Phoenix Feasibility Study 2023
Phoenix ISR Feasibility Study (2023)(1):
Optimized production profile based on detailed ISR mine planning efforts
Denison
Phoenix mine production per year by phase
10,000,000
Pounds U3O8 per year
9,000,000
8,000,000
7,000,000
6,000,000
5,000,000
4,000,000
3,000,000
2,000,000
1,000,000
Robust
economics
Phase 1 Phase 2
Phase 3
Phase 4 Phase 5
easily absorb
cost-inflation +
design changes
~10-month
payback period
for pre- and post-
tax base-case
scenarios
56.7 million lbs U3Og in proven and
probable reserves (219,000 tonnes at 11.7% U308)
Assumptions / Results(1)
Base Case
PFS Ref.
Selling price/lb U308
US$66-US$70
US$65
USD:CAD FX Rate
1.35
1.3
Pre-tax NPV 8% (2)(4) (100%)
$2.34 billion
$2.05 billion
Calendar Years
Production Lbs U₂Os
1 2 3 4 5 6 7 8 9
10
11
Change from 2018 PFS
+150%
+5%
4.0M
9.2M
9.2M
9.0M
8.0M
5.0M
5.0M
3.2M
2.5M
1.1M
0.5M
Pre-tax payback period (3)(5)
~10 months
~10 months
NOTES: (1) Refer to the Wheeler River Technical Report titled "NI 43-101 Technical Report on the Wheeler River Project, Athabasca
Basin, Saskatchewan, Canada" dated June 23, 2023; (2) NPV and IRR are calculated to the start of construction activities for the Phoenix
operation, and excludes $67.4 million in pre-FID expenditures; (3) Payback period is stated as number of months to payback from the start of
uranium production; (4) Post-tax NPV is estimated to be $1.43 billion ($1.56 billion adjusted) in the base-case and $1.26 billion ($1.38 billion
adjusted) in the PFS Reference Case; (5) Post-tax payback period is estimated to be 11 months (10 months adjusted) in the Base-Case and 12
months (11 months adjusted) in the PFS Reference Case; (6) Post-tax IRR is estimated to be 82.3% (90.0% adjusted) in the Base-Case and 76.4%
(83.9% adjusted) in the PFS Reference Case.
Pre-tax IRR(2)(6)
105.9%
98.4%
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