11:59 AM EDT, 07/17/2025 (MT Newswires) -- (Adds comment and updates shares.)

Denison Mines ( DNN ) reported Thursday the start of uranium mining operations at its McClean Lake joint venture with Orano Canada using the patented Surface Access Borehole Resource Extraction (SABRE) mining method.

SABRE mining of the McClean North uranium deposit began in June with an estimated 250 tonnes of high-grade ore recovered from the first mining cavity.

Orano Canada also successfully backfilled the first cavity, advanced the SABRE rig to the planned second mining cavity, and commenced processing of the recovered ore at the McClean Lake mill.

"The successful commencement of SABRE mining at McClean North marks a significant milestone in the history of the MLJV, as the joint venture returns to active mining operations for the first time since 2008," said chief executive David Cates.

Orano Canada owns a 77.5% interest in the joint venture and Denison owns the remaining 22.5% stake.

National Bank of Canada maintained its outperform rating on Denison shares and its $3.75 price target following the release.

While McClean North is not material to the bank's NAV for Denison, National Bank said the successful start is a meaningful milestone for the company as it returns to the status of uranium producer.

Denison shares were last seen up $0.17 to $2.94 on the Toronto Stock Exchange.

Price: 2.93, Change: +0.16, Percent Change: +5.78