Denison Mines(US:DNN) Prnewswire·2025-11-07 01:00Core 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].