TORONTO, Aug. 12, 2026 /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 six months ended June 30, 2026. 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, "Since the commencement of on-site activity at Phoenix in March 2026, we have advanced critical site preparation activities, including completion of over 20% of the total project site civil work and nearly 100% of the civil subgrade work needed for the process plant and wellfield areas, plus the installation of construction management and temporary camp facilities.
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 U(3) O(8) of physical uranium acquired in 2021. These holdings were acquired at an average cost of $36.67 (US$29.66) per pound U(3) O(8) and we have been judiciously selling into a market of strengthening uranium prices. In Q2, we sold 750,000 pounds U(3) O(8) for an average realized price of $122.16 (US$89.17) per pound U(3) O(8) , which generated over $90 million in proceeds and a $64 million (233%) realized gain compared to the original purchase price. Importantly, these transactions provide meaningful funding for Phoenix without dilution to our shareholders.
Denison is now fully engaged in a critical and exciting phase of growth. With significant construction progress being made daily at Phoenix, the Company having an active presence in the global uranium marketplace, and our continued investment in future growth through exploration and project development, we are well positioned to offer shareholders unique exposure to the uranium market at a time of growing recognition that the sector's fundamentals are robust and likely to continue improving."
Highlights
-- Completion of Site Preparation Activities and Commencement of Full-Scale
Construction at PhoenixSince 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, over 20% of overall site civil work is estimated to be
completed, including achievement of near 100% 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 in Gross Proceeds and Crystalize 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$29.66) 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 $122.16 (US$89.17)
per pound U3O8 to generate $91.6 million (US$66.9 million) in gross
proceeds -- representing a gain of $64.1 million (or 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 for Phoenix, 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 be US$33.3 million (average price of
US$95.17/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.
-- Active Winter Exploration Season Wraps up with Several Positive
ResultsWinter 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 the Hatchet Lake property operated by Foremost
Clean Energy ("Foremost").With an extensive portfolio of 100%-owned and
joint venture exploration properties, covering over 450,000 hectares,
Denison has been one of the most active explorers in the Athabasca Basin
region, while only having to fund approximately $10 million in
exploration expenditures during the first half of 2026.
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 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. In mid-2023, the Phoenix FS was completed for the Phoenix ISR mining operation, and an update to the 2018 Pre-Feasibility Study ("2018 PFS") was completed for the Gryphon deposit as a conventional underground mining operation (the "Gryphon Update"). Based on the respective studies, both deposits have the potential to be competitive with the lowest cost uranium mining operations in the world.
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 22.5% ownership interest in the MLJV, which restarted mining with SABRE in 2025) and the McClean Lake uranium mill (currently utilizing a portion of its licensed capacity to process the ore from the Cigar Lake mine under a toll milling agreement), plus a 25.17% interest in the Midwest Main and Midwest A deposits held by the Midwest Joint Venture ("MWJV"), and a 70.55% interest in the Tthe Heldeth Túé ("THT") and Huskie deposits on the Waterbury Lake Property ("Waterbury"). The Midwest Main, Midwest A, THT and Huskie deposits are located within 20 kilometres of the McClean Lake mill. Taken together, the Company has direct ownership interests in properties covering 457,000 hectares in the Athabasca Basin region.
Additionally, through its 50% ownership of JCU (Canada) Exploration Company, Limited ("JCU"), Denison holds further interests in various uranium project joint ventures in Canada, including the Millennium project (JCU, 30.099%), the Kiggavik project (JCU, 33.8118%) and Christie Lake (JCU, 34.4508%).
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