| Ticker | Name | Research | View | What he said | At |
|---|---|---|---|---|---|
| DNN | Denison Mines | QT · SA · STK · FA | Positive | His own company. Phoenix ISR — first new Canadian uranium mine approved for construction in 20+ years — starts construction in March for "first production by the middle of 2028"; ~10-year life at ~6M lb/yr, front-loaded to 8–9M lb/yr in the first 5 years. Post-FID capex ~$600M; ~$700M of cash, physical uranium and investments at end-2025; Griffin to be funded from Phoenix cash flow. | 2:21 |
| Uranium | Uranium (U3O8 — commodity) | — | Positive | "We have a robust view on the fundamentals for uranium," so Denison pursues market-related pricing to "capture that potential upside." New supply "rests on the shoulders of the new producers" because incumbents say growth is not a priority. Denison holds 1.85M lb in inventory (1.7M lb purchased + ~150k lb from McClean) to fund the build via near-term and opportunistic sales. | 9:20 |
| SYH.V | Skyharbour Resources (SYH: TSXV; SYHBF: OTC) | QT · SA · STK | Positive | "A great partnership" — Denison is a long-term shareholder (a sponsor's view). The Russell Lake property, north and east of Wheeler River, was just broken into four JVs; Denison has initial interests and the option to earn up to 70% on two, starting with Wheeler North for synergies with Phoenix and Griffin. | 17:57 |
| COSA | Cosa Resources (COSA: TSXV) | STK | Positive | Part of "team Denison": Denison vended non-core ground into it, keeping a 30% asset-level interest plus an equity stake of up to ~20%. He points to "recent results… where they've had success on the Murphy Lake North property" and hopes it becomes a meaningful discovery (a sponsor's view). | 19:52 |
| FMST | Foremost Clean Energy (FMST: Nasdaq; FAT: CSE) | QT · SA · STK · FA | Positive | The other "team Denison" vend-in: Denison's non-core assets, a 30% asset-level interest retained and an equity position of up to ~20%, so Foremost raises the capital and explores ground Denison "unlikely to be exploring in the next 3 to 5 years" (a sponsor's view). | 17:17 |
| Orano | Orano (French state-owned — private) | — | Neutral | Referenced only — as Denison's JV partner and the operator of the McClean North SABRE mine and McClean mill; he thanks it for "the excellence" of the start-up. No view on Orano itself. | 6:13 |
| NXE | NexGen Energy | QT · SA · STK · FA | Neutral | Passing mention — named only in the host's question on how Denison's contracting strategy differs from NexGen's and Cameco's; Smith contrasts Denison with producers needing "a greater degree of price certainty… to service debt" but does not name them. | 8:34 |
| CCJ | Cameco | QT · SA · STK · FA | Neutral | Passing mention — the host's contracting-strategy comparison, alongside NexGen; Cigar Lake ore is also co-milled with SABRE ore at McClean. Implicitly one of the "incumbent producers" for whom "growth is not a priority." | 8:34 |
| Wood | Wood (John Wood Group — EPCM contractor) | — | Neutral | Referenced only — the third-party construction-management (EPCM) firm hired for Phoenix, working as an integrated project team with Denison's engineers so it can "hit these peaks of activity." | 14:13 |
"View" is the Denison management stance in this conversation (Positive / Neutral / Negative), not a price rating — David Cates is Denison's CEO and Geoff Smith runs its commercial side, and Denison holds equity in Skyharbour, Cosa and Foremost, so it is a sponsor's view, not an independent one. Wood is tabled as a private name (no ticker authored). Research: QT Qualtrim · SA Seeking Alpha · STK Stock Analysis.
A jargon-free summary of the thesis behind each pick — what it actually is and why management holds that view. (Plain-language companion to the table above; renders on each ticker's consolidated page.)
Denison is about to build Phoenix, a uranium mine in northern Saskatchewan that uses "in-situ recovery": wells pump a solution underground to dissolve the uranium and bring it back up to a small plant, instead of digging a pit or tunnels. It just got its final permits — the first new Canadian uranium mine approved in over 20 years — and construction starts in March 2026, aiming for first production by mid-2028. It should average about 6 million pounds a year over 10 years, with more in the early years (8–9 million).
The build cost went up to about $600 million, mostly because of inflation since the 2022-dollar estimate and a choice to drill only larger, more flexible wells. Management says it can pay for this from about $700 million of cash, stockpiled uranium and investments, and that Phoenix's profits will then pay for a second mine, Griffin. It already gets a small amount of uranium from a mine run by its partner Orano. Remember this is the company's own management speaking.
Denison's view is that the big existing uranium miners have said they are not trying to grow, so the extra uranium the world needs has to come from new mines like its own. Because it is confident prices will rise, it prefers "market-related" contracts, where the price is set near delivery, over locking in today's price. It still spreads its bets across different contract lengths, buyers and price terms in case the market turns out differently.
It also owns about 1.85 million pounds of uranium in storage, which it can sell to help fund construction — and which lets it offer power companies deliveries well before its new mine starts.
Skyharbour is a small uranium explorer that owns a big property (Russell Lake) right next to Denison's mine site. Denison has been a shareholder for years, and the two just split the property into four joint ventures. Denison can earn up to 70% of two of them by spending on exploration, starting with the piece closest to its own deposits — if something is found there, it could share Denison's infrastructure. As a shareholder, Denison is naturally upbeat.
Cosa is a small explorer that took over some of Denison's land Denison was not going to explore itself. Denison kept 30% of those projects and owns up to about 20% of the company, so if Cosa finds something Denison gains twice. Cates points to Cosa's recent drilling success at Murphy Lake North as encouraging.
Foremost is set up like Cosa: Denison handed it exploration land it would not get to for years, kept 30% of the projects, and owns up to about 20% of the company. Foremost raises its own money and does the drilling, so Denison keeps a stake in any discovery without spending its own cash or distracting its team from building Phoenix.
Summary & timestamps derived from the public YouTube video (transcript in transcript.html) for personal study. Not investment advice. © Jimmy Connor / Denison Mines for source material.