TORONTO, Nov. 6, 2025 /PRNewswire/ - Denison Mines Corp. ('Denison' or the 'Company') (TSX: DML) (NYSE American: DNN) today filed its Condensed Consolidated Financial Statements and Management's Discussion & Analysis ('MD&A') for the three and nine months ended September 30, 2025. Both documents will be available on the Company's website (at www.denisonmines.com), SEDAR+ (at www.sedarplus.ca) and EDGAR (at www.sec.gov/edgar). The highlights provided below are derived from these documents and should be read in conjunction with them. All amounts in this release are in Canadian dollars unless otherwise stated. View PDF version
David Cates, President and CEO of Denison commented, "Denison has delivered several key accomplishments during the second half of 2025, demonstrating our ongoing re-emergence as a globally significant uranium producer. Firstly, we thank our colleagues at Orano Canada for their efforts to successfully commission and ramp-up production at the McClean North uranium mine, which is making use of the McClean Lake Joint Venture's patented SABRE mining method. During the third quarter alone, 2,000 tonnes of high-grade ore was extracted from the mine and over 85,000 lbs U(3) O(8) were produced from the mill -- with an impressive initial average operating cash cost of finished goods of approximately US$19 per lb U(3) O(8) .
At our flagship Wheeler River property, we have entered the final stages of the multi-year permitting process for our planned Phoenix In-Situ Recovery ('ISR') mine and are now starting to receive key final regulatory approvals -- including the Ministerial approval received in July from the Province of Saskatchewan for the project's Environmental Assessment ('EA'). In October we completed the first part of the two-part Canadian Nuclear Safety Commission ('Commission') public hearing for the federal EA and license to construct the project. The final part of the hearing is scheduled during the week of December 8th, and we are optimistic that we will receive a decision from the Commission in early 2026.
In parallel to our permitting efforts at Wheeler River, we have made significant progress towards the completion of detailed engineering design efforts, having now achieved approximately 85% total engineering, with most scopes planned for the first year of construction at or near 100% total engineering. Procurement efforts continue, with nearly $27 million in initial capex having already been incurred and a further $44 million committed. Owing to our exceptionally strong balance sheet, we have been able to move confidently forward with procurement and construction planning efforts to ready ourselves for a final investment decision following regulatory approvals. At the end of the third quarter, and as a result of the successful completion of our issuance of convertible notes in August, Denison reported total cash, investments, and uranium holdings of nearly $720 million.
Our commitment to advancing Wheeler River through challenging uranium markets in past years has uniquely positioned Denison on the cusp of building the first new large-scale uranium mine in the Athabasca Basin region in nearly two decades, at a time when we are seeing persistent and notable improvements in near and long-term uranium market fundamentals. Global adoption of nuclear energy, as a critical carbon-free way to meet growing energy demands, continues to increase and has the potential to drive the demand for uranium significantly beyond many previous estimates."
Highlights
-- Production Begins at McClean Lake North using SABRE Mining
In July 2025, the McClean Lake Joint Venture ('MLJV') announced the successful start of uranium mining operations at the McClean North deposit using the joint venture's patented Surface Access Borehole Resource Extraction ('SABRE') mining method. Since the start of commercial production, on a 100% basis, 2,063 tonnes of high-grade ore has been extracted (Denison's share: 464 tonnes). During the third quarter of 2025, 85,235 pounds of U(3) O(8) (Denison's share: 19,178 pounds of U(3) O(8) ) were produced at an average operating cash cost of finished goods of approximately $27 per pound U(3) O(8) (approximately US$19 per pound U(3) O(8) ).
-- Completed US$345 Million Convertible Senior Notes Offering
On August 15, 2025, the Company completed its offering of 'US-Style' convertible senior unsecured notes due September 15, 2031 (the 'Notes') for an aggregate principal amount of US$345 million. The Notes bear a cash interest coupon rate of 4.25% per annum payable semi-annually in arrears on March 15th and September 15th of each year, beginning March 15, 2026. The initial conversion rate for the Notes is 342.9355 common shares of Denison ('Shares') per US$1,000 principal amount of Notes, equivalent to an initial conversion price of approximately US$2.92 per Share (approximately 35% premium to the closing price of the Shares at the time of pricing on August 12, 2025). The effective conversion price of the Notes is increased up to US$4.32 per Share (100% premium to the closing price of the Shares at the time of pricing on August 12, 2025) after giving effect to the capped call overlay option strategy deployed by the Company, whereby Denison purchased cash-settled call options with a strike price equal to the initial conversion price of the Notes (US$2.92) and a cap price of US$4.32 (the 'Capped Calls'). The purchase price for the Capped Calls was approximately US$35.4 million.
Conversions of the Notes may be settled in Shares, cash, or a combination of Shares and cash, at Denison's election. Additionally, Denison will have the right to redeem the Notes in certain circumstances and will be required to repurchase the Notes upon the occurrence of certain events. The Notes may only be converted by holders prior to June 15, 2031 in certain circumstances, and may be converted by holders after June 15, 2031. The Notes will mature on September 15, 2031. Any Notes not converted, repurchased or redeemed prior to the maturity date will have their principal amount repaid by Denison in cash at maturity.
The Company intends to use the net proceeds from the Offering for expenditures to support the evaluation and development of the Company's uranium development projects, including to fund the construction of the planned Phoenix ISR operation situated on the Wheeler River Property ('Wheeler River') and for general corporate purposes.
-- Advanced Regulatory Approval Process for Phoenix with Provincial Approval
of Environmental Assessment and Completion of Part I of Federal
Commission Hearing
In July 2025, Denison received Ministerial approval under The Environmental Assessment Act of Saskatchewan to proceed with the development of the Phoenix ISR Project and subsequently submitted the Provincial application to Construct a Pollutant Control Facility. A Pollutant Control Facility Permit is required for the construction of the mining and processing components of the facility and is anticipated to be issued prior to the completion of the federal regulatory approval process.
On October 8, 2025, Denison participated in the first part of the Commission's public hearing (the 'Hearing'). The Hearing, conducted in two parts, represents the final step in the federal approvals process to obtain the Federal EA approval and the Federal License to Prepare the Site & Construct (the 'License') for the proposed Phoenix ISR operation. Following the multi-year review period, the Commission staff have recommended the Commission grant an EA approval and the Licence to allow Denison to proceed with construction of the Wheeler River Project. The final Hearing is scheduled during the week of December 8, 2025. The Commission is expected to render a decision on the EA and License in early 2026.
-- Achieved Approximately 85% Completion of Total Engineering for Phoenix
Detailed design engineering for the planned Phoenix ISR mine commenced in early 2024 and continues to be on track for substantial completion prior to the commencement of construction, which is currently expected to occur following a final investment decision ('FID') during the first half of 2026.
Total engineering is significantly advanced with approximately 85% estimated to be completed by the date of this MD&A, including most scopes planned for the first year of construction at or approaching 100% total engineering. Principal engineering deliverables for scopes related to the second year of construction are expected to be approaching substantial completion by the end of 2025.
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 leading uranium mining, development, and exploration company with interests focused in the Athabasca Basin region of northern Saskatchewan, Canada. Denison has an effective 95% interest in its flagship Wheeler River Uranium Project, which is the largest undeveloped uranium project in the infrastructure rich eastern portion of the Athabasca Basin region of northern Saskatchewan.
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