|
|
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|
|
|
|
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|
|
|
Denison Mines Corp.
|
||
|
|
|
||||
|
|
|
|
/s/ Amanda Willett
|
||
Date
:
March
9, 2018
|
|
|
|
Amanda
Willett
|
||
|
|
|
|
Corporate Counsel and Corporate Secretary
|
Exhibit Number
|
|
Description
|
|
|
|
99.1
|
|
|
99.2
|
|
|
99.3
|
|
|
99.4
|
|
|
99.5
|
|
|
|
|
|
101.INS
|
|
XBRL
Instance Document
|
101.SCH
|
|
XBRL
Taxonomy Extension Schema
|
101.CAL
|
|
XBRL
Taxonomy Extension Calculation Linkbase
|
101.DEF
|
|
XBRL
Taxonomy Extension Definition Linkbase
|
101.LAB
|
|
XBRL
Taxonomy Extension Label Linkbase
|
101.PRE
|
|
XBRL
Taxonomy Extension Presentation Linkbase
|
|
Denison Mines
Corp.
1100
– 40 University Ave
Toronto,
ON M5J 1T1
www.denisonmines.com
|
(in thousands, except for per share amounts)
|
|
|
|
Year Ended
December 31,
2017
|
|
Year Ended
December 31,
2016
|
||
|
|
|
|
|
|
|
|
|
Results from Continuing Operations:
|
|
|
|
|
|
|
||
Total
revenues
|
|
|
$
|
11,085
|
$
|
13,833
|
||
Exploration
and evaluation
|
|
|
$
|
(12,834)
|
$
|
(11,196)
|
||
Impairment
of property, plant & equipment
|
|
|
$
|
246
|
$
|
(2,320)
|
||
Net
loss
|
|
|
$
|
(14,087)
|
$
|
(11,699)
|
||
Basic
and diluted loss per share
|
$
|
(0.03)
|
$
|
(0.02)
|
||||
Results from Discontinued Operations:
|
|
|
|
|
||||
Net
loss
|
$
|
(81)
|
$
|
(5,644)
|
||||
Basic
and diluted loss per share
|
$
|
0.0
|
$
|
(0.01)
|
(in thousands)
|
|
|
|
As at
December 31,
2017
|
|
As at
December 31,
2016
|
||
|
|
|
|
|
|
|
|
|
Financial Position:
|
|
|
|
|
|
|
||
Cash
and cash equivalents
|
|
|
$
|
2,898
|
$
|
11,838
|
||
Investments
in debt instruments (GICs)
|
|
|
$
|
30,136
|
$
|
-
|
||
Cash,
cash equivalents and GIC’s
|
|
|
$
|
33,034
|
$
|
11,838
|
||
|
|
|
|
|
|
|
||
Working
capital
|
$
|
29,140
|
$
|
9,853
|
||||
Property,
plant and equipment
|
$
|
198,480
|
$
|
187,982
|
||||
Total
assets
|
$
|
260,068
|
$
|
217,423
|
||||
Total
long-term liabilities
|
$
|
65,121
|
$
|
37,452
|
(CAD
‘000)
|
|
2018 BUDGET
|
|
Canada
(1)
|
|
|
|
Development
& Operations
|
|
(5,230)
|
|
Mineral
Property Exploration & Evaluation
|
|
(16,760)
|
|
|
|
(21,990)
|
|
Other
(1)
|
|
|
|
UPC
Management Services
|
|
1,230
|
|
DES
Environmental Services
|
|
1,330
|
|
Corporate
Administration & Other
|
|
(4,760)
|
|
|
|
(2,200)
|
|
Total
(2)
|
|
$ (24,190)
|
|
David
Cates
|
(416) 979-1991 ext
362
|
President and Chief
Executive Officer
|
|
|
|
Sophia
Shane
|
(604)
689-7842
|
Investor
Relations
|
|
|
|
Follow Denison on
Twitter
|
@DenisonMinesCo
|
Original
signed by
“David
D.Cates”
|
|
Original
signed by
“Gabriel (Mac)
McDonald”
|
David
D. Cates
|
|
Gabriel
(Mac) McDonald
|
President
and Chief Executive Officer
|
|
Vice-President
Finance and Chief Financial Officer
|
Consolidated Statements of Financial
Position
|
|||||||||
(Expressed
in thousands of U.S. dollars except for share amounts)
|
|
At
December 31
2017
|
|
At
December 31
2016
|
|||||
ASSETS
|
|
|
|
|
|
|
|
|
|
Current
|
|
|
|
|
|
|
|
|
|
Cash
and cash equivalents (note 6)
|
|
|
|
|
$
|
2,898
|
$
|
11,838
|
|
Investments
(note 9)
|
|
|
|
|
|
30,136
|
|
-
|
|
Trade
and other receivables (note 7)
|
|
|
|
|
|
3,819
|
|
2,403
|
|
Inventories
(note 8)
|
|
|
|
|
|
2,753
|
|
2,381
|
|
Prepaid
expenses and other
|
|
|
|
|
|
529
|
|
491
|
|
|
|
|
|
|
|
40,135
|
|
17,113
|
|
Non-Current
|
|
|
|
|
|
|
|
|
|
Inventories-ore
in stockpiles (note 8)
|
|
|
|
|
|
1,672
|
|
1,562
|
|
Investments
(note 9)
|
|
|
|
|
|
5,866
|
|
3,760
|
|
Investments
in associates (note 10)
|
|
|
|
|
|
4,203
|
|
4,692
|
|
Restricted cash and
investments (note 11)
|
|
|
|
|
|
9,712
|
|
2,314
|
|
Property,
plant and equipment (note 12)
|
|
|
|
|
|
198,480
|
|
187,982
|
|
Total assets
|
|
|
|
|
$
|
260,068
|
$
|
217,423
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
Current
|
|
|
|
|
|
|
|
|
|
Accounts
payable and accrued liabilities
|
|
|
|
|
$
|
4,588
|
$
|
4,141
|
|
Current
portion of long-term liabilities:
|
|
|
|
|
|
|
|
|
|
Deferred revenue
(note 13)
|
|
|
|
|
|
2,498
|
|
-
|
|
Post-employment
benefits (note 14)
|
|
|
|
|
|
199
|
|
186
|
|
Reclamation
obligations (note 15)
|
|
|
|
|
|
653
|
|
810
|
|
Other
liabilities (note 16)
|
|
|
|
|
|
3,057
|
|
2,123
|
|
|
|
|
|
|
|
10,995
|
|
7,260
|
|
Non-Current
|
|
|
|
|
|
|
|
|
|
Deferred revenue (note 13)
|
|
|
|
|
|
27,181
|
|
-
|
|
Post-employment
benefits (note 14)
|
|
|
|
|
|
1,687
|
|
1,646
|
|
Reclamation
obligations (note 15)
|
|
|
|
|
|
22,071
|
|
20,155
|
|
Other
liabilities (note 16)
|
|
|
|
|
|
-
|
|
630
|
|
Deferred
income tax liability (note 17)
|
|
|
|
|
|
14,182
|
|
15,021
|
|
Total liabilities
|
|
|
|
|
|
76,116
|
|
44,712
|
|
|
|
|
|
|
|
|
|
|
|
EQUITY
|
|
|
|
|
|
|
|
|
|
Share
capital (note 18)
|
|
|
|
|
|
1,151,927
|
|
1,140,631
|
|
Share
purchase warrants (note 19)
|
|
|
|
|
|
333
|
|
-
|
|
Contributed
surplus (note 20)
|
|
|
|
|
|
55,165
|
|
54,306
|
|
Deficit
|
|
|
|
|
|
(975,608)
|
|
(961,440)
|
|
Accumulated
other comprehensive loss (note 21)
|
|
|
|
(47,865)
|
|
(60,786)
|
|||
Total equity
|
|
|
|
|
|
183,952
|
|
172,711
|
|
Total liabilities and equity
|
|
|
|
|
$
|
260,068
|
$
|
217,423
|
|
|
|
|
|
|
|
|
|
|
|
Issued
and outstanding common shares (note 18)
|
|
|
|
559,183,209
|
|
540,722,365
|
|||
Commitments
and contingencies (note 26)
Subsequent
events (note 28)
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of the consolidated
financial statements
|
|
“Signed”
|
“Signed”
|
William A. Rand
|
Catherine J.G. Stefan
|
Director
|
Director
|
Consolidated
Statements of Income (Loss) and
Comprehensive Income
(Loss)
|
||||||||
|
|
|
|
Year Ended
|
||||
|
|
|
|
|
|
December 31
|
|
December 31
|
(Expressed
in thousands of U.S. dollars except for share and per share
amounts)
|
|
2017
|
|
2016
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVENUES
(note 23)
|
|
|
|
|
$
|
11,085
|
$
|
13,833
|
|
|
|
|
|
|
|
|
|
EXPENSES
|
|
|
|
|
|
|
|
|
Operating
expenses (note 22, 23)
|
|
|
|
|
|
(10,616)
|
|
(10,622)
|
Exploration
and evaluation (note 23)
|
|
|
|
|
|
(12,834)
|
|
(11,196)
|
General
and administrative (note 23)
|
|
|
|
|
|
(5,858)
|
|
(4,420)
|
Impairment reversal
(expense) (note 12)
|
|
|
|
|
246
|
|
(2,320)
|
|
Foreign
exchange
|
|
|
|
|
|
(611)
|
|
(1,477)
|
Other
income (note 22)
|
|
|
|
|
|
2,210
|
|
906
|
|
|
|
|
|
|
(27,463)
|
|
(29,129)
|
Loss before finance charges, equity accounting
|
|
|
|
|
|
(16,378)
|
|
(15,296)
|
|
|
|
|
|
|
|
|
|
Finance
expense (note 22)
|
|
|
|
|
|
(858)
|
|
(811)
|
Equity
share of income (loss) of associate (note 10)
|
|
|
|
|
|
(489)
|
|
453
|
Loss
before taxes
|
|
|
|
|
|
(17,725)
|
|
(15,654)
|
Income
tax recovery (expense) (note 17):
|
|
|
|
|
|
|
|
|
Deferred
|
|
|
|
|
|
3,638
|
|
3,955
|
Loss
from continuing operations
|
|
|
|
|
|
(14,087)
|
|
(11,699)
|
Net
loss from discontinued operations (note 5)
|
|
|
|
(81)
|
|
(5,644)
|
||
Net
loss for the period
|
|
|
|
|
$
|
(14,168)
|
$
|
(17,343)
|
|
|
|
|
|
|
|
|
|
Other
comprehensive income (loss) (note 21):
|
|
|
|
|
|
|
||
Items
that may be reclassified to loss:
|
|
|
|
|
|
|
||
Unrealized gain
(loss) on investments-net of tax
|
|
|
|
|
|
|
|
|
Continuing
operations
|
|
|
|
|
|
4
|
|
3
|
Unamortized
experience gain – post employment liability
|
|
|
|
|
|
|
||
Continuing
operations
|
|
|
|
|
|
-
|
|
428
|
Foreign
currency translation change
|
|
|
|
|
|
|
|
|
Continuing
operations
|
|
|
|
|
|
12,917
|
|
6,155
|
Discontinued
operations
|
|
|
|
|
|
-
|
|
6,220
|
Comprehensive
loss for the period
|
|
|
|
|
$
|
(1,247)
|
$
|
(4,537)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
and diluted net income (loss) per share:
|
|
|
|
|
|
|
||
Continuing
operations
|
|
|
|
$
|
(0.03)
|
$
|
(0.02)
|
|
Discontinued
operations
|
|
|
|
$
|
0.00
|
$
|
(0.01)
|
|
All
operations
|
|
|
|
|
$
|
(0.03)
|
$
|
(0.03)
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
||
Weighted-average
number of shares outstanding (in thousands):
|
|
|
|
|
|
|
||
Basic
and diluted
|
|
|
|
|
|
555,263
|
|
529,053
|
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of the consolidated
financial statements
|
Consolidated Statements of Changes in
Equity
|
||||||||
|
|
|
|
Year Ended
|
||||
|
|
|
|
|
|
December 31
|
|
December 31
|
(Expressed
in thousands of U.S. dollars)
|
|
|
|
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
Share capital (note 18)
|
|
|
|
|
|
|
|
|
Balance-beginning
of period
|
|
|
|
|
$
|
1,140,631
|
$
|
1,130,779
|
Shares
issued-net of issue costs
|
|
|
|
|
|
13,955
|
|
8,841
|
Flow-through
share premium
|
|
|
|
|
|
(2,839)
|
|
(1,843)
|
Shares
issued on acquisition of Hook Carter property (note
12)
|
|
|
|
-
|
|
2,854
|
||
Share
options exercised-cash
|
|
|
|
|
|
70
|
|
-
|
Share
options exercised-non cash
|
|
|
|
|
|
110
|
|
-
|
Balance-end
of period
|
|
|
|
|
|
1,151,927
|
|
1,140,631
|
|
|
|
|
|
|
|
|
|
Share purchase warrants (note 19)
|
|
|
|
|
|
|
|
|
Balance-beginning
of period
|
|
|
|
|
|
-
|
|
-
|
Warrants
issued in connection with APG Arrangement (note 13)
|
|
|
|
333
|
|
-
|
||
Balance-end
of period
|
|
|
|
|
|
333
|
|
-
|
|
|
|
|
|
|
|
|
|
Contributed surplus (note 20)
|
|
|
|
|
|
|
|
|
Balance-beginning
of period
|
|
|
|
|
|
54,306
|
|
53,965
|
Stock-based
compensation expense
|
|
|
|
|
|
969
|
|
341
|
Share
options exercised-non-cash
|
|
|
|
|
|
(110)
|
|
-
|
Balance-end
of period
|
|
|
|
|
|
55,165
|
|
54,306
|
|
|
|
|
|
|
|
|
|
Deficit
|
|
|
|
|
|
|
|
|
Balance-beginning
of period
|
|
|
|
|
|
(961,440)
|
|
(944,097)
|
Net
loss
|
|
|
|
|
|
(14,168)
|
|
(17,343)
|
Balance-end
of period
|
|
|
|
|
|
(975,608)
|
|
(961,440)
|
|
|
|
|
|
|
|
|
|
Accumulated
other comprehensive loss (note 21)
|
|
|
|
|
|
|
|
|
Balance-beginning
of period
|
|
|
|
|
|
(60,786)
|
|
(73,592)
|
Unrealized
gain (loss) on investments
|
|
|
|
|
|
4
|
|
3
|
Unamortized
experience gain – post employment liability
|
|
|
|
-
|
|
428
|
||
Foreign
currency translation
|
|
|
|
|
|
12,917
|
|
13,012
|
Foreign
currency translation realized in net income (loss)
|
|
|
|
-
|
|
(637)
|
||
Balance-end
of period
|
|
|
|
|
|
(47,865)
|
|
(60,786)
|
|
|
|
|
|
|
|
|
|
Total Equity
|
|
|
|
|
|
|
|
|
Balance-beginning
of period
|
|
|
|
|
$
|
172,711
|
$
|
167,055
|
Balance-end
of period
|
|
|
|
|
$
|
183,952
|
$
|
172,711
|
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of the consolidated
financial statements
|
Notes to the consolidated financial
statements for the years ended December 31, 2017 and
2016
|
|
(Expressed
in U.S. dollars except for shares and per share
amounts)
|
|
Buildings
|
15 - 20
years;
|
Production
machinery and equipment
|
5 - 7
years;
|
Other
|
3 - 5
years;
|
(in
thousands)
|
2017
|
2016
|
|
|
|
Cash
inflow (outflow):
|
|
|
Operating
activities
|
$
-
|
$
(442
)
|
Investing
activities
|
(81
)
|
(854
)
|
Net cash outflow
for the period
|
$
(81
)
|
$
(1,296
)
|
|
At
December 31
|
At
December 31
|
(in
thousands)
|
2017
|
2016
|
|
|
|
Cash
|
$
2,166
|
$
5,159
|
Cash in MLJV and
MWJV
|
728
|
1,160
|
Cash
equivalents
|
4
|
5,519
|
|
$
2,898
|
$
11,838
|
|
At
December 31
|
At
December 31
|
(in
thousands)
|
2017
|
2016
|
|
|
|
Trade
receivables
|
$
3,187
|
$
1,792
|
Receivables in MLJV
and MWJV
|
511
|
583
|
Sales tax
receivables
|
67
|
18
|
Sundry
receivables
|
54
|
10
|
|
$
3,819
|
$
2,403
|
|
At
December 31
|
At
December 31
|
(in
thousands)
|
2017
|
2016
|
|
|
|
Uranium
concentrates and work-in-progress
|
$
419
|
$
392
|
Inventory of ore in
stockpiles
|
1,672
|
1,562
|
Mine and mill
supplies
|
2,334
|
1,989
|
|
$
4,425
|
$
3,943
|
|
|
|
Inventories-by
duration:
|
|
|
Current
|
$
2,753
|
$
2,381
|
Long term-ore in
stockpiles
|
1,672
|
1,562
|
|
$
4,425
|
$
3,943
|
|
At
December 31
|
At
December 31
|
(in
thousands)
|
2017
|
2016
|
|
|
|
Investments:
|
|
|
Equity
instruments-fair value through profit and loss
|
$
5,846
|
$
3,745
|
Equity
instruments-available for sale
|
20
|
15
|
Debt
instruments-fair value through profit and loss
|
30,136
|
-
|
|
$
36,002
|
$
3,760
|
|
|
|
Investments-by
duration
|
|
|
Current
|
$
30,136
|
$
-
|
Long-term
|
5,866
|
3,760
|
|
$
36,002
|
$
3,760
|
|
At
December 31
|
At
December 31
|
(in
thousands)
|
2017
|
2016
|
|
|
|
Investment in
associates-by investee:
|
|
|
GoviEx
|
$
4,203
|
$
4,692
|
|
$
4,203
|
$
4,692
|
(in thousands
except share amounts)
|
Number
of Common Shares
|
|
|
|
|
Balance-December
31, 2015
|
-
|
$
-
|
Investment at
cost:
|
|
|
Acquisition of
Consideration Shares (note 5)
|
56,050,450
|
3,954
|
Purchase of
Concurrent Shares (note 5)
|
9,093,571
|
285
|
Share of equity
loss
|
-
|
(96
)
|
Dilution
gain
|
-
|
549
|
Balance-December
31, 2016
|
65,144,021
|
$
4,692
|
|
|
|
Share of equity
loss
|
-
|
(751
)
|
Dilution
gain
|
-
|
262
|
Balance-December
31, 2017
|
65,144,021
|
$
4,203
|
|
At
December 31
|
At
December 31
|
(in
thousands)
|
2017
|
2016
|
|
|
|
Cash and cash
equivalents
|
$
2,431
|
$
277
|
Investments
|
7,281
|
2,037
|
|
$
9,712
|
$
2,314
|
|
|
|
Restricted cash and
investments-by item:
|
|
|
Elliot Lake
reclamation trust fund
|
$
2,431
|
$
2,213
|
Letters of credit
facility pledged assets
|
7,174
|
-
|
Letters of credit
additional collateral
|
107
|
101
|
|
$
9,712
|
$
2,314
|
|
At
December 31
|
At
December 31
|
(in
thousands)
|
2017
|
2016
|
|
|
|
Plant and
equipment:
|
|
|
Cost
|
$
77,128
|
$
72,601
|
Construction-in-progress
|
5,121
|
4,821
|
Accumulated
depreciation
|
(16,353
)
|
(12,609
)
|
Net book
value
|
$
65,896
|
$
64,813
|
|
|
|
Mineral
properties:
|
|
|
Cost
|
$
132,767
|
$
123,340
|
Accumulated
amortization
|
(183
)
|
(171
)
|
Net book
value
|
$
132,584
|
$
123,169
|
|
|
|
Net book
value
|
$
198,480
|
$
187,982
|
|
At
December 31
|
At
December 31
|
(in
thousands)
|
2017
|
2016
|
|
|
|
Deferred revenue
– toll milling
|
$
29,679
|
$
-
|
|
$
29,679
|
$
-
|
|
|
|
Deferred revenue-by
balance sheet presentation:
|
|
|
Current
|
$
2,498
|
$
-
|
Non-current
|
27,181
|
-
|
|
$
29,679
|
$
-
|
|
At
December 31
|
At
December 31
|
(in
thousands)
|
2017
|
2016
|
|
|
|
Reclamation
obligations -by location:
|
|
|
Elliot
Lake
|
$
13,368
|
$
12,470
|
McClean and Midwest
Joint Ventures
|
9,339
|
8,479
|
Other
|
17
|
16
|
|
$
22,724
|
$
20,965
|
|
|
|
Reclamation
obligations -by duration:
|
|
|
Current
|
$
653
|
$
810
|
Non-current
|
22,071
|
20,155
|
|
$
22,724
|
$
20,965
|
|
At
December 31
|
At
December 31
|
(in
thousands)
|
2017
|
2016
|
|
|
|
Debt
obligations
|
$
-
|
$
276
|
Unamortized fair
value of toll milling contracts
|
-
|
674
|
Flow-through share
premium obligation (note 18)
|
3,057
|
1,803
|
|
$
3,057
|
$
2,753
|
|
|
|
Other
liabilities-by duration:
|
|
|
Current
|
$
3,057
|
$
2,123
|
Non-current
|
-
|
630
|
|
$
3,057
|
$
2,753
|
(in
thousands)
|
2017
|
2016
|
|
|
|
Balance-January
1
|
$
276
|
$
300
|
New
issuances
|
-
|
312
|
Repayments
|
(282
)
|
(348
)
|
Foreign
exchange
|
6
|
12
|
Balance-December
31
|
$
-
|
$
276
|
|
At
December 31
|
At
December 31
|
(in
thousands)
|
2017
|
2016
|
|
|
|
Deferred income tax
assets:
|
|
|
Property, plant and
equipment, net
|
$
779
|
$
662
|
Post-employment
benefits
|
492
|
480
|
Reclamation
obligations
|
6,613
|
6,120
|
Other
liabilities
|
-
|
177
|
Tax loss carry
forwards
|
9,340
|
8,781
|
Other
|
5,700
|
4,530
|
Deferred income tax
assets-gross
|
22,924
|
20,750
|
Set-off against
deferred income tax liabilities
|
(22,924
)
|
(20,750
)
|
Deferred income tax
assets-per balance sheet
|
$
-
|
$
-
|
Deferred income tax
liabilities:
|
|
|
Inventory
|
$
(591
)
|
$
(554
)
|
Investments
|
(519
)
|
(274
)
|
Investments in
associates
|
11
|
(60
)
|
Property, plant and
equipment, net
|
(35,106
)
|
(33,949
)
|
Other
|
(901
)
|
(934
)
|
Deferred income tax
liabilities-gross
|
(37,106
)
|
(35,771
)
|
Set-off of deferred
income tax assets
|
22,924
|
20,750
|
Deferred income tax
liabilities-per balance sheet
|
$
(14,182
)
|
$
(15,021
)
|
|
At
December 31
|
At
December 31
|
(in
thousands)
|
2017
|
2016
|
|
|
|
Deferred income tax
assets not recognized
|
|
|
Investments
|
$
-
|
$
-
|
Property, plant and
equipment
|
6,753
|
4,974
|
Tax losses –
capital
|
53,217
|
27,544
|
Tax losses –
operating
|
21,944
|
19,833
|
Tax
credits
|
897
|
860
|
Other deductible
temporary differences
|
658
|
582
|
Deferred income tax
assets not recognized
|
$
83,469
|
$
53,793
|
|
Expiry
|
At
December 31
|
At
December 31
|
(in
thousands)
|
Date
|
2017
|
2016
|
|
|
|
|
Tax losses -
gross
|
|
|
|
Canada
|
2025-2037
|
$
117,210
|
$
107,337
|
Tax losses -
gross
|
|
117,210
|
107,337
|
Tax benefit at tax
rate of 25% - 27%
|
|
31,284
|
28,614
|
Set-off against
deferred tax liabilities
|
|
(9,340
)
|
(8,781
)
|
Total tax loss
assets not recognized
|
|
$
21,944
|
$
19,833
|
|
|
|
|
Tax
credits
|
|
|
|
Canada
|
2025-2035
|
897
|
860
|
Total tax credit
assets not recognized
|
|
$
897
|
$
860
|
|
|
Weighted-
|
|
|
Average
|
|
|
Exercise
|
|
Number
of
|
Price
per
|
|
Common
|
Share
|
|
Shares
|
(CAD$)
|
|
|
|
Stock options
outstanding - beginning of period
|
6,938,179
|
$
1.06
|
Granted
|
6,459,400
|
0.85
|
Exercises
(1)
|
(128,873
)
|
0.70
|
Expiries
|
(1,300,556
)
|
1.19
|
Forfeitures
|
(168,500
)
|
0.71
|
Stock options
outstanding - end of period
|
11,799,650
|
$
0.94
|
Stock options
exercisable - end of period
|
4,486,625
|
$
1.12
|
|
|
|
|
|
Weighted
|
|
|
|
Weighted-
|
|
|
|
|
|
Average
|
|
|
|
Average
|
|
|
|
|
|
Remaining
|
|
|
|
Exercise
|
Range
of Exercise
|
|
|
|
|
Contractual
|
|
Number
of
|
|
Price per
|
Prices
per Share
|
|
|
|
|
Life
|
|
Common
|
|
Share
|
(CAD$)
|
|
|
|
|
(Years)
|
|
Shares
|
|
(CAD$)
|
|
|
|
|
|
|
|
|
|
|
Stock
options outstanding
|
|
|
|
|
|
|
|||
$ 0.50
to $ 0.99
|
|
3.90
|
|
8,789,650
|
$
|
0.79
|
|||
$ 1.00
to $ 1.19
|
|
|
|
|
2.19
|
|
1,265,000
|
|
1.09
|
$ 1.20
to $ 1.39
|
|
|
|
|
0.20
|
|
827,000
|
|
1.30
|
$ 1.40
to $ 1.99
|
|
|
|
|
1.18
|
|
918,000
|
|
1.82
|
Stock
options outstanding - end of period
|
|
|
|
3.25
|
|
11,799,650
|
$
|
0.94
|
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
Risk-free interest
rate
|
|
0.11%
- 1.44%
|
|
0.57%
- 0.69%
|
|
Expected stock
price volatility
|
|
47.02%
- 47.77%
|
|
43.07%
- 43.98%
|
|
Expected
life
|
|
3.4
to 3.5 years
|
|
3.4
to 3.6 years
|
|
Estimated
forfeiture rate
|
|
2.94%
- 4.14%
|
|
3.46%
- 3.97%
|
|
Expected dividend
yield
|
|
–
|
|
–
|
|
Fair
value per share under options granted
|
CAD$0.21
- CAD$0.29
|
|
CAD$0.21
- CAD$0.22
|
|
At
December 31
|
At
December 31
|
(in
thousands)
|
2017
|
2016
|
|
|
|
Cumulative foreign
currency translation
|
$
(48,454
)
|
$
(61,371
)
|
Unamortized
experience gain – post employment liability
|
|
|
Gross
|
786
|
786
|
Tax
effect
|
(208
)
|
(208
)
|
Unrealized gains on
investments
|
|
|
Gross
|
11
|
7
|
|
$
(47,865
)
|
$
(60,786
)
|
(in
thousands)
|
2017
|
2016
|
|
|
|
Supplemental cash
flow disclosure:
|
|
|
Interest
paid
|
$
(5
)
|
(3
)
|
Income taxes
paid
|
-
|
-
|
|
|
|
(in
thousands)
|
|
Canada
Mining
|
DES
|
Corporate
and Other
|
Total
Continuing
Operations
|
Total
Discontinued
Operations
|
|
|
|
|
|
|
|
Statement of Operations:
|
|
|
|
|
|
|
Revenues
|
|
2,558
|
7,130
|
1,397
|
11,085
|
-
|
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
|
Operating
expenses
|
|
(4,088)
|
(6,357)
|
(171)
|
(10,616)
|
-
|
Exploration
and evaluation
|
|
(12,834)
|
-
|
-
|
(12,834)
|
-
|
General
and administrative
|
|
(12)
|
-
|
(5,846)
|
(5,858)
|
-
|
Impairment
reversal (note 12)
|
|
246
|
-
|
-
|
246
|
-
|
|
|
(16,688)
|
(6,357)
|
(6,017)
|
(29,062)
|
-
|
Segment
income (loss)
|
|
(14,130)
|
773
|
(4,620)
|
(17,977)
|
-
|
|
|
|
|
|
|
|
Revenues – supplemental:
|
|
|
|
|
|
|
Environmental
services
|
|
-
|
7,130
|
-
|
7,130
|
-
|
Management
fees
|
|
-
|
-
|
1,397
|
1,397
|
-
|
Toll
milling services
|
|
444
|
-
|
-
|
444
|
-
|
Toll
milling services – deferred revenue
|
|
2,114
|
-
|
-
|
2,114
|
-
|
|
|
2,558
|
7,130
|
1,397
|
11,085
|
-
|
|
|
|
|
|
|
|
Capital additions:
|
|
|
|
|
|
|
Property,
plant and equipment
|
|
797
|
39
|
-
|
836
|
-
|
|
|
|
|
|
|
|
Long-lived assets:
|
|
|
|
|
|
|
Plant
and equipment
|
|
|
|
|
|
|
Cost
|
|
78,560
|
3,455
|
234
|
82,249
|
-
|
Accumulated
depreciation
|
|
(14,070)
|
(2,172)
|
(111)
|
(16,353)
|
-
|
Mineral
properties
|
|
132,584
|
-
|
-
|
132,584
|
-
|
|
|
197,074
|
1,283
|
123
|
198,480
|
-
|
(in
thousands)
|
|
Canada
Mining
|
DES
|
Corporate
and Other
|
Total
Continuing
Operations
|
Total
Discontinued
Operations
|
|
|
|
|
|
|
|
Statement of Operations:
|
|
|
|
|
|
|
Revenues
|
|
4,598
|
7,751
|
1,484
|
13,833
|
-
|
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
|
Operating
expenses
|
|
(3,665)
|
(6,669)
|
(288)
|
(10,622)
|
(64)
|
Exploration
and evaluation
|
|
(11,196)
|
-
|
-
|
(11,196)
|
(74)
|
General
and administrative
|
|
(17)
|
-
|
(4,403)
|
(4,420)
|
(280)
|
Impairment
expense (note 12)
|
|
(2,320)
|
-
|
-
|
(2,320)
|
-
|
|
|
(17,198)
|
(6,669)
|
(4,691)
|
(28,558)
|
(418)
|
Segment
income (loss)
|
|
(12,600)
|
1,082
|
(3,207)
|
(14,725)
|
(418)
|
|
|
|
|
|
|
|
Revenues – supplemental:
|
|
|
|
|
|
|
Environmental
services
|
|
-
|
7,751
|
-
|
7,751
|
-
|
Management
fees
|
|
-
|
-
|
1,484
|
1,484
|
-
|
Toll
milling services
|
|
4,598
|
-
|
-
|
4,598
|
-
|
|
|
4,598
|
7,751
|
1,484
|
13,833
|
-
|
|
|
|
|
|
|
|
Capital additions:
|
|
|
|
|
|
|
Property,
plant and equipment
|
|
3,909
|
135
|
-
|
4,044
|
78
|
|
|
|
|
|
|
|
Long-lived assets:
|
|
|
|
|
|
|
Plant
and equipment
|
|
|
|
|
|
|
Cost
|
|
73,942
|
3,261
|
219
|
77,422
|
-
|
Accumulated
depreciation
|
|
(10,680)
|
(1,858)
|
(71)
|
(12,609)
|
-
|
Mineral
properties
|
|
123,169
|
-
|
-
|
123,169
|
-
|
|
|
186,431
|
1,403
|
148
|
187,982
|
-
|
(in
thousands)
|
2017
|
2016
|
|
|
|
Management
fees:
|
|
|
Base and variable
fees
|
$
1,108
|
$
1,291
|
Discretionary
fees
|
-
|
77
|
Commission
fees
|
289
|
116
|
|
$
1,397
|
$
1,484
|
(in
thousands)
|
2017
|
2016
|
|
|
|
Salaries and
short-term employee benefits
|
$
(1,348
)
|
$
(1,163
)
|
Share-based
compensation
|
(834
)
|
(262
)
|
Key
management personnel compensation
|
$
(2,182
)
|
$
(1,425
)
|
(in
thousands)
|
Within
1
Year
|
1 to
5
Years
|
|
|
|
Accounts payable
and accrued liabilities
|
$
4,588
|
$
-
|
|
$
4,588
|
$
-
|
|
Dec.31’2017
|
Sensitivity
|
|
|
Foreign
|
Foreign
|
Change
in
|
|
Exhange
|
Exchange
|
net
income
|
(in
thousands except foreign exchange rates)
|
Rate
|
Rate
|
(loss)
|
Currency
risk
|
|
|
|
Canadian dollar
(“CAD”) weakens
|
1.2545
|
1.3800
|
$
884
|
Canadian dollar
(“CAD”) strengthens
|
1.2545
|
1.1291
|
$
(884
)
|
|
|
|
|
|
Change
in
|
Change
in
|
|
net
income
|
Comprehensive
|
(in
thousands)
|
(loss)
|
income
(loss)
|
|
|
|
Equity price
risk
|
|
|
10% increase in
equity prices
|
$
800
|
802
|
10% decrease in
equity prices
|
(791
)
|
(793
)
|
|
|
|
|
Financial
|
Fair
|
December
31,
|
December
31,
|
|
Instrument
|
Value
|
2017
|
2016
|
(in
thousands)
|
Category
(1)
|
Hierarchy
|
Fair
Value
|
Fair
Value
|
|
|
|
|
|
Financial
Assets:
|
|
|
|
|
Cash and
equivalents
|
Category
D
|
|
$
2,898
|
$
11,838
|
Trade and other
receivables
|
Category
D
|
|
3,819
|
2,403
|
Investments
|
|
|
|
|
Equity
instruments (shares)
|
Category
A
|
Level
1
|
2,238
|
1,228
|
Equity
instruments (warrants)
|
Category
A
|
Level
2
|
3,608
|
2,517
|
Equity
instruments (shares)
|
Category
B
|
Level
1
|
20
|
15
|
Debt
instruments
|
Category
A
|
Level
1
|
30,136
|
-
|
Restricted
cash and equivalents
|
|
|
|
|
Elliot
Lake reclamation trust fund
|
Category
C
|
|
2,431
|
2,213
|
Credit
facility pledged assets
|
Category
C
|
|
7,174
|
-
|
Reclamation
letter of credit collateral
|
Category
C
|
|
107
|
101
|
|
$
52,431
|
$
20,315
|
||
|
|
|
||
Financial
Liabilities:
|
|
|
|
|
Account
payable and accrued liabilities
|
Category
E
|
|
4,588
|
4,141
|
Debt
obligations
|
Category
E
|
|
-
|
276
|
|
$
4,588
|
$
4,417
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2018
|
|
|
|
|
$
|
188
|
2019
|
|
|
|
|
|
165
|
2020
|
|
|
|
|
|
159
|
2021
|
|
|
|
|
|
155
|
2022
|
|
|
|
|
|
92
|
2023
and thereafter
|
|
|
|
|
|
235
|
|
|
|
|
|
$
|
994
|
|
|
Place
|
|
|
2017
|
|
|||||
|
|
Of
|
Entity
|
Ownership
|
Participating
|
Accounting
|
|||||
|
|
Business
|
Type
(1)
|
Interest
(2)
|
Interest
(3)
|
Method
(4)
|
|||||
Subsidiaries
|
|
|
|
|
|
|
|||||
Denison
Mines Inc.
|
|
Canada
|
|
100.00%
|
N/A
|
Consolidation
|
|||||
Denison
AB Holdings Corp.
|
|
Canada
|
|
100.00%
|
N/A
|
Consolidation
|
|||||
Denison
Waterbury Corp
|
|
Canada
|
|
100.00%
|
N/A
|
Consolidation
|
|||||
9373721
Canada Inc.
|
|
Canada
|
|
100.00%
|
N/A
|
Consolidation
|
|||||
Denison
Mines (Bermuda) I Ltd
|
|
Bermuda
|
|
100.00%
|
N/A
|
Consolidation
|
|||||
|
|
|
|
|
|
|
|||||
Associates
|
|
|
|
|
|
|
|||||
GoviEx
Uranium Inc.
|
|
Africa
|
|
18.72%
|
N/A
|
Equity Method
|
|||||
|
|
|
|
|
|
|
|||||
Joint Operations
|
|
|
|
|
|
||||||
Waterbury Lake
Uranium Corp
|
|
Canada
|
JO-1
|
60.00%
|
100%
|
Voting Share
|
|||||
Waterbury Lake
Uranium LP
|
|
Canada
|
JO-1
|
64.22%
|
100%
|
Voting Share
|
|||||
McClean
Joint Venture Agreement
|
|
Canada
|
JO-2
|
22.50%
|
22.50%
|
Proportionate Share
|
|||||
Midwest
Joint Venture Agreement
|
|
Canada
|
JO-2
|
25.17%
|
25.17%
|
Proportionate Share
|
|||||
Wheeler
River
|
|
Canada
|
JO-2
|
63.30%
|
75.00%
|
Proportionate Share
|
|||||
Mann
Lake
|
|
Canada
|
JO-2
|
30.00%
|
30.00%
|
Proportionate Share
|
|||||
Wolly
|
|
Canada
|
JO-2
|
21.89%
|
Nil%
|
Proportionate Share
|
|||||
|
|
|
|
|
|
|
2
|
|
|
|
3
|
|
|
|
3
|
|
|
|
6
|
|
|
|
9
|
|
|
|
17
|
|
|
|
19
|
|
|
|
26
|
|
|
|
28
|
|
|
|
40
|
(in thousands, except for per share amounts)
|
|
|
|
Year Ended
December 31,
2017
|
|
Year Ended
December 31,
2016
|
|
Year Ended
December 31, 2015
|
||
|
|
|
|
|
|
|
|
|
|
|
Continuing Operations:
|
|
|
|
|
|
|
|
|
||
Total
revenues
|
|
|
$
|
11,085
|
$
|
13,833
|
$
|
12,670
|
||
Exploration
and evaluation
|
|
|
$
|
(12,834)
|
$
|
(11,196)
|
$
|
(13,439)
|
||
Impairment
reversal (expense)
|
|
|
$
|
246
|
$
|
(2,320)
|
$
|
(2,603)
|
||
Net
loss
|
|
|
$
|
(14,087)
|
$
|
(11,699)
|
$
|
(16,717)
|
||
Basic
and diluted loss per share
|
$
|
(0.03)
|
$
|
(0.02)
|
$
|
(0.03)
|
||||
Discontinued Operations:
|
|
|
|
|
|
|
||||
Net
loss
|
$
|
(81)
|
$
|
(5,644)
|
$
|
(34,843)
|
||||
Basic
and diluted loss per share
|
$
|
0.0
|
$
|
(0.01)
|
$
|
(0.07)
|
(in thousands)
|
|
|
|
As at
December 31,
2017
|
|
As at
December 31,
2016
|
|
As at
December 31, 2015
|
||
|
|
|
|
|
|
|
|
|
|
|
Financial Position:
|
|
|
|
|
|
|
|
|
||
Cash
and cash equivalents
|
|
|
$
|
2,898
|
$
|
11,838
|
$
|
5,367
|
||
Investments
in debt instruments (GICs)
|
|
|
$
|
30,136
|
$
|
-
|
$
|
7,282
|
||
Cash,
cash equivalents and GICs
|
|
|
$
|
33,034
|
$
|
11,838
|
$
|
12,649
|
||
|
|
|
|
|
|
|
|
|
||
Working
capital
|
$
|
29,140
|
$
|
9,853
|
$
|
12,772
|
||||
Property,
plant and equipment
|
$
|
198,480
|
$
|
187,982
|
$
|
188,250
|
||||
Total
assets
|
$
|
260,068
|
$
|
217,423
|
$
|
212,758
|
||||
Total
long-term liabilities
|
$
|
65,121
|
$
|
37,452
|
$
|
38,125
|
|
|
|
|
2017
|
|
2017
|
|
2017
|
|
2017
|
(in
thousands, except for per share amounts)
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
||
|
|
|
|
|
|
|
|
|
|
|
Continuing Operations:
|
|
|
|
|
|
|
|
|
||
Total
revenues
|
$
|
3,156
|
$
|
2,717
|
$
|
2,611
|
$
|
2,601
|
||
Net
loss
|
$
|
(1,241)
|
$
|
(5,777)
|
$
|
(6,423)
|
$
|
(646)
|
||
Basic
and diluted loss per share
|
$
|
(0.01)
|
$
|
(0.01)
|
$
|
(0.01)
|
$
|
-
|
||
Discontinued Operations:
|
|
|
|
|
|
|
|
|
||
Net
loss
|
$
|
-
|
$
|
-
|
$
|
(81)
|
$
|
-
|
||
Basic
and diluted loss per share
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
|
|
|
|
2016
|
|
2016
|
|
2016
|
|
2016
|
(in
thousands, except for per share amounts)
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
||
|
|
|
|
|
|
|
|
|
|
|
Continuing Operations:
|
|
|
|
|
|
|
|
|
||
Total
revenues
|
$
|
3,351
|
$
|
3,489
|
$
|
3,663
|
$
|
3,330
|
||
Net
loss
|
$
|
(916)
|
$
|
(2,506)
|
$
|
(3,832)
|
$
|
(4,445)
|
||
Basic
and diluted loss per share
|
$
|
-
|
$
|
-
|
$
|
(0.01)
|
$
|
(0.01)
|
||
Discontinued Operations:
|
|
|
|
|
|
|
|
|
||
Net
profit (loss)
|
$
|
(9,082)
|
$
|
9,050
|
$
|
(450)
|
$
|
(5,162)
|
||
Basic
and diluted profit (loss) per share
|
$
|
(0.01)
|
$
|
0.01
|
$
|
-
|
$
|
(0.01)
|
EXPLORATION & EVALUATION ACTIVITIES
|
||||
Property
|
Denison’s ownership
|
Drilling in metres (m)
|
Other activities
|
|
Wheeler
River
|
63.3%
(1)
|
43,956
(90 holes
(5)
)
|
PFS
activities
|
|
Murphy
Lake
|
82.58%
|
3,433
(9 holes)
|
-
|
|
Waterbury
Lake
|
64.22%
(2)
|
8,525
(18 holes)
|
-
|
|
Crawford
Lake
|
100%
|
2,587
(5 holes)
|
Geophysical
surveys
|
|
Hook-Carter
|
80%
(3)
|
-
|
Geophysical
surveys
|
|
Moon
Lake South
|
51%
(4)
|
-
|
Geophysical
surveys
|
|
South
Dufferin
|
100%
|
-
|
Geophysical
surveys
|
|
Bachman
Lake
|
100%
|
-
|
Geophysical
surveys
|
|
Wolly
|
21.89%
|
5,029
(17 holes)
|
-
|
|
McClean
Lake
|
22.5%
|
5,870
(20 holes)
|
-
|
|
Total
|
|
69,400 (159 holes)
|
|
2017 DRILLING STATISTICS FOR WHEELER RIVER
|
|||||||
Program
|
Lens
|
Completed
|
Abandoned
|
Parent
|
Daughter
1
|
Final Length (m)
|
% Significantly
Mineralized
2
|
SUMMER
|
A,
B, C Definition
|
17
|
0
|
4
|
13
|
8,402
|
94%
|
A,
B Extension
|
5
|
2
|
3
|
2
|
4,039
|
-
|
|
D,
E Exploration
|
4
|
0
|
2
|
2
|
2,291
|
100%
|
|
Total summer
|
26
|
2
|
9
|
17
|
14,732
|
77%
|
|
WINTER
|
A,
B, C Definition
|
20
|
0
|
2
|
18
|
9,857
|
100%
|
A,
B Extension
|
19
|
0
|
0
|
19
|
8,224
|
79%
|
|
D,
E Exploration
|
25
|
1
|
2
|
23
|
11,143
|
92%
|
|
Total winter
|
64
|
1
|
4
|
60
|
29,224
|
91%
|
|
|
Total 2017
|
90
|
3
|
13
|
77
|
43,956
|
87%
|
HIGHLIGHT 2017 DRILL INTERSECTIONS OF THE D SERIES
LENSES
|
||||
Hole Number
|
From
(m)
|
To
(m)
|
Length
4
(m)
|
Grade
(% U
3
O
8
)
1,2,3
|
WR-633D3
|
759.2
|
772.7
|
13.5
|
3.3
|
WR-633D3
|
765.2
|
768.7
|
3.5
|
11.8
|
WR-633D3
|
775.4
|
777.9
|
2.5
|
6.2
|
WR-689
|
712.0
|
713.0
|
1.0
|
8.6
|
WR-689
|
719.7
|
720.7
|
1.0
|
15.1
|
WR-638D4
|
787.2
|
788.7
|
1.5
|
5.5
|
WR-691
|
811.3
|
813.8
|
2.5
|
2.8
|
WR-694
|
718.0
|
726.0
|
8.0
|
3.5
|
WR-621D1
|
753.9
|
755.4
|
1.5
|
6.4
|
WR-621D2
|
754.0
|
757.0
|
3.0
|
6.3
|
WR-690D1
|
724.9
|
725.9
|
1.0
|
8.5
|
WR-690D2
|
711.5
|
715.0
|
3.5
|
4.7
|
WR-657D1
|
708.8
|
714.3
|
5.5
|
1.8
|
WR-657D2
|
680.8
|
682.8
|
2.0
|
4.3
|
HIGHLIGHT 2017 DRILL INTERSECTIONS OF THE E SERIES
LENSES
|
||||
Hole Number
|
From
(m)
|
To
(m)
|
Length
4
(m)
|
Grade
(% U
3
O
8
)
1,2,3
|
WR-646D2
|
584.5
|
586.0
|
1.5
|
8.8
|
WR-646D3
|
584.5
|
587.5
|
3.0
|
3.2
|
WR-689D3
|
549.0
|
552.0
|
3.0
|
12.9
|
WR-670D2
|
543.0
|
550.0
|
7.0
|
2.8
|
WR-646D4
|
585.5
|
593.0
|
7.5
|
1.4
|
MANAGEMENT’S DISCUSSION &
ANALYSIS
|
HIGHLIGHT 2017 DRILL INTERSECTIONS OF THE A & B SERIES LENSES
OUTSIDE OF THE INFERRED RESOURCE AREA
|
||||
Hole Number
|
From
(m)
|
To
(m)
|
Length
4
(m)
|
Grade
(% U
3
O
8
)
1,2,3
|
WR-689
|
564.0
|
567.0
|
3.0
|
2.9
|
WR-673D1
|
613.7
|
615.7
|
2.0
|
2.3
|
WR-681D2
|
726.4
|
727.9
|
1.5
|
1.7
|
WR-681D3
|
713.8
|
716.8
|
3.0
|
6.6
|
WR-682D1
|
762.3
|
765.8
|
3.5
|
1.6
|
WR-624D3
|
660.5
|
666.0
|
5.5
|
5.1
|
WR-582D3
|
742.0
|
748.5
|
6.5
|
4.2
|
WR-638D4
|
710.7
|
715.2
|
4.5
|
3.5
|
UPDATED WHEELER RIVER PROPERTY MINERAL RESOURCE ESTIMATE AS OF
JANUARY 30, 2018
|
|||||
Deposit
|
Category
|
Tonnes
|
Grade(% U
3
O
8
)
|
Million lbs U
3
O
8
(100%
Basis)
|
Million lbs U
3
O
8
(Denison
63.3%)
|
Gryphon
|
Indicated
|
1,643,000
|
1.7
|
61.9
|
39.2
|
Phoenix
|
Indicated
|
166,000
|
19.1
|
70.2
|
44.4
|
|
Total
Indicated
|
1,809,000
|
3.3
|
132.1
|
83.6
|
Gryphon
|
Inferred
|
73,000
|
1.2
|
1.9
|
1.2
|
Phoenix
|
Inferred
|
9,000
|
5.8
|
1.1
|
0.7
|
|
Total
Inferred
|
82,000
|
1.7
|
3.0
|
1.9
|
SUMMER 2017 HIGHLIGHT DRILL INTERSECTIONS FOR THE HUSKIE
ZONE
|
||||
Hole Number
|
From
(m)
|
To
(m)
|
Length
4
(m)
|
Grade
(% U
3
O
8
)
1,2,3
|
WAT17-443
|
298.0
|
299.0
|
1.0
|
1.2
|
WAT17-446A
|
306.5
|
310.2
|
3.7
|
9.1
|
WAT17-449
|
369.0
|
376.5
|
7.5
|
1.7
|
WAT17-450A
|
318.5
|
323.0
|
4.5
|
1.5
|
|
|
|
|
|
|
|
|
|
|
After
|
(in
thousands)
|
|
Total
|
|
1
Year
|
|
2-3
Years
|
|
4-5
Years
|
|
5
Years
|
Operating
Leases and
other
commitments
|
$
|
994
|
$
|
188
|
$
|
324
|
$
|
247
|
$
|
235
|
|
|
Financial
|
|
Fair
|
|
December 31,
|
|
December 31,
|
|
|
Instrument
|
|
Value
|
|
2017
|
|
2016
|
(in
thousands)
|
|
Category
(1)
|
|
Hierarchy
|
|
Fair Value
|
|
Fair Value
|
|
|
|
|
|
|
|
|
|
Financial
Assets:
|
|
|
|
|
|
|
|
|
Cash
and equivalents
|
|
Category D
|
|
|
$
|
2,898
|
$
|
11,838
|
Trade
and other receivables
|
|
Category D
|
|
|
|
3,819
|
|
2,403
|
Investments
|
|
|
|
|
|
|
|
|
Equity
instruments (shares)
|
|
Category A
|
|
Level 1
|
|
2,238
|
|
1,228
|
Equity
instruments (warrants)
|
|
Category A
|
|
Level 2
|
|
3,608
|
|
2,517
|
Equity
instruments (shares)
|
|
Category B
|
|
Level 1
|
|
20
|
|
15
|
Debt
instruments (GIC’s)
|
|
Category A
|
|
Level 1
|
|
30,136
|
|
-
|
Restricted
cash and equivalents
|
|
|
|
|
|
|
|
|
Elliot
Lake reclamation trust fund
Credit
facility pledged assets
Reclamation
letter of credit collateral
|
|
Category C
Category C
Category C
|
|
|
|
2,431
7,174
107
|
|
2,213
-
101
|
|
|
|
|
|
$
|
52,431
|
$
|
20,315
|
|
|
|
|
|
|
|
|
|
Financial Liabilities:
|
|
|
|
|
|
|
|
|
Account
payable and accrued liabilities
|
|
Category E
|
|
|
|
4,588
|
|
4,141
|
Debt
obligations
|
|
Category E
|
|
|
|
-
|
|
276
|
|
|
|
|
|
$
|
4,588
|
$
|
4,417
|
|
|
|
|
|
|
Year Ended
|
|
Year Ended
|
|
|
|
|
|
|
December 31,
|
|
December 31,
|
(in
thousands)
|
|
|
|
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
Management
Fee Revenue
|
|
|
|
|
|
|
|
|
Base
and variable fees
|
|
|
|
|
$
|
1,108
|
$
|
1,291
|
Discretionary
fees
|
|
|
|
|
|
-
|
|
77
|
Commission
fees
|
|
|
|
|
|
289
|
|
116
|
|
|
|
|
|
$
|
1,397
|
$
|
1,484
|
|
|
|
|
Year Ended
December 31,
|
|
Year Ended
December 31,
|
|
||||
(in
thousands)
|
|
|
|
|
|
2017
|
|
2016
|
|||
|
|
|
|
|
|
|
|
|
|||
Salaries
and short-term employee benefits
|
|
|
|
|
$
|
(1,348)
|
$
|
(1,163)
|
|||
Share-based
compensation
|
|
|
|
|
|
(834)
|
|
(262)
|
|||
|
|
|
|
|
$
|
(2,182)
|
$
|
(1,425)
|
(CAD
‘000)
|
|
2018 BUDGET
|
|
Canada
(1)
|
|
|
|
Development
& Operations
|
|
(5,230)
|
|
Mineral
Property Exploration & Evaluation
|
|
(16,760)
|
|
|
|
(21,990)
|
|
Other
(1)
|
|
|
|
UPC
Management Services
|
|
1,230
|
|
DES
Environmental Services
|
|
1,330
|
|
Corporate
Administration & Other
|
|
(4,760)
|
|
|
|
(2,200)
|
|
Total
(2)
|
|
$ (24,190)
|
|
MANAGEMENT
CERTIFICATION
I,
Amanda
Willett
,
an
officer of the reporting issuer noted below have examined this Form
13-502F1 (the Form) being submitted hereunder to the Ontario
Securities Commission and certify that to my knowledge, having
exercised reasonable diligence, the information provided in the
Form is complete and accurate.
|
|
(s)
"Amanda
Willett"
|
March
8, 2018
|
Name: Amanda Willett
Title:
General Counsel & Corporate Secretary
|
Date
|
|
|
1
st
Specified Trading Period
(dd/mm/yy)
|
2017-01-01
to
2017-03-31
|
(refer to the
definition of “specified trading period” under OSC Rule
13-502
Fees
)
|
|
|
|
Closing price of
the security in the class or series on the last trading day of the
specified trading period in which such security was listed or
quoted on the highest trading marketplace
|
$0.82
(i)
|
|
|
Number of
securities in the class or series of such security outstanding at
the end of the last trading day of the specified trading
period
|
559,070,902
(ii)
|
|
|
Market value of class or
series
|
(i) x (ii)
=
$458,438,139.64
(A)
|
|
|
2
nd
Specified Trading Period
(dd/mm/yy)
|
|
||
(refer to the
definition of “specified trading period” under
OSC
|
|||
Rule
13-502
Fees
)
|
2017-04-01
|
to
|
2017-06-30
|
Closing price of
the security in the class or series on the last trading day of the
specified trading period in which such
security was
listed or quoted on the highest trading marketplace
|
|
|
|
|
|
|
$0.560
(iii)
|
Number of
securities in the class or series of such security outstanding at
the end of the last trading day of
|
|
|
|
the
specified trading period
|
|
|
559,084,402
(iv)
|
Market value of
class or series
|
|
|
(iii) x (iv)
=
$
313,087,265.12
(B)
|
(refer to the
definition of “specified trading period” under
OSC
|
|
||
Rule
13-502
Fees
)
|
2017-10-01
|
to
|
2017-12-31
|
Closing price of
the security in the class or series on the last trading day of the
specified trading period in which such security was listed or
quoted on the highest trading marketplace
|
|
|
$0.690
(vii)
|
|
|
|
|
Number of
securities in the class or series of such security outstanding at
the end of the last trading day of
|
|
|
|
the
specified trading period
|
|
|
559,183,209
(viii)
|
Market value of
class or series
|
|
|
(vii) x (viii)
=
$
385,836,414.21
(D)
|
(refer to the
definition of “specified trading period” under
OSC
|
|
||
Rule
13-502
Fees
)
|
2017-01-01
|
to
|
2017-12-31
|
Closing price of
the security in the class or series on the last trading day of the
specified trading period in which such
security was
listed or quoted on the highest trading marketplace
|
|
|
|
|
|
|
$0.690
(ix)
|
Number of
securities in the class or series of such security outstanding at
the end of the last trading day of
|
|
|
|
the
specified trading period
|
|
|
559,183,209
(x)
|
Market value of
class or series
|
|
|
(ix) x (x)
=
$
385,836,414.21
(E)
|
I,
Amanda Willett
,
an officer of the
reporting issuer noted below have examined this Form 13-501F1 (the
Form
) being submitted
hereunder to the Alberta Securities Commission and certify that to
my knowledge, having exercised reasonable diligence, the
information provided in the Form is complete and
accurate.
(signed) "Amanda
Willett"
March 8, 2018
Title: Corporate
Secretary
Date:
|
Reporting
Issuer Name:
|
D
enison Mines
Corp.
|
||
End
date of previous financial year:
|
|
||
Type
of Reporting Issuer:
|
[
X ] Class 1 reporting issuer
|
[
] Class 3B reporting issuer
|
|
Highest
Trading Marketplace:
|
Toronto
Stock Exchange
|
|
Equity
Symbol
|
|
|
|
|
|
|
Average Market Value of Class or
Series
(Calculate the
simple average of the market value of the class or series of
security for each applicable specified trading period (i.e. A
through E above))
|
|
|
$
373,493,437.27
(
1
)
|
Fair value
of outstanding debt securities:
(Provide details of how value was determined)
|
$
0.00
(
2
)
|
|
|
Capitalization for the previous financial
year (1) + (2)
|
$
373,493,437.27
|
|
|
Participation Fee
|
$ 14,000.00
|
|
|
Late Fee, if applicable
|
$
0.00
|
|
|
Total Fee
Payable
(Participation
Fee plus Late Fee)
|
$ 14,000.00
|