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Denison Mines Denison Reports Results from Q1 2021 TORONTO , May 6 , 2021 / CNW / - Denison Mines Corp. ( ' Denison ' or the ' Company ' ) ( TSX : DML ) ( NYSE American : DNN ) today filed its Condensed Consolidated Financial Statements and Management's Discussion & Analysis ( ' MD & A ' ) for the quarter ended March 31 , 2021. Both documents can be found on the Company's website at www.denisonmines.com or on SEDAR ( at www.sedar.com ) and EDGAR ( at www.sec.gov/edgar.shtml ) . The highlights provided below are derived from these documents and should be read in conjunction with them . All amounts in this release are in Canadian dollars unless otherwise stated . View PDF version David Cates , President and CEO of Denison commented , " During the first quarter of 2021 , Denison capitalized on improved market sentiment for the role of nuclear energy , as part of the global clean energy transition movement , and entered into strategic financings that have significantly de - risked the Company's balance sheet and provide considerable financial flexibility for the Company . In addition to securing funding to continue to advance our flagship Wheeler River Uranium Project ( ' Wheeler River ' ) through the Environmental Assessment ( ' EA ' ) and feasibility study ( ' FS ' ) processes , we were also the first to complete a novel future project financing initiative - involving the acquisition of 2.5 million pounds of U308 to be held as a long - term strategic capital asset . Excluding the cash reserved to execute on our uranium purchase commitments , the Company's cash and investment holdings were reported at $ 96 million at the end of the quarter . In parallel , our Saskatoon - based technical team continues to progress critical path projects related to the advancement of Wheeler River - including the full resumption of the EA process early in Q1 , and the commencement of an ambitious 2021 Field Program at Phoenix . To date , we have already successfully drilled , cased and cemented the commercial scale wells in the 5 - spot In - Situ Recovery ( ' ISR ' ) test pattern located in Phase 1 of the Phoenix deposit . In support of our efforts at Wheeler River and in the Athabasca Basin region , the Company also entered into a Participation and Funding agreement and Exploration agreement with the English River First Nation ( ' ERFN ' ) , whose traditional territory includes the Wheeler River property , as well as many of Denison's other interests in the Athabasca Basin region . Additionally , in response to the unexpected announcement of a sale of JCU ( Canada ) Exploration Company Limited ( JCU ' ) by Overseas Uranium Resources Development Co. , Ltd. ( ' OURD ' ) , Denison promptly delivered a binding offer to purchase JCU from OURD for $ 40.5 million , which we believe more appropriately reflects the underlying value of JCU's assets - including their 10 % interest in Wheeler River . " HIGHLIGHTS • Successful completion of equity financing to fund the Environmental Assessment and Feasibility Study process for Wheeler River Denison completed equity financings for gross proceeds of $ 40.2 million ( including $ 3.9 million from an At- the - Market ( ' ATM ' ) offering ) in the first quarter of 2021. Subject to a decision to advance to a formal FS for the high - grade Phoenix uranium deposit ( ' Phoenix ' ) , the proceeds from the offerings are expected , based on current estimates , to be sufficient to complete such FS process and the EA process . • Financing completed for 2021 and 2022 high potential exploration programs The Company completed a flow - through equity financing of $ 8.0 million in March 2021. Proceeds of the financing will be used for eligible Canadian exploration activities in 2021 and 2022 - including the Company's planned follow up on the discovery of high - grade uranium mineralization at the K - West target area , located approximately 4 km west of Phoenix on the Wheeler River property . • Funded a project financing initiative involving the strategic acquisition of physical uranium In March 2021 , Denison successfully completed a public offering for gross proceeds of $ 107,949,000 . The majority of the net proceeds of the offering are anticipated to fund the strategic purchase of uranium concentrates ( ' U3O8 ' ) to be held by Denison as a long - term investment , which is intended to support the potential future financing of the advancement and / or construction of Wheeler River . At March 31 , 2021 , the Company has committed to purchase 2.5 million pounds of U3O8 at a weighted average price of US $ 29.61 per pound U308 . • Executed agreements with the English River First Nation In April 2021 , Denison announced that it has entered into a Participation and Funding Agreement and