#Canada #Toronto #Denison Mines #Phoenix ISR #uranium production

Denison Mines Corporation's 2025 Financial Highlights and Phoenix Project

Denison Mines Corp., publicly traded on both the TSX (DML) and NYSE American (DNN), recently disclosed its Audited Consolidated Financial Statements and Management's Discussion and Analysis for the year ending December 31, 2025, on March 10, 2026. This update is crucial for investors and stakeholders and showcases Denison's significant progress over the past year, especially regarding its flagship project, the Phoenix ISR Uranium Mine.

The past year has been pivotal for Denison as the company obtained all necessary regulatory approvals to kick-start construction. David Cates, the President and CEO, emphasized that their efforts have left the company well-prepared to begin site preparation by late March 2026. Key milestones were met, including progressing engineering work to nearly 90% completion, updating initial capital cost estimates, and securing crucial partnerships with First Nations and Métis groups.

Major Achievements in 2025

Capital Investments and Strategic Partnerships

Throughout 2025, Denison effectively utilized its resources, with investments flowing predominantly into the Phoenix project. The construction budget has been updated to approximately CAD 600 million due to inflation and project refinements. The first significant investment was secured through a successful offering of US$345 million in convertible senior notes, which will significantly fund ongoing and future projects.

Denison also celebrated a successful start to mining activities at the McClean North uranium deposit, utilizing the newly implemented SABRE mining method, which has already demonstrated impressive productivity levels. Additionally, collaboration with Orano Canada has been fruitful, resulting in the production of nearly 650,000 pounds of U3O8 during 2025.

Phoenix ISR Uranium Mine

The announcement of the Final Investment Decision (FID) to proceed with the Phoenix ISR Mine construction solidifies Denison's commitment to becoming one of the few new, substantial uranium suppliers on the market before the decade's end. With a clear two-year construction timeline, the project is set to contribute significantly to the growing demand for uranium in nuclear energy.

In February 2026, Denison's stakeholders received news that the Canadian Nuclear Safety Commission granted the necessary environmental assessments and construction licenses. This signifies that Phoenix becomes the first uranium mine in Canada to commence construction in over 20 years, marking a historical milestone for both the company and the uranium mining sector.

Exploration and Future Prospects

In addition to construction efforts, Denison's exploration activities are also progressing well. The delineation drilling program at the Gryphon deposit uncovered additional high-grade mineralization, suggesting strong growth potential. The results from various geophysical surveys across Denison's property portfolio have created promising targets for follow-up drilling in 2026.

Furthermore, the establishment of multiple joint ventures enhances Denison's exploration capacity, specifically in the Athabasca Basin region, positioning Denison as a key player in the uranium market.

Cates pointed out that the improved fundamentals in the uranium market suggest a robust demand for new sources of supply. Proactive engagements with consumers and producers have contributed to increasing U3O8 prices, bolstering Denison's optimistic outlook.

The company is on the brink of an exciting growth phase with not only the Phoenix construction but also strategic explorations planned. Anticipating first uranium production by mid-2028, Denison Mines aims to uphold its reputation as an industry leader while contributing to the sustainable development and supply of nuclear fuel essential for meeting global energy demands.

In summary, Denison's dedication to expansion and operational excellence is evident in its ambitious plans and recent achievements. As it sets the stage for the Phoenix ISR Uranium Mine, the company reflects its commitment to providing significantly beneficial results for stakeholders while addressing market demands.