In short: A home for Denison's non-core ground, run by "a number of ex-Denison folks" who were also at IsoEnergy for the Hurricane discovery, and "they've had some good success." Denison owns 19% and sits on the board; Cosa works Murphy Lake North and a DRA at the Darby property, where Denison also holds direct project interests.
Cosa is a small uranium explorer run by several former Denison people, some of whom were involved in IsoEnergy's high-grade Hurricane discovery. Denison gave it land Denison was not going to explore itself, took back a 19% shareholding and a board seat, and keeps a direct stake in some of the projects. If Cosa finds something, Denison benefits twice — through its shares and its project interests — without spending its own exploration budget.
12:38So we put two properties into ISO. We own 19% of KOSA. We sit on the board there and KOSA's working the Murphy North property and a DRA in the Derby property where we have direct project interests as well. And then the last one is a company called Foremost Clean Energy. Really unique story here. They have an option on 10 of our properties.
In short: "There was no news to report on." Held Athabasca explorer; cost basis C$0.31, 80% allocated.
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In short: Denison's JV partner and operator at Murphy Lake North (70% Cosa / 30% Denison), 3km east of IsoEnergy's Hurricane deposit. Drilling restarted June 17 on the largest program in the company's history — ~6,000m in 15 holes chasing the Cyclone mineralisation, open along strike for 600m in both directions and only 265m below surface. "The early results from this J/V look very promising."
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In short: Funded (~C$12m upsized raise, Denison topped up to ~17%) and drilling its largest-ever ~6,000m / 15-hole program at Murphy Lake North, 3km from IsoEnergy's Hurricane — the winter hole hit 5m of 0.55% (incl. 0.5m of 1.7%) at ~265m, open along strike.
Cosa is an Athabasca Basin uranium explorer. Its flagship, Murphy Lake North, sits about 3km from IsoEnergy's Hurricane — the highest-grade indicated uranium resource in the world — and the team running Cosa is largely the same crew that discovered Hurricane, which matters a lot when judging whether a junior knows what it's drilling into. The winter hole hit 5m of 0.55% uranium (including half a metre of 1.7%) only ~265m down and open along strike, with the same nickel/cobalt fingerprint as Hurricane.
Two releases this issue tell one story: the company is funded and pointed at that target. It closed an upsized ~C$12m raise (part flow-through, which must be spent on Saskatchewan exploration — exactly where the drilling goes), and Denison, its largest shareholder and 30% partner in the project, topped up to keep its ~17% stake — about as strong an endorsement as a junior gets. Net result: a funded explorer drilling a shallow, high-grade target next to one of the basin's best deposits, with a major backing it and no financing overhang into the results.
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In short: Murphy Lake North 6,000m / 15-hole drill program continues; Athabasca Basin exploration in the heart of the world's highest-grade uranium district; cost basis C$0.31, 80% allocated.
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In short: Bought deal upsized from C$5m to ~C$12m inside 24 hours, funding the biggest-ever 6,000m/15-hole Murphy Lake North program on the Cyclone trend (2.7km east of IsoEnergy's Hurricane on the Larocque Lake trend; trend open 600m in both directions); Denison Mines participating via pre-emptive rights.
Cosa Resources is exploring for uranium in the Athabasca Basin in Saskatchewan — the region that hosts the world's highest-grade uranium deposits. Their main target, Murphy Lake North, sits 2.7 kilometres east of IsoEnergy's Hurricane deposit on the Larocque Lake trend, one of the Basin's most productive exploration corridors. The winter drill hole that got everyone's attention hit 5.0 metres averaging 0.55% U3O8 at about 265 metres deep, which is meaningful at Basin standards, and the trend remains open for 600 metres in both directions.
The big news this issue is the financing: Cosa launched a bought deal at C$5 million and within 24 hours the underwriters doubled it to C$12 million. That kind of institutional demand in 24 hours is a real signal that the market believes in the story. The C$12m funds the biggest drill program in Cosa's history — 6,000 metres, 15 holes. Their largest shareholder, Denison Mines, is participating through its pre-emptive rights to avoid getting diluted down. The discovery question is still open (this is exploration, and holes come back empty as well as full), but a funded treasury, a major backer leaning in, and the Basin's best address make for a constructive setup going into the summer drilling season.
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In short: Winter drill assays returned a 5m interval at 0.55% U3O8 (peak 1.7%) with a nickel-cobalt polymetallic fingerprint matching the geochemical signature of top-tier Athabasca deposits like Cigar Lake and Hurricane; largest-ever summer drill program launches mid-June to test 1.2km of open strike.
Cosa is a tiny exploration company drilling for uranium in Canada's Athabasca Basin — the highest-grade uranium district on earth. Their winter drill results came back showing a 5-metre interval with respectable uranium grade (0.55% U3O8), but the more geologically telling detail is that the rock also contains nickel and cobalt alongside the uranium. That polymetallic fingerprint is the same geochemical signature you find in the best Athabasca deposits ever discovered — Cigar Lake, Key Lake, and the nearby Hurricane deposit — because it marks the specific kind of fluid interaction that creates these high-grade ore bodies.
Why is the stock flat? The Athabasca Basin sets an extremely high bar: nearby deposits run at 30–50% grade, so 0.55% is solid early-stage work but not the kind of bonanza number that makes speculators pile in. The next test is the largest drill program Cosa has ever run, launching mid-June, targeting 1.2km of open strike on the Cyclone trend. If they can show comparable grades on multiple sections the equity re-rates meaningfully. If the trend turns out to be patchy, the story stalls for now — but Mart is backing the team that found Hurricane to take another run at finding a second one.
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In short: Retained as the cleaner Athabasca Basin play — Denison JV structure at a much tighter share count and, in Mart's view, a better management team; the reason he is comfortable exiting F3 without losing Athabasca exposure.
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In short: 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).
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.
19:52now we've got smart minds at Denison, smart minds at Cosa, foremost, and Sky Harbor all working on making a discovery and I think that's potentially very powerful. I look at recent results from Cosa Resources where they've had success on the Murphy Lake North property and of course we hope that that will be something that turns into a meaningful discovery, but it's really accessing all these thinkers at the same time and being able to work such a vast portfolio of property without us diverting our
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