Denison Mines Corp. generated $91.6 million in gross proceeds during the second quarter of 2026 by selling 750,000 pounds of physical uranium at an average realized price of $122.16 per pound, crystallizing a 233% gain over the original purchase price.

The sales formed part of the company's multi-year project financing strategy to monetize 2.5 million pounds of physical uranium acquired in 2021 at a weighted average cost of $36.67 per pound. Denison held total uranium holdings of approximately 1.1 million pounds at June 30, 2026, comprising 950,000 pounds in physical investments and 145,926 pounds in inventory from McClean Lake production.

To support construction at the flagship Wheeler River project, 600,000 pounds of uranium are committed for delivery between the third quarter of 2026 and the second quarter of 2027. Pricing is fixed at an average of US$95.17 per pound for 350,000 pounds of these commitments, while the remaining 250,000 pounds are subject to market-related pricing at delivery. Approximately 500,000 pounds in physical holdings and inventories remain uncommitted.

“This quarter's financial results highlight the successful execution of our multi-year project financing strategy to monetize the 2.5 million pounds U 3 O 8 of physical uranium acquired in 2021. These holdings were acquired at an average cost of $36.67 (US$29.66) per pound U 3 O 8 and we have been judiciously selling into a market of strengthening uranium prices. In Q2, we sold 750,000 pounds U 3 O 8 for an average realized price of $122.16 (US$89.17) per pound U 3 O 8 , which generated over $90 million in proceeds and a $64 million (233%) realized gain compared to the original purchase price. Importantly, these transactions provide meaningful funding for Phoenix without dilution to our shareholders.”

— David Cates, President and CEO

On-site activity at the Phoenix In-Situ Recovery project advanced significantly following the commencement of site preparation in March 2026. By the end of July, the company completed over 20% of total project site civil work, alongside nearly 100% of the civil subgrade work required for the process plant and wellfield areas. Temporary construction camp facilities were also installed and commissioned, lifting accommodation capacity at the Wheeler River property to nearly 400 people.

First-year construction milestones remain on track for completion through the remainder of the summer months of 2026. Activities include pouring concrete foundations for the process plant and main power transformer, initiating the freeze wall installation for Phase 1 of the mine, establishing on-site power distribution, and completing earthworks for the airstrip. A second shift was introduced to allow seasonally sensitive civil and construction work to proceed virtually 24 hours a day.

Denison holds an effective 95% interest in Wheeler River, which is the largest undeveloped uranium project in the infrastructure-rich eastern portion of the Athabasca Basin. Permitting for the Phoenix deposit began in 2019, culminating in provincial environmental assessment approval in July 2025 and the issuance of the federal construction licence in February 2026.

Read the full announcement: Denison Reports Financial and Operational Results for Q2 2026, Highlighted by Significant Initial Progress from Construction Activities at the Phoenix In-Situ Recovery ('ISR') Uranium Mine