Denison Reports Financial and Operational Results for Q2 2025, Highlighted by Return to Uranium Production at McClean Lake and Provincial Approval of Wheeler River Environmental Assessment
Denison Mines (NYSE:DNN) reported significant operational achievements in Q2 2025, marking a transformative period for the company. The company commenced uranium production at McClean Lake North using the proprietary SABRE mining method, with processing beginning at the McClean Lake mill in July.
A major milestone was achieved with the Provincial Environmental Assessment approval for the Wheeler River Uranium Project, bringing the Phoenix ISR mine closer to construction. The project has reached 80% completion in total engineering, with some first-year construction scopes approaching 100%.
Notable developments include the discovery of additional high-grade uranium mineralization at the Wheeler River Gryphon deposit and positive results from the Midwest Preliminary Economic Assessment, projecting 37.4 million pounds U3O8 production over 6 years with an after-tax IRR of 82.7% and NPV of $965 million.
Denison Mines (NYSE:DNN) ha riportato risultati operativi significativi nel secondo trimestre del 2025, segnando un periodo di trasformazione per l'azienda. La societ脿 ha avviato la produzione di uranio a McClean Lake North utilizzando il metodo di estrazione proprietario SABRE, con l'inizio della lavorazione presso l'impianto di McClean Lake a luglio.
Un traguardo importante 猫 stato raggiunto con l'approvazione della Valutazione Ambientale Provinciale per il progetto uranifero Wheeler River, avvicinando la miniera ISR Phoenix alla fase di costruzione. Il progetto ha raggiunto l'80% di completamento nell'ingegneria totale, con alcune attivit脿 di costruzione del primo anno quasi al 100%.
Tra gli sviluppi rilevanti si annovera la scoperta di ulteriore mineralizzazione di uranio ad alto tenore nel deposito Gryphon di Wheeler River e risultati positivi dalla Valutazione Economica Preliminare del Midwest, che prevede una produzione di 37,4 milioni di libbre di U3O8 in 6 anni, con un IRR dopo tasse dell'82,7% e un NPV di 965 milioni di dollari.
Denison Mines (NYSE:DNN) report贸 logros operativos significativos en el segundo trimestre de 2025, marcando un periodo transformador para la empresa. La compa帽铆a inici贸 la producci贸n de uranio en McClean Lake North utilizando el m茅todo de miner铆a patentado SABRE, comenzando el procesamiento en la planta de McClean Lake en julio.
Se alcanz贸 un hito importante con la aprobaci贸n de la Evaluaci贸n Ambiental Provincial para el Proyecto de Uranio Wheeler River, acercando la mina ISR Phoenix a la construcci贸n. El proyecto ha alcanzado un 80% de avance en la ingenier铆a total, con algunos alcances de construcci贸n del primer a帽o cerca del 100%.
Entre los desarrollos notables se incluye el descubrimiento de mineralizaci贸n adicional de uranio de alta ley en el dep贸sito Gryphon de Wheeler River y resultados positivos de la Evaluaci贸n Econ贸mica Preliminar del Midwest, proyectando una producci贸n de 37.4 millones de libras de U3O8 durante 6 a帽os con una TIR despu茅s de impuestos del 82.7% y un VAN de 965 millones de d贸lares.
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欤茧頃� 毵岉暅 氚滌爠鞙茧電� Wheeler River Gryphon 甏戩儊鞐愳劀 於旉皜 瓿犽摫旮� 鞖半澕電� 甏戨頇�臧� 氚滉铂霅橃棃瓿�, Midwest 鞓堧箘 瓴届牅靹� 韽夑皜鞐愳劀 旮嶌爼鞝侅澑 瓴瓣臣臧� 雮橃檧 6雲� 霃欖晥 3,740毵� 韺岇毚霌滌潣 U3O8 靸濎偘瓿� 靹疙泟 雮措秬靾橃澋毳�(IRR) 82.7%, 靾滍槃鞛皜旃�(NPV) 9鞏� 6,500毵� 雼煬毳� 鞓堨儊頃橁碃 鞛堨姷雼堧嫟.
Denison Mines (NYSE:DNN) a annonc茅 des r茅alisations op茅rationnelles significatives au deuxi猫me trimestre 2025, marquant une p茅riode de transformation pour l'entreprise. La soci茅t茅 a commenc茅 la production d'uranium 脿 McClean Lake North en utilisant la m茅thode d'extraction propri茅taire SABRE, avec un d茅but de traitement 脿 l'usine de McClean Lake en juillet.
Une 茅tape majeure a 茅t茅 franchie avec l'approbation de l'茅valuation environnementale provinciale pour le projet d'uranium Wheeler River, rapprochant la mine ISR Phoenix de la phase de construction. Le projet a atteint 80 % d'ach猫vement de l'ing茅nierie totale, certaines phases de construction de la premi猫re ann茅e approchant les 100 %.
Parmi les d茅veloppements notables, on compte la d茅couverte d'une min茅ralisation suppl茅mentaire d'uranium 脿 haute teneur au gisement Gryphon de Wheeler River et des r茅sultats positifs de l'茅valuation 茅conomique pr茅liminaire du Midwest, pr茅voyant une production de 37,4 millions de livres d'U3O8 sur 6 ans avec un TRI apr猫s imp么ts de 82,7 % et une VAN de 965 millions de dollars.
Denison Mines (NYSE:DNN) meldete im zweiten Quartal 2025 bedeutende operative Erfolge und markierte damit eine transformative Phase f眉r das Unternehmen. Das Unternehmen begann mit der Uranproduktion in McClean Lake North unter Verwendung der propriet盲ren SABRE-Abbaumethode, wobei die Verarbeitung im Juli im McClean Lake Werk startete.
Ein wichtiger Meilenstein wurde mit der genehmigten Provinziellen Umweltvertr盲glichkeitspr眉fung f眉r das Wheeler River Uranprojekt erreicht, wodurch die Phoenix ISR-Mine der Bauphase n盲her r眉ckt. Das Projekt hat 80% der gesamten Ingenieurarbeiten abgeschlossen, wobei einige Bauabschnitte des ersten Jahres nahezu 100% fertiggestellt sind.
Zu den bemerkenswerten Entwicklungen geh枚rt die Entdeckung von zus盲tzlicher hochgradiger Uranmineralisierung im Wheeler River Gryphon-Lagerst盲tten und positive Ergebnisse der vorl盲ufigen Wirtschaftlichkeitsstudie Midwest, die eine Produktion von 37,4 Millionen Pfund U3O8 眉ber 6 Jahre mit einem Nachsteuer-IRR von 82,7% und einem Kapitalwert (NPV) von 965 Millionen US-Dollar prognostiziert.
- Successful start of uranium production at McClean North using proprietary SABRE mining method
- Obtained crucial Provincial Environmental Assessment approval for Wheeler River Project
- Wheeler River Project engineering reached 80% completion milestone
- Discovery of new high-grade uranium mineralization at Gryphon deposit (2.3m at 1.69% eU3O8)
- Midwest PEA shows robust economics with 82.7% IRR and $965M NPV
- Low projected operating costs of USD$11.69/lb U3O8 at Midwest project
- New high-grade uranium discoveries at McClean South
- Significant initial capital requirement of $254 million for Midwest project
- Federal approvals still pending for Wheeler River Project construction
- Final investment decision for Phoenix ISR mine delayed until first half of 2026
Insights
Denison achieves critical regulatory approval for Wheeler River while returning to production at McClean Lake, significantly advancing its growth pipeline.
Denison Mines has achieved several major operational milestones that substantially improve its growth trajectory and near-term cash flow profile. The return to uranium production at McClean Lake North using the innovative SABRE mining method marks Denison's re-entry into the producer category after years focused on development. This technological approach allows for selective mining with minimal surface disturbance and represents a new source of Canadian uranium production.
The provincial approval of the Wheeler River Environmental Assessment is arguably the most significant development, as it removes a critical regulatory hurdle for Denison's flagship project. With federal hearings scheduled for October and December 2025, the company appears to be in the final stages of permitting before construction can begin. The project's engineering work is 80% complete, with first-year construction scopes approaching 100% completion, positioning the company for a potential final investment decision in early 2026.
From a resource expansion perspective, the discovery of additional high-grade mineralization (2.3 meters at 1.69% eU鈧僌鈧�) outside the previously defined Gryphon deposit demonstrates exploration upside at the Wheeler River property. Similarly, the new mineralization found at McClean South suggests potential resource growth at existing operations.
The Midwest Preliminary Economic Assessment showcases exceptionally strong economics with an 82.7% IRR and all-in costs of
The concurrent advancement of multiple projects - from production at McClean Lake to final permitting at Wheeler River and preliminary studies at Midwest - demonstrates a well-structured development pipeline that should support Denison's growth over the next decade as global uranium markets continue to tighten.
David Cates, President and CEO of Denison commented,听"This summer has been highly productive for Denison.听 We've achieved key milestones at McClean Lake and Wheeler River and delivered results on multiple projects that showcase the potential to add value within our portfolio of leading
We marked our return to uranium production and inaugurated a new source of Canadian uranium, with the newly commissioned McClean North SABRE mine commencing mining operations in June and the McClean Lake mill processing the first recovered ore and packaging finished yellowcake product in July.听 We look forward to further reporting on the results from the McClean Lake Joint Venture in the coming quarters and marketing our share of production.
At our flagship Wheeler River project, the Province of
We also reported positive exploration results at Wheeler River's Gryphon deposit, where we carried out the first follow-up drill program since 2018. While the focus of the program was on mineral resource delineation, we also tested a handful of resource expansion targets and are very pleased that drilling has identified additional high-grade mineralization beyond the defined extent of the D-series of lenses.
Lastly, in recent days we reported the results of a Preliminary Economic Assessment ('PEA') for the use of ISR mining at the Midwest Joint Venture's Midwest Main deposit. The PEA incorporates results from multiple successful field test programs and outlines the potential for the project to have an all-in cost of production amongst the lowest cost uranium mines in the world, generating an impressive internal rate of return over
Highlights
- Announced First Production at听McClean Lake North using SABRE Mining
In July 2025, the McClean Lake Joint Venture ('MLJV') announced the successful start of uranium mining operations at the McClean North deposit using the joint venture's patented Surface Access Borehole Resource Extraction ('SABRE') mining method. Mining operations commenced in June, with approximately 250 tonnes of high-grade ore estimated to have been recovered from the first mining cavity. Processing of recovered ore commenced at the McClean Lake mill in the third quarter. - Obtained Provincial Approval of Environmental Assessment for Wheeler River
In July 2025, Denison received Ministerial approval under The Environmental Assessment Act ofSaskatchewan to proceed with the development of the Wheeler River Uranium Project, as outlined in the final provincial Environmental Assessment submitted for final approval in late 2024.听 The provincial EA is substantially similar to the Federal EA, which was accepted as final by the Canadian Nuclear Safety Commission in December 2024. Approval of the provincial EA represents one of the final regulatory milestones necessary for Denison to commence construction of the planned Phoenix In-Situ Recovery ('ISR') mine.
Remaining regulatory requirements to commence construction include receipt of the Provincial Pollutant Control Facility Permit, as well as the Federal approval of the EA and receipt of the Federal License to Prepare the Site & Construct.听 Both outstanding Federal approvals are the subject of the CNSC public hearings scheduled for the Project in October and December 2025. - Achieved Approximately
80% Completion of Total Engineering forPhoenix
Detailed design engineering for the proposed ISR mine project at thePhoenix deposit ('Phoenix ') commenced in early 2024 and continues to be on track for substantial completion prior to the commencement of construction, which is currently expected to occur following a final investment decision ('FID') during the first half of 2026.
Total engineering is significantly advanced with approximately80% estimated to be completed by June 30, 2025, including several scopes planned for the first year of construction approaching100% total engineering. - Discovery of Additional High-Grade听Mineralization at Wheeler River Gryphon Deposit
Additional high-grade uranium mineralization, located approximately 40 metres outside of the previously estimated mineralized domain associated with the D1 lens, was discovered as part of a highly successful delineation drill program carried out at the Gryphon uranium deposit ('Gryphon') during the first half of 2025. Drill hole WR-837AD2 intersected 2.3 metres at1.69% eU3O8 including 0.5 metres at5.48% eU3O8 in the down plunge direction from the previously defined D1 lens. This area remains open for further expansion down-plunge and along strike to the northeast.
Gryphon is situated approximately 3 km northwest ofPhoenix on Denison's95% owned Wheeler River property in northernSaskatchewan . In addition to the discovery of additional mineralization, the results from the delineation drilling program are expected to add confidence to the previously estimated mineral resources for Gryphon, having confirmed the geological interpretation of the deposit and intersecting uranium grades in line with expectations. - Midwest Preliminary Economic Assessment Showcases Robust Results from听ISR Mining
The PEA outlines total ISR mine production from the Midwest Main deposit (100% basis) of 37.4 million pounds U3O8 over an approximately 6-year mine life with processing at the nearby McClean Lake mill, resulting in annual average production of nearly 6.1 million pounds U3O8, an after-tax base-case NPV of$965 million 82.7% . Initial capital costs are estimated at$254 million USD /lb. U3O8 and all-in costs (including initial capital, sustaining capital, operating and decommissioning costs) estimated to be$11.69 USD /lb. U3O8. 听See the press release dated August 6, 2025 for further details.$25.78
Midwest is a joint venture owned by Denison (25.17% ) and Orano Canada Inc. ('Orano Canada') (74.83% ), and is located approximately 25 kilometers, by existing roads, from the Denison (22.5% ) and Orano Canada (77.5% ) owned McClean Lake uranium mill.
The PEA is preliminary in nature, includes mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would allow them to be categorized as mineral reserves, mineral resources that are not mineral reserves do not have demonstrated economic viability, and there is no certainty that the PEA will be realized. - Discovery of Additional High-Grade听Mineralization at McClean South
Several significant new intercepts of shallow high-grade uranium mineralization were discovered at the McClean South听zone听('McClean South'), on the Company's22.5% -owned McClean Lake project ('McClean Lake') in northern听Saskatchewan, during a 6,400-metre exploration drilling program completed during the first half of 2025. Orano Canada (MLJV operator), reported uranium mineralization measuring greater than0.05% eU (0.06% eU3O8) was intersected in 14 of 24 drill holes completed during the program. The results are interpreted to have successfully confirmed the continuity of mineralization and expanded the footprint of the 8W and 8C pods.听 McClean South is located approximately 600 metres south of the McClean North deposit.
About Denison
Denison Mines Corp. was formed under the laws of
Denison is a leading uranium mining, development, and exploration company with interests focused in the
Permitting efforts for the planned Phoenix ISR operation commenced in 2019 and are nearing completion with approval of the project's EA received from the Province of
Denison's interests in
Additionally, through its
In 2024, Denison celebrated its 70th year in uranium mining, exploration, and development, which began in 1954 with Denison's first acquisition of mining claims in the
Technical Disclosure and Qualified Person
The technical information contained in this press release has been reviewed and approved by Chad Sorba, P.Geo., Denison's Vice President Technical Services & Project Evaluation, who is a Qualified Persons in accordance with the requirements of NI 43-101.
Non-GAAP Financial Measures
This news release includes certain terms or performance measures commonly used in the mining industry that are not defined under International Financial Reporting Standards ('IFRS'). Such non-GAAP performance measures, including operating costs and sustaining costs, are included because it understands that investors use this information to determine the Company's ability to generate earnings and cash flows. The Company believes that conventional measures of performance prepared in accordance with IFRS do not fully illustrate the ability of mines to generate cash flows.听 Non-GAAP financial measures should not be considered in isolation as a substitute for measures of performance prepared in accordance with IFRS and are not necessarily indicative of operating costs, operating profit or cash flows presented under IFRS.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS听
Certain information contained in this press release constitutes 'forward-looking information', within the meaning of the applicable
In particular, this press release contains forward-looking information pertaining to the following: projections with respect to exploration, development and expansion plans and objectives, including the scope, objectives and interpretations of the
Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made, and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Denison to be materially different from those expressed or implied by such forward-looking statements. For example, the results and underlying assumptions and interpretations of its technical studies may not be maintained after further testing or be representative of actual conditions within the applicable deposits. In addition, Denison may decide or otherwise be required to discontinue testing, evaluation, engineering, and development work if it is unable to maintain or otherwise secure the necessary approvals or resources (such as testing facilities, capital funding, etc.). Denison believes that the expectations reflected in this forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be accurate and results may differ materially from those anticipated in this forward-looking information. For a discussion in respect of risks and other factors that could influence forward-looking events, please refer to the Annual Information Form dated March 25, 2025 under the heading 'Risk Factors'. These factors are not, and should not be, construed as being exhaustive.
Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking information contained in this press release is expressly qualified by this cautionary statement. Any forward-looking information and the assumptions made with respect thereto speaks only as of the date of this press release. Denison does not undertake any obligation to publicly update or revise any forward-looking information after the date of this press release to conform such information to actual results or to changes in Denison's expectations except as otherwise required by applicable legislation.
Cautionary Note to United States Investors Concerning Estimates of Mineral Resources and Mineral Reserves:
This news release may use the terms 'measured', 'indicated' and 'inferred' mineral resources.
Effective February 2019, the United States Securities and Exchange Commission ('SEC') adopted amendments to its disclosure rules to modernize the mineral property disclosure requirements for issuers whose securities are registered with the SEC under the Exchange Act and as a result, the SEC now recognizes estimates of 'measured mineral resources', 'indicated mineral resources' and 'inferred mineral resources'. In addition, the SEC has amended its definitions of 'proven mineral reserves' and 'probable mineral reserves' to be 'substantially similar' to the corresponding definitions under the CIM Standards, as required under NI 43-101.听 However, information regarding mineral resources or mineral reserves in Denison's disclosure may not be comparable to similar information made public by
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FAQ
What major milestones did Denison Mines (DNN) achieve in Q2 2025?
What are the economic projections for Denison's Midwest uranium project?
What is the status of Denison's Wheeler River Project approvals in 2025?
What new uranium discoveries did Denison Mines report in 2025?
When will Denison begin construction of the Phoenix ISR mine?
