Denison Mines Corp.

Denison Mines Corp. is a leading Canadian uranium development and exploration company focused on advancing its portfolio of low-cost projects in the infrastructure-rich Athabasca Basin of northern Saskatchewan. The company holds a 95% effective interest in the flagship Wheeler River Project, which includes the Phoenix ISR deposit and Gryphon underground deposit, positioning it as one of the world's lowest-cost uranium developers. 

With additional strategic interests including 22.5% ownership of the McClean Lake mill and mines, 25.17% of the Midwest project, and 70.55% of the Waterbury Lake project, Denison maintains a diversified asset base across four development-stage projects ranked in UxC's "First Tier" of global assets. 

The company is listed on the Toronto Stock Exchange (TSX: DML) and NYSE American (DNN), backed by a robust balance sheet of approximately CAD$718 million in cash, physical uranium holdings, and investments as of September 30, 2025.​

Denison Mines offers a compelling investment opportunity through its advanced-stage Wheeler River Project, ranked as the #1 non-precious mining development project globally by Mining Journal Intelligence. The Phoenix ISR operation targets first production by mid-2028 with a 10-year mine life, producing 56.7 million pounds of U3O8 from proven and probable reserves at an exceptional average grade of 11.7%. 

The 2023 feasibility study demonstrates robust economics with a base-case post-tax NPV8% of C$1.56 billion and IRR of 90% (adjusted), supported by industry-leading all-in costs of C$16.04 per pound U3O8. The Gryphon underground deposit adds a second production source with 49.7 million pounds of probable reserves and a 6.5-year mine life, projected to be funded from Phoenix cash flows. 

With uranium prices supported by 30+ nations pledging to triple nuclear capacity by 2050, Denison's strategic ownership of the McClean Lake mill—processing ~11% of global uranium production—provides unique infrastructure advantages and immediate operational exposure.​

Denison Mines is led by a seasoned management team with deep expertise in uranium development, mining operations, and corporate finance. David D. Cates, President and CEO, is a Chartered Professional Accountant with over a decade of senior management experience at Denison, previously serving as VP Finance & CFO before his 2015 appointment. He holds MAcc and BA degrees from the University of Waterloo and serves on multiple mining company boards.​

Elizabeth Sidle, VP Finance & CFO since December 2023, brings extensive IFRS financial reporting experience from her tenure at Ernst & Young's National Accounting and Assurance Group and various resource sector roles. She is a CPA, CA with degrees from Queen's University and Wilfrid Laurier University.​

Kevin Himbeault, VP Operations, contributes over 25 years of mining industry experience, including 18 years at Cameco Corporation where he led the Key Lake Operation through multiple relicensing processes. He holds an MSc in Toxicology from the University of Saskatchewan and has successfully facilitated environmental assessments in both uranium and diamond mining sectors.​

Denison Mines is executing a comprehensive growth plan focused on advancing its flagship Wheeler River Project to production while maximizing the value of its strategic asset portfolio. The company is progressing Phoenix through final permitting stages, with CNSC hearings scheduled for October and December 2025 and construction planned for early 2026, targeting first production by mid-2028. 

Environmental stewardship is central to the strategy, with ISR mining minimizing surface disturbance and the company maintaining leading engagement practices with Indigenous communities. The growth plan leverages Denison's 22.5% interest in the McClean Lake mill, where mining restarted in June 2025 using the innovative SABRE method, providing near-term cash flow and operational expertise. 

While the project already contains substantial mineral reserves, the company continues exploration on its ~384,000-hectare land package and through its 50% ownership of JCU, which holds interests in Cameco's Millennium and Orano's Kiggavik projects. The strategic approach combines responsible development, infrastructure advantages, and potential partnerships to establish Denison as a leading North American uranium producer.​

As of September 30, 2025, Denison Mines maintains a strong financial position with approximately CAD$718 million in cash, physical uranium, and investments, providing exceptional flexibility for project development. The company holds 1.9 million pounds of physical U3O8 valued at approximately CAD$217 million, acquired at an average cost of USD$29.70 per pound to support future project financing. The initial capital cost for the flagship Phoenix project is estimated at C$419 million (100% basis), with Denison's 95% share representing approximately C$400 million—well within the company's current financial capacity. 

The Phoenix operation is projected to generate robust cash flows with a base-case post-tax NPV8% of C$1.56 billion and payback period of just 10 months, while Gryphon adds C$864 million in post-tax NPV8% with a 23-month payback. Denison completed a USD$345 million convertible notes offering in August 2025, with capped call transactions increasing the effective conversion premium to 100%, and has no other debt drawn as of September 30, 2025. This financial strength positions Denison to advance its projects without immediate dilutive equity requirements.​

Denison Mines Corp. is positioned to become a major player in the North American uranium industry, with its flagship Wheeler River Project ranked as the world's #1 non-precious mining development project. With a combined 106.4 million pounds of U3O8 in proven and probable reserves, industry-leading all-in costs below C$17 per pound, and first production targeted for mid-2028, Denison offers a unique investment opportunity in a top-tier jurisdiction. 

The company's strategic 22.5% ownership of the McClean Lake mill—processing approximately 11% of global uranium production—provides immediate operational exposure and infrastructure advantages that differentiate it from peers. Denison's robust balance sheet of CAD$718 million, experienced management team, and commitment to responsible mining practices position it for long-term success. 

As the company advances through key milestones—from final CNSC licensing to construction and production—it is well-positioned to deliver robust returns, benefiting from favorable uranium market fundamentals driven by global nuclear energy commitments. For investors seeking exposure to a large-scale, de-risked uranium project with significant growth potential, Denison Mines presents an attractive opportunity combining technical excellence, financial strength, and sustainable development practices.​