Phoenix Feasibility Study 2023
Gryphon UG Pre-Feasibility Study Update (2023)(1):
Capital and operating costs updated from 2018 PFS + minor scheduling optimizations
10,000,000
9,000,000
Gryphon mine production per year
Benefits from
existing or
planned
Denison-owned
infrastructure
Denison
Payback period
under 2-years
for pre- and post-
tax base-case
scenarios
Pounds U3O8 per year
8,000,000
7,000,000
6,000,000
5,000,000
4,000,000
3,000,000
2,000,000
1,000,000
49.7 million lbs U3Og in probable reserves
8
(1,275,000 tonnes at 1.8% U3O8)
Assumptions / Results(1)
Selling price/lb U308
Base Case
PFS Ref.
US$75
US$65
USD:CAD FX Rate
1.35
1.3
Calendar Years
1 2 3 4 5 6 7
3.2M
5.9M
Production Lbs U₂Os
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 Gryphon operation, and excludes $56.5 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 $864.2
million in the base-case and $599.9 million in the PFS Reference Case; (5) Post-tax payback period is estimated to be 23 months
in the Base-Case and 26 months in the PFS Reference Case; (6) Post-tax IRR is estimated to be 37.6% in the Base-Case and
30.6% in the PFS Reference Case.
9.0M
9.0M
9.0M
9.0M
4.7M
Pre-tax NPV8%(2)(4) (100%)
Change from 2018 PFS
Pre-tax payback period (3)(5)
$1.43 billion
$1.00 billion
+148%
-5%
~20 months
~24 months
Pre-tax IRR(2)(6)
41.4%
I
34.0%
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