06:14 AM EDT, 08/08/2025 (MT Newswires) -- Denison Mines ( DNN ) overnight Thursday reported Q2 earnings from continuing operations of 0.01 Canadian dollars per diluted share, swinging from a $0.02 loss a year earlier. Analysts' estimates were unavailable for comparison.

Revenue for the quarter ended June 30 was $1.3 million, unchanged from a year earlier. An analyst polled by FactSet expected CA$1.1 million.

The company highlighted a return to uranium production at McClean Lake and provincial approval of Wheeler River environmental assessment.

David Cates, President and CEO, said, "This summer has been highly productive for Denison. We've achieved key milestones at McClean Lake and Wheeler River and delivered results on multiple projects that showcase the potential to add value within our portfolio of leading Athabasca Basin development projects.

"We marked our return to uranium production and inaugurated a new source of Canadian uranium, with the newly commissioned McClean North SABRE mine commencing mining operations in June and the McClean Lake mill processing the first recovered ore and packaging finished yellowcake product in July. We look forward to further reporting on the results from the McClean Lake Joint Venture in the coming quarters and marketing our share of production.

"At our flagship Wheeler River project, the Province of Saskatchewan issued a Ministerial Approval for the Environmental Assessment, which approval represents one of the final regulatory milestones necessary for Denison to commence construction of the planned Phoenix In-Situ Recovery mine. The Canadian Nuclear Safety Commission has already scheduled public hearings for Wheeler River this fall, where we will seek to obtain approval of the Federal EA and the Federal License to Prepare the Site & Construct. After several years of permitting efforts, we are now truly in the final months of the process. Similarly, our engineering design efforts are nearing completion, with 80% total engineering completed, including several scopes planned for the first year of construction approaching 100% total engineering.

"We also reported positive exploration results at Wheeler River's Gryphon deposit, where we carried out the first follow-up drill program since 2018. While the focus of the program was on mineral resource delineation, we also tested a handful of resource expansion targets and are very pleased that drilling has identified additional high-grade mineralization beyond the defined extent of the D-series of lenses.

"Lastly, in recent days we reported the results of a Preliminary Economic Assessment for the use of ISR mining at the Midwest Joint Venture's Midwest Main deposit. The PEA incorporates results from multiple successful field test programs and outlines the potential for the project to have an all-in cost of production amongst the lowest cost uranium mines in the world, generating an impressive internal rate of return over 80% and an NPV attributable to Denison's ownership interest of over $240 million."

DML was down 0.65% on the TSX yesterday.