Denison Mines is a uranium development company focused on advancing the Wheeler River project in the Athabasca Basin of northern Saskatchewan, Canada. The company's core asset is the Phoenix uranium deposit, one of the largest undeveloped uranium projects in the eastern Athabasca Basin, with proven and probable reserves of ~56.7 million pounds U3O8. Phoenix uses in-situ recovery (ISR) mining — injecting an acidic leaching solution underground to dissolve uranium in place, then pumping uranium-bearing solution to the surface — eliminating the need for conventional underground or open-pit mining. A freeze wall of frozen ground contains the leaching solution and prevents groundwater contamination. Phoenix's ore grade is exceptionally high, with the core zone averaging 46% U3O8. Construction was approved by Denison's board in February 2026, following receipt of all required regulatory approvals, with first production targeted for mid-2028. Denison holds an effective 95% interest in Wheeler River. Denison also holds a separate deposit, Gryphon, on the same property, planned for conventional underground mining and envisioned as a follow-on project to Phoenix. Until Phoenix reaches production, Denison generates cash by selling physical uranium from its inventory and through a 22.5% share of production at the McClean Lake joint venture. Denison sells uranium to nuclear utilities under long-term supply contracts and on the spot market. Once Phoenix is in production, Denison's earnings will be driven primarily by uranium prices relative to Phoenix's estimated cash operating costs of ~US$6.28/lb, positioning it as a potentially low-cost producer.