Denison Mines (DML) Q1 2026 earnings summary

Executive summary

• Received final regulatory approvals and made final investment decision to construct the Phoenix ISR uranium mine, the first such approval in Canada in over 20 years.

• Commenced site preparation and early works at Phoenix, including tree clearing, facility installation, and civil works, with full-scale construction expected to begin by end of Q2 2026.

• Secured significant uranium sales commitments, with nearly 8 million pounds contracted and advanced negotiations for an additional 8 million pounds.

• Awarded construction management contract to Wood Canada Limited for Phoenix mine.

Financial highlights

• Entered near-term uranium sales commitments at an average realized price over US$99/lb U3O8 for deliveries within a year.

• Fixed sales price for 950,000 pounds U3O8 at US$92.05/lb, generating gross proceeds of US$87.5 million.

• 1,350,000 pounds U3O8 committed for delivery between Q2 2026 and Q2 2027; 500,000 pounds remain uncommitted.

Outlook and guidance

• On track to ramp up construction staffing and activities to commence full-scale construction by end of Q2 2026.

• Targeting first uranium production from Phoenix in mid-2028.

• Anticipates robust uranium market fundamentals and continued strong demand from nuclear utilities.