Denison Reports Financial and Operational Results for Q3 2026, Highlighted by 24% Total Completion after First Quarter of Full-Scale Construction at Phoenix ISR Uranium Mine

Denison Mines Corp. (DML) reported its financial and operational results for the third quarter and the first nine months of 2026, ending September 30, 2026. The company’s update focused heavily on the Phoenix project’s construction status and Phoenix North exploration activities, without providing specific figures for Q3 revenue, net income, cash, debt, or balance sheet items.

Phoenix reached an estimated 24% total completion following its first full quarter of full-scale construction. This progress comprises 32% in engineering, PCM, and owner’s costs; 20% in construction and construction indirect costs; and 32% in the fabrication and delivery of equipment and materials. By the end of October 2026, site civil work was nearly 50% complete. Key infrastructure milestones included the availability of the main access road from Highway 914, substantial completion of the substation area, advancement of the freeze plant area and airstrip, and substantial completion of the concrete work required to initiate process plant building construction over the winter.

Year-to-date expenditures for the Phoenix project totaled C$161.1 million, which included C$105.0 million for construction and construction indirect costs and C$39.0 million for procurement. Life-to-date procurement costs stand at approximately C$56.8 million. The company forecasts Phoenix expenditures for 2026 at C$278.6 million. The fourth quarter of 2026 is projected to cost C$117.5 million, broken down into C$39.9 million for procurement, C$68.5 million for construction and indirect costs, and C$9.1 million for engineering, PCM, and owner’s costs. Denison continues to target construction completion and first production in the second half of 2028, roughly two years after full-scale construction began in July 2026.

Exploration at Phoenix North returned several intercepts, including WR-857D1 at 0.39% eU3O8 over 4.7 metres from 409.9 metres, WR-868 at 0.67% eU3O8 over 2.5 metres from 413.1 metres, and WR-869A at 0.07% eU3O8 over 2.2 metres from 421.5 metres. Mineralization is reported over approximately 100 metres of strike and remains open; it is not yet a resource.

Denison Mines Corp. (DML) released its second-quarter 2026 operational update on August 12, 2026, confirming that Phoenix construction is tracking to plan and providing the first full-quarter completion metric. The release also highlighted early-stage Phoenix North mineralization. These developments do not alter the company’s capital expenditure estimate, first-production window, or reserve and resource base.

Market reaction to the news was muted. Shares closed at C$2.96 prior to the release and fell to C$2.92 on the day, a decline of approximately 1.4%. The stock has faced significant downward pressure leading into the announcement; on November 4, 2026, shares closed at C$2.92, representing a drop of about 36.4% from the C$4.59 closing price on the release date. From the 52-week high of C$5.97 recorded on March 2, 2026, the stock is down approximately 51.1%.

The update provided a 24% completion rate for the Phoenix project. Financial forecasts for 2026 remain at C$278.6 million, with a specific C$117.5 million spend projected for the fourth quarter. Exploration results included encouraging but narrow and low-grade mineralization, with the exception of intercept WR-868. These findings do not yet impact the mine life or net asset value. The Q3 update supports the existing base case but did not introduce a capex cut, an accelerated schedule, a reserve upgrade, or a major discovery that would reverse the recent downtrend.

Denison Mines Corp. (TSX: DML, NYSE American: DNN) is focused on uranium exploration and development in the Athabasca Basin of northern Saskatchewan. The company has been active in the sector since 1954 and holds direct ownership interests covering approximately 459,000 hectares in the region.

Its flagship project is Wheeler River, where Denison maintains an effective 95% interest, comprising 90% direct ownership and a 5% indirect stake through its 50% ownership of JCU. The Wheeler River portfolio includes Phoenix, an in-situ recovery (ISR) mine currently under construction, and Gryphon, a conventional underground development project.

Denison also holds a 22.5% interest in the McClean Lake joint venture and mill, a 25.17% interest in Midwest, and a 70.55% interest in Waterbury Lake. Additionally, the company’s 50% interest in JCU carries interests in the Millennium, Kiggavik, and Christie Lake projects. The company’s strategy aims to become a significant uranium producer, targeting first production at Phoenix in the second half of 2028, with Gryphon and pipeline assets providing longer-term optionality.