Denison Mines reported a larger-than-expected quarterly loss, highlighting the uneven earnings of a uranium developer that is still working toward production.
Denison Mines Corp. (TSX: DML) reported a loss of C$0.03 per share for the fiscal third quarter ended September 30, 2026. Analysts had expected a loss of C$0.02 per share, so the result was 50% worse than forecast. That percentage reflects the small expected loss and doesn’t show the dollar scale of the miss.
Recent earnings trend
Denison Mines Corp
DML.TO
DML.TO
Denison Mines Corp
WealthAwesomeMarket cap
$2.80B
52W high
$6.04
52W low
$2.71
1W change
+0.65%
Beta
1.78
Analyst Price Targets
Based on analyst covering DML · as of Oct 16, 2026
Wall Street analysts forecast DML stock price to rise 107.9% over the next 12 months.
Consensus
BullishBased on avg. target vs last close (formal rating unavailable for Canadian listings)
Avg. Target
C$6.42
+107.9% Upside
Previously C$6.46 on Sep 17, 2026
Current Price
C$3.09
Last close
Targets are snapshotted when they change. Unchanged figures keep their original date. Not financial advice.
Wealth Awesome Price Forecast
WA ModelStatistical 90-day price range based on DML's historical volatility
30-Day Vol
66.9%
Annualized
90-Day Vol
61.5%
Annualized
Trend (90d)
-50.0%
Annualized drift
90d Mean
C$2.58
Expected price
| Horizon | Expected | 68% Range (1σ) |
|---|---|---|
| 30 trading days | C$2.91 | C$2.31 – C$3.67 |
| 60 trading days | C$2.74 | C$1.98 – C$3.80 |
| 90 trading days | C$2.58 | C$1.73 – C$3.86 |
Methodology: Range is calculated using 30-day realized volatility via geometric Brownian motion (log-normal model). 68% band = ±1σ, 95% band = ±2σ. This is a statistical model, not a prediction. Past volatility does not guarantee future results. Not financial advice.
Analyst coverage: 3 analyst(s) cover this name; upcoming EPS consensus is available.
Beat estimates in 1 of the last 4 comparable quarter(s).
| Fiscal period | Report date | Actual EPS | Estimate | Surprise |
|---|---|---|---|---|
| 2026-12-31 | 2027-03-10 | — | -0.0100 | — |
| 2026-09-30 | 2026-11-05 | -0.0300 | -0.0200 | -50.0% |
| 2026-06-30 | 2026-08-12 | 0.0300 | -0.0100 | +400.0% |
| 2026-03-31 | 2026-05-11 | -0.1272 | -0.0100 | -1172.0% |
| 2025-12-31 | 2026-03-10 | -0.0300 | -0.0200 | -50.0% |
| 2025-09-30 | 2025-11-07 | -0.0100 | -0.0200 | +50.0% |
Denison is an early-stage uranium explorer and developer focused on advancing the Wheeler River project in Saskatchewan’s Athabasca Basin. Its earnings don’t yet reflect the operating performance of an established uranium producer. You can follow DML.TO on the Denison Mines stock page.
Investor takeaway: The loss was wider than expected, but the available data doesn’t include revenue, margins, cash flow, or project updates that would explain the difference. Denison has also had mixed results against estimates, beating in one of its last four reported quarters and missing in the other three. For Canadian investors, project progress and funding needs matter alongside uranium-market expectations. One quarter’s earnings per share don’t tell the whole story.
C$0.03 loss per share
Analysts expected a C$0.02 loss for the quarter ended September 30, 2026. The actual loss was 50% wider than forecast. Because the expected loss was small, that percentage alone doesn’t show the financial scale of the miss.
Bull case
Denison gives investors exposure to potential future uranium supply from Saskatchewan’s Athabasca Basin. If development goes well, the Wheeler River project could help the company meet demand for nuclear fuel. Analyst price targets are well above the latest closing price, but reaching those levels depends on project execution, funding decisions, and market conditions.
Bear case
Denison isn’t yet a major uranium producer, and its mining activity remains limited. The company missed earnings estimates, reported negative earnings per share over the past 12 months, and saw its 30-day consensus estimate fall from a C$0.01 loss to a C$0.02 loss. Development timelines, funding needs, and changes in uranium prices could all weigh on the investment case. The shares also closed below their 50-day and 200-day moving averages.
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