Denison sets $300M offer, company funding Wheeler River project

Denison Mines (TSX: DML; NYSE AMERICAN: DNN), a uranium mining, exploration, and development company focused in the Athabasca Basin region of northern Saskatchewan, announced on August 12, 2025, that it has upsized and priced its previously announced offering of convertible senior unsecured notes due 2031 for a total principal amount of US$300 million. The company will use the proceeds to support the evaluation and development of its uranium projects, including the Wheeler River Uranium Project, and for general corporate purposes. About US$30.75 million will go toward funding capped call transactions designed to reduce potential dilution upon note conversion.

Denison holds an effective 95% interest in its flagship Wheeler River uranium project, which stands as the largest undeveloped uranium project in the infrastructure-rich eastern part of the Athabasca Basin region. The company has granted the initial purchasers of the notes a 13-day option, starting on the issuance date, to buy up to an additional US$45 million of notes.

Denison will have the right to redeem the notes under certain circumstances, and holders will be able to require the company to repurchase their notes upon the occurrence of specific events. The offering is expected to close around August 15, 2025, subject to usual closing conditions. Following the announcement of the note pricing, Denison Mines' stock dropped 7.9%.