Denison Mines Corp. and Cosa Resources Corp. have approved a 2026 exploration program for their joint‑venture projects at Darby and Murphy Lake North in the eastern Athabasca Basin. The program will include winter and summer drilling campaigns and property‑scale geophysical surveying at Murphy Lake North, targeting high‑priority targets identified in 2025.
The joint‑venture structure gives Denison a 30% interest and Cosa a 70% interest. The approval expands Denison’s exploration footprint 10 km west of Cameco’s Cigar Lake mine and 3 km east of IsoEnergy’s Hurricane deposit, positioning the company to capitalize on the region’s high‑grade uranium potential.
The program follows Denison’s successful launch of its McClean North mine in July 2025, which began operations using the SABRE mining method. The move to production signals a shift from exploration to production for Denison, while the joint venture with Cosa provides access to exploration‑stage assets that complement Denison’s development‑stage projects.
Cosa’s recent $7.5 million private placement, oversubscribed and featuring insider participation from Denison, underpins the joint‑venture program. The private placement provides working capital for exploration and strengthens the strategic alignment between the two firms, as noted by Cosa CEO Keith Bodnarchuk, who said the funding positions the companies well for 2026.
Denison remains unprofitable, reporting a trailing‑12‑month net loss of $141.67 million and a net profit margin of –4,017.7% as of September 30 2025. The losses reflect high exploration and development costs, but the company’s technical momentum and the launch of McClean North give management confidence that the transition to production will eventually generate positive cash flows.
The joint‑venture program is expected to enhance Denison’s resource base and support its broader strategy of expanding production capacity in the Athabasca Basin, a region that hosts some of the world’s highest‑grade uranium deposits. By testing new targets and leveraging Cosa’s exploration expertise, the partnership aims to secure additional high‑grade resources that could drive future production growth.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.