Denison Mines (DML) Q3 2025 earnings summary

Executive summary

• Achieved first uranium production from McClean North mine using SABRE mining method, extracting 2,063 tonnes of high-grade ore and producing 85,235 lbs U3O8 in Q3 2025 at an average cash cost of US$19/lb U3O8.

• Advanced permitting and engineering for the Phoenix ISR project at Wheeler River, with provincial environmental approval and 85% engineering completion.

• Raised US$345 million through a convertible senior notes offering to fund project development and general corporate purposes.

Financial highlights

• Ended Q3 2025 with nearly $720 million in cash, investments, and uranium holdings, bolstered by the convertible notes issuance.

• Initial average operating cash cost for McClean North uranium production was approximately $27/lb U3O8 (US$19/lb U3O8).

Outlook and guidance

• Final part of the federal regulatory hearing for Phoenix ISR is scheduled for December 2025, with a decision expected in early 2026.

• Construction of Phoenix ISR mine anticipated to begin after a final investment decision in H1 2026.

• Ongoing procurement and construction planning, with $27 million in initial capex incurred and $44 million committed.