URG

Regional Benefits Agreement: Denison Mines Corp. and the Ya’thi Néné Land and Resource Office have established a regional benefits agreement with several Athabasca Basin communities, facilitating the cooperative development of uranium projects in northern Saskatchewan.

Community Support and Oversight: The Nuhenéné Benefit Agreement confirms local support for projects like Wheeler River and includes commitments to wildlife and water monitoring, ensuring responsible development while enhancing local oversight.

Economic Opportunities: The agreement aims to create meaningful training, employment, and business pathways for local communities, emphasizing mutual respect and a transparent negotiation process.

Denison's Project Status: Denison Mines' Wheeler River is highlighted as the largest undeveloped uranium project in the eastern Athabasca Basin, with ongoing feasibility work and federal licensing hearings for its Phoenix and Gryphon deposits.

Cameco's Q3 Performance: Cameco reported a 14.7% decline in revenues year-over-year for Q3 2025, with adjusted earnings per share rising 17% to CAD 0.07, although this fell short of expectations by 75%. Uranium production increased by 2% to 4.4 million pounds, but sales volume dropped by 16%.

Financial Outlook and Guidance: The company revised its full-year uranium delivery target to 32-34 million pounds and projected total revenues for 2025 to be CAD 3.3-3.55 billion, driven by an expected average realized price of approximately $87.00 per pound.

Comparative Performance: In the past three months, Cameco's shares gained 17.3%, outperforming the industry average of 1.6%, but lagged behind Energy Fuels, which saw a 58.3% increase. Cameco's stock is currently viewed as overvalued with a Zacks Rank #4 (Sell).

Long-term Prospects: Despite current challenges, Cameco is well-positioned for future growth due to its low-cost, high-grade assets and investments aimed at increasing production capacity, capitalizing on rising demand for uranium amid geopolitical and climate-related trends.

Energy Fuels Q3 2025 Performance: Energy Fuels reported a 337.6% increase in revenues to $17.7 million, driven by higher uranium sales, but posted a net loss of $0.07 per share, unchanged from the previous year.

Uranium Production and Costs: The company mined approximately 465,000 pounds of uranium and expects to lower production costs significantly in the coming quarters, targeting a cost of $23–$30 per pound.

Rare Earth Elements Development: Energy Fuels is advancing its Rare Earth Elements (REE) capabilities, having produced high-purity dysprosium oxide and received approvals for a joint venture in Australia, with plans for commercial-scale production by late 2026.

Market Outlook and Stock Performance: Despite a premium valuation and expected losses for 2025, Energy Fuels has seen a 215.9% increase in stock price year-to-date, supported by strong long-term demand for uranium and REE amid a push for clean energy.