Cosa Announces Summer Drilling Results for Murphy Lake North Uranium Joint Venture with Denison Mines
Denison’s Phoenix project drives value while Cosa’s MLN CPS-only update remains non-material.
Cosa Resources Corp. (TSXV: COSA) reported the completion of its summer 2026 exploration program at the Murphy Lake North property, where Denison Mines Corp. holds a 30% joint-venture interest and Cosa is approximately an 18.9% shareholder. The program consisted of 13 holes totaling 6,752 meters, targeting the Cyclone trend over a 650-meter strike length. All 13 holes intersected moderate to strong alteration and/or structure, with several holes revealing narrow intervals of elevated radioactivity measured solely by handheld scintillometer.
The only tabulated results provided are CPS intervals, which ranged from 0.1–0.5 m at 250–340 CPS across seven holes. No new chemical U3O8 assay intervals were reported for the summer holes. The release noted that pending assay results will guide further exploration. The primary data point remains the previously reported winter hole MLN26-013, which returned 5.0 m at 0.55% U3O8, including 0.5 m at 1.70% U3O8.
Cosa stated it has C$16 million in treasury and plans follow-up drilling at Murphy Lake North, Darby, and Aurora.
Denison Mines Corp. (DML) is a uranium developer and producer with an equity value of approximately C$3.8 billion. Its valuation is driven by the construction of the Phoenix In-Situ Recovery facility, operations at McClean Lake, physical uranium sales, and the broader uranium price.
The company holds a 30% non-operated interest in an early-stage exploration joint venture. The recent release reported only CPS results and contained no new assays. This update does not change Denison’s reserve or resource base, mine life, net asset value, or construction thesis.
Denison’s stock is not priced based on drilling at Cosa’s McClean Lake project. Instead, the market is pricing Phoenix execution and uranium sales. The update represents ordinary partner exploration news flow.
Denison Mines Corp. is a uranium development and exploration company focused on the eastern Athabasca Basin in Saskatchewan. Its portfolio includes the Wheeler River Project, which holds a 90% direct, 95% effective interest. This project features the Phoenix ISR deposit, which is under construction with first production targeted for 2028, and the Gryphon underground deposit, which is at the pre-feasibility study stage.
The company also holds a 22.5% interest in the McClean Lake Joint Venture, encompassing the mill and the operating McClean North mine. Additional interests include a 25.17% stake in the Midwest Joint Venture and a 70.55% interest in the THT deposit at Waterbury Lake. Through its JCU interest, Denison maintains 50% ownership of stakes in the Millennium, Kiggavik, and Christie Lake projects.
Physically, the company holds approximately 1.0 million lbs of U3O8, having sold 750,000 lbs in Q2 2026 at C$122.16/lb. As of June 30, 2026, Denison reported C$465.3 million in cash and total assets of C$1,114 million. Total debt stood at C$614 million, primarily consisting of US$345 million in convertible notes due 2031. At the latest provided price of C$4.19, the company’s market capitalization is approximately C$3.8 billion.