Denison Mines Corp

Denison Mines Corp. is a uranium mining, exploration and development company with interests focused in the Athabasca Basin region of northern Saskatchewan, Canada, one of the world's premier uranium districts. The company's flagship asset is the Wheeler River Uranium Project, held through an effective 95.0% interest in the Wheeler River Joint Venture, which includes the Phoenix in-situ recovery (ISR) uranium mine currently under full-scale construction following a Final Investment Decision in February 2026. Phoenix contains proven and probable reserves of 56.7 million pounds U3O8 with a 10-year mine life, total capital costs of CAD $700 million (CAD $100 million pre-FID plus CAD $600 million post-FID), average cash operating costs of CAD $8.51 per pound U3O8, and a post-tax NPV of CAD $1.57 billion at an 8% discount rate. The Wheeler River property also hosts the Gryphon underground deposit with probable reserves of 49.7 million pounds U3O8 and a 6.5-year mine life, positioned as a future leveraged development using Phoenix cash flows and infrastructure. The company holds a 22.5% interest in the McClean Lake Joint Venture, which includes the McClean Lake uranium mill — one of the world's largest uranium processing facilities processing Cigar Lake ore under a toll milling agreement — and the McClean North mine utilizing the patented Surface Access Borehole Resource Extraction (SABRE) mining method. Additional interests include a 25.17% stake in the Midwest Joint Venture, a 70.55% interest in the Waterbury Lake Property, and through its 50% ownership of JCU (Canada) Exploration Company, indirect interests in the Millennium, Kiggavik, and Christie Lake uranium projects. Denison manages an extensive exploration portfolio spanning approximately 457,000 hectares across multiple properties in the Athabasca Basin, with active programs at Hatchet Lake, Hook Carter, Murphy Lake North, Darby, Wheeler North, and others. The company maintains a portfolio of physical uranium inventory as a strategic investment and has contracted firm uranium sales of over 8 million pounds with advanced negotiations for an additional 7 million pounds, primarily for delivery during Phoenix's mine life. Denison has US$345 million in convertible senior unsecured notes outstanding maturing in September 2031. The company is listed on the TSX under 'DML' and on the NYSE American under 'DNN'. Updated Aug 14, 2026