Denison was formed by articles of amalgamation as International Uranium Corporation ("IUC"), effective May 9, 1997 pursuant to the Business Corporations Act (Ontario) (the "OBCA"). On December 1, 2006, IUC combined its business and operations with DMI, by way of arrangement under the OBCA (the "IUC Arrangement"). Pursuant to the IUC Arrangement, all of the issued and outstanding shares of DMI were acquired in exchange for IUC's shares. Effective December 1, 2006, IUC's articles were amended to change its name to "Denison Mines Corp."
Prior to July 2012, Denison was engaged in the exploration, development, mining, and milling of uranium and vanadium, with projects in the United States, Canada, Zambia and Mongolia. At the time, Denison's principal assets included 100% ownership of the White Mesa Mill in Utah and 22.5% ownership of the McClean Lake uranium mill in Saskatchewan.
On June 29, 2012, Denison sold its shares in certain subsidiaries, which owned all of the Company's mining assets and operations located in the United States ("U.S. Mining Division"). The sale was carried out by way of a plan of arrangement between Denison and Energy Fuels Inc. ("EFR"). After completing the various steps in the plan of arrangement, Denison shareholders retained their interest in Denison and received 1.106 common shares of EFR for each Share held in Denison. By completing the transaction with EFR, Denison transformed its business to focus on its uranium exploration and development projects in Saskatchewan, Zambia and Mongolia.
In 2013, through its acquisitions of JNR Resources Inc. ("JNR"), Fission Energy Corp. ("Fission") and Rockgate Capital Corp. ("Rockgate"), and in 2014, through its acquisition of International Enexco Limited ("IEC"), Denison increased its project portfolio in Canada, primarily in the Athabasca Basin, and expanded its position in Africa by acquiring interests in uranium exploration properties in Namibia and Mali.
Denison's Key Assets Today:
- A 60% interest in the Wheeler River project, which includes the Phoenix and Gryphon deposits in northern Saskatchewan.
- A 22.50% interest in the McClean Lake uranium processing facility and uranium deposits in northern Saskatchewan.
- A 25.17% interest in the Midwest uranium project, including the Midwest and the Midwest A deposits in northern Saskatchewan.
- A 63.01% interest in the Waterbury Lake property, which includes the J Zone deposit in northern Saskatchewan.
- An extensive portfolio of exploration and development property interests in the Athabasca Basin in northern Saskatchewan including: Crawford/Bachman Lake (100%), Hook Carter (80%), Murphy Lake (78.96%), Hatchet Lake (70.11%), Bell Lake (100%) and Mann Lake (30%).
Throughout 2015 and 2016, Denison worked to further achieve its objective of focusing on its core activities in the Athabasca Basin. In November 2015, Denison completed the sale of its interest in the Gurvan Saihan joint venture in Mongolia to Uranium Industry a.s. pursuant to an amended and restated share purchase agreement entered into on November 25, 2015.
In June 2016, GoviEx Uranium Inc. ("GoviEx") and Denison completed a transaction to combine their respective African uranium mineral interests, in which GoviEx acquired all of Denison's African uranium mineral interests in Zambia, Mali and Namibia through the acquisition from Denison of Rockgate. In exchange for Rockgate, Denison received a total of 56,050,450 common shares of GoviEx and 22,420,180 GoviEx common share purchase warrants.