Denison Mines Corp.
ConvictionWeak
Single-flagship uranium developer: monetizes a high-grade in-situ-recovery deposit (Phoenix) plus a physical-uranium treasury and minority milling/JV interests. No recurring product revenue until first production (~mid-2028); equity is effectively a levered call on the U3O8 price plus Phoenix construction execution. Current P&L is driven by uranium-price marks, McClean Lake (22.5%) toll-milling, and non-cash convertible-note derivative remeasurement.
Revenue
~C$3.3M TTM toll-millingno production revenue pre-2028Rev growth
+22% FY25 toll-millingC$4.9M FY25) — immaterial vs market capGross margin
n/mpre-production; revenue is minority toll-milling onlyOp margin
Negative — net loss C$114.9Min Q1 FY26 (mostly non-cashCapex intensity
Very high — Phoenix initial capex ~C$600M over ~2-yr build2026 update; was <C$420M in 2023 FSMarket cap
~US$2.8B~905M sh out, Jun 2026Price · 1-year trend
real · weekly$3.11+84% 1yUSD
52-week range
$2 – $4
52w lowas of 2026-07-08 · Yahoo Finance52w high
The read
Where our coverage leans
Coverage leans bullish
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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
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