| Account | Shares | Price | Value | % of acct | Cost/sh | Gain $ | Gain % | Target |
|---|---|---|---|---|---|---|---|---|
| 401K | 7,634 | $3.41 | $26,032 | 1.06% | $1.68 | $13,176 | +102.5% | — |
In short: Referenced only — by project: Phoenix is one of the three largest Canadian developments with no start date in the Red Book, cited as evidence of how little new supply is locked in, not as a stance on the company.
4:26To put that in perspective, just one major new mine has been completed anywhere in the world since 2016. The report lists dozens more planned and prospective mines, but only about one in five have a start date. Even the three largest Canadian developments, Arrow, Phoenix, and Triple R, show no start date in the report. Demand, meanwhile, has barely changed from the last edition.
In short: Codex portfolio: "At the start of the year… we sold a bunch of Dennis [Denison]" into January's run, when things "got too big for their own boots." Now, with sentiment at depression levels: "I am a buyer here… not of all equities, of certain equities" (the report's add-back at $2.85).
Denison is building Phoenix, a new uranium mine in Saskatchewan. Mart sold part of his stake in January when uranium stocks spiked on too much excitement. Now that investors are gloomy again, he is buying back selectively.
His method is to sell some when his sentiment gauge reads "euphoric" and buy when it reads "depression," while keeping the long-term position. His reason to own it now: fuel buyers value suppliers that can actually deliver, and a real new mine is scarce.
16:55what I said before as well is that it is very important to make sure that you are flexible in this sector. Right. At the start of the year, we also run a portfolio at the Codex. We sold a bunch of Dennis and we sold a bunch of Energy Fuels. We sold a bunch of gold and silver miners as well into that run.
In short: "Maybe Dennis now" (caption garble — Denison) named alongside Cameco as having reached the market cap that big hedge funds and generalists can own without becoming insiders; a scale benchmark, no view on the stock.
9:38But in order to get to where the Citadels of the world can purchase you, the big hedge funds, the big generalists, you've got to be bigger. And right now, there's only a couple of companies out there, Camo and maybe Dennis now and UC, that have a market cap big enough for these guys. They want to be able to write a $50 million check and not become an insider.
In short: Buying: having sold 20% of the position around $4.10 in the late-January spike, "I think it's time to add 10% back to that position at $2.85 now." Conference participants, fuel buyers included, viewed Phoenix "as very favorable and the first big greenfield mine to come to market over the coming years," so rising uranium prices should let it lock in increasingly favorable terms. Remains "a very important and oversized holding in the portfolio."
Denison is building Phoenix, a uranium mine in Saskatchewan's Athabasca Basin that pumps a solution underground to dissolve the uranium instead of digging it out. Fuel buyers at the conference talked about it as the first big new mine likely to start producing in the next few years.
That matters because utilities are increasingly worried about getting pounds delivered at all in the 2030s, and a company with a credible new mine can negotiate better contract terms as prices rise. Mart sold a fifth of his shares near $4.10 in January's spike and is now buying back half of that at $2.85 — taking profits high and rebuilding lower in a name he still calls one of his biggest holdings.
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In short: Named in the same supply yardstick: all of NexGen, Denison and Paladin's Saskatchewan production would be absorbed by India's 100 GW alone. Context for the size of new demand, no view on the company.
3:03Now they need to turn to be more strategic because it's not just them buying. You have large state-owned players in places like China and India. India alone announced last week that they can envision adding another 100 gigawatts of nuclear capacity in the coming years. That amount of nuclear growth would consume all the production out of NexGen, Denison, and Paladin's mines in Saskatchewan.
In short: His own company. Phoenix ISR is in full-scale construction (licence Feb, FID end-Feb, night shift since July) and "generally on track"; ~2-year build to first production in 2H-2028 at ~6M lb/yr — "one of the largest uranium mines operating in the world" and "leading the pack" of new projects. Capex ~$600M post-FID (~$700M all-in), funded by a convertible bond and physical-uranium sales, so "the risk of significant equity dilution… is quite low"; Griffin follows on Phoenix cash flow.
Denison is building a uranium mine called Phoenix in northern Saskatchewan. It uses "in-situ recovery": instead of digging a pit or tunnels and crushing rock in a mill, the company drills wells, pumps a solution underground that dissolves the uranium, pumps it back up and pulls the uranium out in a small plant. That is quicker and cheaper to build, so Phoenix should start producing in the second half of 2028 — earlier than almost any other large new uranium mine — and make about 6 million pounds a year for 10 years.
The CEO's pitch is that the hard parts are done: it is licensed, the build decision was made in February, and full construction has been under way since July. The roughly $600–700 million cost is covered by a convertible bond (a loan that can turn into shares) and by selling uranium Denison bought cheaply in 2021, so he does not expect to issue lots of new shares. A second mine, Griffin, is meant to be paid for from Phoenix's profits, stretching the site's life to 15–16 years. Keep in mind this is the company's own boss speaking.
5:00— Well, Phoenix has one of the shortest timelines to production or another way to put it, short construction timeline because of its mining method. So it'll be the first insitu recovery uranium mine in Canada. We're not sinking a shaft or opening a pit. We're not building a mill even.
In short: "There was no news to report on." Held Athabasca ISR name; cost basis $0.35, 80% allocated.
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In short: "A core holding on our Focus List portfolio" — 10% Focus / 12.5% Dynamic. In construction at Wheeler River and therefore "in the boring part of the Lassonde Curve", but running a disciplined JV strategy with small explorers around the project (the Cosa/Murphy Lake North JV re-started drilling June 17): "if any of these efforts develop decently large deposits, they will ultimately be absorbed by Denison." Balance sheet "in excellent shape and well-funded for the foreseeable future". Shares −12.1% to $3.06; Phoenix production ~2029 (management suggests 2028).
Denison is the other Athabasca construction story — building the Phoenix deposit at Wheeler River using in-situ recovery, where instead of digging rock out you dissolve the uranium underground and pump the solution to surface. First production is targeted around 2028–2029. Like NexGen it is in the quiet construction stretch, and Huhn calls it "a core holding" at 10% of the Focus List and 12.5% of the Dynamic Model, with a balance sheet "in excellent shape."
What he singles out is Denison's land strategy. Rather than paying full price for nearby ground, Denison takes minority stakes in small exploration companies drilling around Wheeler River and funds its share of the drilling — cheap optionality on someone else's discovery. The current example is Murphy Lake North, where partner Cosa Resources (70%, and the operator) restarted drilling in June with the largest program in its history, chasing mineralisation just three kilometres from IsoEnergy's Hurricane deposit. Huhn's read: "if any of these efforts develop decently large deposits, they will ultimately be absorbed by Denison."
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In short: Rounds out the juniors basket — "could conceivably also include Denison." The riskiest, most volatile leg of the uranium menu.
Denison Mines rounds out the juniors basket — one Rick would "conceivably" add. Like the others, it's the speculative end of his uranium menu: real risk and volatility in exchange for the biggest leverage to a rising uranium price.
58:33If you buy those last three, understand that you're taking some actual risk, you will expose yourself to volatility for sure — and you'll have to do some work keeping up on the news flow out of the companies. — All right. Again, thank you so much for the specifics here. I'm going to wrap it up and we'll just have you back on again, Rick, to talk about some of these other sectors we didn't get to.
In short: Developer rung: companies with defined resources turning them into mines — "the ones that we're relying on to fill a lot of that gap." Only a handful exist.
9:06You go down the list, now we're into the developers and these are the ones that we're relying on to fill a lot of that gap that we talk about, and these are companies that have deposits, have resources and are in the process of turning those into mines, and those are companies like Denison Mines, NextGen Energy. There's a handful but again only a handful. The next layer down, now you're looking at exploration, that's what we do, and you're going to get your most torque out of something like that because we
In short: Peter Ballantyne Cree Nation withdrew its judicial-review challenge and now formally supports Wheeler River — removing a duty-to-consult overhang; Phoenix keeps its 2028–29 first-production target with what looks like every rights-holder onside.
Denison is a uranium developer whose flagship is Wheeler River (Phoenix deposit) in Saskatchewan's Athabasca Basin — one of the highest-grade uranium deposits on earth, being built with in-situ recovery (dissolving the uranium underground and pumping it up rather than digging a mine). The company already took the final investment decision and started site work.
The news this issue removes an overhang: the Peter Ballantyne Cree Nation withdrew a court challenge (a "duty to consult" judicial review) and now formally supports the project. In Canada, courts have overturned mine approvals on exactly that ground before, so having the First Nation onside — with what looks like every rights-holder now in agreement — takes a real if low-probability risk off the table and keeps the 2028–29 first-production target intact. These are the small wins a developer needs to stay on schedule.
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In short: No company-specific news this issue; Wheeler River ISR development continues on plan; cost basis $0.35, 80% allocated, held in the Codex portfolio.
Denison is a pure-play uranium developer whose flagship asset is Wheeler River in Saskatchewan's Athabasca Basin — one of the highest-grade uranium deposits in the world. The differentiating wrinkle: Denison is pursuing in-situ recovery (ISR) at Wheeler River, which means dissolving the uranium underground with a chemical solution and pumping the uranium-bearing liquid to surface — instead of digging a conventional open-pit or underground mine. If ISR works at Athabasca grades (it has never been done before at this scale), the capital cost drops dramatically and the margin structure looks more like a chemical facility than a mine.
Mart has held Denison at a cost basis of $0.35 with 80% allocation — a high-conviction bet that ISR unlocks the economic case for one of the largest undeveloped uranium deposits on the planet. No news this issue; the Wheeler River permitting and engineering process continues in the background.
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In short: Phoenix is one of the world's highest-grade deposits with a high IRR and short payback — if the unproven deep ISR mining method works. But after-tax NPV is only ~$2–2.5B (vs ~$1.6B in the study, +30% for $85 uranium); a $20 stock implies ~$20–25B mcap. Low costs ⇒ little uranium-price leverage — "even if uranium goes to $300, I still don't think it's a $20 stock."
Denison Mines is building Phoenix, an extremely high-grade Canadian uranium deposit with strong project economics — if its unconventional in-situ ("ISR") mining method, untested at this depth, works. A viewer thinks the $3 stock becomes a $20 stock; Rusche disagrees. The project's after-tax value is only about $2–2.5 billion even after adjusting for today's higher uranium price, while a $20 share price implies a roughly $20–25 billion company. And because Phoenix is so low-cost, its profits rise only roughly in step with uranium — a low-cost mine has more downside protection but far less upside leverage than a high-cost one — so even uranium at $300 wouldn't get it to $20.
34:45And they're building Phoenix. And Phoenix is a great mine if their mining method works. It's in a great jurisdiction. It's one of the highest grade deposits in the world, and it has a really high IRR, internal rate of return, really short payback period, so it's awesome on all those metrics. But you go look at the feasibility study and the after-tax NPV8 is about $1.6 billion.
In short: No company-specific news this issue; held in the Codex portfolio.
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In short: Grouped with "the nextgens, the camos, the Dennis" — producers that tend to overpromise on production timelines.
46:56First of all, he completely agrees with you around the 2027-28 deficits but I think the sexiest part of his story is supply and demand and it's the point that he made to me and I'm hearing this from some of the most sophisticated investors in the world and that is on the supply side the nextgens, the camos, the Dennis they tend to overpromise on production. So, for example, that nextgen mine that's supposed to come on in later this decade, a lot of the people, a lot of the family offices that are close to the uranium space think
In short: Under review (unranked) — the whole thesis hinges on whether in-situ recovery works at depth; loves the rare permitted, operating mill.
Denison is a uranium developer Rule is still reviewing (unranked). The whole thesis hinges on one technical question: whether "in-situ recovery" — dissolving and pumping uranium out of the ground rather than digging it, which is proven in shallow deposits — can work at the greater depth Denison is attempting. He loves one thing for sure: it already owns a permitted, operating mill, which is rare and removes a major build-and-permit headache.
31:54— Okay. Got it. Got it. — I'm afraid they're going to spend away a bunch of my net present value before the transaction takes place. — All right. How about Denison? — I don't have Denison ranked right now. Uh I'm reviewing Denison. With Denison, it all comes down to does ISR in sichu recovery work at depth? We know uh it works in sandstone hosted surface deposits but to my knowledge in sichu recovery has never been tried at depth which they're trying to do.
In short: No company-specific news this issue; held in the Codex portfolio.
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In short: The uranium miner whose management he trusts — "we like the Denison team" (vs other uranium equities he calls "suspect").
Denison is a uranium miner. Among the uranium equities — many of which he calls "suspect" because he doesn't trust their leadership — Denison is one whose management team he actually likes.
So while his main uranium bet is the physical commodity, Denison is his preferred way to own a mining company in the space, on the strength of the people running it.
22:44And we've been buying SRUUF. I'd rather own the uranium commodity right here because a lot of the equities um and some of which, by the way, have very You got to be very careful with uranium equities. The management teams of some of them are very suspect. Um you know, we like the Denison team. Uh the next gen team has great assets.
In short: 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.
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.
2:21And what's the best-case scenario? When can we expect production? Yeah, with our schedule that we have in place, we're looking at about 24 months of construction, and so we are on track for first production by the middle of 2028. And when Phoenix is up and running, what will be the mine life, and what will be the annual production? Jimmy, Phoenix is estimated to have about a 10-year mine life.
In short: One of the two largest new projects in the pipeline — its Phoenix ISR mine in Saskatchewan targets first production mid-2028 pending final approval; cited as evidence new supply can't close the gap soon.
Denison is developing the Phoenix mine in Canada, one of the only two big new uranium projects coming. Prins isn't rating the stock — she uses it to make a point: even the best new mines won't start producing until around 2028, so the supply shortage can't be fixed quickly no matter what.
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