MT Newswires Canada Overnight Stocks To Watch: Denison Mines; Nutrien

Denison Mines Corp. (DML.TO and NYSE American: DNN) reported first quarter basic and diluted loss per share for continuing operations of $(0.02), compared to $0.00 a year earlier.

David Cates, President and CEO, in a statement said: "Our tireless efforts to advance the company's strategy, and complete technical evaluations of our flagship Wheeler River project, led to the bold selection of the In-Situ Recovery mining method for the Phoenix deposit in 2018, and have put us in a position where we are nearing a final investment decision to proceed with the construction of potentially one of the lowest-cost uranium mines in the world. In Q1'2024 we made several important steps towards this objective, including the transition from Front-End Engineering Design to detailed design, and the exclusive acquisition of MaxPERF tooling systems, which are expected to support our industry leading deployment of the low-cost ISR mining method in the Athabasca Basin."

Cates added: "Denison's portfolio of uranium reserves, resources, and physical holdings has greatly appreciated in value through late 2023 and into early 2024, as positive sentiment in the uranium and nuclear energy markets has sustained and uranium prices have rapidly increased. As Denison has avoided entering low-priced uranium supply contracts in recent years and has held its physical uranium investment to support future project financing efforts for Phoenix, we are now in an enviable spot with significant uncommitted uranium production and physical holdings potentially available to the market at time of expected scarcity. Taken together with continued geopolitical instability and the expected emergence of significant additional demand from new nuclear builds, it is an ideal time for our company to be readying to build a low-cost Saskatchewan-based uranium mine."

Elsewhere, Nutrien Ltd. (TSX and NYSE: NTR) announced its first quarter 2024 results, with net earnings of US$165 million ($0.32 diluted net earnings per share). First quarter 2024 adjusted EBITDA was $1.1 billion and adjusted net earnings per share was $0.46. The company is maintaining full-year 2024 retail adjusted EBITDA and fertilizer sales volume guidance ranges. It declared a quarterly dividend of US$0.54 per share payable on July 19, 2024, to holders of record on June 28, 2024.

"We continued to see strong crop input demand, a normalization of product margins for our North American Retail business and increased global potash shipments in the first quarter. Our results highlighted the capabilities of our flexible, low-cost production assets and downstream distribution network to efficiently supply our customers' needs," said Ken Seitz, Nutrien's President and CEO.

"We expect growth in Retail earnings and fertilizer sales volumes compared to the prior year and have maintained our 2024 guidance ranges. Our focus remains on strengthening our capability to serve growers and enhancing our core businesses to improve the quality of our earnings and free cash flow.