Denison Mines Corp · Q4 2026 earnings

Briefing

Denison reported a Q1 net loss of C$115M as Phoenix construction began following final regulatory approval and FID in February.

Denison Mines reported Q1 2026 results highlighted by receipt of CNSC environmental and construction approvals for the Phoenix ISR uranium mine and a Final Investment Decision in February 2026. Site preparation and early works mobilized in March with full-scale construction ramp expected by end of Q2 2026. Q1 revenue was C$1.1 million and net loss was C$114.9 million ($0.13 per share), heavily impacted by C$108.4 million in convertible note embedded derivative fair value changes. The company contracted 550,000 lbs U3O8 for sale in Q1 at an average US$99.07/lb and held C$418.5 million cash at quarter end.

• Phoenix mine received final CNSC approvals and FID; site preparation and early works underway.
• Q1 net loss C$114.9M ($0.13/share); revenue C$1.1M from deferred revenue recognition.
• Sold 550,000 lbs U3O8 in Q1 at avg US$99.07/lb; 1.35M lbs committed for near-term delivery.
• Updated Phoenix initial capital estimate C$600M; first production targeted mid-2028.
• Cash C$418.5M at March 31; Wood awarded construction management contract for Phoenix.

Headline financials

Revenue & EPS history

Full-scale Phoenix construction expected to ramp before end of Q2 2026 with approximately two-year build timeline targeting first production mid-2028. Updated initial capital estimate approximately C$600 million post-FID.