Denison Mines Corp (NYSE:DNN) is one of the best mid cap stocks to buy according to hedge funds. On November 11, Roth MKM analyst Joseph Reagor reiterated a Buy rating on Denison Mines Corp (NYSE:DNN) and set a $3 price target. This came after the company declared third-quarter results on November 6, which showed progress in uranium production. Roth MKM Asserts Buy Rating on Denison Mines Corp. (DNN) as Uranium Production Surge The company has continued to affirm its position as one of the biggest uraniu ...

Core Insights - The US stock market is undergoing a transition, with mid-cap stocks becoming increasingly attractive due to pro-growth policies from the Trump administration, which are expected to enhance domestic competitiveness [2][3] - Historically, mid-cap stocks have outperformed both large-cap and small-cap stocks, with the S&P Mid-Cap 400 Index showing an annualized return of approximately 9.27% from June 2000 to June 2025 [2] - Hedge funds are shifting their focus away from large-cap stocks, as evidenced by significant reductions in exposure to mega-cap stocks in Q3 2025 [3] Mid-Cap Stock Analysis - Denison Mines Corp. (NYSE:DNN) has a market cap of $2.14 billion and a stock upside potential of 34.45%. The company reported progress in uranium production, achieving 2,000 tons of high-grade ore and over 85,000 lbs U3O8 in Q3 [8][9] - GitLab Inc. (NASDAQ:GTLB) has a market cap of $7.38 billion and a stock upside potential of 34.66%. Analysts expect GitLab to report revenue and earnings above consensus, driven by strong subscription and SaaS growth [12][13]

Core Insights - Skyharbour Resources Ltd. has entered into a definitive repurchase agreement with Denison Mines Corp. for the Russell Lake Uranium Project, which includes a total project consideration of up to CAD $61.5 million [4][5][9] Transaction Overview - Denison will acquire an initial project interest in the Russell Lake Uranium Project, with the transaction structured into four joint ventures [4][5][8] - The total consideration includes CAD $21.5 million in cash or share payments and up to CAD $40 million in expenditures over seven years for Denison to earn between 20% and 70% ownership [5][9] - The agreement includes an upfront payment of CAD $2 million and deferred payments totaling CAD $16 million [9][10] Project Structure - The Russell Lake Project will be divided into four joint ventures: Russell Lake (80% Skyharbour, 20% Denison), Getty East (70% Skyharbour, 30% Denison), Wheeler North (51% Skyharbour, 49% Denison), and Wheeler River Inlier Claims (30% Skyharbour, 70% Denison) [5][8][18] - Denison has committed to a minimum of CAD $4 million in exploration expenditures over the first two years for Wheeler North and Getty East [5][6] Strategic Importance - The Russell Lake Project is strategically located in the Eastern Athabasca Basin, enhancing accessibility due to nearby infrastructure [4][17] - The partnership with Denison is expected to leverage their experience from the Wheeler River Project to advance exploration at Russell [4][6] Exploration Potential - The Russell Lake Project covers 73,314 hectares and hosts numerous prospective targets, including the Christie Lake, Blue Steel, and Kowalchuk areas [17][19][20] - The claims remain underexplored, presenting opportunities for new discoveries and expansion of known mineralized zones [23] Future Plans - Skyharbour will continue to operate the majority of the claims at Russell while benefiting from Denison's financial commitment to fund exploration activities through 2026 [6][18] - The company aims to maximize shareholder value through new mineral discoveries and long-term partnerships [29]

Core Insights - Denison Mines Corp has executed an agreement with Skyharbour Resources Ltd to acquire initial interests in claims comprising Skyharbour's Russell Lake Uranium Project, enhancing Denison's strategic position around its flagship Wheeler River Project [1][2] Transaction Overview - The Russell property will be divided into four joint ventures: Russell Lake (20% Denison, 80% Skyharbour), Getty East (30% Denison, 70% Skyharbour), Wheeler North (49% Denison, 51% Skyharbour), and Wheeler River Inliers (70% Denison, 30% Skyharbour) [1][3] - Denison will pay a total consideration of $18 million, including a $2 million upfront cash payment and $16 million in deferred payments [1][4] Strategic Implications - The acquisition strengthens Denison's regional presence and supports its long-term growth objectives by augmenting its exploration portfolio [2] - The transaction allows Denison to lead exploration efforts across the new joint ventures, leveraging collaboration with Skyharbour's technical teams [1][2] Earn-In Option Agreements - Denison has the option to increase its ownership interest in Wheeler North and Getty East to up to 70% through multi-phase earn-in options [7] - The Wheeler North Earn-In Option allows Denison to acquire additional interests by incurring exploration expenditures and making cash payments [8][15] - The Getty East Earn-In Option similarly requires Denison to incur specific exploration expenditures within set timeframes to increase its ownership [9][10] Operational Considerations - Denison will have priority access to Skyharbour's existing exploration camp for the Russell project, with associated usage fees [5] - The transaction is subject to customary approvals, including TSX Venture exchange approval [6]

Core Insights - Nuclear energy is emerging as a vital solution for clean and reliable energy, particularly as the world shifts away from fossil fuels [2][9] - Innovations in nuclear technology, such as small modular reactors (SMRs) and portable microreactors, are enhancing the safety, efficiency, and accessibility of nuclear power [3][9] - The nuclear energy sector is supported by government initiatives and growing demand for stable energy sources, particularly from data centers and AI technologies [19][21] Uranium Miners - Cameco Corp. is one of the largest uranium producers globally, operating high-grade mines in Canada, the U.S., and Kazakhstan, positioning itself to meet rising global demand [7] - Denison Mines Corp. focuses on high-grade uranium projects in the Athabasca Basin, with its Wheeler River Project being a significant asset for low-cost production [8] - NexGen Energy is advancing the Rook I project in Canada, aiming for innovative mining techniques to enhance efficiency and environmental responsibility [10] Nuclear Industrials - Oklo Inc. is developing ultra-compact micro-reactors for remote locations and industrial sites, utilizing recycled nuclear fuel for sustainability [11] - BWX Technologies specializes in nuclear components and services, focusing on advanced reactors and small modular reactor technology [12] - Centrus Energy Corp. supplies low-enriched uranium and is developing high-assay, low-enriched uranium for advanced reactors, positioning itself strategically in the fuel supply chain [13] Nuclear Utilities - Constellation Energy Corp. is the largest producer of carbon-free energy in the U.S., operating nuclear plants and exploring partnerships for next-generation technologies [14] - Public Service Enterprise Group operates nuclear plants in the U.S. and is committed to a low-carbon future, supporting regional power demands [15] - PG&E Corp operates California's last nuclear power plant, the Diablo Canyon Power Plant, ensuring a stable, low-emission power supply [16]

Financial Performance - Revenues for the nine months ended September 30, 2025, were CAD 3,696 thousand, a 29.6% increase compared to CAD 2,853 thousand for the same period in 2024[2] - Net loss for the nine months ended September 30, 2025, was CAD 166,001 thousand, compared to a net loss of CAD 61,617 thousand for the same period in 2024, indicating a significant increase in losses of 169.5%[2] - The company reported a comprehensive loss of CAD 166,109 thousand for the nine months ended September 30, 2025, compared to CAD 61,668 thousand for the same period in 2024, representing an increase of 169.5%[2] - The segment loss for the three months ended September 30, 2025, was $21,641,000, with total revenues of $1,045,000[78] - For the nine months ended September 30, 2025, the total revenues were $3,696,000, with a segment loss of $61,645,000[77] Assets and Liabilities - Total assets increased to CAD 1,107,175 thousand as of September 30, 2025, up from CAD 663,613 thousand at December 31, 2024, representing a growth of 66.7%[1] - Total liabilities increased to CAD 704,273 thousand as of September 30, 2025, from CAD 99,291 thousand at December 31, 2024, a rise of 608.5%[1] - The company’s equity decreased to CAD 402,902 thousand as of September 30, 2025, down from CAD 564,322 thousand at the beginning of the period, a decline of 28.5%[3] - As of September 30, 2025, total current assets were $676,000, down from $3,226,000 at December 31, 2024, while total net assets decreased to $38,966,000 from $41,326,000[36] Cash Flow and Cash Equivalents - Cash and cash equivalents rose to CAD 471,258 thousand at the end of September 2025, compared to CAD 108,518 thousand at the beginning of the period, reflecting an increase of 335.5%[4] - The company reported a net cash used in operating activities of CAD 59,714 thousand for the nine months ended September 30, 2025, compared to CAD 32,368 thousand for the same period in 2024, indicating an increase of 84.7%[4] - Cash and cash equivalents increased to $471,258,000 as of September 30, 2025, from $108,518,000 at the end of 2024[87] Investments and Inventory - The company holds 1,900,000 pounds of physical uranium with a market value of CAD 216,901,000 as of September 30, 2025, down from CAD 231,088,000 for 2,200,000 pounds at December 31, 2024, indicating a decrease of 6% in market value[30] - The company's inventory balance increased to CAD 10,060,000 as of September 30, 2025, compared to CAD 5,844,000 at December 31, 2024, reflecting a growth of 72%[22] - The total investments decreased slightly to CAD 246,924,000 at September 30, 2025, from CAD 252,135,000 at December 31, 2024, a decline of approximately 2%[23] Share Capital and Equity - The company issued 1,152 thousand shares through options exercised, contributing to a total share capital of CAD 1,667,975 thousand as of September 30, 2025[3] - The Company issued 1,473,440 common shares, increasing the total outstanding shares to 897,186,541 as of September 30, 2025[66] Expenses and Costs - Operating expenses for the nine months ended September 30, 2025, totaled CAD 3,818 thousand, up from CAD 3,617 thousand in the same period of 2024, marking an increase of 5.5%[2] - The company incurred costs of CAD 2,132,000 on mining activities and CAD 286,000 on processing activities during Q3 2025, with no inventory sold during the quarter[22] - The Company incurred letter of credit fees of $322,000 during the nine months ended September 30, 2025, compared to $314,000 in the same period of 2024[91] Debt and Financing - The company issued $345,000,000 in convertible senior unsecured notes in August 2025, with a net receipt of $458,994,000 after transaction costs[55] - The Notes mature on September 15, 2031, and any unconverted Notes will have their principal amount repaid in cash at maturity[57] - The Company recorded interest expense of $5,012,000 for the three and nine months ended September 30, 2025, at an effective interest rate of 13.76%[62] Other Income and Tax - The Company recognized other income of $16,790,000 for the three months ended September 30, 2025, compared to a loss of $10,669,000 in the same period of 2024[74] - The Company recognized deferred tax recoveries of $6,528,000 during the nine months ended September 30, 2025, including previously unrecognized Canadian tax assets of $5,850,000[80] Capital Expenditures - Capital additions for property, plant, and equipment totaled $30,980,000 for the nine months ended September 30, 2025[77] - The carrying value of property, plant, and equipment increased to $280,587,000 as of September 30, 2025, from $259,661,000 at December 31, 2024[38] Reclamation and Obligations - Reclamation obligations increased to $32,870,000 as of September 30, 2025, compared to $32,314,000 at December 31, 2024[51] - The Company has provided irrevocable standby letters of credit totaling $22,972,000 for reclamation obligations as of September 30, 2025[53]

Core Insights - Denison Mine (DNN) reported a quarterly loss of $0.01 per share, better than the Zacks Consensus Estimate of a loss of $0.02, representing an earnings surprise of +50.00% [1] - The company posted revenues of $0.76 million for the quarter ended September 2025, missing the Zacks Consensus Estimate by 3.92%, but showing an increase from $0.51 million year-over-year [2] - Denison Mine shares have increased by approximately 48.3% since the beginning of the year, outperforming the S&P 500's gain of 15.6% [3] Financial Performance - Over the last four quarters, Denison Mine has surpassed consensus EPS estimates two times [2] - The current consensus EPS estimate for the upcoming quarter is -$0.02 on revenues of $0.79 million, and for the current fiscal year, it is -$0.08 on revenues of $3.59 million [7] Market Outlook - The estimate revisions trend for Denison Mine was unfavorable prior to the earnings release, resulting in a Zacks Rank 4 (Sell) for the stock, indicating expected underperformance in the near future [6] - The Mining - Miscellaneous industry, to which Denison Mine belongs, is currently in the top 33% of over 250 Zacks industries, suggesting a favorable industry outlook [8]

Core Viewpoint - Denison Mines Corp. has made significant progress in its uranium production and regulatory approvals, marking its re-emergence as a key player in the global uranium market, particularly with the commencement of production at the McClean North uranium mine and advancements in the Wheeler River project [2][4][10]. Financial Performance - Denison reported the extraction of approximately 2,063 tonnes of high-grade ore from the McClean North mine, producing over 85,000 lbs of U3O8 during Q3 2025, with an average operating cash cost of about US$19 per lb U3O8 [2][6]. - The company completed a US$345 million offering of convertible senior notes, which will support the evaluation and development of its uranium projects, including the Phoenix ISR operation [7][9]. Operational Highlights - The McClean Lake Joint Venture successfully commenced uranium mining operations at the McClean North deposit using the SABRE mining method, with Denison's share being 464 tonnes of ore extracted [5][6]. - Denison is nearing completion of the multi-year permitting process for the Phoenix ISR mine at the Wheeler River property, having received key regulatory approvals, including the Environmental Assessment approval from Saskatchewan [3][10]. Engineering and Construction Progress - The company has achieved approximately 85% completion of detailed engineering for the Phoenix ISR mine, with most scopes planned for the first year of construction nearing 100% completion [4][12][13]. - Initial capital expenditures of nearly $27 million have been incurred, with an additional ~$44 million committed for the project [4]. Market Context - The global adoption of nuclear energy is increasing, which is expected to drive demand for uranium significantly, positioning Denison favorably in the market as it prepares to build the first new large-scale uranium mine in the Athabasca Basin in nearly two decades [4][17].

Core Viewpoint - Denison Mines Corp acknowledges a judicial review application filed by the Peter Ballantyne Cree Nation against the Government of Saskatchewan and the Company regarding the environmental assessment approval for the Wheeler River Project, which seeks to set aside the approval and require further consultation with PBCN [1][5]. Group 1: Judicial Review Application - The Peter Ballantyne Cree Nation (PBCN) claims that the Government of Saskatchewan failed to consult adequately with them regarding the Wheeler River Project, which involves constructing a new uranium mine and processing plant [1]. - Denison intends to refute the claims made in the application and defend against the requested orders [5]. Group 2: Indigenous Engagement - Denison has engaged in extensive Indigenous consultation efforts related to the Wheeler River Project, believing that the Government of Saskatchewan conducted a thorough consultation process prior to the project's approval [2]. - PBCN was given the opportunity to review the draft Environmental Impact Statement starting in November 2022, and Denison has been in direct communication with PBCN since March 2023 [3]. Group 3: Project Overview - The Wheeler River Project is the largest undeveloped uranium project in the eastern Athabasca Basin, hosting high-grade uranium deposits discovered by Denison in 2008 and 2014 [6]. - Denison holds a 90% interest in the project, which is nearing completion of permitting efforts for the planned in-situ recovery (ISR) operation, with environmental assessment approval received from the Province of Saskatchewan [7]. Group 4: Company Background - Denison Mines Corp is focused on uranium mining, exploration, and development in the Athabasca Basin, with a 95% interest in the Wheeler River Project and additional interests in various uranium joint ventures [8][9].

Group 1 - Denison Mines Corp. experienced a significant increase of 10.43% on Tuesday, closing at $3.07 per share, driven by investor interest in uranium stocks following a US government announcement of an $80 billion investment in the energy sector [1][3] - The positive sentiment for the nuclear industry was bolstered by the US government's collaboration with Cameco Corp., Brookfield Asset Management, and Westinghouse Electric Company to enhance nuclear power deployment through new reactor development [2][3] - The US government's nuclear development initiative is expected to increase demand for uranium products, benefiting uranium producers like Denison Mines, which saw a rally alongside other companies such as NexGen Energy, Uranium Energy, and Energy Fuels [3]