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Financings

Denison Reports Financial and Operational Results for Q3 2025, Including First Production from McClean North Uranium Mine

By The Northwire Desk — AI Analysis Nov 06, 2025 · 20:00 DML · 3.61 Denison Mines Corp.
DML · Price

Executive Summary

  • Denison reported Q3 2025 financial results and highlighted the start of commercial production at the McClean North uranium mine, delivering ~85,000 lb U₃O₈ with an operating cash cost of ≈US$19/lb.
  • Completed a US$345 million convertible senior notes offering (4.25% coupon, due 2031) and used proceeds to fund development of the Phoenix ISR project and general corporate purposes.
  • Advanced regulatory approvals for the Phoenix ISR mine: received Saskatchewan Ministerial EA approval (July 2025), completed first part of CNSC public hearing (Oct 8 2025) and scheduled final hearing week of Dec 8 2025, targeting a decision in early 2026; engineering design is ~85% complete.

Key Details

  • Financial Highlights
  • Condensed consolidated financial statements filed for three‑ and nine‑month periods ended Sep 30 2025.
  • End‑Q3 cash, investments, and uranium holdings ≈ C$720 million (boosted by convertible notes issuance).
  • Production Update – McClean North
  • July 2025: commercial mining commenced using SABRE method.
  • Q3 2025 extraction: 2,063 t high‑grade ore total (Denison share 464 t).
  • Q3 2025 production: 85,235 lb U₃O₈ total (Denison share 19,178 lb) at ≈US$27/lb (≈US$19/lb cash cost).
  • Convertible Senior Notes Offering
  • Completed Aug 15 2025; aggregate principal US$345 million; 4.25% semi‑annual coupon.
  • Initial conversion rate: 342.9355 shares per US$1,000 principal (≈US$2.92/share, 35% premium).
  • Capped call overlay: purchase of cash‑settled calls costing ≈US$35.4 million; effective conversion price can rise to US$4.32/share.
  • Use of proceeds: fund Phoenix ISR development, other uranium projects, and general corporate purposes.
  • Regulatory Progress – Phoenix ISR (Wheeler River)
  • July 2025: Saskatchewan Ministerial approval for Environmental Assessment received.
  • Oct 8 2025: participated in first part of CNSC public hearing; final part scheduled week of Dec 8 2025.
  • Anticipated federal EA and licence decision early 2026.
  • Engineering Design
  • Detailed design commenced early 2024; ~85% total engineering completed as of MD&A date.
  • First‑year construction scopes near 100% complete; second‑year scopes expected substantial completion by end 2025.
  • Capital expenditures to date: ~$27 million incurred, additional ~$44 million committed.
  • Future Outlook
  • Target FID for Phoenix ISR in H1 2026 pending regulatory approvals.
  • Company positions itself to become the first large‑scale new uranium mine in Athabasca Basin in ~20 years.

Notable Quotes

“Denison has delivered several key accomplishments during the second half of 2025, demonstrating our ongoing re‑emergence as a globally significant uranium producer.” – David Cates, President & CEO
“Our exceptionally strong balance sheet allows us to move confidently forward with procurement and construction planning…ready for a final investment decision following regulatory approvals.” – David Cates

Read the original news release →

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