Denison Mines Stock Price, News & Analysis

Denison (NYSE: DNN) is ready to make a final investment decision and commence construction of the Phoenix ISR uranium mine pending final federal approvals, targeting first production by mid-2028 following a 2-year construction schedule.

Key updates include a Class 2 post-FID Updated Capex of $600 million (2026 dollars; ~20% above the 2023 FS when inflated), ~87% engineering complete, shipment schedules for long-lead items on track, and over $700 million of cash, uranium and investments as of Sept 30, 2025 to fund initial capital requirements.

Denison (NYSE: DNN) closed a transaction with Skyharbour and formed four exploration joint ventures on claims from Skyharbour's Russell Lake project located adjacent to Denison's Wheeler River.

Key terms: Denison will be operator and hold 49% of Wheeler North and 70% of Wheeler River Inliers; Denison holds 20% of Russell Lake and 30% of Getty East where Skyharbour will be operator. Denison has option agreements to increase its interest in Wheeler North and Getty East to up to 70%.

The announcement notes prior regulatory milestones for Wheeler River: provincial EA approval in July 2025 and conclusion of the CNSC public hearing in December 2025.

Denison (DNN) signed an Impact Benefit Agreement (IBA) and an Exploration Agreement with Métis Nation–Saskatchewan, 13 MN–S Locals, MN–S NR-1 and MN–S NR-3, confirming Métis consent and support for development and exploration around the Wheeler River Project.

The company holds an effective 95% interest in Wheeler River. Provincial Environmental Assessment approval was granted in July 2025, and Canadian Nuclear Safety Commission hearings for federal approval and a construction licence began in October 2025 and are scheduled to conclude the week of Dec 8, 2025.

Denison (NYSE: DNN) and Ya'thi Néné Lands and Resources signed the Nuhenéné Benefit Agreement on Dec 1, 2025 with seven Athabasca communities, granting consent and support for Denison's Wheeler River, Waterbury Lake, Midwest (25.77% Denison) and McClean Lake (22.5% Denison) projects in northern Saskatchewan.

The Agreement secures community roles in environmental oversight (including Woodland Caribou and surface water monitoring), commitments on community investment, business, employment, training and financial compensation, and formalizes consent as Denison advances federal approvals for the Phoenix ISR project.

Denison (NYSE American: DNN) agreed to acquire initial interests in Skyharbour's Russell Lake uranium property adjacent to Denison's Wheeler River on November 17, 2025, for $18.0 million consideration (a $2.0 million upfront cash payment plus $16.0 million deferred payable by Dec 31, 2025).

Russell is subdivided into four joint ventures with Denison initial interests of 20% (Russell Lake), 30% (Getty East), 49% (Wheeler North) and 70% (Wheeler River Inliers). Denison may earn up to 70% in Wheeler North and Getty East via two‑phase earn‑ins requiring specified exploration expenditures and cash payments (Wheeler North total earn‑in expenditures: $25.0M after Phase 2; Getty East total: $15.0M after Phase 2).

Denison (NYSE American: DNN) filed Q3 2025 financials and MD&A reporting first production from McClean North and progress at Wheeler River.

Key metrics: 2,063 tonnes high-grade ore recovered (100% basis; Denison share 464 t), 85,235 lbs U3O8 produced in Q3 (Denison share 19,178 lbs) at ~US$19/lb operating cash cost of finished goods. Completed a US$345 million convertible notes offering due 2031; Denison reported ~$720 million in cash, investments and uranium holdings at Sept 30, 2025. Phoenix ISR is ~85% complete in total engineering and advanced in federal/provincial approvals with final federal hearing in Dec 2025 and expected decision in early 2026.

Denison (NYSE American: DNN) acknowledged that the Peter Ballantyne Cree Nation filed an application for judicial review in the Court of King's Bench for Saskatchewan on November 4, 2025, seeking to set aside the Provincial Ministerial approval under The Environmental Assessment Act for the Wheeler River Project and remit the decision for reconsideration.

Denison says it has undertaken extensive Indigenous engagement since March 2023, recently executed an environmental monitoring and capacity agreement with PBCN, denies the Application's claims, and intends to vigorously defend the approval. The company notes EA approval was received and CNSC hearings are set for fall 2025.

Cosa Resources (TSXV: COSA; OTCQB: COSAF) appointed David Cates, President and CEO of Denison Mines (NYSE: DNN), as Strategic Advisor on October 29, 2025. Cosa holds a 70% interest and operates multiple joint ventures with Denison at Murphy Lake North, Darby, and Packrat.

The appointment follows a transformative property acquisition earlier in 2025 and precedes a planned winter 2026 exploration program at Darby and Murphy Lake North.

Denison Mines (NYSE American: DNN) has increased its investment in Foremost Clean Energy by acquiring an additional 485,000 common shares at $2.20 per share, for a total of $1,067,000. Following this transaction, Denison's ownership in Foremost has increased from 16% to 19% of outstanding shares, now holding 2,462,410 shares and 607,600 warrants (17% of outstanding warrants).

The investment aligns with Denison's rights under its Investor Rights Agreement with Foremost. Denison, celebrating its 70th year in uranium operations, maintains significant interests in various uranium projects, including a 95% stake in the Wheeler River Uranium Project, the largest undeveloped uranium project in Saskatchewan's Athabasca Basin region.