Denison Reports Financial and Operational Results for Q2 2026, Highlighted by Significant Initial Progress from Construction Activities at the Phoenix In-Situ Recovery ('ISR') Uranium Mine
Rhea-AI Summary
Denison Mines (NYSE American: DNN) reported Q2 2026 results highlighting early construction progress at the Phoenix in-situ recovery uranium mine and monetization of physical uranium holdings to fund development. Since March 2026, over 20% of overall site civil work and nearly 100% of civil subgrade work for the process plant and wellfield areas have been completed, alongside installation of construction management and temporary camp facilities expanding on-site accommodation to nearly 400 people.
In Q2, Denison sold 750,000 lbs U3O8 at an average realized price of $122.16/lb, generating $91.6 million in gross proceeds and a $64.1 million gain (approximately 233%) versus its 2021 acquisition cost. As of June 30, 2026, Denison held about 1.1 million lbs U3O8, with 600,000 lbs committed for delivery between Q3 2026 and Q2 2027 and roughly 500,000 lbs remaining uncommitted. The company also completed over 50,000 metres of diamond drilling in 140 holes across 10 properties during an active winter exploration season, funding approximately $10 million in exploration in H1 2026.
Positive
- 750,000 lbs U3O8 sold in Q2 2026 for $91.6 million gross proceeds
- Realized gain of $64.1 million (about 233%) versus 2021 uranium acquisition cost
- Total uranium holdings at June 30, 2026 of about 1.1 million lbs U3O8
- Committed sales of 600,000 lbs U3O8 between Q3 2026 and Q2 2027 support Phoenix financing
- Over 20% of overall site civil work and nearly 100% of civil subgrade for Phoenix plant/wellfield completed
- More than 50,000 metres of drilling in 140 holes completed with about $10 million exploration spend in H1 2026
Negative
- None.
News Explained
Phoenix construction is underway and uranium-sale funding avoids new-share dilution; 350,000 of 600,000 committed pounds have fixed pricing through the second quarter of 2027.
Denison reports that full-scale construction has commenced at Phoenix after site preparation, and that uranium-sale funding for the project involved no dilution to existing shareholders.
The supplied definition links dilution to issuing additional shares, so the release's no-dilution statement identifies uranium sales—not new shares—as the stated Phoenix funding mechanism.
Of the 600,000 pounds of uranium committed for delivery between the
The stated
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 12 | Q1 earnings report | Positive | -3.0% | Reported Phoenix early works, uranium sales commitments, financing progress, and shareholder meeting approvals. |
| Mar 10 | 2025 earnings report | Positive | -1.0% | Approved Phoenix construction, completed financing, received federal licensing, and reported 2025 production. |
| Nov 06 | Q3 earnings report | Positive | -0.4% | Reported first McClean North production, Phoenix engineering progress, and convertible notes financing. |
| Aug 07 | Q2 earnings report | Positive | -5.4% | Reported McClean Lake production, Wheeler River approval, engineering progress, and exploration results. |
| May 12 | Q1 earnings report | Positive | -1.3% | Reported Phoenix engineering progress, project funding, production planning, and governance changes. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Denison's tag-specific earnings history showed negative price reactions to generally constructive operational and financial announcements, averaging -2.2%.
Key Terms
in-situ recovery technical
u3o8 technical
ni 43-101 regulatory
AI-generated analysis. How Rhea-AI works. Not financial advice.
David Cates, President and CEO of Denison commented, "Since the commencement of on-site activity at
Critical first-year construction milestones are on track, including pouring of the concrete foundations for the process plant and main power transformer, commencement of installation of the freeze wall, installation of on-site power distribution, and establishment of the airstrip.
This quarter's financial results highlight the successful execution of our multi-year project financing strategy to monetize the 2.5 million pounds U3O8 of physical uranium acquired in 2021. These holdings were acquired at an average cost of
Denison is now fully engaged in a critical and exciting phase of growth. With significant construction progress being made daily at
Highlights
- Completion of Site Preparation Activities and Commencement of Full-Scale Construction at
Phoenix
Since the commencement of site preparation and early works in March 2026, significant progress has been made by Denison and its construction partners to complete several critical site preparation activities – including substantial completion of site clearing activities, advancement of schedule-sensitive site civil works, and the establishment of construction management facilities. Preparation activities also involved the installation and commissioning of temporary construction camp facilities, which significantly increases the accommodation capacity of the Wheeler River property to nearly 400 people and allows a ramp-up in the on-site workforce.
Construction activity is expected to accelerate through the remainder of the summer months with the commencement of a second shift, which means seasonally sensitive civil and other construction work can continue virtually 24-hours a day in support of the completion of our key first-year construction milestones – including concrete pours of the foundations for the process plant and main power transformer, installation of the freeze wall, as well as earth works for the airstrip, and on-site power distribution.
By the end of July, over20% of overall site civil work is estimated to be completed, including achievement of near100% completion of civil subgrade work for the process plant and wellfield areas. Aggregate production required for various site civil purposes continues at a nearby quarry, and the concrete batch plant has been mobilized to site. Taken together, schedule-critical concrete-related activities for the main process plant and substation foundations are on-track for commencement in August. Additionally, installation of the freeze wall for Phase 1 of the mine has been initiated.
- Uranium Sales Generate
$92 million 233% Gain from Acquisition Cost
In 2021, the Company acquired 2,500,000 pounds of U3O8 at a weighted average cost of$36.67 US ) per pound U3O8 to be held as a long-term investment to strengthen the Company's balance sheet and support the future financing of the Wheeler River project. Consistent with this strategy, during the second quarter, Denison sold 750,000 pounds U3O8 at an average realized price of$29.66 $122.16 US ) per pound U3O8 to generate$89.17 $91.6 million US ) in gross proceeds – representing a gain of$66.9 million $64.1 million 233% ) from the original purchase price.
As of June 30, 2026, the Company held 950,000 pounds U3O8 in investments in physical uranium and 145,926 pounds U3O8 of uranium concentrates inventory from its share of McClean Lake production, for total uranium holdings of approximately 1.1 million pounds U3O8.
Consistent with the construction financing needs forPhoenix , a total of 600,000 pounds U3O8 are committed for deliveries between the third quarter of 2026 and the second quarter of 2027. Of these committed quantities, the sales price has been fixed for 350,000 pounds U3O8 with future gross proceeds expected to beUS (average price of$33.3 million US /lb U3O8). The remaining 250,000 pounds U3O8 of committed near-term sales are subject to market-related pricing to be fixed in reference to the time of delivery. Approximately 500,000 pounds U3O8 in physical holdings and inventories remain uncommitted.$95.17
- Active Winter Exploration Season Wraps up with Several Positive Results
Winter exploration activities across Denison's extensive exploration project portfolio wrapped up during the second quarter. During the six months ending June 30, 2026, exploration work was completed on a total of 18 Denison and partner-operated properties. Over 50,000 metres of diamond drilling was completed in 140 drill holes across 10 properties, and geophysical surveys were conducted on 14 properties.
Notable uranium mineralization was reported from the Phoenix North target area on the Wheeler River property, as well as the Orano Canada Inc. ("Orano Canada") operated McClean Lake, Waterfound and Wolly properties, plus the Murphy Lake North and Darby properties operated by Cosa Resources ("Cosa"), and theHatchet Lake property operated by Foremost Clean Energy ("Foremost").
With an extensive portfolio of100% -owned and joint venture exploration properties, covering over 450,000 hectares, Denison has been one of the most active explorers in theAthabasca Basin region, while only having to fund approximately$10 million
About Denison
Denison Mines Corp. was formed under the laws of Ontario and is a reporting issuer in all Canadian provinces and territories. Denison's common shares are listed on the Toronto Stock Exchange (the "TSX") under the symbol 'DML' and on the NYSE American exchange under the symbol 'DNN'.
Denison is a uranium mining, exploration and development company with interests focused in the Athabasca Basin region of northern Saskatchewan, Canada. The Company has an effective
Permitting efforts for Phoenix commenced in 2019 and the required permits have been obtained to commence construction – including the July 2025 approval of the project's EA by the Province of Saskatchewan and the February 2026 federal approval of the EA and issuance of the Construction Licence.
Denison's interests in Saskatchewan also include a
Additionally, through its
In 2024, Denison celebrated 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.
Technical Disclosure and Qualified Person
The technical information contained in this press release has been reviewed and approved by Chad Sorba, P.Geo., Denison's Vice President Technical Services & Project Evaluation, who is a Qualified Persons in accordance with the requirements of NI 43-101.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
Certain information contained in this press release constitutes 'forward-looking information', within the meaning of the applicable United States and Canadian legislation concerning the business, operations, and financial performance and condition of Denison. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as 'plans', 'expects', 'budget', 'scheduled', 'estimates', 'forecasts', 'intends', 'anticipates', or 'believes', or the negatives and/or variations of such words and phrases, or state that certain actions, events or results 'may', 'could', 'would', 'might' or 'will be taken', 'occur', 'be achieved' or 'has the potential to'.
In particular, this press release contains forward-looking information pertaining to the following: Denison's outlook, plans and objectives with respect to Phoenix construction and the Company's other exploration, development and expansion programs, plans and objectives; expectations regarding uranium mining on the McClean Lake property; Denison's land position; expectations regarding Denison's joint venture ownership interests and the continuity of its agreements with its partners; Denison's plans with respect to its commercial activities, including its physical uranium holdings and other uranium sales transactions and the expected benefits thereof. Statements relating to 'mineral reserves' or 'mineral resources' are deemed to be forward-looking information, as they involve the implied assessment, based on certain estimates and assumptions that the mineral reserves and mineral resources described can be profitably produced in the future.
Forward looking statements are based on the opinions and estimates of management as of the date such statements are made, and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Denison to be materially different from those expressed or implied by such forward-looking statements. For example, the results of the Denison's studies, including the Phoenix FS, and field work, may not be maintained after further testing or be representative of actual mining plans for the Phoenix deposit after further design and studies are completed. In addition, Denison may decide or otherwise be required to discontinue work at Wheeler River or other projects if it is unable to maintain or otherwise secure the necessary resources (such as testing facilities, capital funding, regulatory approvals, etc.) or operations are otherwise affected by regulatory restrictions or requirements.
Denison believes that the expectations reflected in this forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be accurate, and results may differ materially from those anticipated in this forward-looking information. For a discussion in respect of risks and other factors that could influence forward-looking events, please refer to the factors discussed under the heading 'Risk Factors' in this MD&A. These factors are not, and should not be construed as being, exhaustive. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking information contained in this press release is expressly qualified by this cautionary statement. Any forward-looking information and the assumptions made with respect thereto speaks only as of the date of this press release. Denison does not undertake any obligation to publicly update or revise any forward-looking information after the date of this press release to conform such information to actual results or to changes in Denison's expectations except as otherwise required by applicable legislation.
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SOURCE Denison Mines Corp.