Denison Mines Stock Price, News & Analysis

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.

Denison Mines (NYSE: DNN) has successfully closed its US$345 million convertible senior notes offering, including a US$300 million base offering and US$45 million option exercise. The notes, due September 15, 2031, feature a 4.25% annual coupon rate and an initial conversion price of US$2.92 per share.

The company implemented a capped call overlay strategy, purchasing cash-settled call options for US$35.36 million that effectively raises the conversion price to US$4.32 per share. This structure is expected to save Denison over US$100 million in interest payments compared to traditional project financing. The net proceeds of approximately US$333 million will support the development of uranium projects, including the Wheeler River Uranium Project.

Denison Mines (NYSE:DNN) has priced its upsized convertible senior notes offering at US$300 million, with an option for initial purchasers to acquire an additional US$45 million. The Notes, due 2031, will carry a 4.25% semi-annual interest rate and feature an initial conversion rate of 342.9355 common shares per US$1,000 principal amount, equivalent to US$2.92 per share.

The company has entered into capped call transactions to mitigate potential dilution, with a cap price of US$4.32 per share. Proceeds will fund uranium development projects, including the Wheeler River Uranium Project, with approximately US$30.75 million allocated for capped call transactions. The offering is expected to close around August 15, 2025, subject to regulatory approvals.

Denison Mines (NYSE:DNN) has announced a significant offering of US$250 million convertible senior unsecured notes due 2031, with an option for initial purchasers to acquire an additional US$37.5 million. The notes will be convertible into common shares, cash, or a combination of both at Denison's discretion.

The proceeds will fund the company's uranium development projects, including the Wheeler River Uranium Project, and general corporate purposes. Denison plans to enter into capped call transactions to reduce potential dilution upon conversion. The notes will accrue interest semi-annually starting March 15, 2026, with maturity on September 15, 2031. The offering is subject to regulatory approvals from the Toronto Stock Exchange and NYSE American.

Denison Mines (NYSE:DNN) reported significant operational achievements in Q2 2025, marking a transformative period for the company. The company commenced uranium production at McClean Lake North using the proprietary SABRE mining method, with processing beginning at the McClean Lake mill in July.

A major milestone was achieved with the Provincial Environmental Assessment approval for the Wheeler River Uranium Project, bringing the Phoenix ISR mine closer to construction. The project has reached 80% completion in total engineering, with some first-year construction scopes approaching 100%.

Notable developments include the discovery of additional high-grade uranium mineralization at the Wheeler River Gryphon deposit and positive results from the Midwest Preliminary Economic Assessment, projecting 37.4 million pounds U3O8 production over 6 years with an after-tax IRR of 82.7% and NPV of $965 million.

Denison Mines (NYSE:DNN) has announced positive results from a Preliminary Economic Assessment (PEA) for In-Situ Recovery (ISR) mining at its 25.17%-owned Midwest Main uranium deposit. The PEA outlines total production of 37.4 million pounds U3O8 over a 6-year mine life, with annual average production of 6.1 million pounds.

The project demonstrates robust economics with a post-tax NPV of $965 million (100% basis) and an IRR of 82.7%. Initial capital costs are estimated at $254 million, with Denison's share being approximately $64 million. The project features low production costs of USD$11.69 per pound and a quick payback period of 9 months.

The updated mineral resource estimate shows 38.7 million pounds U3O8 in Indicated resources (510,000 tonnes @ 3.5% U3O8) and 12.6 million pounds U3O8 in Inferred resources. Processing will occur at the McClean Lake mill, which Denison partly owns (22.5%).