Denison Mines (DML) Q2 2026 earnings summary

Executive summary

• Achieved significant progress in Phoenix ISR uranium mine construction, completing over 20% of site civil work and nearly 100% of civil subgrade work for key areas.

• Key first-year construction milestones are on track, including concrete foundation pours, freeze wall installation, and power distribution.

• Successfully executed a multi-year project financing strategy by monetizing physical uranium holdings, generating substantial proceeds.

Financial highlights

• Sold 750,000 pounds U3O8 in Q2 2026 at an average realized price of $122.16 per pound, generating $91.6 million in gross proceeds.

• Realized a $64.1 million (233%) gain from uranium sales compared to original acquisition cost.

• As of June 30, 2026, held approximately 1.1 million pounds U3O8 in physical uranium and inventory.

Outlook and guidance

• Construction activity at Phoenix expected to accelerate with a second shift, enabling near 24-hour work to meet key milestones.

• 600,000 pounds U3O8 committed for delivery between Q3 2026 and Q2 2027, with 350,000 pounds at fixed prices and the remainder at market rates.

• Continued investment in exploration and project development positions the company for future growth.