#Canada #Toronto #Denison Mines #Phoenix Project #Uranium Sale

Denison Mines Reports Significant Progress in Q2 2026

Denison Mines Corp. has taken considerable steps forward in its operations, particularly regarding the Phoenix In-Situ Recovery (ISR) uranium mine, as detailed in the financial and operational results released for the second quarter of 2026. The report, available on the company’s website and relevant financial filing platforms, underscores the considerable advancements made since site preparations commenced in March 2026.

Operational Highlights

David Cates, President and CEO of Denison, expressed strong optimism about the ongoing developments at the Phoenix site. He noted that the company has completed over 20% of the required civil work for the project and almost all subgrade work essential for the process plant and wellfield areas. In addition to these structural developments, the establishment of onsite management and temporary camp facilities has also been finalized, enhancing the accommodation capacity to nearly 400 personnel, which will allow for an expanded workforce.

The construction timeline remains aggressive, with Denison anticipating significant progress through the summer months. A second construction shift is set to commence shortly, enabling nearly round-the-clock work to meet crucial first-year milestones. This includes the pouring of concrete for the main plant and power transformer foundations, as well as the initiation of the freeze wall installation and on-site power distribution setup.

Financial Accomplishments

Denison's financial results for Q2 not only reveal operational progress but also highlight the successful execution of a long-term project financing strategy. In 2021, the company acquired 2.5 million pounds of U3O8 at a cost of $36.67 per pound. In Q2 2026, Denison capitalized on a favorable market, selling 750,000 pounds of U3O8 at an impressive average realized price of $122.16 per pound, resulting in gross proceeds exceeding $90 million and a remarkable gain of 233% compared to original costs. This robust financial influx serves as crucial funding for the Phoenix project without adversely affecting shareholder equity.

Exploration and Future Prospects

Denison continues to explore aggressively across its vast portfolio, recently concluding its winter exploration activities within the Athabasca Basin. In just six months ending June 30, 2026, the company executed over 50,000 meters of diamond drilling across 18 projects, demonstrating its commitment to uncover quality mineralization. Notably, promising results were reported from various properties linked to both Denison and its partners, reinforcing the company's position as a leader in the uranium sector.

As Denison gears up for the various trajectories shaping its future, including continued construction at Phoenix and ongoing exploration, there’s widespread recognition that the uranium market fundamentals are becoming stronger. The company sees itself well-positioned to leverage these improving conditions, offering shareholders unique exposure to an increasingly pivotal sector.

About Denison Mines Corp.

Founded under Ontario law, Denison Mines is publicly traded on the Toronto Stock Exchange and the NYSE American. As a prominent player in uranium mining, exploration, and development in Saskatchewan, Denison holds a significant interest in the Wheeler River project, which is recognized as the largest undeveloped uranium project regionally. The company has achieved critical regulatory milestones, clearing the way for continued construction and future exploration investments.

With a strategic focus on sustainable development and growth, Denison Mines remains committed to advancing their projects while simultaneously yielding robust returns for its shareholders.