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Denison Mines
(TSX:DML)
Denison Mines (DML) vs. iShares MSCI Canada ETF (EWC)
Denison Mines Business Overview & Revenue Model
Denison Mines Financial Statement Overview
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 4.92M | 4.02M | 1.85M | 8.97M | 20.00M |
| Gross Profit | -80.94M | -792.00K | -2.04M | 3.62M | 7.10M |
| EBITDA | -68.22M | -81.81M | 97.27M | 18.81M | 21.68M |
| Net Income | -217.29M | -91.12M | 90.38M | 14.35M | 18.98M |
Balance Sheet | |||||
| Total Assets | 1.15B | 663.61M | 726.60M | 515.80M | 510.28M |
| Cash, Cash Equivalents and Short-Term Investments | 539.44M | 114.81M | 141.45M | 58.94M | 78.44M |
| Total Debt | 614.44M | 2.41M | 417.00K | 576.00K | 508.00K |
| Total Liabilities | 778.46M | 99.29M | 84.82M | 79.78M | 113.59M |
| Stockholders Equity | 368.37M | 564.32M | 641.78M | 436.02M | 396.69M |
Cash Flow | |||||
| Free Cash Flow | -118.64M | -48.07M | -33.90M | -35.01M | -22.48M |
| Operating Cash Flow | -68.15M | -40.38M | -30.67M | -28.14M | -21.25M |
| Investing Cash Flow | -49.52M | 426.00K | -719.00K | -6.76M | -99.00M |
| Financing Cash Flow | 474.28M | 15.15M | 111.18M | 20.96M | 159.82M |
Denison Mines Technical Analysis
Denison Mines Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | $65.41B | 92.81 | 8.76% | 0.19% | 23.88% | 350.69% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
64 Neutral | C$10.66B | -24.00 | -25.38% | ― | ― | -308.46% | |
56 Neutral | C$723.60M | 113.31 | 0.20% | ― | -0.90% | -93.94% | |
53 Neutral | C$494.34M | -44.16 | -25.17% | ― | 2.06% | 13.58% | |
48 Neutral | $4.51B | -15.02 | -38.86% | ― | ― | ― | |
46 Neutral | C$221.01M | -25.25 | <0.01% | ― | ― | 22.89% |
Denison Mines Corporate Events
Denison Mines has taken a final investment decision to build its Phoenix in-situ recovery uranium mine, following receipt of all necessary regulatory approvals, near-completion of engineering work, and the appointment of Wood Plc as construction manager. Backed by a strong balance sheet and US$345 million in financing via senior convertible notes, the company plans to begin site preparation and construction this month, targeting first production by mid-2028 and positioning Phoenix as one of the few sizable new uranium sources expected before decade-end.
Operationally, 2025 marked the successful start-up of mining at the McClean North deposit using the SABRE method, with nearly 650,000 pounds of U3O8 produced on a 100% basis, making McClean one of North America’s most productive operating uranium mines. Denison also advanced its exploration portfolio with delineation drilling and new high-grade mineralization near the Gryphon deposit, new joint ventures to ramp up regional exploration, and broader Indigenous and community support, leaving the company well placed to benefit from rising long-term uranium prices and tightening nuclear fuel markets.
The most recent analyst rating on (TSE:DML) stock is a Buy with a C$7.00 price target. To see the full list of analyst forecasts on Denison Mines stock, see the TSE:DML Stock Forecast page.
Denison Mines has approved a final investment decision to build the Phoenix in-situ recovery uranium mine at its Wheeler River project in northern Saskatchewan, with site preparation and construction scheduled to begin in March 2026. The company expects a roughly two-year build, targeting first production by mid-2028, positioning Phoenix as the first new large-scale Canadian uranium mine in more than two decades.
Phoenix and the nearby Gryphon deposit are both expected to rank among the lowest-cost uranium operations globally, supported by extensive permitting work that culminated in recent provincial and federal approvals and a licence to construct. The move advances Denison’s strategy to become a significant near-term uranium supplier, leveraging its existing Athabasca infrastructure, joint venture interests, and mill access to strengthen its role in a tightening global uranium market.
The most recent analyst rating on (TSE:DML) stock is a Buy with a C$6.00 price target. To see the full list of analyst forecasts on Denison Mines stock, see the TSE:DML Stock Forecast page.
Denison Mines has received final federal regulatory approval from the Canadian Nuclear Safety Commission to construct the Phoenix in-situ recovery uranium mine and mill at its Wheeler River project in northern Saskatchewan. With provincial approvals already in place, the licence to prepare the site and construct marks the last major regulatory step needed before construction can begin, positioning Phoenix as the first ISR uranium mine in Canada and the first large-scale Canadian uranium mine approved in more than two decades.
Management highlighted the decision as a landmark milestone that validates years of environmental assessment work, Indigenous and community engagement, and technical studies aimed at demonstrating that Phoenix can meet Canada’s stringent safety and sustainability standards. The project is considered construction-ready, with key pre-licence conditions addressed and a construction management contract awarded, allowing Denison to move quickly into site preparation once a final investment decision is made, targeting first production around mid-2028 and reinforcing its competitive standing in the global uranium sector.
The most recent analyst rating on (TSE:DML) stock is a Buy with a C$4.25 price target. To see the full list of analyst forecasts on Denison Mines stock, see the TSE:DML Stock Forecast page.
Denison Mines has awarded Wood Canada Limited the construction management contract for its Phoenix in-situ recovery uranium mine at the Wheeler River project in northern Saskatchewan, following a competitive tender process. Wood, which co-authored the 2023 feasibility study and led detailed design, will oversee processing plant construction, certain site infrastructure, and integrated project controls in close collaboration with Denison.
The agreement marks a key milestone as Denison prepares for a final investment decision and the start of construction, pending remaining federal permits for site preparation and mine and mill construction. By retaining Wood from engineering through execution, Denison aims to ensure continuity, safety, and predictable delivery over an estimated 24-month build, strengthening its position to bring one of the world’s potentially lowest-cost uranium projects into production.
The most recent analyst rating on (TSE:DML) stock is a Hold with a C$6.00 price target. To see the full list of analyst forecasts on Denison Mines stock, see the TSE:DML Stock Forecast page.
Denison Mines has secured grid power at the site of its planned Phoenix in-situ recovery uranium mine after SaskPower completed a new 138kV transmission line connection, a key step in de-risking the project’s early construction phase. The roughly 6-kilometre line ties Phoenix into the same northern Saskatchewan grid that supplies existing uranium operations in the Athabasca Basin, giving the project access to up to 8.8 MW of reliable, cost-effective power under a five-year minimum-purchase agreement funded by the Wheeler River Joint Venture. With long-lead on-site electrical distribution equipment already procured and scheduled for installation in the first year of construction, Denison views this milestone as a competitive advantage that supports critical infrastructure such as the planned freeze wall around the initial mining area, although the formal start of construction still depends on final regulatory approvals and an internal investment decision.
The most recent analyst rating on (TSE:DML) stock is a Buy with a C$5.00 price target. To see the full list of analyst forecasts on Denison Mines stock, see the TSE:DML Stock Forecast page.
Denison Mines says it is ready to make a final investment decision and begin construction of its flagship Phoenix in-situ recovery uranium mine at the Wheeler River property, targeting a two-year build and first production by mid-2028, pending final regulatory approvals expected in early 2026. The company reports substantial progress in 2025 on federal and provincial permitting, detailed engineering and procurement, with key long-lead electrical infrastructure on schedule and most project engineering complete, while updating its initial capital cost estimate and affirming that Phoenix could become Canada’s first new large-scale uranium mine since Cigar Lake, timed to capture rising uranium demand and reinforce its strategic position in the nuclear fuel supply chain.
The most recent analyst rating on (TSE:DML) stock is a Hold with a C$3.50 price target. To see the full list of analyst forecasts on Denison Mines stock, see the TSE:DML Stock Forecast page.
Denison Mines has successfully completed a transaction with Skyharbour Resources, leading to the establishment of four joint ventures to explore uranium near Denison’s key Wheeler River Project. These joint ventures enhance collaborative opportunities, advance exploration efforts, and allow Denison to increase its operational stake in specific ventures. This move strategically strengthens Denison’s position in the uranium mining sector, emphasizing its commitment to optimizing operations in the Athabasca Basin. The development is expected to bolster the company’s long-term industry competitiveness and value for stakeholders.
The most recent analyst rating on (TSE:DML) stock is a Hold with a C$4.00 price target. To see the full list of analyst forecasts on Denison Mines stock, see the TSE:DML Stock Forecast page.