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Denison Mines Corp. (‘Denison’ or the ‘Firm’) (TSX: DML) (NYSE American: DNN) at present filed its Condensed Consolidated Monetary Statements and Administration’s Dialogue & Evaluation (‘MD&A’) for the three and 9 months ended September 30, 2025. Each paperwork will likely be obtainable on the Firm’s web site (at www.denisonmines.com), SEDAR+ (at www.sedarplus.ca) and EDGAR (at www.sec.govedgar). The highlights offered beneath are derived from these paperwork and needs to be learn along side them. All quantities on this launch are in Canadian {dollars} until in any other case said. View PDF model
David Cates, President and CEO of Denison commented, “Denison has delivered a number of key accomplishments through the second half of 2025, demonstrating our ongoing re-emergence as a globally important uranium producer. Firstly, we thank our colleagues at Orano Canada for his or her efforts to efficiently fee and ramp-up manufacturing on the McClean North uranium mine, which is making use of the McClean Lake Joint Enterprise’s patented SABRE mining methodology. Through the third quarter alone, ~2,000 tonnes of high-grade ore was extracted from the mine and over 85,000 lbs U3O8 have been produced from the mill – with a powerful preliminary common working money value of completed items of roughly US$19 per lb U3O8.
At our flagship Wheeler River property, we’ve got entered the ultimate phases of the multi-year allowing course of for our deliberate Phoenix In-Situ Restoration (‘ISR’) mine and are actually beginning to obtain key closing regulatory approvals – together with the Ministerial approval obtained in July from the Province of Saskatchewan for the mission’s Environmental Evaluation (‘EA’). In October we accomplished the primary a part of the two-part Canadian Nuclear Security Fee (‘Fee’) public listening to for the federal EA and license to assemble the mission. The ultimate a part of the listening to is scheduled through the week of December eighth, and we’re optimistic that we are going to obtain a call from the Fee in early 2026.
In parallel to our allowing efforts at Wheeler River, we’ve got made important progress in the direction of the completion of detailed engineering design efforts, having now achieved roughly 85% whole engineering, with most scopes deliberate for the primary yr of building at or close to 100% whole engineering. Procurement efforts proceed, with practically $27 million in preliminary capex having already been incurred and an additional ~$44 million dedicated. Owing to our exceptionally robust stability sheet, we’ve got been capable of transfer confidently ahead with procurement and building planning efforts to prepared ourselves for a closing funding choice following regulatory approvals. On the finish of the third quarter, and on account of the profitable completion of our issuance of convertible notes in August, Denison reported whole money, investments, and uranium holdings of practically $720 million.
Our dedication to advancing Wheeler River by means of difficult uranium markets in previous years has uniquely positioned Denison on the cusp of constructing the primary new large-scale uranium mine within the Athabasca Basin area in practically twenty years, at a time once we are seeing persistent and notable enhancements in close to and long-term uranium market fundamentals. International adoption of nuclear vitality, as a vital carbon-free method to meet rising vitality calls for, continues to extend and has the potential to drive the demand for uranium considerably past many earlier estimates.”
Highlights
- Manufacturing Begins at McClean Lake North utilizing SABRE Mining
In July 2025, the McClean Lake Joint Enterprise (‘MLJV’) introduced the profitable begin of uranium mining operations on the McClean North deposit utilizing the three way partnership’s patented Floor Entry Borehole Useful resource Extraction (‘SABRE’) mining methodology. Because the begin of business manufacturing, on a 100% foundation, 2,063 tonnes of high-grade ore has been extracted (Denison’s share: 464 tonnes). Through the third quarter of 2025, 85,235 kilos of U3O8 (Denison’s share: 19,178 kilos of U3O8) have been produced at a mean working money value of completed items of roughly $27 per pound U3O8 (roughly US$19 per pound U3O8).
- Accomplished US$345 Million Convertible Senior Notes Providing
On August 15, 2025, the Firm accomplished its providing of ‘US-Fashion’ convertible senior unsecured notes due September 15, 2031 (the ‘Notes’) for an combination principal quantity of US$345 million. The Notes bear a money curiosity coupon fee of 4.25% every year payable semi-annually in arrears on March fifteenth and September fifteenth of every yr, starting March 15, 2026. The preliminary conversion fee for the Notes is 342.9355 widespread shares of Denison (‘Shares’) per US$1,000 principal quantity of Notes, equal to an preliminary conversion value of roughly US$2.92 per Share (roughly 35% premium to the closing value of the Shares on the time of pricing on August 12, 2025). The efficient conversion value of the Notes is elevated as much as US$4.32 per Share (~100% premium to the closing value of the Shares on the time of pricing on August 12, 2025) after giving impact to the capped name overlay choice technique deployed by the Firm, whereby Denison bought cash-settled name choices with a strike value equal to the preliminary conversion value of the Notes (US$2.92) and a cap value of US$4.32 (the ‘Capped Calls’). The acquisition value for the Capped Calls was roughly US$35.4 million.
Conversions of the Notes could also be settled in Shares, money, or a mixture of Shares and money, at Denison’s election. Moreover, Denison may have the precise to redeem the Notes in sure circumstances and will likely be required to repurchase the Notes upon the incidence of sure occasions. The Notes might solely be transformed by holders previous to June 15, 2031 in sure circumstances, and could also be transformed by holders after June 15, 2031. The Notes will mature on September 15, 2031. Any Notes not transformed, repurchased or redeemed previous to the maturity date may have their principal quantity repaid by Denison in money at maturity.
The Firm intends to make use of the online proceeds from the Providing for expenditures to assist the analysis and improvement of the Firm’s uranium improvement tasks, together with to fund the development of the deliberate Phoenix ISR operation located on the Wheeler River Property (‘Wheeler River’) and for basic company functions.
- Superior Regulatory Approval Course of for Phoenix with Provincial Approval of Environmental Evaluation and Completion of Half I of Federal Fee Listening to
In July 2025, Denison obtained Ministerial approval below The Environmental Evaluation Act of Saskatchewan to proceed with the event of the Phoenix ISR Venture and subsequently submitted the Provincial software to Assemble a Pollutant Management Facility. A Pollutant Management Facility Allow is required for the development of the mining and processing elements of the ability and is anticipated to be issued previous to the completion of the federal regulatory approval course of.
On October 8, 2025, Denison participated within the first a part of the Fee’s public listening to (the ‘Listening to’). The Listening to, performed in two elements, represents the ultimate step within the federal approvals course of to acquire the Federal EA approval and the Federal License to Put together the Web site & Assemble (the ‘License’) for the proposed Phoenix ISR operation. Following the multi-year overview interval, the Fee workers have beneficial the Fee grant an EA approval and the Licence to permit Denison to proceed with building of the Wheeler River Venture. The ultimate Listening to is scheduled through the week of December 8, 2025. The Fee is predicted to render a call on the EA and License in early 2026.
- Achieved Roughly 85% Completion of Whole Engineering for Phoenix
Detailed design engineering for the deliberate Phoenix ISR mine commenced in early 2024 and continues to be on observe for substantial completion previous to the graduation of building, which is presently anticipated to happen following a closing funding choice (‘FID’) through the first half of 2026.
Whole engineering is considerably superior with roughly 85% estimated to be accomplished by the date of this MD&A, together with most scopes deliberate for the primary yr of building at or approaching 100% whole engineering. Principal engineering deliverables for scopes associated to the second yr of building are anticipated to be approaching substantial completion by the top of 2025.
About Denison
Denison Mines Corp. was shaped below the legal guidelines of Ontario and is a reporting issuer in all Canadian provinces and territories. Denison’s widespread shares are listed on the Toronto Inventory Change (the ‘TSX’) below the image ‘DML’ and on the NYSE American alternate below the image ‘DNN’.
Denison is a number one uranium mining, improvement, and exploration firm with pursuits targeted within the Athabasca Basin area of northern Saskatchewan, Canada. Denison has an efficient 95% curiosity in its flagship Wheeler River Uranium Venture, which is the biggest undeveloped uranium mission within the infrastructure wealthy jap portion of the Athabasca Basin area of northern Saskatchewan.
In mid-2023, the Phoenix feasibility examine was accomplished for the Phoenix deposit as an ISR mining operation, and an replace to the beforehand ready 2018 Pre-Feasibility Examine (‘PFS’) was accomplished for Wheeler River’s Gryphon deposit as a standard underground mining operation. Primarily based on the respective research, each deposits have the potential to be aggressive with the bottom value uranium mining operations on the earth. Allowing efforts for the deliberate Phoenix ISR operation commenced in 2019 and are nearing completion with approval in July 2025 of the mission’s EA by the Province of Saskatchewan and graduation in October 2025 of the Canadian Nuclear Security Fee Hearings for Federal approval of the EA and mission building license. The Listening to is scheduled to proceed and be concluded through the week of December 8, 2025.
Denison’s pursuits in Saskatchewan additionally embody a 22.5% possession curiosity within the McClean Lake Joint Enterprise (‘MLJV’), which incorporates unmined uranium deposits (with mining at McClean North deposit by way of the MLJV’s SABRE mining methodology having commenced in July 2025 utilizing the MLJV’s SABRE mining methodology) and the McClean Lake uranium mill (presently using a portion of its licensed capability to course of the ore from the Cigar Lake mine below a toll milling settlement), plus a 25.17% curiosity within the Midwest Joint Enterprise Midwest Fundamental and Midwest A deposits, and a 70.55% curiosity within the Tthe Heldeth Túé (‘THT’) and Huskie deposits on the Waterbury Lake Property. The Midwest Fundamental, Midwest A, THT and Huskie deposits are positioned inside 20 kilometres of the McClean Lake mill. Taken collectively, Denison has direct possession pursuits in properties masking ~384,000 hectares within the Athabasca Basin area.
Moreover, by means of its 50% possession of JCU (Canada) Exploration Firm, Restricted (‘JCU’), Denison holds pursuits in numerous uranium mission joint ventures in Canada, together with the Millennium mission (JCU, 30.099%), the Kiggavik mission (JCU, 33.8118) and Christie Lake (JCU, 34.4508%).
In 2024, Denison celebrated its seventieth yr in uranium mining, exploration, and improvement, which started in 1954 with Denison’s first acquisition of mining claims within the Elliot Lake area of northern Ontario.
Technical Disclosure and Certified Particular person
The technical data contained on this press launch has been reviewed and accepted by Chad Sorba, P.Geo., Denison’s Vice President Technical Providers & Venture Analysis, who’s a Certified Individuals in accordance with the necessities of NI 43-101.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
Sure data contained on this press launch constitutes ‘forward-looking data’, throughout the which means of the relevant United States and Canadian laws regarding the enterprise, operations and monetary efficiency and situation of Denison. Usually, these forward-looking statements might be recognized by way of forward-looking terminology akin to ‘plans’, ‘expects’, ‘price range’, ‘scheduled’, ‘estimates’, ‘forecasts’, ‘intends’, ‘anticipates’, or ‘believes’, or the negatives and/or variations of such phrases and phrases, or state that sure actions, occasions or outcomes ‘might’, ‘might’, ‘would’, ‘may’ or ‘will likely be taken’, ‘happen’, ‘be achieved’ or ‘has the potential to’.
Particularly, this press launch accommodates forward-looking data pertaining to the next: projections with respect to exploration, improvement and enlargement plans and goals, together with the scope, goals and standing of the proposed ISR operation for the Phoenix deposit; expectations with respect to the EA, EIS and Licensing and allowing for proposed operations at Wheeler River, together with the Listening to; expectations with respect to mine improvement and operations on the Wheeler River property, together with discussions of an FID and timing for building and achievement of first manufacturing; expectations concerning the efficiency of the uranium market and international sentiment concerning nuclear vitality; and expectations concerning Denison’s three way partnership possession pursuits. Statements regarding ‘mineral reserves’ or ‘mineral assets’ are deemed to be forward-looking data, as they contain the implied evaluation, based mostly on sure estimates and assumptions that the mineral reserves and mineral assets described might be profitably produced sooner or later.
Ahead-looking statements are based mostly on the opinions and estimates of administration as of the date such statements are made, and they’re topic to identified and unknown dangers, uncertainties and different components that will trigger the precise outcomes, stage of exercise, efficiency or achievements of Denison to be materially completely different from these expressed or implied by such forward-looking statements. For instance, the outcomes and underlying assumptions and interpretations of the FS and PFS might not be maintained after additional testing or be consultant of precise circumstances throughout the relevant deposits. As well as, Denison might resolve or in any other case be required to discontinue testing, analysis, engineering, and improvement work whether it is unable to take care of or in any other case safe the required approvals or assets (akin to testing services, capital funding, and many others.).
Denison believes that the expectations mirrored on this forward-looking data are affordable, however no assurance might be on condition that these expectations will show to be correct and outcomes might differ materially from these anticipated on this forward-looking data. For a dialogue in respect of dangers and different components that would affect forward-looking occasions, please confer with the Annual Data Kind dated March 28, 2025 below the heading ‘Danger Elements’. These components usually are not, and shouldn’t be, construed as being exhaustive.
Accordingly, readers mustn’t place undue reliance on forward-looking statements. The forward-looking data contained on this press launch is expressly certified by this cautionary assertion. Any forward-looking data and the assumptions made with respect thereto speaks solely as of the date of this press launch. Denison doesn’t undertake any obligation to publicly replace or revise any forward-looking data after the date of this press launch to adapt such data to precise outcomes or to adjustments in Denison’s expectations besides as in any other case required by relevant laws.
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SOURCE Denison Mines Corp.
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