08/13/2026
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.
David Cates, President and CEO of Denison commented, "Since the commencement of on-site activity at Phoenix in March 2026, we have advanced critical site preparation activities, including completion of over 20% of the total project site civil work and nearly 100% of the civil subgrade work needed for the process plant and wellfield areas, plus the installation of construction management and temporary camp facilities.
Critical first-year construction milestones are on track, including pouring of the concrete foundations for the process plant and main power transformer, commencement of installation of the freeze wall, installation of on-site power distribution, and establishment of the airstrip.
This quarter's financial results highlight the successful ex*****on of our multi-year project financing strategy to monetize the 2.5 million pounds U3O8 of physical uranium acquired in 2021. These holdings were acquired at an average cost of $36.67 (US$29.66) per pound U3O8 and we have been judiciously selling into a market of strengthening uranium prices. In Q2, we sold 750,000 pounds U3O8 for an average realized price of $122.16 (US$89.17) per pound U3O8, which generated over $90 million in proceeds and a $64 million (233%) realized gain compared to the original purchase price. Importantly, these transactions provide meaningful funding for Phoenix without dilution to our shareholders.
Denison is now fully engaged in a critical and exciting phase of growth. With significant construction progress being made daily at Phoenix, the Company having an active presence in the global uranium marketplace, and our continued investment in future growth through exploration and project development, we are well positioned to offer shareholders unique exposure to the uranium market at a time of growing recognition that the sector's fundamentals are robust and likely to continue improving."
Read the full press release here: https://ow.ly/Wqr350ZzzNS