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Denison Mines (DML) investor relations material

Denison Mines Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary7 Nov, 2025

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.

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Frequently asked questions

Denison Mines Corp is a Canadian uranium exploration and development company focused on advancing projects for the nuclear energy sector. The company’s primary operations include the exploration, development, and production of uranium resources, with core projects located in the Athabasca Basin in northern Saskatchewan, a region known for high-grade uranium deposits. Denison Mines’ activities support the growing demand for clean energy solutions, providing resources for nuclear power generation. The company is headquartered in Toronto, Canada, and its shares are listed on the Toronto Stock Exchange.

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