Denison Mines CorpD
Denison Mines Corp (TSX: DML / NYSE American: DNN) is a Toronto-headquartered uranium developer whose flagship asset, Wheeler River's Phoenix in-situ recovery (ISR) project (Athabasca Basin, Saskatchewan; Denison effective 95% interest), received a Final Investment Decision on 24 Feb 2026 and a construction licence from the Canadian Nuclear Safety Commission in Feb 2026, with full-scale construction commencing Jul 2026 (over 20% of site civil work complete by end of Jul 2026) and first production targeted mid-2028. As of 30 Jun 2026 Denison held approximately 1.1 million lbs U3O8 in combined physical uranium investments and MLJV-share concentrate inventory. This MLJV interest is real but minority, non-controlling, and Orano-operated -- not Denison's own operated production the way Phoenix will be.
Notable vs. Peers
- Trading within 6% of its 52-week low — weak recent price momentum.
Lifecycle Milestones
Construction Milestones
3 of 5 reachedMilestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.
Not in place: mill, tailings facility.
Combined view across 5 projects. Figures below are only combined where the underlying basis genuinely matches -- see the notes under each.
- 73%Wheeler River -- Phoenix ISR Project
- 37.6%Wheeler River -- Gryphon deposit
- 82.7%Midwest Joint Venture (Midwest Main, Midwest A)
- 39.1%Waterbury Lake -- Tthe Heldeth Tue (THT) deposit
- 10 yrsWheeler River -- Phoenix ISR Project
- 6.5 yrsWheeler River -- Gryphon deposit
- 6.14 yrsMidwest Joint Venture (Midwest Main, Midwest A)
- 6 yrsWaterbury Lake -- Tthe Heldeth Tue (THT) deposit
Jurisdiction (40%)9/10
Saskatchewan: Fraser PPI 2025 is 92.90 of 100 (rank 8 of 68), which maps to 9 on this site's scale. Both the flagship Wheeler River (Phoenix) project, a 95% Denison interest, and its 22.5% McClean Lake joint-venture interest sit in Saskatchewan's Athabasca Basin, a Tier-1 uranium jurisdiction.
Infrastructure (40%)5.7/10
No confirmed mill, confirmed road access, confirmed grid power, and no confirmed tailings facility at Wheeler River -- Phoenix ISR Project.
Nearby producing mine (20%)Not yet researched
No producing mine within 50 km in our reference list (nearest listed: Key Lake mill (Cameco Corporation), 227 km). That list doesn't cover every mining district yet, so a longer distance isn't scored as remote.
Acquisition Susceptibility
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
No pending acquisition or merger disclosed (checked)
Not scored: having no deal in flight isn't held against a company.
Weight 26.25% - Producer's strategic stakeSub-score: Not scored
No producer holds a disclosed stake on file (holder register researched) See holders
Not scored: most juniors that do get bought had no prior toehold, so a missing stake says little either way.
Weight 25% - Distance to a producing mineSub-score:0/10
Nearest producing mine: Key Lake mill (Cameco Corporation), 227 km
10 next to a producing mine, 8 at 20 km, 5 at 50 km, 0 beyond 200 km.
Weight 22.5% · 46% here - Lifecycle stageSub-score:7/10
Stage: Construction
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 31% here - JurisdictionSub-score:9/10
Canada: jurisdiction score 9/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 14% here - CommoditySub-score:4/10
Primary commodity: Uranium
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 9% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
Your Rankings
Management Team
Chair of the Board of Denison Mines Corp. Partner at Cassels Brock & Blackwell LLP.
President and Chief Executive Officer of Denison Mines Corp.
Chief Financial Officer of Denison Mines Corp., appointed December 2023; also a director of Cosa Resources Corp.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
No smart-money tracking (institutional/large-investor activity) for this miner yet — this is a planned feature, not live data.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
Denison Mines is building the Phoenix in-situ recovery (ISR) uranium mine at its Wheeler River project in Saskatchewan's Athabasca Basin (effective 95% interest), after a final investment decision and a Canadian Nuclear Safety Commission construction licence in February 2026; full-scale construction began in July 2026, and first production is targeted for mid-2028. Denison also holds 22.5% of the Orano-operated McClean Lake joint venture, where the McClean North deposit began production in July 2025, plus the Gryphon deposit at Wheeler River and interests in the Midwest joint venture (25.17%) and Waterbury Lake (70.55%). Its attributable measured and indicated resources at 31 December 2025 total 151,200,000 lb U3O8 (29,400,000 lb measured, 121,800,000 lb indicated), with 16,000,000 lb inferred. Phoenix's January 2026 restatement shows a post-tax NPV8% of US$1.13B (CAD 1.57B) and a 73% IRR on a 100% basis over a 10-year mine life, and the post-decision construction budget is US$433M (CAD 600M). Denison sold 750,000 lb of U3O8 in Q2 2026 from its McClean Lake share and physical uranium holdings.