06:23 AM EST, 11/07/2025 (MT Newswires) -- Denison Mines ( DNN ) was at last look down more than 3% after reporting a Q3 adjusted loss late Thursday of C$0.01 per diluted share, narrowing from a loss of $0.03 a year earlier. Analysts polled by FactSet expected a loss of $0.02.

Revenue for the quarter ended Sept. 30 was $1 million, up from $695,000 a year earlier. A single analyst surveyed by FactSet expected C$1.1 million.

The result included first production from McClean North Uranium Mine.

David Cates, President and CEO, said: "Denison has delivered several key accomplishments during the second half of 2025, demonstrating our ongoing re-emergence as a globally significant uranium producer. Firstly, we thank our colleagues at Orano Canada for their efforts to successfully commission and ramp-up production at the McClean North uranium mine, which is making use of the McClean Lake Joint Venture's patented SABRE mining method. During the third quarter alone, near 2,000 tonnes of high-grade ore was extracted from the mine and over 85,000 lbs U3O8 were produced from the mill -- with an impressive initial average operating cash cost of finished goods of approximately US$19 per lb U3O8.

"At our flagship Wheeler River property, we have entered the final stages of the multi-year permitting process for our planned Phoenix In-Situ Recovery mine and are now starting to receive key final regulatory approvals -- including the Ministerial approval received in July from the Province of Saskatchewan for the project's Environmental Assessment. In October we completed the first part of the two-part Canadian Nuclear Safety Commission public hearing for the federal EA and license to construct the project. The final part of the hearing is scheduled during the week of December 8th, and we are optimistic that we will receive a decision from the Commission in early 2026.

"In parallel to our permitting efforts at Wheeler River, we have made significant progress towards the completion of detailed engineering design efforts, having now achieved approximately 85% total engineering, with most scopes planned for the first year of construction at or near 100% total engineering. Procurement efforts continue, with nearly $27 million in initial capex having already been incurred and a further near $44 million committed. Owing to our exceptionally strong balance sheet, we have been able to move confidently forward with procurement and construction planning efforts to ready ourselves for a final investment decision following regulatory approvals. At the end of the third quarter, and as a result of the successful completion of our issuance of convertible notes in August, Denison reported total cash, investments, and uranium holdings of nearly $720 million.

"Our commitment to advancing Wheeler River through challenging uranium markets in past years has uniquely positioned Denison on the cusp of building the first new large-scale uranium mine in the Athabasca Basin region in nearly two decades, at a time when we are seeing persistent and notable improvements in near and long-term uranium market fundamentals. Global adoption of nuclear energy, as a critical carbon-free way to meet growing energy demands, continues to increase and has the potential to drive the demand for uranium significantly beyond many previous estimates."