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Highlights

  • Denison’s (TSX:DML) Q2 2024 revenue increased 37.5% to CAD 1.32 million
  • Total expenses surged to CAD 18.16 million, resulting in a CAD 15.97 million net loss in Q2 2024
  • DML signed an option agreement allowing Foremost to buy up to 70% stake in ten uranium sites

Denison Mines Corp (TSX:DML) has a market capitalization of CAD 2.25 billion and is operating a business related to the exploration and development of Uranium. The company holds a 95% stake in its flagship Wheeler River Uranium Project. This project is the largest undeveloped uranium site in the infrastructure-rich eastern Athabasca Basin of northern Saskatchewan.

In Q2 2024, the company's revenue reached CAD 1.32 million, reflecting a 37.5% increase compared to the previous corresponding period (pcp). This growth was driven by the McClean Lake mill processing 5.3 million pounds of U3O8, up from 3.8 million pounds in pcp.

However, total expenses rose significantly to CAD 18.16 million in the quarter, compared to CAD 1.40 million in the pcp, primarily due to increased evaluation and other expenses. Consequently, loss before taxes amounted to CAD 16.48 million, compared to CAD 0.52 million in the previous year. As a result, Denison incurred a net loss of CAD 15.97 million for the quarter.

Recent Business Update

The company recently announced an option agreement with Foremost Clean Energy Ltd, a Nasdaq-listed firm. This agreement gives Foremost the option to purchase up to 70% of Denison's stake in ten uranium exploration sites. Foremost can acquire these interests by making direct payments to Denison and funding exploration expenses, totaling approximately CAD 30 million.

Top 10 Shareholders: 

The top 10 shareholders of Denison Mines hold about 36.20% of the total shares. Mirae Asset Global Investments (USA) LLC holds the largest stake at approximately 7.54%. Sprott Asset Management LP follows closely with a 6.79% ownership.

Price Information

The stock price of DML has increased by approximately 13.12% over the past month and decreased by about 8.75% over the last three months. The stock’s closing price as of 27 September 2024 is CAD 2.5.

Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is September 27, 2024. The reference data in this report has been partly sourced from EODHD/Others.