- Price
- $2.56 → $2.43(−5.1%)
- Discount
- -59.0% → -50.9%(+8.1 pts)
- Next earnings
- 2026-11-12 → 2026-11-05
- Balance sheet
- Cash: CA$465M
Debt: CA$490M
Net debt: CA$25M
Last debt due: 2031
Denison pays for the Phoenix construction with cash, sales of its physical uranium and the money from its convertible notes. At June 30Cash and uranium cover most of the remaining construction cost, 2026but Denison can need more money before first production in mid-2028. The main debt is US$345 million of 4.25% convertible senior unsecured notes due September 15, cash2031. Debt is their face value; their carrying value with the conversion feature was C$465687.3 million at June 30, 2026. UraniumAt that date, uranium investments of 950,000 pounds had a value of C$114.4 million, and Denison also had 145,926 pounds of uranium in inventory. Working capital was C$521.4 million. The main debt is US$345 million of 4.25% convertible senior unsecured notes due September 15, 2031. Their face value was C$489.8 million at June 30, 2026, and their carrying value with the conversion feature was C$687.3 million. The conversion price is about US$2.92 per share, and capped call options raise the effective conversion price to US$4.32. Denison can pay a conversion in shares, cash or both, but it must repay in cash the notes that holders do not convert. A Bank of Nova Scotia facility gives letters of credit of up to C$28.5 million until January 31, 2027, and surety bonds of C$36.8 million cover reclamation. The 2026 outlook is spending of C$387.3 million, with C$305.2 million for Phoenix construction. Denison spent C$114.5 million of this in the first half of 2026. The Phoenix control budget is C$600 million, and the joint venture had commitments of C$229.0 million at June 30, 2026. Denison committed 600,000 pounds of uranium for delivery from Q3 2026 to Q2 2027, with a fixed price on 350,000 pounds for US$33.3 million. On September 11, 2026, it filed a base shelf prospectus for up to US$700 million of securities. The filings do not give a credit rating. Cash and uranium cover most of the remaining construction cost, but Denison can need more money before first production in mid-2028.
As of 2026-06-30.
- Checkpoints
- Nov 125, 2026 (estimate): Q3 2026 results: construction progress and spending. Pending. Watch: Phoenix on schedule for first production in mid-2028 with costs inside the C$600 million control budget passes; a delay or a higher cost estimate fails.
Mar 2027 (estimate): Q4 2026 results: first-year construction milestones. Pending. Watch: The process plant and substation foundations, the freeze wall installation, the airstrip and the site power done on time passes; a slip that moves first production past mid-2028 fails.
2027 (estimate): Construction funding without a large share sale. Pending. Watch: Cash, uranium sales and the note money pay for construction, with no or only small share sales under the shelf prospectus, passes; a large share sale at a low price fails.
2028 (estimate): First production from Phoenix (target mid-2028). Pending. Watch: First uranium from Phoenix by mid-2028 and a ramp-up to the planned rates passes; a delay into 2029 or low recovery from the wells fails.