#Canada #Toronto #Denison Mines #Uranium Mining #McClean North

Denison Mines Reports Q3 2025 Performance

Denison Mines Corp., a notable player in the uranium mining industry, recently released its financial and operational results for the third quarter of 2025. This report highlights key developments, particularly the commencement of uranium production from the McClean North deposit.

Overview of Financial Performance

On November 6, 2025, Denison Mines filed its Condensed Consolidated Financial Statements and accompanying Management's Discussion and Analysis (MDA) for the three and nine months ending September 30, 2025. Available on the company's website and various financial regulatory platforms, the reports reveal substantial progress underscoring Denison's role as a prominent uranium producer on the global stage.

In the third quarter of 2025, Denison achieved a remarkable feat by extracting approximately 2,000 tonnes of high-grade ore. This production was derived from the McClean Lake Joint Venture's patented mining method, SABRE, which proved effective in ramping production. The results yielded over 85,000 lbs of U3O8, establishing an initial operating cash cost of roughly $19 per pound. This efficiency illustrates Denison’s capacity to manage production costs effectively while meeting rising demand.

Key Operational Highlights

CEO David Cates remarked on the company's strategy and accomplishments, emphasizing their position within a challenging market. By leveraging a strong balance sheet, Denison has advanced its operational goals confidently. As of the end of Q3, the company reported nearly $720 million in cash, investments, and uranium holdings, a significant indicator of their financial health.

The highlight of this quarter is undoubtedly the operational achievements at the McClean North mine, which began production in July 2025. The extraction via the SABRE method showcases Denison's innovative approach to mining, enhancing productivity while maintaining sustainability.

Permitting Advancements at Wheeler River

In parallel to their production activities, Denison has made significant advancements in the permitting processes for their Wheeler River project. The company stands on the cusp of receiving the final regulatory approvals necessary to proceed with the construction of the Phoenix In-Situ Recovery (ISR) mine. In July, they secured Ministerial approval for the project's Environmental Assessment, and subsequent hearings are set to conclude in December 2025.

The permitting journey has been long, yet promising. Once these approvals are secured, Denison anticipates beginning construction in early 2026. Current engineering efforts for the Phoenix ISR mine are estimated to be approximately 85% complete, indicating that Denison is well-prepared for rapid advancement once final investments are cleared.

Future Outlook

Looking forward, Denison remains optimistic about the uranium market, citing ongoing global commitments to carbon-free energy solutions. The demand for uranium is poised to rise as nations seek sustainable ways to fulfill their energy needs. With strategic initiatives in place, including the completion of a $345 million convertible note offering in August 2025 to support further project development, Denison is aligned for future growth and impact.

In conclusion, Denison Mines Corp.'s Q3 results depict a company on the rise. Not only is it maintaining efficiency in production, but it is also strategically advancing significant projects that could reshape the uranium mining landscape in Canada and beyond. As they navigate the complexities of regulatory approvals and market demands, Denison is well-positioned for continued success in the years ahead.