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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.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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