Denison Reports 2025 Results & Phoenix Mine FID

Denison Mines Corp. has reported its financial and operational results for 2025, alongside the final investment decision to construct the Phoenix ISR Uranium Mine. The company received all necessary regulatory approvals for the Phoenix project, with site preparation and construction slated to begin in March 2026. The mine is projected to be operational by mid-2028, potentially becoming a significant new source of uranium production. Key developments in 2025 include advancing engineering for Phoenix, updating capital cost estimates to approximately $600 million, and awarding a construction management contract to Wood Plc. The company also celebrated the startup of mining activities at the McClean North uranium deposit, which produced nearly 650,000 pounds of U3O8 in 2025. Exploration efforts at the Gryphon deposit yielded new high-grade mineralization. Denison secured US$345 million in financing through a convertible senior notes offering. Additionally, the company executed Impact Benefit Agreements with the Métis Nation-Saskatchewan and a Nuhenéné Benefit Agreement with various Indigenous groups and municipalities, ensuring community support for the Wheeler River project. Four new exploration joint ventures were formed with Skyharbour Resources Ltd. The Midwest PEA indicated robust potential for ISR mining, with projected production of 37.4 million pounds of U3O8 over six years. The company also saw changes to its Board of Directors and formed exploration joint ventures with Cosa Resources Corp. Denison is strategically positioned to capitalize on the growing demand for uranium and nuclear energy.