DNN · Denison Mines Corp.

Denison Mines reported a significantly widened Q1 2026 net loss of $114.9 million compared to $43.5 million in Q1 2025, primarily due to a $103.1 million net finance expense largely from fair value changes on convertible notes embedded derivatives, partially offset by deferred tax recovery of $4.7 million. Revenues from deferred toll milling fell slightly to $1.1 million from $1.4 million, reflecting timing of uranium processing at McClean Lake mill. Operating expenses increased modestly, while exploration, evaluation, and mine development costs declined year-over-year. Other income of $6.6 million provided some relief. Balance sheet remains solid with $418.5 million in cash despite a $48.2 million quarterly decline, supported by $198.6 million in uranium investments. Equity dropped to $260.1 million from $368.4 million, reflecting the net loss. Key operational milestone: Phoenix ISR mine advanced with February 2026 CNSC EA approval and Construction Licence, enabling FID and early March site mobilization. Site preparation progressed rapidly with tree clearing, helipad completion, and aggregate production started by April end, targeting full construction ramp-up by Q2 2026 end for mid-2028 production. Awarded Wood Canada construction management contract. Uranium sales strengthened with 550,000 lbs committed at US$99.07/lb average, building total firm commitments to nearly 8 million lbs plus 8 million in advanced talks, aiding Phoenix financing. Annual meeting approved all items including director elections. Updated Phoenix capex at $600 million reflects inflation and refinements. Management notes flooding risks to northern Saskatchewan logistics but affirms on-track execution.