Northwire Canada EditionSaturday, August 1, 2026
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S 0.140 +0.0% BNKR 4.40 −2.2% QRO 0.045 +0.0% VCT 0.075 +36.4% PPP 1.15 +0.9% LMG 0.390 +0.0% GRDM 0.140 +0.0% ABRA 13.58 −4.1% WHY 0.295 +1.7% HHH 3.94 −0.2% COS 0.060 +0.0% NOB 0.065 −23.5% MEK 0.055 +0.0% TGOL 0.105 −4.5% FCI 0.400 −7.0% SGQ 0.350 +0.0% S 0.140 +0.0% BNKR 4.40 −2.2% QRO 0.045 +0.0% VCT 0.075 +36.4% PPP 1.15 +0.9% LMG 0.390 +0.0% GRDM 0.140 +0.0% ABRA 13.58 −4.1% WHY 0.295 +1.7% HHH 3.94 −0.2% COS 0.060 +0.0% NOB 0.065 −23.5% MEK 0.055 +0.0% TGOL 0.105 −4.5% FCI 0.400 −7.0% SGQ 0.350 +0.0%
Drill Results

Cosa Announces Commencement of Winter 2026 Drilling Campaign on Joint Ventures with Denison Mines

Denison Targets Winter Drill Catalysts via Cosa Partnership as Phoenix Project Looms Over 2026 FID

By The Northwire Desk — AI Analysis Jan 28, 2026 · 08:01 DML · 5.35 Denison Mines Corp.
Executive Summary

The most recent news (January 28, 2026) confirms the commencement of the Winter 2026 drilling campaign at the Darby and Murphy Lake North (MLN) projects. This is a Joint Venture (JV) where Cosa Resources is the operator (70%) and Denison (30%) is a strategic funder and shareholder. The Darby program consists of ~2,500 meters to test high-priority targets, while MLN will involve ~1,200 meters following up on 2025 summer results.

This follows a string of material January updates, including: - A declaration of construction readiness for the flagship Phoenix ISR project. - A capital cost update for Phoenix, now estimated at $600 million (CAD), a 20% increase from the 2023 feasibility study. - The achievement of grid power at the Phoenix site via a new SaskPower transmission line.

Material Impact

The January 28 drilling news is a routine operational update. While positive as it shows the deployment of capital into the ground, the total meterage (3,700m) is modest relative to Denison's $3.4B market capitalization. The material value driver for Denison remains the Final Investment Decision (FID) for the Phoenix project, expected in Q1 2026.

The 20% increase in Phoenix CAPEX to $600M is a negative fundamental development, although management claims this is offset by high post-tax IRR (73% in base case). The "material" story is the transition from a developer to a producer; Denison restarted mining at McClean North in mid-2025 using the SABRE method, which provides a proof-of-concept for their technical capabilities but remains a smaller-scale contributor compared to the potential of Wheeler River.

DML · Price
Company Overview

Denison Mines is a leading uranium developer in the Athabasca Basin. Its flagship is the Wheeler River Project, which hosts the Phoenix (high-grade ISR) and Gryphon (underground) deposits. - Phoenix: 90% ownership. P&P Reserves of 56.7M lbs U3O8 at a staggering grade of 11.7%. It is set to be the first ISR uranium mine in Canada. - McClean Lake: Denison owns 22.5% of the mill (operated by Orano), which toll-mills Cigar Lake ore, providing steady cash flow and strategic infrastructure.

Read the original news release →

More from Denison Mines Corp.

Jul 28, 2026 · 06:30

Denison begins full-scale construction of Canada’s first new uranium mine in twenty years, targeting mid-2028 yellowcake production.

Production / Operations Jul 15, 2026 · 08:01

Denison’s Phoenix construction remains on track following final investment decision, while Cosa share settlement confirms joint venture execution.

M&A / Property Jul 10, 2026 · 02:04

Denison’s Phoenix ISR construction remains on track while exploration joint venture milestones continue to serve as routine catalysts for the project.

Drill Results Jul 02, 2026 · 06:30

Peter Ballantyne Cree Nation Withdraws Judicial Review and Confirms Support for the Wheeler River Project

Regulatory Jun 26, 2026 · 08:01

Denison advances its Cosa joint venture exploration program to support the long-term pipeline while near-term catalysts remain anchored to Phoenix construction execution.

Drill Results Jun 18, 2026 · 08:01

Phoenix construction remains on track while exploration joint venture updates continue to provide incremental progress to core production catalysts.

Drill Results