Denison Mines Corp. filed its Audited Consolidated Financial Statements and Management's Discussion & Analysis for the year ended December 31, 2024. The company reported revenue of $2.79 million for 2024, an increase from $1.39 million in 2023. However, net income for 2024 was -$63.28 million, a significant decrease from a profit of $67.95 million in 2023.
Operationally, Denison significantly advanced the regulatory approvals process for its Phoenix In-Situ Recovery (ISR) project, with the Canadian Nuclear Safety Commission (CNSC) scheduling a two-part public hearing for late 2025. Detailed design engineering for Phoenix reached approximately 65% completion by year-end 2024, with a target for construction to begin in early 2026 and first production by the first half of 2028.
The company secured consent and support for the Wheeler River project through Mutual Benefits Agreements with Kineepik Métis Local #9 and the Northern Village of Pinehouse Lake, and a Sustainable Communities Investment Agreement with several northern municipalities. Development work at the McClean North deposit progressed for a planned restart of mining in 2025 using the SABRE method, and an ISR field test program at the Midwest project validated key assumptions for ISR mining.
Denison also expanded its exploration exposure through agreements with Foremost Clean Energy and Cosa Resources. An option agreement with Foremost allows them to acquire up to 70% of Denison's interests in 10 non-core properties, with Denison holding approximately 19.13% ownership in Foremost by year-end. An acquisition agreement with Cosa Resources, which closed in early January 2025, resulted in Denison becoming Cosa's largest shareholder with approximately 19.95% ownership, following Cosa's acquisition of a 70% interest in three of Denison's properties.
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.