Denison Mines Corp. increased its stake in Cosa Resources Corp. to 18.26 % of issued and outstanding shares by acquiring 1,960,000 common shares on January 14, 2026. The transaction lifted Denison’s beneficial ownership from 16.85 % to 18.26 %, reflecting a 1.41‑percentage‑point increase that strengthens its position in Cosa’s Athabasca‑basin uranium portfolio.
The share issuance is part of a deferred‑consideration arrangement under the November 26, 2024 acquisition agreement. The deferred consideration is valued at the share price of C$0.3891 per share, which translates to approximately C$762,636. This payment will be settled through future share issuances, providing Denison with a structured, equity‑based incentive that aligns its interests with Cosa’s long‑term performance.
Denison’s expanded ownership deepens its partnership with Cosa, which operates several high‑potential projects in the Athabasca Basin, including Murphy Lake North, Darby, and Packrat. The transaction also follows the appointment of Denison CEO David Cates as a strategic advisor to Cosa, underscoring the close collaboration between the two companies and their shared focus on advancing exploration and development in the region.
By increasing its equity stake, Denison gains greater exposure to Cosa’s exploration upside while maintaining a significant minority interest that supports joint‑venture operations. The move aligns with Denison’s broader strategy of expanding its footprint in the Athabasca Basin and positions the company to benefit from any future discoveries or production milestones at Cosa’s key projects.
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