Denison Mines Corp

What Denison Mines Corp does

Denison Mines Corp. is a Canadian uranium mining, development, and exploration company focused exclusively on the Athabasca Basin region of northern Saskatchewan, listed on the TSX (DML) and NYSE American (DNN). The company holds an effective 95% interest in the Wheeler River project — the largest undeveloped uranium project in the infrastructure-rich eastern Athabasca Basin — which includes the Phoenix deposit (70.5M lbs U3O8 at approximately 11.4% grade) and the Gryphon deposit. Phoenix received final CNSC regulatory approval in February 2026 as Canada's first ISR uranium mine and the first large-scale Canadian uranium mine approved in over 20 years, with construction commencing March 2026 and first production targeted for mid-2028 at approximately 6M lbs/year.

The company's core proprietary technologies are the In-Situ Recovery (ISR) mining method validated through multi-phase field tests achieving 97% uranium recovery rates, and the SABRE (Surface Access Borehole Resource Extraction) mining method co-developed with Orano Canada over more than 20 years, first commercially deployed at McClean Lake in 2025. Denison supplements its flagship project with minority interests in producing and development assets — 22.5% in the Orano-operated McClean Lake Mine & Mill (one of the world's largest uranium processing facilities at up to 24M lbs/year capacity), 25.17% in the Midwest project, and an effective 15% in Cameco's Millennium project through 50% ownership of JCU (Canada) Exploration Company.

Denison operates as a pre-revenue development-stage company transitioning to producer status, with revenue generated from long-term contracted uranium sales and physical uranium inventory monetization. As of Q1 2026, the company held contracted sales commitments for nearly 8 million pounds of U3O8 at an average realized price exceeding US$99/lb with advanced negotiations for an additional 8 million pounds. The company holds 2.2M lbs of physical uranium in North American storage acquired at an average cost of US$29.66/lb as a strategic financing asset. With approximately CAD$418M in cash reserves and over $700M in combined cash, uranium, and investments, Denison is positioning to become a meaningful uranium producer serving nuclear power utilities globally.

Name

Denison Mines Corp

Legal name

Denison Mines Corp.

Website

https://denisonmines.com

Company type

Public

Founded year

1994

Operating status

Operating

Headcount range

101–250 employees

Short description

Denison Mines Corp. is a Canadian uranium mining, development, and exploration company focused on the Athabasca Basin in Saskatchewan, advancing the Wheeler River project's Phoenix ISR uranium mine toward 2028 production and serving global nuclear power utilities through long-term uranium supply contracts.

Ownership category

akta.pro rank

Product category

Uranium Mining

NAICS

Mining (except Oil and Gas) (212)

SIC

Metal Mining (1000)

akta.pro primary industry

Uranium Exploration & Resource Development (EUAKACAA)

akta.pro secondary industries

Uranium Mining & Milling (Yellowcake/U3O8 Production) (EUAKACAB), Mineral Exploration & Geoscience Services (Geology, Geophysics, Geochemistry, Resource Modeling) (IMAKAKAA)

Keywords

• Uranium mining
• In-situ recovery
• Uranium exploration
• Mineral development
• Uranium concentrate

Headquarters

HQ city

Toronto

HQ country

Canada

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Operations, Personnel, Technology or R&D, Supply Chain

Revenue model

1. Uranium Production & Sales: Denison generates revenue through the mining and sale of uranium concentrate (U3O8). Following commencement of production at the McClean North deposit (Q3 2025) and the planned mid-2028 first production from Phoenix ISR, the company will transition from a development-stage company with modest pre-revenue sales to a significant uranium producer. The company also holds 2.2M lbs of physical uranium in North American storage acquired at an average cost of US$29.66/lb, which serves as both a strategic reserve and potential revenue source.
2. Physical Uranium Holdings: Denison holds 2.2M lbs U3O8 of physical uranium in North American storage facilities, acquired at an average cost of US$29.66/lb as a long-term investment to enhance access to future project financing for Wheeler River. These holdings may be sold or used as collateral for project financing.
3. Uranium Sales Commitments: As of Q1 2026, Denison had contracted uranium sales commitments for nearly 8 million pounds of U3O8 at an average realized price exceeding US$99/lb, with 1.35 million pounds committed for delivery through Q2 2027. Discussions are underway for an additional 8 million pounds. This contracted backlog provides revenue visibility as production ramps up from Phoenix and other operations.
4. Joint Venture Production (McClean Lake, Midwest): Denison earns revenue through its minority interests in producing and development-stage uranium projects operated by major uranium companies — 22.5% in McClean Lake (Orano-operated), 25.17% in Midwest (Orano), and 15% effective in Millennium (Cameco). Production at McClean North commenced in Q3 2025 using the SABRE method, producing over 85,000 lbs of U3O8.

Pricing tiers

Go-to-market motion2 records

Distribution channels2 records

Marketing channels5 records

Core offering

Denison Mines is a uranium mining, development, and exploration company focused on the Athabasca Basin region of northern Saskatchewan, Canada. Its core offering centers on developing and producing uranium concentrate (U3O8) from the Wheeler River project — Canada's first federally approved In-Situ Recovery (ISR) uranium mine — together with minority interests in producing and development-stage uranium assets, a 2.2M-lb physical uranium inventory, and an exploration portfolio spanning approximately 457,000 hectares.

Product overview

Denison Mines Corp is a uranium mining, development, and exploration company operating in Canada's Athabasca Basin. The company's product portfolio centers on its flagship Wheeler River project (95% interest) featuring the Phoenix ISR uranium mine—the first in-situ recovery uranium mine approved in Canada—alongside the Gryphon deposit. The company holds minority interests in operating assets including McClean Lake Mine & Mill (22.5%, one of the world's largest uranium processing facilities), the Waterbury Lake project (70.55%), and the Midwest project (25.17%). Denison also holds 2.2 million pounds of physical uranium inventory and maintains an exploration portfolio spanning approximately 457,000 hectares. The company utilizes proprietary SABRE (Surface Access Borehole Resource Extraction) mining technology developed with Orano Canada for uranium extraction.

Differentiator

Problem solved

Functional benefit

Products and services

• Phoenix ISR Uranium Mine Canada's first federally authorized In-Situ Recovery (ISR) uranium mine and the first large-scale Canadian uranium mine approved for construction in over 20 years. Targets first production by mid-2028 at approximately 6 million pounds of U3O8 per year over a 10-year mine life from a deposit containing 70.5 million pounds of U3O8 at approximately 11.4% grade.
• Wheeler River Project Flagship development project consisting of the Phoenix and Gryphon uranium deposits, in which Denison holds an effective 95% interest. Wheeler River ranks as the largest undeveloped uranium mining project in the infrastructure-rich eastern portion of the Athabasca Basin region.
• McClean Lake Mine & Mill Uranium mining operation and mill facility in Saskatchewan held as a 22.5% minority interest and operated by Orano Canada. The McClean Lake mill is one of the world's largest uranium processing facilities, licensed to process up to 24 million pounds of U3O8 per year. Production at the McClean North deposit commenced in Q3 2025 using the SABRE method, producing over 85,000 pounds of U3O8.
• Gryphon Deposit Underground uranium deposit within the Wheeler River project with preliminary economic assessment stage development plans as the second significant deposit alongside Phoenix.
• Waterbury Lake Project 70.55% interest in the Waterbury Lake uranium project in Saskatchewan, hosting the Tthe Heldeth Túé deposit (formerly J Zone) at preliminary economic assessment stage development plans.
• Midwest Project 25.17% interest in a development-stage uranium asset operated by Orano Canada, providing Denison exposure to additional Athabasca Basin production.
• Millennium Project Effective 15% interest in the Cameco-operated Millennium uranium project, held through 50% ownership of JCU (Canada) Exploration Company, Limited.
• Physical Uranium Inventory 2.2 million pounds of physical uranium concentrate (U3O8) held in North American storage facilities, acquired at an average cost of US$29.66/lb. Held as a long-term investment to enhance access to future project financing for Wheeler River, and available for sale into the spot market at substantially higher current prices.
• Athabasca Basin Exploration Portfolio Approximately 457,000 hectares of prospective exploration ground in the Athabasca Basin region, including wholly-owned projects and joint ventures with partners such as Skyharbour Resources, Cosa Resources, and Foremost Clean Energy.

Quantifiable outcome

• Post-tax IRR of 73% and payback period of approximately 12 months for the Phoenix project
• +5 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Eleven partnerships are on record, tiered core and minor.

• JCU (Canada) Exploration Company, LimitedcoreChannel Partner/ Reseller/ Distributor · 25 June 2026Denison holds 50% ownership of JCU (Canada) Exploration Company, Limited, through which it holds an effective 15% interest in the Cameco-operated Millennium uranium project. JCU also holds a 10% interest in the Wheeler River project. In 2021, Denison delivered a binding offer to acquire 100% of JCU from Overseas Uranium Resources Development for up to CAD$40.5 million in cash.
• Foremost Clean Energy Ltd.coreStrategic or Co-development Partner · 27 May 2026Foremost Clean Energy operates under a strategic partnership with Denison Mines, which grants Foremost the option to earn up to a 70% interest in 10 Denison-held uranium properties spanning over 330,000 acres in the Athabasca Basin. Denison is Foremost's largest shareholder (~15-17.7% partially-diluted ownership) and holds board representation. Denison participated in Foremost's bought deal placements under its pre-emptive rights.
• Wood Canada LimitedcoreImplementation/ SI/ Consulting Partner · 17 February 2026Denison awarded Wood Canada Limited a construction management contract to oversee development of the Phoenix ISR uranium mine in northern Saskatchewan. Wood Canada will manage full project execution including site preparation and construction activities, which commenced in March 2026.
• SaskPowercoreOthers · 8 January 2026SaskPower completed a new 138kV transmission line approximately 6 kilometres in length to provide grid power supply at the Phoenix ISR mine site. This represents a major project milestone that de-risks construction and provides competitive advantage through reliable and cost-effective grid power infrastructure.
• Skyharbour Resources Ltd. (Russell Lake JV)coreStrategic or Co-development Partner · 17 December 2025As part of the Skyharbour partnership, Denison committed to funding CAD$10 million in exploration expenditures at the Russell Lake Joint Ventures, where Skyharbour holds 80% interest and serves as operator, and Denison holds the remaining 20%. A +15,000-metre multi-phased drill campaign is underway testing high-priority targets at South Russell and Kowalchuk.
• Métis Nation–Saskatchewan (MN-S, MN-S NR-1, MN-S NR-3)coreOthers · 4 December 2025Denison signed an Impact Benefit Agreement and Exploration Agreement with Métis Nation–Saskatchewan and related local entities to formalize cooperation, benefit sharing, and environmental commitments for the Wheeler River Project and exploration activities within the Métis Homeland in northern Saskatchewan.
• Ya' thi NÉnÉ Land and Resources Office / Three First Nations / Four MunicipalitiescoreOthers · 1 December 2025Denison and the Ya' thi Néné Land and Resources Office signed the Nuhenéné Benefit Agreement with three First Nations and four municipalities in northern Saskatchewan, granting community support for Denison's uranium projects and including provisions for environmental oversight, community benefits, and long-term cooperation.
• Skyharbour Resources Ltd.coreStrategic or Co-development Partner · 17 November 2025Denison entered a strategic partnership with Skyharbour Resources to form four joint ventures at the Russell Lake Uranium Project in Saskatchewan's eastern Athabasca Basin. The combined consideration totals up to CAD$61.5 million, with Skyharbour receiving up to CAD$21.5 million in cash or share payments and Denison committing up to CAD$40 million in exploration expenditures over seven years to earn between 20% and 70% ownership across the four JVs covering Russell Lake, Getty East, Wheeler North, and Wheeler River Inliers claims.
• Orano Canada Inc.coreStrategic or Co-development Partner · 1 January 2025Denison and Orano Canada co-developed the SABRE (Surface Access Borehole Resource Extraction) mining method over more than 20 years. Orano deployed SABRE commercially at the McClean Lake Operation in 2025, producing a record 19.8 million pounds of uranium. Denison holds a 22.5% interest in McClean Lake, operated by Orano. The second SABRE campaign began in May 2026 and will operate year-round.
• Cosa Resources Corp.coreStrategic or Co-development Partner · 1 January 2024Denison holds a 30% interest in three uranium exploration joint ventures with Cosa Resources in the eastern Athabasca Basin: Murphy Lake North (Cosa 70%, operator), Darby (Cosa 70%, operator), and Orion (Cosa 70%). Denison participated in funding to maintain its 30% interest and expands the partnership through additional mineral claim acquisitions totaling 2,669 hectares. Cosa is conducting the largest drill programs at these projects.
• Grounded Lithium Corp.minorStrategic or Co-development Partner · 1 January 2023Denison Mines partnered with Grounded Lithium Corp. on the Kindersley Lithium Project (KLP) in southwest Saskatchewan, where Denison holds an option to earn up to a 75% working interest by funding up to $15.15 million in project costs. A pre-feasibility study is progressing and expected to be filed in summer 2026. Denison also holds a convertible debenture with a 9% coupon in Grounded Lithium.

Scale indicators15 records

Recent moves9 records

Expansion highlights7 records

Direct peers

• Energy Fuels Inc. North America's largest uranium producer in 2024, operating the White Mesa Mill in Utah and integrating uranium, rare earths, and vanadium production. Energy Fuels acquired Denison's former U.S. mining assets in 2012 and remains a directly comparable peer across uranium production, processing, and downstream critical minerals.
• Boss Energy Limited: ISR uranium producer at the Honeymoon mine in South Australia, with development-stage assets in the U.S. Boss Energy is directly comparable through ISR production methodology and similar positioning as a mid-cap uranium producer transitioning to meaningful output.
• Uranium Energy Corp: U.S.-focused ISR uranium producer and developer with operations in Wyoming and Texas, plus diversified holdings across conventional projects in Canada and Paraguay. Directly comparable to Denison through ISR mining expertise and focus on tier-one North American uranium assets.
• NexGen Energy Ltd. Athabasca Basin-focused uranium developer advancing the high-grade Arrow deposit toward production. NexGen is a direct development-stage peer to Denison — same jurisdiction, similar high-grade asset profile, and competing for capital and utility offtake in the same permitting and contracting cycle.
• Skyharbour Resources Ltd. Athabasca Basin uranium exploration company and Denison JV partner across the four Russell Lake joint ventures. Skyharbour is a direct peer through shared geography, complementary exploration portfolio, and is closely tied to Denison via equity ownership and board representation.
• Cameco Corporation: The world's largest publicly traded pure-play uranium producer, operating tier-one assets in the Athabasca Basin (McArthur River, Cigar Lake, Rabbit Lake) and a major uranium converter/fuel cycle participant. Cameco operates the Millennium project (in which Denison holds an effective 15%) and is the most directly comparable peer given shared geography, customer base, and regulatory framework.
• IsoEnergy Ltd. Athabasca Basin uranium developer (and Curzon Uranium merger) advancing the Tony M and Larocque East deposits. Directly comparable through Athabasca geography, development-stage status, and pursuit of utility offtake contracts in the same permitting and contracting market.
• Paladin Energy Limited: Uranium producer and developer focused on restarting Langer Heinrich (Namibia) and advancing Canadian uranium assets (acquired Fission Uranium). Paladin is a directly comparable peer operating in both African and Canadian uranium jurisdictions with similar production-restart and development-stage dynamics.

Broad incumbents

• Kazatomprom: The world's largest uranium producer with ISR operations in Kazakhstan. Comparable to Denison through ISR technology deployment, low-cost production model, and direct exposure to long-term utility contracting — but operating at vastly greater scale and serving as the global price-setter.

Emerging players

• Berkeley Energia Limited: Uranium developer advancing the Salamanca project in Spain. Comparable through uranium development-stage dynamics and exposure to nuclear renaissance tailwinds, though operating in a different jurisdiction with its own permitting framework.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/DenisonMinesCo
• Facebookfacebook.com/denisonmines
• LinkedInlinkedin.com/company/denison-mines-usa-corp-

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries4 records

Funding overview

Funding rounds14 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments6 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Denison Mines Corp