Denison Mines Finalizes Joint Ventures with Skyharbour, Price Target Raised to $3.65
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jan 03 2026
0mins
Should l Buy DNN?
Source: Yahoo Finance
- Price Target Increase: National Bank reiterated a Buy rating on Denison Mines, raising the price target from $3.29 to $3.65, reflecting market confidence in the company's growth potential.
- Joint Venture Agreement: On December 17, Denison finalized a deal with Skyharbour Resources to establish four joint ventures leveraging the Russell Lake uranium project, which is expected to fast-track exploration of high-potential land near Wheeler River.
- Clear Ownership Structure: In the joint ventures, Denison holds a 49% stake in Wheeler North, a 70% stake in Wheeler River Inliers, and 20% and 30% stakes in Russell Lake and Getty East respectively, ensuring a dominant position in key projects.
- Operational Management Allocation: Denison will operate the Wheeler North and Wheeler River Inliers exploration sites while Skyharbour leads the remaining two, demonstrating a synergistic effect in resource development between the two companies.
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Analyst Views on DNN
Wall Street analysts forecast DNN stock price to fall
5 Analyst Rating
5 Buy
0 Hold
0 Sell
Strong Buy
Current: 3.830
Low
3.00
Averages
3.73
High
4.76
Current: 3.830
Low
3.00
Averages
3.73
High
4.76
About DNN
Denison Mines Corp. is a Canada-based uranium exploration and development company focused on the Athabasca Basin region of northern Saskatchewan, Canada. The Company holds a 95% interest in the Wheeler River Project, which is a uranium project. It hosts two uranium deposits: Phoenix and Gryphon. It is located along the eastern edge of the Athabasca Basin in northern Saskatchewan. It holds a 22.5% ownership interest in the McClean Lake joint venture (MLJV), which includes several uranium deposits and the McClean Lake uranium mill. It also holds a 25.17% interest in the Midwest Main and Midwest A deposits, and a 67.41% interest in the Tthe Heldeth Tue (THT) and Huskie deposits on the Waterbury Lake property. The Company, through JCU (Canada) Exploration Company, Limited, holds indirect interests in the Millennium project, the Kiggavik project, and the Christie Lake project. It also offers environmental services. The Company also uses MaxPERF drilling tool technology and systems.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Uranium Discovery: The Tuning Fork target area saw drill hole TF-25-16 intersecting 0.87% U₃O₈ over 0.45 meters in a previously unexplored 600-meter gap, indicating the potential for a larger mineralized system, which holds significant strategic implications.
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- Technical Integration Enhancement: By integrating historical drilling and geophysical data from Denison Mines, Foremost can better constrain target geometry and depth, thereby improving drilling accuracy and efficiency, which enhances the likelihood of future uranium discoveries.
See More
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- Processing Pathway Decisions: The company is considering two processing pathways: off-site toll processing for rapid monetization or constructing an on-site pilot plant for better recovery control and long-term scalability, which will directly impact future economic evaluations and project feasibility.
- Resource Expansion: Americore has expanded its land position to approximately 22,700 acres through direct staking and a strategic option agreement with Primus Resources, significantly increasing resource potential, especially as a 2012 historic resource estimate tripled the resource base to 36 million ounces of silver equivalent.
- Infrastructure Advantage: The Trinity Project is located in an area with established infrastructure in Nevada, where U.S. Borax historically mined over one million tons and produced approximately five million ounces of silver, proving the district's capability for sustainable metal production and enhancing the project's strategic appeal.
See More
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- Put Option Appeal: Selling a put option at a $3.50 strike price allows investors to collect a 5-cent premium, effectively lowering their cost basis to $3.45, which represents a 15% discount to the current stock price of $4.13, making it attractive for those interested in DNN shares.
- Put Option Yield Potential: If the put option expires worthless, it would yield a 1.43% return on the cash commitment, or an annualized return of 12.14%, highlighting the profitability of this strategy, with Stock Options Channel tracking these metrics over time.
- Call Option Return Analysis: Selling a call option at a $5.00 strike price while purchasing shares at $4.13 could yield a total return of 22.28% if the stock is called away at expiration, indicating significant potential upside for this strategy.
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See More
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- Uranium Market Developments: South Korea's announcement to build two large nuclear plants in the 2030s, operational by 2037 and 2038, is bullish for global uranium demand, yet it has not prevented Centrus Energy's stock decline, reflecting complex market sentiments.
- Strong Financial Position: With a price-to-earnings ratio of 46, Centrus Energy is not cheap, but it is profitable and has a solid cash flow, highlighting its investment value in nuclear stocks, particularly in the production of high-assay low-enriched uranium (HALEU) fuel.
- Market Outlook Analysis: Centrus Energy's balance sheet shows more cash than debt, and its free cash flow significantly exceeds net income, with an enterprise value-to-free cash flow ratio of only 34x, indicating strong investment potential in the nuclear sector despite current stock volatility.
See More
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- Drilling Campaign Launch: Skyharbour Resources plans to conduct over 15,000 meters of diamond drilling in 2026 across the newly formed Russell Lake joint ventures, aiming to accelerate uranium discovery and enhance project value.
- Strategic Partnership Deepening: This drilling initiative serves as a key catalyst for Skyharbour's collaboration with Denison Mines, expected to leverage Denison's successful experience in the Wheeler River project to enhance the development potential of the Russell Lake project.
- Project Restructuring Completed: Following a strategic transaction with Denison in December 2025, Skyharbour reorganized the former Russell Lake uranium project into four separate joint ventures, increasing resource development flexibility and market competitiveness.
- Positive CEO Outlook: Skyharbour's CEO Jordan Trimble stated that 2026 is set to be a transformative year for the company, with the commencement of drilling expected to bring significant growth opportunities and market attention.
See More
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- Waste Storage Challenges: Overcoming local opposition to nuclear waste storage is deemed critical for achieving nuclear expansion goals, as radioactive waste is currently stored onsite at nuclear plants, posing safety and environmental risks.
- Historical Context: A previous plan to designate Yucca Mountain in Nevada as a single repository for U.S. nuclear waste was halted by the Obama administration due to local opposition, highlighting the importance of local support.
- Market Reaction: Trump's remarks at the World Economic Forum emphasized the safety and affordability of nuclear power, leading to a rise in nuclear-related stocks such as Cameco and Denison Mines, reflecting positive market expectations for nuclear policy.
See More
