Investment impact of increased equity price used for sensitivity analysis | 16,307,000 | ||
Investment impact of decreased equity price used for sensitivity analysis | $ 14,562,000 |
CAPITAL MANAGEMENT AND FINANC_9
CAPITAL MANAGEMENT AND FINANCIAL RISK - Financial assets and liabilities (Details) - CAD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Financial Assets: | |||
Cash and cash equivalents | $ 131,054 | $ 50,915 | $ 63,998 |
Trade and other receivables | 1,913 | 4,143 | |
Investments | 302,897 | 170,645 | 147,692 |
Restricted cash and investments | 11,231 | 11,105 | |
Financial assets | 170,280 | 74,272 | |
Financial Liabilities: | |||
Accounts payable and accrued liabilities | 10,822 | 10,299 | |
Debt obligations | 417 | 576 | $ 508 |
Financial liabilities | 11,239 | 10,875 | |
Elliot Lake reclamation trust fund | |||
Financial Assets: | |||
Restricted cash and investments | 3,259 | 3,133 | |
Convertible Debentures | |||
Financial Assets: | |||
Investments | 15,565 | 0 | |
Credit facility pledged assets | |||
Financial Assets: | |||
Restricted cash and investments | 7,972 | 7,972 | |
Warrants | |||
Financial Assets: | |||
Investments | 127 | 87 | |
Warrants | Equity instruments-warrants | |||
Financial Assets: | |||
Investments | 127 | 87 | |
Shares | |||
Financial Assets: | |||
Investments | 10,390 | 8,022 | |
Shares | Equity instruments-shares | |||
Financial Assets: | |||
Investments | $ 10,390 | $ 8,022 |
CAPITAL MANAGEMENT AND FINAN_10
CAPITAL MANAGEMENT AND FINANCIAL RISK - Additional information (Details) | 12 Months Ended | |
Dec. 31, 2023 CAD ($) | Dec. 31, 2022 CAD ($) | |
CAPITAL MANAGEMENT AND FINANCIAL RISK [Line item] | ||
Allowance for credit loss on trade receivables | $ 0 | $ 0 |
U.S dollar financial assets | 24,228,000 | |
Investments-uranium | $ 276,815,000 | 162,536,000 |
Increase uranium spot price | 10% | |
Increase physical uranium | $ 27,681,500 | |
Decrease uranium spot price | 10% | |
Decrease physical uranium | $ 27,681,500 | |
Fair value transfer between level 1, level 2 and level 3 | 0 | $ 0 |
MONGOLIA | ||
CAPITAL MANAGEMENT AND FINANCIAL RISK [Line item] | ||
Fair value of Debentures | $ 0 | |
Credit spread | Convertible Debentures | ||
CAPITAL MANAGEMENT AND FINANCIAL RISK [Line item] | ||
Credit spread | 20.05 | |
Volatility for shares | Convertible Debentures | ||
CAPITAL MANAGEMENT AND FINANCIAL RISK [Line item] | ||
Credit spread | 57 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) | 1 Months Ended | 12 Months Ended | |||||||
Jul. 27, 2020 USD ($) | Nov. 16, 2016 USD ($) | Jan. 31, 2022 USD ($) | Sep. 30, 2016 USD ($) | Nov. 30, 2015 USD ($) | Dec. 31, 2023 CAD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CAD ($) | Dec. 31, 2023 USD ($) | |
Statement [Line Items] | |||||||||
Received cash consideration | $ 1,250,000 | ||||||||
Receive additional contingent consideration | $ 10,000,000 | $ 12,000,000 | |||||||
Fair value of contingent consideration | $ 0 | $ 0 | |||||||
Repayment Agreement, interest rate | 5% | 5% | 6.50% | ||||||
Repayment agreement, amount due to Denison | $ 100,000 | $ 16,000,000 | |||||||
Proceeds from legal settlement | $ 10,000,000 | ||||||||
Cash received on repayment agreement | 4,800,000 | $ 3,100,000 | |||||||
Gains on loan receivable | 4,097,000 | 6,142,000 | |||||||
Maximum availability of letters of credit | 23,964,000 | $ 23,964,000 | |||||||
Mining Licence Receivable, net | |||||||||
Statement [Line Items] | |||||||||
Fair value of contingent consideration | 0 | $ 10,000,000 | |||||||
Contingent consideration upon non-payment | |||||||||
Statement [Line Items] | |||||||||
Fair value of contingent consideration | 0 | ||||||||
2024 Credit Facility | |||||||||
Statement [Line Items] | |||||||||
Maximum availability of letters of credit | $ 23,964,000 |
INTEREST IN OTHER ENTITIES (Det
INTEREST IN OTHER ENTITIES (Details) | 1 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2023 | Oct. 31, 2023 | Oct. 30, 2023 | May 31, 2023 | Nov. 30, 2022 | Sep. 30, 2016 | Dec. 31, 2023 | Dec. 31, 2022 | |
INTEREST IN OTHER ENTITIES | ||||||||
Percentage of mineral property assets | 91% | |||||||
Waterbury Lake Uranium Corp | ||||||||
INTEREST IN OTHER ENTITIES | ||||||||
Participating Interest | 100% | |||||||
Place Of Business, Joint Operations | Canada | |||||||
Ownership interest, Joint Operations | 60% | 60% | ||||||
Waterbury Lake Uranium LP | ||||||||
INTEREST IN OTHER ENTITIES | ||||||||
Participating Interest | 100% | |||||||
Place Of Business, Joint Operations | Canada | |||||||
Ownership interest, Joint Operations | 69.35% | 69.35% | 67.41% | |||||
Voting interest percentage | 75% | 75% | ||||||
Wheeler River Joint Venture | ||||||||
INTEREST IN OTHER ENTITIES | ||||||||
Participating Interest | 90% | |||||||
Place Of Business, Key Contractual Arrangements | Canada | |||||||
Ownership Interest, in Key Contractual Arrangements | 90% | 90% | ||||||
Midwest Joint Venture | ||||||||
INTEREST IN OTHER ENTITIES | ||||||||
Participating Interest | 25.17% | |||||||
Place Of Business, Key Contractual Arrangements | Canada | |||||||
Ownership Interest, in Key Contractual Arrangements | 25.17% | 25.17% | ||||||
Mann Lake Joint Venture | ||||||||
INTEREST IN OTHER ENTITIES | ||||||||
Place Of Business, Key Contractual Arrangements | Canada | |||||||
Ownership Interest, in Key Contractual Arrangements | 30% | 30% | ||||||
Wolly Joint Venture | ||||||||
INTEREST IN OTHER ENTITIES | ||||||||
Participating Interest | 20.77% | |||||||
Place Of Business, Key Contractual Arrangements | Canada | |||||||
Ownership Interest, in Key Contractual Arrangements | 20.77% | 20.77% | ||||||
McClean Lake Joint Venture | ||||||||
INTEREST IN OTHER ENTITIES | ||||||||
Participating Interest | 22.50% | |||||||
Place Of Business, Key Contractual Arrangements | Canada | |||||||
Ownership Interest, in Key Contractual Arrangements | 22.50% | 22.50% | ||||||
Denison Mines Inc. | ||||||||
INTEREST IN OTHER ENTITIES | ||||||||
Place Of Business, Subsidiaries | Canada | |||||||
Ownership interest, Subsidiaries | 100% | 100% | ||||||
Denison AB Holdings Corp. | ||||||||
INTEREST IN OTHER ENTITIES | ||||||||
Place Of Business, Subsidiaries | Canada | |||||||
Ownership interest, Subsidiaries | 100% | 100% | ||||||
Denison Waterbury Corp | ||||||||
INTEREST IN OTHER ENTITIES | ||||||||
Place Of Business, Subsidiaries | Canada | |||||||
Ownership interest, Subsidiaries | 100% | 100% | ||||||
Ownership interest, Joint Operations | 69.35% | 67.41% | 67.41% | 66.90% | 60% | |||
9373721 Canada Inc. | ||||||||
INTEREST IN OTHER ENTITIES | ||||||||
Place Of Business, Subsidiaries | Canada | |||||||
Ownership interest, Subsidiaries | 100% | 100% | ||||||
Denison Mines (Bermuda) I Ltd | ||||||||
INTEREST IN OTHER ENTITIES | ||||||||
Place Of Business, Subsidiaries | Bermuda | |||||||
Ownership interest, Subsidiaries | 100% | 100% | ||||||
JCU | ||||||||
INTEREST IN OTHER ENTITIES | ||||||||
Participating Interest | 50% | |||||||
Place Of Business, Joint Operations | Canada | |||||||
Ownership interest, Joint Operations | 50% | 50% | ||||||
JCU | Wheeler River Joint Venture | ||||||||
INTEREST IN OTHER ENTITIES | ||||||||
Additional Ownership Interest In Joint venture | 5% |
Subsequent Events (Details)
Subsequent Events (Details) $ in Millions | 1 Months Ended |
Jan. 31, 2024 CAD ($) lb $ / lb | |
SUBSEQUENT EVENTS | |
Other cash payments | $ 3.2 |
Payments for development | $ 12 |
Working capital interest rate 75% | 75% |
Sale of Uranium | |
SUBSEQUENT EVENTS | |
Agreement of sale | lb | 100,000 |
Price per pound | $ / lb | 100 |