1146 ET - Denison Mines' higher capital costs captures inflation, detailed engineering work to date and project refinements. TD Cowen's Craig Hutchison notes that the overall capex increased by 20% to C$600M due to key refinement from the 2023 Phoenix feasibility study shifting from a mixed well design, half large-diameter and half smaller injection-only wells, to installing large-diameter wells. These should improve operational flexibility, recovery rates and support production targets, he says. Adding to the costs were pre-final investment decision capex which increased to C$100 million from C$65 million. But thanks to a strong financial position, Hutchison says the capital budget increase is "very manageable." (adriano.marchese@wsj.com)

(END) Dow Jones Newswires

January 02, 2026 11:46 ET (16:46 GMT)

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