Denison Reports Financial and Operational Results for Q2 2026, Highlighted by Significant Initial Progress from Construction Activities at the Phoenix In-Situ Recovery ('ISR') Uranium Mine

Denison Mines Corp. (DML) reported its second-quarter 2026 financial and operational results on August 12, 2026. The company highlighted construction progress at its Phoenix in situ recovery uranium mine, noting that more than 20% of site civil work was complete by the end of July. Nearly 100% of the process plant and wellfield subgrade work was finished, camp capacity reached approximately 400 people, and Phase 1 freeze wall installation was initiated.

In the quarter, the company sold 750,000 lbs of U3O8 at an average realized price of C$122.16 per lb. This transaction generated C$91.6 million in gross proceeds and a C$64.1 million gain, representing a 233% increase over the original acquisition cost. As of June 30, 2026, Denison held 950,000 lbs of physical U3O8 plus 145,926 lbs of McClean Lake production inventory, totaling approximately 1.1 million lbs.

Of this inventory, 600,000 lbs are committed for delivery from Q3 2026 through Q2 2027. Of the committed volume, 350,000 lbs have fixed pricing at an average US$95.17 per lb, while 250,000 lbs are subject to market-related pricing. Approximately 500,000 lbs remain uncommitted.

Exploration activity for the first half of 2026 included more than 50,000 metres of diamond drilling in 140 holes across 10 properties, along with geophysical surveys on 14 properties.

Denison Mines Corp. (DML) provided a positive execution update regarding the Phoenix project, though the information largely confirmed milestones previously disclosed in the full-scale construction announcement on July 28, 2026. The company also reported a C$64.1 million gain from uranium sales, a result consistent with its stated multi-year funding strategy for monetizing physical uranium rather than representing a new strategic shift.

The release did not include new production or cost guidance, a reserve update, or material balance sheet restructuring. Market reaction appeared to reflect prior anticipation of positive execution news, as the stock had already rallied from C$3.79 on July 29, 2026, to C$4.59 on August 11, 2026, an increase of approximately 21% leading into the announcement.

Denison Mines Corp. is a uranium mining, exploration, and development company focused in the Athabasca Basin of northern Saskatchewan, Canada. Its flagship asset is the Wheeler River Project, in which it holds an effective 95% interest, hosting the Phoenix ISR deposit and the Gryphon conventional underground deposit. Phoenix is under construction, with first production targeted for mid-2028.

The company holds a 22.5% interest in the McClean Lake joint venture, which includes the McClean North SABRE mine and the McClean Lake uranium mill. Other assets include a 25.17% interest in the Midwest joint venture and a 70.55% interest in the Waterbury Lake property. Through 50% ownership of JCU, Denison holds further interests in the Millennium, Kiggavik, and Christie Lake projects. Additionally, the company holds strategic equity stakes in Cosa Resources, Skyharbour Resources, and Foremost Clean Energy.