Denison forms three Athabasca uranium JVs with Cosa Resources

Denison Mines (TSX: DML) and Cosa Resources (TSX-V: COSA) have agreed to form three uranium exploration joint ventures in the eastern portion of the Athabasca Basin in northern Saskatchewan.

Cosa will acquire a 70% interest in Denison's Murphy Lake North, Darby, and Packrat properties in exchange for approximately 14.2 million Cosa common shares, $2.25 million in deferred equity consideration, and a commitment to spend $6.5 million in exploration expenditures at Murphy Lake North and Darby.

Denison will receive an upfront payment of approximately 14.2 million Cosa common shares (representing ~19.95% ownership interest in Cosa post transaction), deferred equity consideration of $2.25 million of additional Cosa common shares, and a royalty on each of the properties.

Denison retains a minimum 30% direct interest in the properties and will become Cosa's largest shareholder, while also securing strategic pre-emptive rights and a buydown right to increase Denison's interest in the Darby property.

Denison will have the right to nominate one director to Cosa's board of directors for so long as Denison holds at least 5% of the issued and outstanding common shares and an additional director to Cosa's board of directors for so long as Denison holds at least 10% of the issued and outstanding common shares.. Additionally, Cosa will be required to issue Denison a further C$2.25 million in deferred consideration shares within a five-year period. It also must fund 100% of the next C$1.5 million in exploration expenditures on Murphy Lake North by Dec. 31, 2027. It must also fund 100% of the next C$5 million in exploration expenditures on Darby by June 30, 2029.

This year Denison is celebrating its 70th year in uranium mining, exploration, and development, which began in 1954 with Denison's first acquisition of mining claims in the Elliot Lake region of northern Ontario. More information is posted on

This year Denison is celebrating its 70th year in uranium mining, exploration, and development, which began in 1954 with Denison's first acquisition of mining claims in the Elliot Lake region of northern Ontario. More information is posted on www.DenisonMines.com.

This year Denison is celebrating its 70th year in uranium mining, exploration, and development, which began in 1954 with Denison's first acquisition of mining claims in the Elliot Lake region of northern Ontario. More information is posted on www.DenisonMines.com.