Cosa Announces C$5 Million Private Placement, Including Participation by Denison Mines

On November 13, 2025, Cosa Resources Corp. (Cosa) announced a private placement targeting C$5 million, with participation from Denison Mines Corp. (Denison). The financing is structured with three types of securities: - Up to 8,000,000 Common Units at C$0.25 per unit, each consisting of one common share and one-half common share purchase warrant. - Up to 7,058,824 Charity Flow-Through Units at C$0.425 per unit, each comprising one flow-through common share and one-half common share purchase warrant. - Flow-Through Shares at C$0.30 (no quantity specified in the provided news, but listed as a security type). All warrants are exercisable at C$0.37 for a term of 24 months.

Denison Mines is participating in this private placement to maintain its approximate 19.95% ownership interest in Cosa, exercising its pre-emptive and top-up rights from an investor rights agreement dated January 14, 2025.

The proceeds from the financing are intended for exploration funding, primarily for Cosa’s Murphy Lake North and Darby projects (joint ventures with Denison), and for general working capital. The flow-through proceeds will be used for eligible Canadian exploration expenses related to uranium projects in the Athabasca Basin.

Cosa’s President and CEO, Keith Bodnarchuk, expressed gratitude for Denison’s direct participation, viewing it as a strong endorsement of Cosa's team and the upside potential of the winter drill targets at Murphy Lake North and Darby. He highlighted Denison's ongoing commitment as a large shareholder and joint venture partner, providing technical and financial support for Cosa's objective of making new uranium discoveries.

This news is a routine positive for Denison Mines. While it involves a third-party company (Cosa Resources), Denison's participation is a direct result of its strategic joint venture agreements and previous investment in Cosa (November 27, 2024, news). By maintaining its ~19.95% interest, Denison reinforces its commitment to and belief in the exploration potential of the Murphy Lake North and Darby projects, which were formerly Denison's non-core assets. This allows Denison to retain exposure to potential exploration success in the Athabasca Basin without bearing 100% of the exploration costs and risks.

The financing itself is modest in the context of Denison’s financial strength (over C$720 million in cash, physical uranium, and investments as of Q3 2025). Therefore, while it's a strategically sound move and a positive signal to the market regarding the joint ventures, it does not constitute a "game-changer" for Denison's overall valuation or core project timeline. It indicates prudent portfolio management and continued collaboration with a technically capable junior explorer.

For Cosa Resources, this is a materially positive development, providing C$5 million in capital for its planned winter exploration programs, particularly on the Murphy Lake North and Darby projects. Denison's continued participation also acts as a significant validation for Cosa's projects and management team.

Denison Mines Corp. is a leading uranium exploration and development company focused on the Athabasca Basin region in northern Saskatchewan, Canada. The company's core strategy is to advance its portfolio of four low-cost uranium development projects and leverage its ownership interest in regional infrastructure.

Flagship Project: - Wheeler River Project (Phoenix Deposit): This is Denison’s flagship project, distinguished by its high-grade uranium and planned In-Situ Recovery (ISR) mining method. The Phoenix deposit has Probable Reserves of 56.7 million lbs U3O8 (11.7% U3O8) and boasts low projected operating costs (US$6.28/lb U3O8 cash operating cost). It is targeted for first production by mid-2028. The project has been ranked as the #1 non-precious mining development project globally in 2025 by Mining Journal Intelligence. It is currently in the advanced stages of permitting, with the federal Environmental Impact Statement (EIS) accepted by the CNSC and provincial EA approval received (though facing a judicial review).

Other Key Projects and Interests: - Gryphon Deposit (Wheeler River Project): A basement-hosted uranium deposit intended for conventional underground mining, with Probable Reserves of 49.7 million lbs U3O8 (1.8% U3O8). - McClean Lake Joint Venture (MLJV): Denison holds a 22.5% interest in the MLJV, which includes the McClean Lake uranium mill (24 million lbs U3O8 licensed annual capacity) and the McClean North deposit. The McClean North deposit commenced commercial mining using the proprietary Surface Access Borehole Resource Extraction (SABRE) method in June 2025. The mill currently processes ore from the Cigar Lake mine. - Midwest Main Deposit (Midwest Project): Located near the McClean Lake mill, a Preliminary Economic Assessment (PEA) outlines potential for low-cost ISR production of 6.1 million lbs U3O8 per year for 6 years, with Indicated Resources of 38.7 million lbs U3O8 (3.5% U3O8). - Waterbury Lake Project (Tthe Heldeth Túé - THT Deposit): Also a high-grade ISR project near the McClean mill, with Indicated Resources of 12.8 million lbs U3O8 (2.0% U3O8). - Exploration Portfolio: Strategic investments and joint ventures with companies like Cosa Resources (Murphy Lake North, Darby, Packrat) and Foremost Clean Energy (Hatchet Lake, other non-core properties) to advance exploration and maintain exposure to new discoveries.

Denison’s strategy emphasizes the infrastructure-rich Eastern Athabasca Basin, a region renowned for high-grade uranium deposits.