Denison Mines
Compare Denison Mines…Canadian uranium developer at Wheeler River (Saskatchewan) and other Athabasca Basin projects.
SectorsNuclear
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Denison MinesCanadian uranium developer at Wheeler River (Saskatchewan) and other Athabasca Basin projects.
| Milestone | Date / Period | Detail |
|---|---|---|
| Return to uranium production at McClean Lake | Q2 2025 | MLJV (Denison 22.5%) restarts mining after 10+ year hiatus; SABRE method commissioned at McClean North |
| First commercial production from McClean North | July 2025 | SABRE high-pressure jet boring begins extracting high-grade ore; Denison's first production in over a decade |
| Q3 2025 production (100% JV basis) | Q3 2025 | 85,235 lbs U3O8 produced (Denison share 19,178 lbs); operating cash cost ~C$27/lb (~US$19/lb) |
| Full-year 2025 finished product (100% JV basis) | FY 2025 | 648,558 lbs U3O8 at the McClean Lake mill (Denison share 145,926 lbs); 2,690 t high-grade ore mined (Denison share 605 t) |
| McClean Lake mill toll-milling | Ongoing | Mill processes Cigar Lake ore under a toll agreement, a separate fee-based revenue stream for the JV |
2018 PFS-2026 post-FID
| Metric | Value |
|---|---|
| Mining method | In-situ recovery (ISR) |
| Probable + proven reserves (lbs U3O8) | 56.7 million |
| Average reserve grade (% U3O8) | 11.7% |
| Mine life | 10 years (over 11 calendar years) |
| Average annual production, first 5 yrs (lbs U3O8) | ~8.4 million |
| Average operating cost (US$/lb U3O8) | $6.28 |
| Operating cost, first 5 yrs (US$/lb U3O8) | $4.90 |
| Base-case uranium price assumption (US$/lb) | ~$66 (UxC composite midpoint) |
| Pre-tax NPV at 8% (CAD) | $2.34 billion |
| Pre-tax IRR | 105.9% |
| Payback period (pre-tax) | ~10 months |
| Targeted first production | Mid-2028 |
2021 (cost)-Q1 2026
Q1 2026 commitments-Q1 2026 commitments
Phoenix (ISR, 11.7% grade)-Gryphon (underground, 1.8% grade)
1998-2025
$DNN
Canadian uranium developer at Wheeler River (Saskatchewan) and other Athabasca Basin projects. Pre-production; first uranium target late 2020s.