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Denison Mines Corp
DML.TO • Gryphon • McClean Lake • Midwest • Phoenix • Waterbury Lake (THT) • Wheeler River Uranium Project
Denison Mines Corp
DML.TO
Latest notebook-shaped company presentation stored for this ticker.
Projects
6
Report date
2026-04-01
Project list
Gryphon, McClean Lake, Midwest, Phoenix, Waterbury Lake (THT), Wheeler River Uranium Project
Presentation page
Source PDF
Project detail
Gryphon
Developing Project
Canada
2023 PFS Update completed; development-stage asset; capex expected to be funded by Phoenix cash flows • PFS
Overview
Country
Canada
Region
Athabasca Basin, Saskatchewan
Current status
2023 PFS Update completed; development-stage asset; capex expected to be funded by Phoenix cash flows
6 projects in this company presentation
Report date 2026-04-01
Denison Mines Corp • DML.TO • 6 projects
Ownership
95.0%
Mine type
Underground
Classification
Project stage
Developer
Substage
PFS
Active milestone
PFS Update
Completed milestones
PFS
Resources
Measured + indicated
61.9 Mlb
M&I grade
17,000.0 ppm
Inferred
1.9 Mlb
Inferred grade
12,000.0 ppm
Total resources
63.8 Mlb
Reserves
Probable reserves
49.7 Mlb
Probable grade
18,000.0 ppm
Total reserves
49.7 Mlb
Cutoff grade
5,800.0 ppm
Endowment
Core endowment
61.9 Mlb
Core ownership
95.0%
Grade
17,000.0 ppm
Field recovery rate
97.0%
Financials
Production rate
9.0
Total production
49.7 Mlb
Life of mine
6.5 years
Uranium price used
$75.00/lb
Recovery rate
97.0%
Post-tax NPV8
$459M
Post-tax IRR
37.6%
Payback
1.7 years
Capex
$386M
AISC
$18.06/lb
Cash costs
$9.04/lb
Realized sales price
$75.00/lb
Notes
Highlights
Provides additional source of low-cost production; moderate grade, conventional UG mining; toll milling at McClean Lake mill
Country attractiveness
Infrastructure-rich Eastern Athabasca Basin; benefits from Phoenix infrastructure
Resource context
Significant indicated resources and probable reserves
Technical context
Conventional underground mining; moderate grade
Financial context
Capex expected to be funded by Phoenix cash flows
Economic sensitivity
Base case at $75/lb; robust IRR and NPV
Recent achievements
2023 PFS Update completed; cost and schedule optimization
Work ongoing
Project advancement toward development
Next steps
Advance toward permitting and development
McClean Lake
Producing Project
Canada
Production restarted June 2025 at McClean North via SABRE; produced 649,000 lbs U3O8 in 2025 (100% basis) • Steady-state production
Overview
Country
Canada
Region
Athabasca Basin, Saskatchewan
Current status
Production restarted June 2025 at McClean North via SABRE; produced 649,000 lbs U3O8 in 2025 (100% basis)
Permit status
10-year CNSC operating license (to June 30, 2027); TMF expansion approved
Ownership
22.5%
Strategic shareholders
Orano Canada Inc.
Mine type
SABRE (Surface Access Borehole Resource Extraction)
Classification
Project stage
Producer
Substage
Steady-state production
Active milestone
Production Restart
Completed milestones
Production Restart, SABRE test mining
Resources
Measured + indicated
17.8 Mlb
M&I grade
22,000.0 ppm
Inferred
7.6 Mlb
Inferred grade
6,800.0 ppm
Total resources
25.4 Mlb
Reserves
Proven reserves
0.8 Mlb
Proven grade
4,100.0 ppm
Total reserves
0.8 Mlb
Endowment
Core endowment
17.8 Mlb
Core ownership
22.5%
Grade
22,000.0 ppm
Best thickness
13.5 m
Financials
Production rate
0.6
AISC
$58.00/lb
Cash costs
$26.00/lb
Notes
Highlights
Produced 649,000 lbs U3O8 in 2025; SABRE mining method; excess licensed mill capacity; historic production >50M lbs U3O8
Country attractiveness
Infrastructure-rich region; accessible by road and air; proximity to McClean Lake mill
Resource context
Indicated and inferred resources at multiple deposits
Permit context
CNSC operating license; TMF expansion approved
Technical context
SABRE mining method; historic open pit/UG mining
Financial context
Operating cash cost US$26/lb (2025)
Recent achievements
Production restart at McClean North (2025); SABRE test mining program completed
Work ongoing
Production, exploration at McClean South
Next steps
Midwest
Developing Project
Canada
2025 PEA completed for ISR mining at Midwest Main; EIS approved as Open Pit in 2012; evaluation of SABRE mining method ongoing • PEA
Overview
Country
Canada
Region
Athabasca Basin, Saskatchewan
Current status
2025 PEA completed for ISR mining at Midwest Main; EIS approved as Open Pit in 2012; evaluation of SABRE mining method ongoing
Permit status
EIS approved as Open Pit (2012); PEA for ISR completed 2025
Ownership
25.2%
Mine type
ISR (PEA); previously Open Pit (EIS)
Classification
Project stage
Developer
Substage
PEA
Active milestone
PEA
Completed milestones
PEA
Resources
Measured + indicated
38.7 Mlb
M&I grade
34,000.0 ppm
Inferred
12.7 Mlb
Inferred grade
5,400.0 ppm
Total resources
51.4 Mlb
Endowment
Core endowment
38.7 Mlb
Core ownership
25.2%
Grade
34,000.0 ppm
Financials
Production rate
6.1
Total production
37.4 Mlb
Life of mine
7.0 years
Uranium price used
$80.00/lb
Post-tax NPV8
$506M
Post-tax IRR
82.7%
Payback
0.5 years
Capex
$135M
AISC
$18.28/lb
Cash costs
$8.29/lb
Realized sales price
$80.00/lb
Notes
Highlights
High-grade, low-cost ISR potential; robust PEA economics; evaluation of SABRE mining method ongoing
Country attractiveness
Proximity to McClean Lake mill; infrastructure-rich region
Resource context
Significant indicated and inferred resources
Permit context
EIS approved as Open Pit; ISR development subject to further permitting
Technical context
ISR mining method; SABRE method under evaluation
Financial context
Low initial capex; high IRR and rapid payback
Economic sensitivity
Base case at $80/lb; robust IRR and NPV
Recent achievements
2025 PEA completed; robust economic results
Work ongoing
Technical studies and permitting
Phoenix
Developing Project
Canada
Site preparation and initial construction commenced March 2026; FID made; first production targeted by mid 2028 • DFS
Overview
Country
Canada
Region
Athabasca Basin, Saskatchewan
Current status
Site preparation and initial construction commenced March 2026; FID made; first production targeted by mid 2028
Permit status
Final Federal and Saskatchewan EA approvals received; Licence to Prepare Site and Construct a Mine and Mill granted
Ownership
95.0%
Mine type
ISR
Classification
Project stage
Developer
Substage
DFS
Active milestone
Construction/Execution
Completed milestones
Feasibility Study, FID, Permitting
Resources
Measured + indicated
70.6 Mlb
M&I grade
114,000.0 ppm
Inferred
0.3 Mlb
Inferred grade
26,000.0 ppm
Total resources
70.9 Mlb
Reserves
Proven reserves
3.4 Mlb
Proven grade
245,000.0 ppm
Probable reserves
53.3 Mlb
Probable grade
114,000.0 ppm
Total reserves
56.7 Mlb
Cutoff grade
5,000.0 ppm
Endowment
Core endowment
70.6 Mlb
Core ownership
95.0%
Grade
114,000.0 ppm
Field recovery rate
99.0%
Financials
Production rate
4.0
Total production
56.7 Mlb
Life of mine
10.0 years
Uranium price used
$68.89/lb
Recovery rate
99.0%
Post-tax NPV8
$825M
Post-tax IRR
73.0%
Payback
1.0 years
Capex
$315M
AISC
$13.06/lb
Cash costs
$4.45/lb
Realized sales price
$68.89/lb
Notes
Highlights
Ranked #1 non-precious mining development project globally (2025); high-grade, low-cost ISR; technical de-risking complete; robust economics; first production targeted mid-2028
Country attractiveness
Infrastructure-rich Eastern Athabasca Basin; grid power; proximity to McClean Lake mill
Resource context
Largest mineral reserves of undeveloped uranium projects in eastern Athabasca Basin
Permit context
All major regulatory approvals received; multiple Indigenous and community agreements in place
Technical context
Extensive test work, detailed engineering, successful 2022 Feasibility Field Test
Financial context
Strong balance sheet; physical uranium holdings to support project financing
Economic sensitivity
Base case and $100/lb case provided; strong IRR and NPV at both price points
Offtake agreements
Existing agreements to sell >5Mlb U3O8; advanced negotiations for further 12Mlb
Waterbury Lake (THT)
Developing Project
Canada
2020 PEA completed for ISR mining at THT deposit; successful 2023 ISR field test • PEA
Overview
Country
Canada
Region
Athabasca Basin, Saskatchewan
Current status
2020 PEA completed for ISR mining at THT deposit; successful 2023 ISR field test
Ownership
70.6%
Strategic shareholders
Korea Hydro Nuclear Power (KHNP)
Mine type
ISR
Classification
Project stage
Developer
Substage
PEA
Active milestone
PEA
Completed milestones
PEA
Resources
Measured + indicated
12.8 Mlb
M&I grade
20,000.0 ppm
Total resources
12.8 Mlb
Endowment
Core endowment
12.8 Mlb
Core ownership
70.6%
Grade
20,000.0 ppm
Financials
Production rate
1.6
Life of mine
6.0 years
Uranium price used
$65.00/lb
Post-tax NPV8
$139M
Post-tax IRR
50.0%
Capex
$58.9M
AISC
$17.68/lb
Cash costs
$8.67/lb
Realized sales price
$65.00/lb
Notes
Highlights
Low-cost ISR operation; freeze wall design; minimal site infrastructure; partnership with KHNP-led consortium
Country attractiveness
Proximity to McClean Lake mill; infrastructure-rich region
Resource context
Significant indicated resources
Technical context
ISR mining method; freeze wall design; UBS to be trucked to McClean Lake mill
Financial context
Low initial capex; high IRR and rapid payback
Economic sensitivity
Base case at $65/lb; robust IRR and NPV
Recent achievements
2023 ISR field test successful
Work ongoing
Technical studies and permitting
Next steps
Advance technical studies and permitting for ISR development
Wheeler River Uranium Project
Unknown
Canada
Overview
Country
Canada
Region
Northern Saskatchewan
Continue production; evaluate further deposits (e.g., McClean South)
Resource extension potential
New mineralization discovered at McClean South (2021, 2022, 2025)
Next steps
Advance technical studies and permitting for ISR development
Recent achievements
FID made; site prep and construction commenced; procurement of long-lead items; engineering 87% complete
Work ongoing
Construction, procurement, commercial negotiations
Next steps
Continue construction; target first production by mid-2028