DNN changes
Pick any two versions below to diff them.
- Price
- $2.56 → $2.43(−5.1%)
- Next earnings
- Nov 12, 2026 → Nov 5, 2026
- Balance sheet
- added: Cash: CA$465M Debt: CA$490M Net debt: CA$25M Last debt due: 2031 Denison pays for the Phoenix construction with cash, sales of its physical uranium and the money from its convertible notes. removed: At June 30, 2026, cash was C$465.3 million. Uranium investments of 950,000 pounds had a value of C$114.4 million, added: Cash and removed: Denison also had 145,926 pounds of uranium added: cover most of the remaining construction cost, but Denison can need more money before first production in removed: inventory. Working capital was C$521.4 million. added: mid-2028. The main debt is US$345 million of 4.25% convertible senior unsecured notes due September 15, 2031. removed: Their added: Debt is their face removed: value was C$489.8 million at June 30, 2026, and added: value; their carrying value with the conversion feature was C$687.3 added: million at June 30, 2026. At that date, uranium investments of 950,000 pounds had a value of C$114.4 million, and Denison also had 145,926 pounds of uranium in inventory. Working capital was C$521.4 million. The conversion price is about US$2.92 per share, and capped call options raise the effective conversion price to US$4.32. Denison can pay a conversion in shares, cash or both, but it must repay in cash the notes that holders do not convert. A Bank of Nova Scotia facility gives letters of credit of up to C$28.5 million until January 31, 2027, and surety bonds of C$36.8 million cover reclamation. The 2026 outlook is spending of C$387.3 million, with C$305.2 million for Phoenix construction. Denison spent C$114.5 million of this in the first half of 2026. The Phoenix control budget is C$600 million, and the joint venture had commitments of C$229.0 million at June 30, 2026. Denison committed 600,000 pounds of uranium for delivery from Q3 2026 to Q2 2027, with a fixed price on 350,000 pounds for US$33.3 million. On September 11, 2026, it filed a base shelf prospectus for up to US$700 million of securities. The filings do not give a credit rating. removed: Cash and uranium cover most of the remaining construction cost, but Denison can need more money before first production in mid-2028. As of Jun 30, 2026.
- Checkpoints
- Nov removed: 12, added: 5, 2026 (estimate): Q3 2026 results: construction progress and spending. Pending. Watch: Phoenix on schedule for first production in mid-2028 with costs inside the C$600 million control budget passes; a delay or a higher cost estimate fails. Mar 2027 (estimate): Q4 2026 results: first-year construction milestones. Pending. Watch: The process plant and substation foundations, the freeze wall installation, the airstrip and the site power done on time passes; a slip that moves first production past mid-2028 fails. 2027 (estimate): Construction funding without a large share sale. Pending. Watch: Cash, uranium sales and the note money pay for construction, with no or only small share sales under the shelf prospectus, passes; a large share sale at a low price fails. 2028 (estimate): First production from Phoenix (target mid-2028). Pending. Watch: First uranium from Phoenix by mid-2028 and a ramp-up to the planned rates passes; a delay into 2029 or low recovery from the wells fails.