Denison Mines (DML) Q4 2025 earnings summary

Executive summary

• Final investment decision made to construct the Phoenix ISR uranium mine, with construction commencing March 2026 and first production targeted for mid-2028.

• All regulatory approvals, including federal and provincial, have been secured for Phoenix, marking the first such approval for a uranium mine in Canada in over 20 years.

• Significant progress in engineering, procurement, and construction planning for Phoenix, with Wood Canada Limited appointed as construction manager and 87% of engineering completed by end of 2025.

• Successful start-up of uranium mining at McClean North using the SABRE method, producing 648,558 pounds U3O8 in 2025 (Denison’s share: 145,926 pounds).

• Expanded exploration and joint venture activities, including new agreements with Skyharbour and Cosa Resources, and discovery of additional high-grade mineralization at Gryphon.

Financial highlights

• Completed a US$345 million convertible senior notes offering in August 2025, with a 4.25% coupon, capped call overlay, and proceeds to fund Phoenix construction and other corporate purposes.

• Updated initial capital cost estimate for Phoenix is approximately $600 million at a Class 2 level of precision, reflecting inflation and project refinements.

• Average operating cash cost at McClean North was approximately $36 per pound U3O8 (US$26 per pound U3O8) in 2025.

Outlook and guidance

• Phoenix construction expected to take two years, with first uranium production by mid-2028.

• Ongoing exploration and drilling programs at Gryphon and other properties, with further drilling planned for 2026 and beyond and expansion potential.

• Midwest PEA outlines robust ISR mining potential, with Denison evaluating both ISR and SABRE methods for future development.

• Continued focus on capitalizing on improving uranium market fundamentals and nuclear energy sector growth.