Uranium Hub

Denison Mines Corp

DNN.US

Latest notebook-shaped company presentation stored for this ticker.

Projects

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 ProjectCanada

Development-stage; PFS update completed 2023; capex expected to be funded by Phoenix cash flows. • PFS

Overview

Country

Canada

Region

Athabasca Basin, Saskatchewan

Current status

Development-stage; PFS update completed 2023; capex expected to be funded by Phoenix cash flows.

6 projects in this company presentation

Report date 2026-04-01

Denison Mines Corp • DNN.US • 6 projects

Financials

Production rate

9.0

Total production

49.7 Mlb

Life of mine

6.5 years

Uranium price used

$75.00/lb

Post-tax NPV8

$459M

Post-tax IRR

37.6%

Payback

1.7 years

Capex

$388M

AISC

$18.12/lb

Cash costs

$9.07/lb

Realized sales price

$75.00/lb

Notes

Highlights

Provides additional low-cost production; moderate grade, conventional UG mining; robust economics.

Country attractiveness

Infrastructure-rich, proximity to McClean Lake mill.

Resource context

Significant indicated resources and probable reserves.

Technical context

Conventional UG mining, toll milling at McClean Lake mill.

Financial context

Capex expected to be funded by Phoenix cash flows.

Economic sensitivity

Base-case modeled at US$75/lb.

Recent achievements

2023 PFS update completed.

Next steps

Advance toward development, leverage Phoenix infrastructure.

McClean Lake

Producing ProjectCanada

Restarted production at McClean North deposit in June 2025; produced 649,000 lbs U3O8 in 2025 (100% basis). • Steady-state production

Overview

Country

Canada

Region

Athabasca Basin, Saskatchewan

Current status

Restarted production at McClean North deposit in June 2025; produced 649,000 lbs U3O8 in 2025 (100% basis).

Permit status

10-year CNSC operating license (to June 2027); TMF expansion approved.

Ownership

22.5%

Strategic shareholders

Orano Canada Inc.

Mine type

SABRE (Surface Access Borehole Resource Extraction) and conventional mining

Deposits

Classification

Project stage

Producer

Substage

Steady-state production

Active milestone

Production Restart

Completed milestones

Production Restart, SABRE test mining program

Resources

Measured + indicated

17.8 Mlb

M&I grade

28,000.0 ppm

Inferred

7.4 Mlb

Inferred grade

7,900.0 ppm

Total resources

25.2 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

Strategics

Production

2025-06-01

Notes

Highlights

Strategic asset, 11% of global uranium production processed, excess licensed mill capacity, SABRE mining method patented and operating.

Country attractiveness

Infrastructure-rich, road and air access, proximity to other Denison projects.

Resource context

Significant indicated and inferred resources across multiple deposits.

Permit context

CNSC operating license renewed in 2017 for operations to June 2027; TMF expansion approved.

Technical context

SABRE mining method; conventional processing at McClean Lake mill.

Offtake agreements

Toll milling agreements in place (e.g., Cigar Lake).

Recent achievements

Restarted production at McClean North (2025); SABRE test mining program completed.

Work ongoing

Production, exploration at McClean South.

Midwest

Developing ProjectCanada

PEA completed 2025; development-stage; evaluation of SABRE mining method ongoing. • PEA

Overview

Country

Canada

Region

Athabasca Basin, Saskatchewan

Current status

PEA completed 2025; development-stage; evaluation of SABRE mining method ongoing.

Permit status

Approved EIS as Open Pit (2012); PEA for ISR (2025)

Ownership

25.2%

Mine type

ISR (In-Situ Recovery)

Deposits

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

$508M

Post-tax IRR

82.7%

Payback

0.5 years

Capex

$102M

AISC

$18.34/lb

Cash costs

$8.32/lb

Realized sales price

$80.00/lb

Strategics

PEA

2025-08-01

Notes

Highlights

High-grade, robust economics, PEA for ISR mining; SABRE mining method under evaluation.

Country attractiveness

Proximity to McClean Lake mill; high grades.

Resource context

Significant indicated and inferred resources.

Permit context

CNSC approved EIS as open pit in 2012; PEA for ISR completed 2025.

Technical context

ISR mining method; SABRE mining method under evaluation.

Economic sensitivity

Base-case modeled at US$80/lb.

Recent achievements

2025 PEA completed.

Work ongoing

Evaluation of SABRE mining method.

Next steps

Advance development, evaluate SABRE mining method.

Phoenix

Developing ProjectCanada

Site preparation and initial construction commenced March 2026; FID made; first production targeted mid-2028; final regulatory approvals received Feb 2026. • DFS

Overview

Country

Canada

Region

Athabasca Basin, Saskatchewan

Current status

Site preparation and initial construction commenced March 2026; FID made; first production targeted mid-2028; final regulatory approvals received Feb 2026.

Permit status

Final Federal and Saskatchewan EA approvals received; Licence to Prepare Site and Construct a Mine and Mill granted.

Ownership

95.0%

Strategic shareholders

Korea Hydro Nuclear Power (KHNP) consortium

Mine type

ISR (In-Situ Recovery)

Deposits

Classification

Project stage

Developer

Substage

DFS

Active milestone

Construction

Completed milestones

Feasibility Study, Final Investment Decision, Regulatory Approvals

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

Financials

Production rate

4.0

Total production

56.7 Mlb

Life of mine

10.0 years

Uranium price used

$68.89/lb

Post-tax NPV8

$827M

Post-tax IRR

73.0%

Payback

1.0 years

Capex

$316M

AISC

$13.10/lb

Cash costs

$4.47/lb

Realized sales price

$68.89/lb

Strategics

PFS / DFS

2023-06-01

FID

2026-03-01

Production

2028-07-01

Notes

Highlights

Ranked #1 non-precious mining development project globally (2025); high-grade, low-cost ISR; robust economics; technical de-risking complete.

Country attractiveness

Infrastructure-rich, grid power, proximity to McClean Lake mill, strong Indigenous/community agreements.

Resource context

Largest mineral reserves of undeveloped uranium projects in eastern Athabasca Basin.

Permit context

All major permits and approvals received as of Feb 2026.

Technical context

87% engineering complete; 2022 Feasibility Field Test successful; freeze wall design for ISR.

Financial context

Strong balance sheet, physical uranium holdings to support project financing.

Economic sensitivity

Base-case and high-case scenarios modeled at US$68.89-78.36/lb and US$100/lb.

Offtake agreements

Existing agreements to sell >5Mlb U3O8; advanced negotiations for further 12Mlb.

Waterbury Lake (THT)

Developing ProjectCanada

PEA completed 2020; development-stage; successful 2023 ISR field test. • PEA

Overview

Country

Canada

Region

Athabasca Basin, Saskatchewan

Current status

PEA completed 2020; development-stage; successful 2023 ISR field test.

Ownership

70.6%

Strategic shareholders

Korea Hydro Nuclear Power (KHNP) consortium

Mine type

ISR (In-Situ Recovery)

Deposits

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

$59.0M

AISC

$17.73/lb

Cash costs

$8.70/lb

Realized sales price

$65.00/lb

Strategics

PEA

2020-10-01

Notes

Highlights

Low-cost ISR operation; freeze wall design; robust economics; successful 2023 ISR field test.

Country attractiveness

Proximity to McClean Lake mill; infrastructure-rich region.

Resource context

Significant indicated resources.

Technical context

ISR mining method with freeze wall; UBS to be trucked to McClean Lake mill.

Economic sensitivity

Base-case and high-case scenarios modeled at US$65/lb.

Recent achievements

2023 ISR field test successful.

Next steps

Advance development, potential for future project pipeline.