Should I buy Denison Mines stock in 2025?

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At HelloSafe, our expert has been monitoring the performance of Denison Mines for over three years. Every month, hundreds of thousands of Canadians rely on us to interpret market trends and highlight the best investment opportunities. Our analyses are designed for informational purposes only and do not constitute investment advice. In line with our ethical charter, we have never received—and will never accept—any payment from Denison Mines.

What is Denison Mines?

How much is Denison Mines stock?

The price of Denison Mines stock is rising this week. As of today, Denison Mines (TSX: DML) is trading at CA$1.95 per share, up 2.6% over the past 24 hours and gaining 6.0% for the week.

The company’s market capitalization stands at approximately CA$1.75 billion, with a 3-month average daily trading volume of around 3.18 million shares.

Denison holds a P/E ratio of 34.05, does not currently pay a dividend, and has a stock beta near 1.0, reflecting market-level volatility.

Denison’s price movement and sector dynamics offer both opportunities and risks for Canadian investors watching uranium’s role in the energy transition.

Our full analysis on Denison Mines stock

After an exhaustive review of Denison Mines Corp’s latest financial results, alongside a detailed analysis of its stock trajectory over the last three years, our proprietary approach has synthesized multi-source data—encompassing financial ratios, technical momentum, sector positioning, and peer comparison—to deliver a comprehensive perspective. As we integrate leading indicators with market context and competitive benchmarking, one question emerges: Why might Denison Mines stock once again become a strategic entry point into the global uranium sector in 2025?

Recent Performance and Market Context

Let’s begin by assessing Denison Mines’ recent stock dynamics and the robust context underpinning its positioning. As of April 30, 2025, Denison trades at US$1.41 on the NYSE American (CA$1.95 on the TSX), reflecting a period of technical consolidation after a volatile, yet ultimately constructive, three-year run. The share price remains above the critical US$1.28 support, placing it towards the lower bound of its 52-week range (US$1.08–2.47), which arguably sets the stage for a potential value-driven rebound.

Over the past 36 months, Denison has advanced several pivotal catalysts: the ongoing de-risking of its flagship Wheeler River project, continuous regulatory milestones—such as the acceptance of the Final Environmental Impact Statement, and community investment agreements—all of which have reinforced market confidence. These operational developments come as the uranium sector itself enjoys a renaissance. In 2024, UxC reported a 16% increase in long-term uranium prices, rising to US$79.00/lb U₃O₈, driven by resurgent demand for nuclear energy amid the global decarbonization imperative. Against this macro backdrop, Denison Mines is strategically positioned to capture the benefits of tightening supply-demand fundamentals.

Other positive events, such as partnerships with Foremost Clean Energy and Cosa Resources, not only diversify revenue streams through asset monetization but also signal management’s ability to reinforce balance sheet strength and deliver long-term value.

• Favorable context highlights:
• Sector-wide re-rating for uranium equities.
• Sustained policy support for nuclear energy in Canada and OECD nations.
• Potential for increased institutional participation ahead of project milestones.

Technical Analysis

A detailed technical review of Denison Mines stock presents a constructively aligned picture for a bullish thesis. The 14-day Relative Strength Index (RSI) reads 33.72, approaching the classic oversold threshold—historically a precursor to short-term reversals in resource equities. This, coupled with recent price action holding just above the established support zone ($1.27–1.28), strengthens the argument for a technical base.

• Key technical indicators:
• MACD: The Moving Average Convergence Divergence (MACD) indicator has recently displayed a positive histogram, signaling emergent upward momentum.
• Moving Averages:
• 5-day MA is slightly above the current price, indicating near-term mean reversion potential.
• 20-day and 50-day MAs corroborate the possibility of upcoming momentum inflection.
• Support & Resistance: Immediate support at US$1.27-1.28, with the next resistance at US$1.45. Should bullish flows materialize, a breakout above this level could catalyze renewed upward interest.

Additionally, the broader pattern—a series of higher lows since late Q1 2025—invites technical traders and longer-term investors searching for favorable risk/reward setups to seriously contemplate accumulation at these levels. The current momentum and structure, when combined with impending catalysts, lend credence to the thesis that Denison Mines may be entering a new bullish phase.

Fundamental Analysis

From a fundamental standpoint, Denison Mines combines attractive growth prospects with disciplined financial management. The Wheeler River project stands as the company’s crown jewel, representing the largest undeveloped uranium resource in the infrastructure-rich Athabasca Basin. With Phoenix ISR (In-Situ Recovery) mine engineering now 65% complete, the pathway to first production in H1 2028 appears increasingly de-risked—especially with regulatory and technical milestones progressing on schedule.

• Financial snapshot:
• Valuation: The current P/E ratio of 34.05, while elevated relative to some diversified miners, reflects the “optionality” premium attributed to pre-production uranium developers. The Price/Book ratio of 3.13 and an Enterprise Value/EBITDA of 27.66 should be interpreted in the context of sector-leading resource quality and long-term cash flow potential.
• Profitability: While Denison does not currently pay a dividend, retained earnings are being proactively reinvested to advance asset development—an approach validated by consistent regulatory and operational progress.
• Balance sheet: Entered 2025 debt free, with abundant liquidity to fund near-term engineering, procurement, and permitting milestones.

• Structural strengths:
• Industry-leading ISR innovation (cost and environmental advantages).
• Dominant market share in one of the world’s richest uranium districts.
• Strong brand reputation and alignment with key Canadian and global stakeholders.
• Experienced management and refreshed board leadership providing governance stability.

Notably, Denison’s diversified asset suite—augmented by strategic partnerships (e.g., Foremost Clean Energy, Cosa Resources)—provides both optionality and risk mitigation, unique among mid-cap uranium peers.

Volume and Liquidity

Denison Mines continues to demonstrate compelling market liquidity, with average daily trading volume of 57.1 million shares on the NYSE American and 3.18 million on the TSX. This robust volume not only facilitates efficient price discovery and ease of entry/exit for investors of all sizes, but it also signals broad institutional and retail confidence.

The relatively high float, balanced against concentrated ownership by strategic partners and insiders, creates favourable conditions for dynamic valuations ahead of significant project catalysts. Liquidity at these levels is a constructive indicator as the company transitions from developer to future producer, ensuring the ability to attract and retain sophisticated capital.

Catalysts and Positive Outlook

• 1. Regulatory milestones: CNSC public hearings set for Q4 2025 promise a visible timeline for Wheeler River project approvals, unlocking the path to construction by early 2026.
• 2. Development de-risking: Final Investment Decision (FID) anticipated in early 2026, with engineering work and long-lead procurement processes (>$60 million) already underway.
• 3. Production horizon: Wheeler River Phoenix mine on track for first uranium production by H1 2028—a well-timed entry as the next uranium cycle accelerates.
• 4. Portfolio augmentation: Restart of McClean Lake (with SABRE mining) and successful ISR field tests at Midwest further enhance future production optionality.
• 5. Strategic partnerships and asset monetization: Ongoing deals with Foremost and Cosa unlock embedded value in non-core assets, augmenting capital efficiency and providing upside leverage to sectoral trends.
• 6. Uranium market dynamics: Rising contract prices and global nuclear commitments (post-COP28) create a demand pull that materially supports Denison’s valuation case.
• 7. ESG momentum: Denison’s ESG leadership, highlighted by community agreements and sustainable development practices, positions it favorably for contemporary investment mandates.

The convergence of foundational progress with market-wide tailwinds places Denison at a critical inflection point, underlining its appeal among potential sector outperformers.

Investment Strategies

• Short-term: The alignment of technical oversold conditions (RSI
• Medium-term: Anticipation of fall 2025 regulatory hearings, the FID in early 2026, and McClean Lake restart offer well-defined milestones likely to attract incremental institutional flows.
• Long-term: The visibility of cash flow commencing later this decade, combined with the probability of further sector multiple expansion as nuclear adoption accelerates, justifies a core holding thesis for those seeking exposure to the full uranium cycle.

For all horizons, a disciplined approach—anchored in technical levels and upcoming catalysts—appears justified. Investors may consider staged accumulation as regulatory clarity improves and technical momentum unfolds.

Is It the Right Time to Buy Denison Mines?

In synthesizing Denison Mines’ core strengths—sector-leading projects, unrivaled portfolio depth in the Athabasca Basin, advancing regulatory path, pioneering mining technology, robust balance sheet, and exceptional positioning amid a uranium bull market—a compelling, optimistic narrative emerges. Technical indicators now accentuate a period of price stabilization against a backdrop of intensifying fundamental progress, providing what seems to be an excellent entry point for informed investors.

With a dense calendar of development milestones, persistent market liquidity, and a clear path to future production in the world’s most attractive uranium jurisdiction, Denison Mines seems set to capture both near-term market interest and durable, long-term value creation. Accordingly, the stock’s current configuration may be interpreted as one of the most promising setups in the uranium sector for 2025 and beyond.

The evolving regulatory landscape, accelerating nuclear energy adoption, and Denison’s unique asset base combine to justify renewed interest from both new and existing investors—positioning Denison Mines as a standout opportunity in the Canadian (and global) uranium equity landscape.

For those willing to harness a dynamic mix of technical timing and fundamental conviction, Denison Mines appears not just timely, but strategically positioned to define the next phase of sector leadership in the coming cycle.

How to buy Denison Mines stock in Canada?

Buying shares of Denison Mines Corp (TSX: DML / NYSE American: DNN) is a straightforward and secure process for Canadian investors, thanks to a wide range of reputable online brokers regulated by Canadian authorities. You typically have two main options: the classic spot (or “cash”) purchase, where you own the actual shares and can hold them for the long term, or trading via Contracts for Difference (CFDs), which lets you speculate on the share price’s movements without owning the underlying asset. Below, you'll find a detailed broker comparison further down the page to help you choose the right platform for your needs.

Spot buying

A spot, or “cash,” purchase of Denison Mines stock means you directly acquire shares on the Toronto Stock Exchange (TSX: DML) in your name, benefiting from potential price appreciation and dividend payments (note: Denison does not currently pay a dividend). Canadian brokers generally charge a fixed commission per order—typically around $5 to $10 CAD.

Example

If Denison Mines shares trade at $1.95 CAD, a $1,000 CAD investment (including a typical $5 commission) allows you to buy about 510 shares.

Gain scenario

If Denison Mines rises by 10% (up to $2.15), your 510 shares would now be worth $1,097 (510 × $2.15), providing a gross gain of about $100 (10%) on your original investment.

Trading via CFD

CFD trading lets you speculate on Denison Mines’ price movements without actually owning the shares. Instead, you enter a contract with the broker based on the stock’s price, which allows you to use leverage—multiplying your exposure. CFD brokers typically charge a “spread” (the difference between buy/sell prices) and may apply overnight financing fees if you keep positions open across days.

Example

With $1,000 CAD and 5x leverage, you can open a CFD position worth $5,000 in Denison Mines shares.

Gain scenario

If the share price increases by 8%, your position would return 8% × 5 = 40%, or a $400 profit on your $1,000 margin (excluding fees).

Final advice

Before investing, always compare broker fees, commissions, and trading conditions, as these can vary widely and impact your returns. Whether you choose to buy shares outright for long-term ownership or trade CFDs for short-term price movements, the right approach depends on your investment goals and risk tolerance. For a thorough comparison of Canadian brokers offering Denison Mines, see our dedicated table further down the page.

Platforms

Minimum Deposit

Discover

#1

Tier 1 regulation, including ASIC and FSA

#1

Star Trader

4.9

Minimum Deposit

$50

Discover

with our partner Star Trader

#2

Broker specializing in Forex and CFDs

#2

IFC Markets

4.8

Minimum Deposit

$1

Discover

with our partner IFC Markets

#3

Broker regulated since 2006

#3

Avatrade

4.8

Minimum Deposit

$100

Discover

with our partner Avatrade

Our 7 tips for buying Denison Mines stock

The latest news about Denison Mines

Denison Mines achieves 65% completion of Phoenix ISR project engineering, advancing Canada's top uranium development. This milestone, reached by the end of 2024, underscores Denison’s strong operational momentum on the Wheeler River Uranium Project in Saskatchewan, which remains the largest undeveloped uranium asset in the infrastructure-rich Athabasca Basin. The significant progress on design engineering—handled in partnership with Wood Canada Limited for a contract valued at approximately $16 million—solidifies the company’s track record for execution and signals low technical risk as Denison targets first production on the Phoenix deposit by the first half of 2028. This discipline in project advancement is especially relevant for Canadian analysts watching timelines and CAPEX efficiency in the domestic nuclear sector.

Canadian regulators advance public hearing scheduling for Wheeler River, marking regulatory momentum for Denison Mines. The Canadian Nuclear Safety Commission (CNSC) has scheduled a two-part public hearing in late 2025 for Denison’s flagship project, following the acceptance of a comprehensive Final Environmental Impact Statement and completion of the technical review under the federal environmental assessment (EA) process. With the Saskatchewan Ministry of Environment receiving the provincial EIS in October 2024, the permitting process remains firmly on track. This coordinated regulatory progress greatly de-risks the project’s development phase and enhances confidence for Canadian institutional investors concerned with permitting bottlenecks in the resource sector.

Multiple long-term community agreements reinforce Denison’s social license and regional stakeholder support in northern Saskatchewan. Over the past year, Denison secured Mutual Benefits Agreements and Community Benefit Agreements with First Nations, Métis, and local municipalities, including Kineepik Métis Local #9 and Pinehouse Lake. Additionally, a Sustainable Communities Investment Agreement was signed with multiple northern municipalities, ensuring local economic participation and environmental stewardship. For Canadian investors, such agreements are increasingly viewed as essential for project stability and sustainable growth, signaling Denison’s proactive approach on key ESG metrics.

Strategic partnerships and joint ventures expand Denison’s capital base and exploration reach, creating value for Canadian shareholders. Denison recently advanced option agreements with Foremost Clean Energy Ltd. and Cosa Resources Corp. on select non-core uranium properties. These partnerships provide immediate and potential upside of approximately $30 million through direct payments, exploration expenditures, and equity holdings, whilst allowing Denison to retain significant upside exposure and focus capital on its core projects. The company’s Canadian portfolio is thus strengthened by greater optionality and access to joint venture capital amid a robust domestic uranium exploration cycle.

Denison maintains a robust, debt-free balance sheet and remains insulated from short-term uranium price volatility, supporting a growth-focused strategy. Entering 2025 with no debt and substantial liquidity, Denison is positioned to advance engineering, regulatory engagement, procurement, and pre-construction activities at Wheeler River without equity dilution or credit risk. Despite some recent market volatility in uranium spot prices, long-term contract prices have risen, and Denison’s prudent capital management helps Canadian investors weather commodity cycles while maximizing project leverage during an upswing in demand for nuclear power within Canada and globally.

FAQ

P. Laurore

Finance expert

Co-founder of HelloSafe and holder of a Master's degree in finance, Pauline has recognised expertise in personal finance, which she uses to help users better understand and optimise their financial choices. At HelloSafe, Pauline plays a key role in designing clear, educational content on savings, investments and personal finance. Passionate about financial education, Pauline strives, with every piece of content she oversees, to provide reliable, transparent and unbiased information for independent and informed financial management. To this end, she has tested over 100 trading platforms to help internet users make the right choices.