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Denison Mines (TSX:DML) Is Up 10.5% After Expanding Uranium JVs Adjacent To Wheeler River – Has The Bull Case Changed?

Simply Wall St · 2d ago
  • In December 2025, Denison Mines closed a transaction with Skyharbour Resources to form four uranium exploration joint ventures on claims formerly comprising the Russell Lake Project, directly adjacent to Denison’s Wheeler River Project in Saskatchewan’s Athabasca Basin.
  • The deal not only broadens Denison’s exposure to highly prospective ground but also gives it options to raise ownership in key joint ventures to as much as 70%, strengthening its influence over future exploration outcomes.
  • We’ll now examine how Denison’s expanded joint ventures and operatorship near Wheeler River shape the company’s investment narrative following recent trading moves.

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What Is Denison Mines' Investment Narrative?

To own Denison today, you really have to believe that Wheeler River evolves from a long-running development story into a producing asset, and that Denison’s growing footprint in the eastern Athabasca Basin gives it leverage to that shift. The recent Russell Lake joint ventures and the Cosa-operated Darby and Murphy Lake North programs fit neatly into that thesis, adding more drill-backed optionality around a single core district. In the near term, the main catalysts still sit with Wheeler River’s permitting decision and how Denison manages sizeable ongoing losses, rather than these earlier-stage projects. That said, the new joint ventures and fresh exploration plans modestly tilt the balance by increasing both potential discovery upside and the capital and execution risk attached to it.

However, one risk here is how much cash those expanded exploration ambitions might ultimately consume. Denison Mines' shares are on the way up, but could they be overextended? Uncover how much higher they are than fair value.

Exploring Other Perspectives

TSX:DML 1-Year Stock Price Chart
TSX:DML 1-Year Stock Price Chart
Nine Simply Wall St Community fair value views span from below CA$0.10 to CA$5, underlining how far apart private investors can be. Set that against near term focus on permitting and continued losses, and it becomes clear why you may want to weigh several viewpoints before deciding how Denison’s story fits your portfolio.

Explore 9 other fair value estimates on Denison Mines - why the stock might be worth less than half the current price!

Build Your Own Denison Mines Narrative

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.