$DNN

DENISON MINES CORP.

CIK:0001063259|SEC Filings

CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS - CAD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS
REVENUES (note 20)	$ 4,918	$ 4,023
EXPENSES
Operating expenses (note 20)	(5,660)	(4,815)
Exploration (note 20)	(17,191)	(11,973)
Evaluation (note 20)	(48,242)	(33,991)
General and administrative (note 20)	(19,564)	(16,495)
Other income (loss) (note 19)	24,385	(31,249)
Total expenses before finance charges, equity accounting and tax	(66,272)	(98,523)
Loss before net finance expense, equity accounting and taxes	(61,354)	(94,500)
Finance (expense) income, net (note 19)	(159,581)	2,658
Equity pick up-investment in associates (note 6)	(1,772)	0
Equity pick up-joint venture (note 7)	(1,213)	16
Loss before taxes	(223,920)	(91,826)
Deferred Income tax recovery (note 15)	6,632	236
Net loss from continuing operations	(217,288)	(91,590)
Net income from discontinued operations, net of income taxes (note 20)	0	471
Net loss for the period	(217,288)	(91,119)
Items that are or may be subsequently reclassified to income:
Foreign currency translation change	(224)	4
Comprehensive loss for the period	$ (217,512)	$ (91,115)
Basic net loss per share:
Continuing operations	$ (0.24)	$ (0.1)
Discontinued operations	0	0
Diluted net loss per share:
Continuing operations	(0.24)	(0.1)
Discontinued operations	$ 0	$ 0
Weighted-average number of shares outstanding (in thousands):
Basic	896,600	892,238
Diluted	896,600	892,238

CONSOLIDATED STATEMENTS OF CASH FLOW - CAD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOW - CAD ($)	Dec. 31, 2025	Dec. 31, 2024
CASH PROVIDED BY (USED IN): OPERATING ACTIVITIES
Net loss for the period	$ (217,288,000)	$ (91,119,000)
Adjustments and items not affecting cash and cash equivalents:
Depletion, depreciation, amortization and accretion	17,773,000	9,929,000
Fair value change losses (gains):
Investments-equity instruments (notes 6 and 19)	(3,747,000)	4,934,000
Investments-uranium (notes 6 and 19)	(13,439,000)	32,129,000
Investments-debt instruments (notes 6 and 19)	1,232,000	2,565,000
Deferred consideration (note 6)	(520,000)	0
Investments-Capped Call options (notes 14 and 19)	829,000	0
Convertible notes -Embedded Derivates (notes 14 and 19)	111,357,000	0
Day one loss on convertible notes (notes 14 and 19)	36,021,000	0
Uranium pre-payment (note 11)	8,235,000	0
Investment in associate-equity pick up (note 6)	1,772,000	0
Joint venture-equity pick up (note 7)	1,213,000	(16,000)
Recognition of deferred revenue (note 11)	(4,918,000)	(4,023,000)
Loss (gain) on property, plant and equipment disposals	18,000	(162,000)
Post-employment benefit payments (note 13)	(40,000)	(119,000)
Reclamation obligation income statement adjustment (note 12)	(1,593,000)	(1,823,000)
Reclamation obligation expenditures (note 12)	(1,141,000)	(2,491,000)
Share-based compensation (note 17)	4,747,000	4,657,000
Foreign exchange gain (note 19)	(2,835,000)	(2,278,000)
Deferred income tax recovery (note 15)	(6,632,000)	(236,000)
Change in non-cash operating working capital items (note 19)	808,000	7,669,000
Net cash used in operating activities	(68,148,000)	(40,384,000)
INVESTING ACTIVITIES
Additions of property, plant and equipment (note 9)	(50,496,000)	(7,690,000)
Proceeds on disposal of investment - uranium (note 6)	54,251,000	13,598,000
Purchase of equity investments (note 6)	(4,299,000)	(1,972,000)
Purchase of Capped Call derivative options (note 14)	(48,822,000)	0
Proceeds on disposal of property, plant and equipment	55,000	240,000
Decrease in restricted cash and investments (note 8)	(206,000)	(393,000)
Purchase of investment in joint venture (note 7)	0	(3,357,000)
Net cash (used in) provided by investing activities	(49,517,000)	426,000
FINANCING ACTIVITIES
Proceeds from Convertible Notes, net of issue costs (note 14)	458,994,000	0
Proceeds from share issues, net of cash paid issue costs (note 16)	14,496,000	14,082,000
Proceeds from share options exercised (note 16)	1,310,000	1,373,000
Repayment of debt obligations (note 13)	(517,000)	(301,000)
Net cash provided by financing activities	474,283,000	15,154,000
Increase/(Decrease) in cash and cash equivalents	356,618,000	(24,804,000)
Foreign exchange effect on cash and cash equivalents	782,000	2,268,000
Cash and cash equivalents, beginning of period	108,518,000	131,054,000
Cash and cash equivalents, end of period	$ 465,918,000	$ 108,518,000

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - CAD ($)	Dec. 31, 2025	Dec. 31, 2024
Current
Cash and cash equivalents (note 4)	$ 465,918,000	$ 108,518,000
Trade and other receivables	5,332,000	3,075,000
Inventories (note 5)	12,267,000	3,746,000
Investments-equity instruments (note 6)	11,961,000	6,292,000
Investments-uranium (note 6)	61,560,000	0
Prepaid expenses and other	3,195,000	2,093,000
Total current assets	560,233,000	123,724,000
Non-Current
Inventories-ore in stockpiles (note 5)	2,098,000	2,098,000
Investments-equity instruments (note 6)	5,951,000	1,755,000
Investments-uranium (note 6)	128,716,000	231,088,000
Investments-debt instruments (note 6)	11,768,000	13,000,000
Capped Call derivative options (note 14)	47,993,000	0
Investments-joint venture (note 7)	19,450,000	20,663,000
Restricted cash and investments (note 8)	11,830,000	11,624,000
Property, plant and equipment (note 9)	316,926,000	259,661,000
Other long-term assets	1,109,000	0
Total assets	1,106,074,000	663,613,000
Current
Accounts payable and accrued liabilities (note 10)	41,202,000	21,333,000
Current portion of long-term liabilities:
Deferred revenue (note 11)	4,517,000	4,501,000
Reclamation obligations (note 12)	1,060,000	1,713,000
Other liabilities (note 13)	5,342,000	6,344,000
Total current liabilities	52,121,000	33,891,000
Non-Current
Deferred revenue (note 11)	35,628,000	29,492,000
Reclamation obligations (note 12)	33,544,000	30,601,000
Convertible Notes (note 14)	612,164,000	0
Other liabilities (note 13)	2,658,000	2,936,000
Deferred income tax liability (note 15)	1,589,000	2,371,000
Total liabilities	737,704,000	99,291,000
EQUITY
Share capital (note 16)	1,683,831,000	1,665,189,000
Contributed surplus	76,229,000	73,311,000
Deficit	(1,393,288,000)	(1,176,000,000)
Accumulated other comprehensive income (note 18)	1,598,000	1,822,000
Total equity	368,370,000	564,322,000
Total liabilities and equity	$ 1,106,074,000	$ 663,613,000
Issued and outstanding common shares (note 16)	901,610,950	895,713,101