Denison Mines Corp. released audited financial statements for the year ended December 31 2025, reporting a net loss of CAD 217.29 million compared with a CAD 91.12 million loss in 2024, and revenue of CAD 4.92 million versus CAD 4.02 million a year earlier. The year‑end loss widened as the company continued to invest heavily in its McClean North and Phoenix projects while maintaining a strong balance sheet.
McClean North entered commercial production in July 2025, delivering 648,558 lb of U₃O₈ at an average finished‑goods cost of approximately $36 per pound. The production volume and cost benchmark reinforce Denison’s position as a low‑cost uranium producer in the Athabasca Basin.
Regulatory approval for the Phoenix ISR mine was secured in February 2026, and the company announced its final investment decision on March 10 2026. Site preparation is slated to begin in March, with Wood Plc appointed as construction manager. The Phoenix project is the first Canadian uranium mine approved for in‑situ recovery and the first large‑scale Canadian uranium mine approved for construction in more than two decades.
Denison raised $345 million in convertible notes, upsizing the offering to meet project financing needs and secure a three‑year cash runway. The financing strengthens the company’s ability to advance both the McClean North and Phoenix projects without compromising liquidity.
"The Commission’s decision to approve the EA and issue the Licence for Phoenix represents a landmark achievement," said President and CEO David Cates. "Phoenix is the first uranium mine in Canada to be approved for ISR mining and is the first large‑scale Canadian uranium mine approved for construction in more than 20 years."
The company’s transition from explorer to producer is underscored by the successful start‑up of McClean North and the de‑risking of Phoenix. First production at Phoenix is targeted for mid‑2028, positioning Denison to supply a growing global demand for nuclear energy while maintaining cost advantages.
Headwinds for the company include the broader uranium market’s price volatility and the need to manage ongoing capital expenditures. However, the firm’s low operating costs, strong regulatory approvals, and robust financing provide a solid foundation for continued growth.
Denison’s progress on both production and construction milestones, coupled with its financial resilience, signals a significant step toward establishing the company as a leading low‑cost uranium producer in the Athabasca Basin. The company’s strategic focus on ISR technology and its first large‑scale Canadian uranium mine approval set it apart in a market poised for increased demand for clean baseload power.
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