DNN Stock Today (November 25, 2025): Denison Mines Edges Higher as Uranium Story Meets Legal Risk

Ticker: DNN (NYSE American) · Sector: Uranium / Nuclear Energy · Date: November 25, 2025

Key Takeaways

• DNN stock is trading around $2.39 in Tuesday’s session, modestly higher than Monday’s close near $2.32, with intraday trading roughly between $2.29 and $2.40 and volume above 21 million shares as of the latest quote. ^[1]
• Shares sit about 30% below their 52‑week high of $3.42 yet remain more than 100% above the 52‑week low of $1.08, underscoring how volatile Denison Mines has been in 2025. ^[2]
• Fundamentally, Denison has just reported first uranium production from the McClean North mine, completed a US$345 million convertible notes financing, and advanced permitting for its flagship Wheeler River project, while still posting accounting losses. ^[3]
• Regulatory and legal risks are front and center after an Indigenous community filed for judicial review of Saskatchewan’s environmental approval for Wheeler River, even as federal regulators move toward a key decision in early 2026. ^[4]
• Uranium prices remain elevated — with recent spot levels around US$80/lb and long‑term prices even higher — and analyst sentiment on DNN is still broadly “Buy”, even after earnings estimates were cut. ^[5]

Note: All prices are in U.S. dollars unless otherwise stated and refer to intraday data on November 25, 2025. This article is for information only and is not financial advice.

DNN Stock Price Today: Where Denison Mines Is Trading Now

As of the latest afternoon trading on Tuesday, November 25, 2025, Denison Mines Corp. (DNN) is changing hands at about $2.39 per share on the NYSE American. That’s up roughly a few cents from Monday’s close around $2.32, leaving DNN modestly higher on the day. ^[6]

Today’s tape, based on real‑time data, shows:

• Last price: ~$2.39
• Today’s range: roughly $2.29 – $2.40
• Today’s open: about $2.32
• Intraday volume: just over 21 million shares, a busy but not extreme session for this heavily traded uranium name ^[7]

Against its 52‑week range of $1.08 to $3.42, DNN now trades:

• ~30% below its recent 52‑week high around $3.42
• More than 120% above its 52‑week low near $1.08 ^[8]

In other words, the stock has cooled off significantly from the mid‑October spike, but it’s still more than doubled from its lows — a classic picture of a volatile growth‑and‑story uranium play.

Recent Performance: A Steep Pullback After an Autumn Surge

Short‑term price action has been choppy:

• Over the last 10 trading days, Denison’s share price has fallen in 7 of 10 sessions and is down almost 12% across that stretch, even after a 2.2% rebound on Monday, November 24. ^[9]
• Over the past year, various data providers show DNN roughly flat to slightly negative in percentage terms, despite big swings between its 52‑week low and high. ^[10]

Earlier in the autumn, Denison was one of the better‑known winners in the uranium rally:

• The stock ran to multi‑year highs in October, touching intraday levels around $3.10–$3.40 as nuclear‑themed stocks surged on strong uranium prices and bullish policy headlines. Ts2 Tech+2Yahoo Finance+2
• Since then, the shares have given back about a quarter to a third of their peak value, with the pullback accelerating in early November as legal and earnings headlines hit the tape. Ts2 Tech+1

Technically, DNN is now trading below short‑term moving averages and closer to the middle of its 52‑week range, while still showing a beta above 1, meaning it tends to move more sharply than the broader equity market. ^[11]

Fundamental Story: From Developer to Early‑Stage Producer

Q3 2025: First Uranium Production at McClean North

Denison’s Q3 2025 earnings and operational update on November 6 was a major strategic milestone: the company reported first commercial uranium production at the McClean North deposit, part of the McClean Lake Joint Venture in northern Saskatchewan. ^[12]

Key operational highlights from the quarter include:

• Ore mined: about 2,063 tonnes of high‑grade ore at McClean North (100% basis).
• Uranium output:85,235 pounds of U₃O₈ produced at the McClean Lake mill in the quarter, with 19,178 pounds attributable to Denison. ^[13]
• Cash cost: Denison reports an average operating cash cost of roughly C$27 per pound U₃O₈, or about US$19 per pound, placing McClean North at a very competitive cost level versus today’s uranium prices near US$80/lb. ^[14]

Financially, Q3 still showed a net loss under IFRS/GAAP, but with:

• Revenue creeping higher year‑over‑year as production ramps, from under C$1 million a year ago to just over C$1 million this quarter. ^[15]
• A large headline loss driven by non‑cash items and project spending; some data providers show a sharply negative EPS, while others highlight that adjusted results came in better than consensus expectations. ^[16]

The big strategic message from Q3: Denison is no longer just a developer. It is now:

• Producing uranium at McClean North (albeit at relatively modest volumes).
• Building operational expertise in SABRE and in‑situ recovery (ISR) methods that are central to its long‑term plans at Phoenix and other deposits. ^[17]

Balance Sheet: US$345 Million Convertible Notes and a Large Cash/ Uranium War Chest

Denison has also significantly strengthened its balance sheet:

• In August 2025, the company closed a US$345 million offering of convertible senior notes due 2031 with a 4.25% coupon. ^[18]
• The initial conversion price is about US$2.92 per share, roughly a 35% premium to the stock price at the time, and a capped‑call structure lifts the effective conversion price to around US$4.32. ^[19]
• Proceeds are earmarked to fund the Phoenix ISR project at Wheeler River and other uranium development efforts, as well as for general corporate purposes. ^[20]

As a result, Denison ended Q3 with nearly C$720 million in total cash, investments and uranium holdings, providing a sizable buffer to finance permitting, engineering and early construction. ^[21]

Third‑party analyses also note that Denison holds over 2 million pounds of physical U₃O₈ at an average cost in the high‑US$20s per pound, giving the company direct leverage to uranium prices and a potential source of future funding. Ts2 Tech+1

Still, on a trailing 12‑month basis, Denison remains:

• Revenue‑light (only a few million dollars in sales).
• Earnings‑negative, with net losses and negative margins reflecting its development‑stage profile. ^[22]

Wheeler River: Flagship Asset Near a Decision Point — With a Legal Overhang

Permitting Progress

Denison’s valuation is still dominated by Wheeler River, its flagship uranium project in the eastern Athabasca Basin:

• The company holds an effective 95% interest in Wheeler River, home to the high‑grade Phoenix and Gryphon deposits and widely described as the largest undeveloped uranium project in that part of the basin. ^[23]

Regulatory progress in 2025 has been significant:

• In July 2025, Saskatchewan’s Minister of Environment granted provincial Environmental Assessment (EA) approval for the Phoenix ISR project. ^[24]
• In October 2025, Denison participated in the first part of a two‑part Canadian Nuclear Safety Commission (CNSC) hearing covering the federal EA and a license to prepare the site and construct the mine. ^[25]
• The second and final hearing session is scheduled for the week of December 8, 2025, with a CNSC decision expected in early 2026, according to company guidance and regulatory filings. ^[26]

Engineering is also far along:

• Detailed design for Phoenix ISR is reported to be about 85% complete, with most of the scopes needed for the first year of construction at or near full engineering. ^[27]
• Denison has already incurred roughly C$27 million in initial capital and committed around C$44 million more, in anticipation of a Final Investment Decision (FID) targeted for the first half of 2026, subject to approvals. ^[28]

Judicial Review Challenge by Peter Ballantyne Cree Nation

Balanced against this progress is a new legal risk:

• On November 4, 2025, Denison disclosed that Peter Ballantyne Cree Nation (PBCN) filed an application for judicial review in the Saskatchewan Court of King’s Bench. ^[29]
• The application seeks to set aside the provincial EA approval for Wheeler River, alleging that the provincial government did not adequately fulfill its duty to consult and accommodate Indigenous rights prior to approving the project. ^[30]
• Denison says it has undertaken extensive Indigenous engagement, including direct engagement with PBCN since 2023, and intends to vigorously defend the EA approval while continuing its dialogue with Indigenous communities. ^[31]

For DNN shareholders, this creates a two‑track risk/reward scenario:

• A favorable CNSC decision plus a manageable resolution of the judicial review could clear the way for FID in 2026 and eventual first production from Phoenix later in the decade. ^[32]
• A negative court ruling or prolonged litigation, by contrast, could delay project timelines, add costs, or require additional consultation steps and design changes.

This combination of strong progress and new legal uncertainty is one of the main reasons DNN has been particularly volatile in November.

Strategic Expansion: Russell Lake Joint Ventures with Skyharbour

Denison is also expanding its footprint around Wheeler River through new joint ventures with Skyharbour Resources:

• On November 17, 2025, Denison announced it would acquire stakes in the Russell Lake Uranium Project, directly adjacent to Wheeler River, through a series of four joint ventures: Russell Lake, Getty East, Wheeler North, and Wheeler River Inliers. ^[33]
• Initial ownership interests are expected to be roughly 20%, 30%, 49%, and 70% in those respective JV areas, with options for Denison to earn up to 70% in some zones through staged exploration spending. ^[34]
• The deal value is C$18 million, payable via a mix of upfront cash and deferred payments; with exploration commitments, longer‑term consideration could rise substantially over time. ^[35]

For investors tracking DNN, the Russell Lake transaction signals that Denison is:

• Doubling down on the Athabasca Basin, consolidating a large, highly prospective land package around its flagship project and existing milling infrastructure. ^[36]
• Using its strengthened balance sheet to secure future growth options beyond Phoenix and Gryphon.

Institutional Interest, Analyst Sentiment and EPS Cuts

Institutional Buying

A recent filing summary shows that institutional investors have been adding to DNN:

• TD Waterhouse Canada Inc. increased its position in Denison by more than 3,000% in Q2, ending the period with 322,108 shares. ^[37]
• Other institutions — including PCJ Investment Counsel, Russell Investments, Quantbot Technologies, Tejara Capital and Nuveen — have also added or initiated positions. Overall, about 36.7% of Denison’s float is now held by institutions and hedge funds. ^[38]

Analyst Ratings and Price Targets

Despite the recent pullback, Wall Street’s stance on DNN remains broadly bullish:

• A range of Canadian and U.S. brokers — Roth MKM, Raymond James, Scotiabank, National Bank, Desjardins and others — rate Denison as Buy or Outperform, with many price targets in the low‑US$3 range (or mid‑C$4s for the TSX listing). ^[39]
• One recent note from Roth MKM reiterated a $3.00 U.S. price target, implying significant potential upside from current levels if the long‑term Wheeler River thesis plays out. ^[40]

At the same time, earnings expectations have moved lower:

• A November 14 update from MarketBeat reports that Roth Capital cut its FY2025 EPS forecast for Denison from ‑$0.06 to around ‑$0.15 per share, with Q4 2025 and FY2026 EPS also projected to stay negative. ^[41]
• Other research notes have similarly trimmed near‑term EPS estimates, reinforcing that Denison is likely to remain loss‑making while it pushes Phoenix and other projects toward production. Ts2 Tech+2MarketWatch+2

The overall message from analysts: they like the assets and the long‑term uranium backdrop, but they’re not expecting meaningful profits in the near future.

Uranium Market Backdrop: Strong Prices, Policy Tailwinds

DNN’s long‑term value is tightly linked to uranium prices and the global nuclear build‑out.

Recent data from industry sources show:

• An end‑of‑October 2025 spot price around US$80/lb, down slightly from a September peak near US$82.63/lb, but still far above the March low of roughly US$64/lb. ^[42]
• Long‑term contract prices of about US$85/lb at the end of October — the highest of the year. ^[43]
• Uranium futures near US$80–81/lb in early November, up a few percent compared with a year earlier, albeit with short‑term volatility. ^[44]

On the policy front, nuclear energy has enjoyed a wave of supportive headlines:

• The U.S. government recently signed an approximately US$80 billion deal with Westinghouse Electric to build new nuclear reactors aimed at meeting surging electricity demand from AI data centers and electrification. ^[45]
• Additional initiatives to expand uranium enrichment capacity and accelerate reactor licensing have reinforced the view that nuclear could play a larger role in future baseload power, particularly as countries pursue decarbonization. ^[46]

For Denison Mines, elevated uranium prices and a pro‑nuclear policy backdrop:

• Support the economics of Phoenix, Gryphon and other projects, especially given their targeted position at the low end of the cost curve. ^[47]
• Increase the strategic value of its physical uranium inventory and its large Athabasca land package.

At the same time, any sharp downturn in uranium prices — due to supply responses, project restarts, or macro shocks — would likely hit DNN’s share price disproportionately hard.

Key Risks for DNN Stock

Investors following DNN today should keep several risk factors in mind:

1. Regulatory and Legal Risk
   • The PBCN judicial review could delay or disrupt the Wheeler River development timeline, depending on the court’s decision and any required changes to consultation or project design. ^[48]
   • CNSC and other regulatory approvals are not guaranteed; any adverse conditions or delays could impact capital needs and project economics.
2. Commodity Price Risk
   • Denison’s long‑term value is highly sensitive to uranium prices, which have historically been very cyclical and can be impacted by reactor restarts, supply ramps, or shifts in nuclear policy. ^[49]
3. Financing and Dilution Risk
   • While the US$345 million convertible notes strengthen the balance sheet, conversion in the future could dilute existing shareholders, especially if share prices remain within or below the conversion range. ^[50]
4. Execution Risk
   • Phoenix ISR and SABRE‑based operations at McClean North involve complex mining technologies; cost overruns, technical issues, or delays could affect returns. ^[51]
5. Volatility
   • With a beta meaningfully above 1 and heavy retail and institutional trading volume, DNN is prone to sharp swings around news events, as seen in October and November. ^[52]

What Today’s Move Could Mean for DNN Investors

With DNN sitting around $2.39 on November 25:

• The stock is roughly one‑third below its recent high, reflecting concerns about legal risk, softer near‑term earnings and normal profit‑taking after a powerful uranium rally. ^[53]
• Yet it remains well above its lows, supported by:
  • First production at McClean North
  • Strong cash and uranium holdings
  • Advanced permitting at Wheeler River
  • A string of Buy / Outperform ratings and price targets above today’s quote. ^[54]

From a narrative standpoint, DNN today is less of a pure speculative “pre‑production” story than it was a year ago, but it is still very much:

• Leveraged to long‑term uranium prices and nuclear demand
• Exposed to project‑specific permitting and legal outcomes
• Volatile, especially around regulatory milestones and analyst forecast changes

Bottom Line

For November 25, 2025, DNN stock is quietly firming after a sharp three‑week pullback, trading modestly higher on the day while markets digest a dense mix of news:

• Positive: first uranium production, a fortified balance sheet, aggressive Athabasca Basin expansion and a favorable macro backdrop for nuclear power.
• Negative: a large accounting loss, lowered EPS forecasts, and a fresh judicial review that could complicate Wheeler River’s path to construction.

Whether that mix ultimately translates into higher or lower prices from here will depend largely on:

1. How the CNSC and Saskatchewan courts rule,
2. How uranium prices behave in 2026 and beyond, and
3. Denison’s ability to execute on Phoenix, Gryphon, McClean North and Russell Lake.

For now, DNN remains a high‑beta uranium stock at the center of the nuclear energy revival narrative — and today’s quiet gain suggests investors are still willing to hold through the legal noise in anticipation of a potentially transformative 2026.

Disclosure & Disclaimer:
This article is for informational and news purposes only and does not constitute investment, legal, or tax advice. Stock prices and other figures are based on publicly available data as of November 25, 2025 and may change without notice. Always do your own research or consult a licensed financial professional before making investment decisions.

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