Board Approves Final Investment Decision for Phoenix ISR Uranium Mine
Research Report

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Disclosures for HoldCo Markets, Denison Mines Corp., February 25, 2026

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On February 25, 2026, HoldCo Markets published a research note on Denison Mines Corp. (DML:TSX; DNN:NYSE.MKT) following the company's announcement that its Board of Directors has made a Final Investment Decision (FID) to proceed with construction of the Phoenix ISR uranium mine in the Athabasca Basin. The firm maintains a positive view on the company and raised its 12-month price objective to CA$5.80 per share from CA$4.95 previously.

The FID marks the culmination of nearly a decade of development work on the Phoenix ISR Project. With all necessary provincial and federal approvals secured and required materials procured, site preparation and construction are expected to begin in March 2026. The construction period is estimated at approximately 24 months, with ISR uranium production from Phoenix expected by mid-2028. HoldCo Markets estimates the project will produce 56 million pounds of uranium over a 10-year life of mine, making it one of the more significant uranium mines globally and the first operating ISR mine in the Athabasca Basin. Longer term, the firm expects Denison's Gryphon underground mine to begin production in 2034.

Earlier in January, Denison provided updated capital cost estimates for the project. The total post-FID initial capital estimate is now approximately CA$600 million at a Class 2 cost estimate level of precision, which represents a 20% increase relative to the 2023 Phoenix Feasibility Study after adjusting for inflation. The updated estimate includes CA$65 million in contingency funds and owners' reserves. Notably, the construction timeline has been maintained at approximately 24 months despite the cost increases. A key refinement from the 2023 feasibility study is the planned installation of large-diameter wells throughout the Phase 1 mining area, enabling each well to function as either an injection or recovery well.

HoldCo Markets increased its long-term uranium price assumption to US$100/lb from US$90/lb previously and maintains a targeted NAV multiple of 1.40x. The firm notes that Denison shares have delivered a year-to-date performance of +62%, topping all peers in the large-cap uranium space.

At the most recent close of CA$5.89 on February 24, the new CA$5.80 price objective implies approximately 1% downside, leading the firm to conclude that shares are "currently fairly valued as much of the FID decision was incrementally getting factored in over the course of this year." Denison currently trades at a 1.43x P/NAV multiple. The company has a market capitalization of approximately CA$5.3 billion on a basic basis and an enterprise value of CA$3.7 billion, with 896.57 million basic shares outstanding.