Cosa Resources, Denison Mines Gain on Launch of Drilling at Darby Project

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)

By Adriano Marchese

Denison Mines said it is ready to begin constructing its uranium mine in Saskatchewan as soon as it receives final government approvals.

The Canadian uranium company said Friday that it is ready to make a final investment decision and begin construction of the proposed Phoenix In-Situ Recovery uranium mine.

Denison said that, if it receives all its regulatory approvals as expected in the first quarter, it should be poised to begin producing uranium at the site by mid-2028.

Since the project's first feasibility study in 2023, construction costs have risen, the company noted, citing inflation, project refinement and increases in expenses. Total costs for the project are now estimated 20% higher, at 600 million Canadian dollars (US$437.3 million), it said.

Chief Executive David Cates said the project has been years in development and is now set to become Canada's first major new uranium mine since Cigar Lake, a rich uranium deposit in the province, with first production expected by mid-2028.

"This timeline means that Phoenix, as one of only a few notable new sources of uranium production expected before the end of the decade," Cates said.

Write to Adriano Marchese at adriano.marchese@wsj.com

Ratings actions from Baystreet: http://www.baystreet.ca

(16:37 GMT) Denison Mines Corp. Price Target Raised to C$5.00/Share From C$4.50 by National Bank

Ratings actions from Baystreet: http://www.baystreet.ca

Vancouver, British Columbia--(Newsfile Corp. - December 17, 2025) - Cosa Resources Corp. (OTCQB: COSAF) (FSE: SSKU) ("Cosa" or the "Company") is pleased to report that exploration plans have been approved for the Company's Darby and Murphy Lake North (MLN) projects. Darby and MLN are joint ventures (the "Joint Venture") between Cosa and Denison Mines Corp. ("Denison") (NYSE American: DNN) and are located 10 kilometres west of Cameco's Cigar Lake Mine and three kilometres east of IsoEnergy's Hurricane Deposit, respectively, in the eastern Athabasca Basin, Saskatchewan. Cosa is the operator of both projects and holds a 70% interest with Denison holding a 30% interest in each.

Highlights

• Winter and summer drilling planned at both the Darby and Murphy Lake North projects

• Drilling will follow-up anomalous historical drilling results at Darby and strong alteration and structure intersected at MLN in 2025

• Property-scale ground geophysical surveying at MLN will generate and prioritize additional drill targets

Keith Bodnarchuk, President and CEO of Cosa, commented: "Having recently closed the oversubscribed C$7.5 million private placement with strong insider participation including from Denison Mines, we are in a terrific position entering 2026. In addition to participation in the financing, we thank Denison for their continued support at the Darby and MLN Joint Ventures. The entire Cosa team is excited to begin testing our pipeline of highly compelling drill targets."

Andy Carmichael, Vice President of Exploration commented: "With multiple strongly anomalous historical drill holes on several trends at Darby and two kilometres of strong alteration with graphitic faulting at MLN to follow up, Cosa is entering the 2026 exploration season with the best inventory of exploration targets in the Company's history. With DC resistivity surveying at MLN, we aim to augment that inventory with additional shallow targets on one of the most fertile trends in the eastern Athabasca Basin."

2026 Exploration at Cosa - Denison Joint Ventures

Exploration plans have been approved for the Darby and MLN projects. Work in 2026 is expected to comprise four drilling campaigns including winter and summer drilling at both the Darby and MLN projects and property-scale geophysical surveying at MLN.

Winter drilling at Darby will directly follow up historical drilling results. Highest priority targets are the immediate vicinities of drill holes which intersected a combination of features that potentially indicate proximity to uranium mineralization; namely, zones of coincident sandstone alteration and strongly anomalous geochemistry proximal to significant graphitic basement faults.

Winter drilling at MLN will be focused on the Cyclone trend, where summer 2025 drilling intersected broad zones of structure and alteration in the sandstone associated with graphitic basement faulting over a two-kilometre strike length. The 2026 drilling strategy at MLN will evaluate high-priority targets in winter which are inaccessible in summer, reserving additional drill holes for the summer when geophysical survey results are in hand.

Direct current (DC) resistivity surveying at MLN is planned to cover the majority of prospective strike identified at MLN. The objective of the DC resistivity survey is to identify zones of anomalous resistivity in the sandstone potentially indicating hydrothermal alteration and/or faulting, as well as basement resistivity anomalies not detected by historical magnetic and electromagnetic surveys.

Timing

Winter trail establishment is underway. Mobilization of field crews is expected early in 2026 with drilling commencing at Darby in late January and concluding in late March at MLN. Commencement of DC-resistivity surveying at MLN is planned in April.

More detailed drilling and exploration plans will be announced in early 2026.

About Darby

Located 10 kilometres west of the Cigar Lake Mine, Darby contains multiple prospective conductive trends and several historical intersections of weak uranium mineralization (Figures 1 and 2). Historical drilling has proven that many of these trends are highly prospective for uranium deposits characteristic of the eastern Athabasca Basin, yet the majority of the strike length has not been effectively tested. Work by Cosa in 2025 prioritized these trends and identified several historical drill holes with results that suggest proximity to uranium mineralization (See Cosa's news release dated October 24, 2025). The primary objective at Darby in 2026 is directly following up the most favourable historical drilling results.

About Murphy Lake North

MLN covers a portion of the Larocque Lake trend and is located 2.7 kilometres east of the Hurricane deposit (Figures 1 and 3). Hurricane is the world's highest-grade indicated mineral resource for uranium and was discovered and delineated for IsoEnergy Ltd. by current members of Cosa's management, board of directors, and advisors from 2018 through 2022. The Larocque Lake trend also hosts the high-grade Larocque Lake Zone, Yelka Prospect, and Alligator Lake Zone. MLN contains the along strike extension of basement geology underlying the Hurricane deposit (the Hurricane trend), as well as a parallel conductive trend to the south (the Cyclone trend). Drilling by Cosa in 2025 intersected zones of sandstone alteration and structure associated with graphitic basement structures along both trends. Following up these positive results is the primary 2026 objective at MLN.

Figure 1 - Cosa's Eastern Athabasca Uranium Projects with Joint Venture Projects

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/9865/278295_c798511f742318ab_003full.jpg

Figure 2 - Darby Project Overview

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Figure 3 - Murphy Lake North Project Overview

To view an enhanced version of this graphic, please visit:

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Stock Option Grant

The Company has granted 1,845,000 incentive stock options to directors, officers, employees and advisors of the Company. The incentive stock options will vest over a period of two years, have an exercise price of $0.33 per share, and are valid for a 5-year period from the date of grant. The options were granted pursuant to the Company's incentive stock option plan.

About Cosa Resources Corp.

Cosa Resources is a Canadian uranium exploration company operating in northern Saskatchewan. The portfolio comprises roughly 237,000 ha across multiple underexplored 100% owned and Cosa-operated joint venture projects in the Athabasca Basin region, the majority of which reside within or adjacent to established uranium corridors.

In January of 2025, the Company entered a transformative strategic collaboration with Denison Mines that has secured Cosa access into several additional highly prospective eastern Athabasca uranium exploration projects. As Cosa's largest shareholder, Denison gains exposure to Cosa's potential for exploration success and its pipeline of uranium projects.

Cosa's award-winning management team has a track record of success in Saskatchewan. In 2022, members of the Cosa team were awarded the AME Colin Spence Award for the discovery of the Hurricane uranium deposit. Cosa personnel led teams or had integral role in the discovery of Denison's Gryphon deposit and held key roles in the founding of both NexGen and IsoEnergy.

The Company's focus throughout 2026 is drilling at the Darby and MLN projects in the eastern Athabasca Basin. Both projects are operated by Cosa and are 70/30 joint ventures between Cosa and Denison respectively. Drilling at Darby is planned to test priority targets identified by thorough review of historical data and drill core and will target areas with anomalous uranium, clay alteration, and historical mineralization intersected nearby. Drilling at MLN will follow up 2025 drilling which intersected broad zones of structurally controlled alteration over roughly 2 kilometres of strike length.

Technical Disclosure

Historical drilling and geophysical results for Darby and MLN were sourced from the Saskatchewan Mineral Assessment Database (SMAD). SMAD sources for Darby include file numbers 74H14-0021, 74H14-0023, 74H15-0041, 74H15-0053, 74H15-0055, 74H15-0056, 74H15-0066, 74H15-0067, 74I02-0031, 74I02-0042, 74I02-0053, 74I02-0080, 74I02-0095, and MAW00516. Some confidential data and reports not presently available via SMAD were supplied to Cosa by Denison

Verification of historical drilling results included confirming historical drill hole collar locations from air photos and ground checking selected collars with a handheld GPS unit. Basement and lower sandstone sections from most historical drill holes were relogged in 2025 by Cosa. For Darby, verification of geochemical results for drill holes completed between 2008 and 2010 was facilitated by the reissuance of analytical certificates to Cosa by the Saskatchewan Research Council (SRC). Cosa thanks the SRC for its valued assistance in increasing confidence in the historical dataset.

Verification of historical geophysical results included confirming the locations of geophysical survey grids from air photos, compiling survey data and interpretations, and evaluating whether interpreted geophysical results could be reasonably explained by historical and current drilling results. For MLN, Cosa engaged a consultant to re-interpret historical geophysical surveys to validate previous interpretations.

Qualified Person

The Company's disclosure of technical or scientific information in this press release has been reviewed and approved by Andy Carmichael, P.Geo., Vice President, Exploration for Cosa. Mr. Carmichael is a Qualified Person as defined under the terms of National Instrument 43-101. This news release refers to neighbouring properties in which the Company has no interest. Mineralization on those neighbouring properties does not necessarily indicate mineralization on the Company's properties.

Contact

Keith Bodnarchuk, President and CEO

info@cosaresources.ca

+1 888-899-2672 (COSA)

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statements

This press release contains forward-looking information within the meaning of Canadian securities laws (collectively "forward-looking statements"). Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, plans, postulate and similar expressions, or are those, which, by their nature, refer to future events. All statements that are not statements of historical fact are forward-looking statements. These forward-looking statements or information may relate to anticipated exploration, development and/or expansion activities, including exploration of the Company's current Projects; the collaboration with Denison, including the Joint Venture, and the anticipated benefits thereof; and the outlook regarding Cosa's business plans and objectives.

Such forward-looking information and statements are based on numerous assumptions, including among others, that the results of planned exploration activities are as anticipated, the cost of planned exploration activities are as anticipated, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms, that third party contractors, equipment and supplies and governmental and other approvals required to conduct Cosa's planned exploration activities will be available on reasonable terms and in a timely manner. Although the assumptions made by Cosa in providing forward-looking information or making forward-looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate.

By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: Cosa may require additional financing from time to time in order to continue its operations which may not be available when needed or on acceptable terms and conditions acceptable; Cosa may not be able to maintain compliance with its contractual obligations with third parties; Cosa may not be able to maintain compliance with extensive government regulation applicable to its operations; domestic and foreign laws and regulations could adversely affect Cosa's business and results of operations; the stock markets have experienced volatility that often has been unrelated to the performance of companies and these fluctuations may adversely affect the price of Cosa's securities, regardless of its operating performance; the ongoing military conflict in Ukraine, and other risk factors set out in Cosa's public disclosure documents.

The forward-looking information contained in this news release represents the expectations of Cosa as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. Cosa does not undertake any obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/278295

Vancouver, British Columbia--(Newsfile Corp. - December 4, 2025) - Cosa Resources Corp. (OTCQB: COSAF) (FSE: SSKU) ("Cosa" or the "Company") is pleased to announce that it has closed the brokered private placement previously announced by the Company on November 13, 2025, as upsized on November 14, 2025, for aggregate gross proceeds to the Company of C$7,500,000.74 (the "Offering"). The Offering was completed through a syndicate of agents, led by Haywood Securities Inc. and including Velocity Capital Partners and CIBC Capital Markets (collectively, the "Agents").

Cosa's largest shareholder, Denison Mines Corp.  (NYSE American: DNN) ("Denison"), participated in the Offering pursuant to its rights under the investor rights agreement between Denison and the Company dated January 14, 2025 (the "Investor Rights Agreement"). With closing of the Offering, Denison now owns 18.59% of Cosa on a partially-diluted basis. Denison is a leading Athabasca Basin-focused uranium mining, development, and exploration company with a market capitalization of approximately C$3 billion. Denison's current focus is advancing the development-stage Wheeler River project, which represents one of the largest undeveloped uranium mining projects in the infrastructure rich eastern portion of the Athabasca Basin.

Pursuant to the Offering, the Company issued: (i) 11,538,462 hard dollar units of the Company (the "Units") at a price of C$0.26 per Unit (the "Unit Issue Price"); (ii) 7,537,690 charity flow-through units of the Company (the "Charity FT Units") at a price of C$0.398 per Charity FT Unit; and (iii) 5,000,000 flow-through common shares of the Company (the "FT Shares", and together with the Units and Charity FT Units, the "Offered Securities") at a price of C$0.30 per FT Share.

Each FT Share qualifies as a "flow-through share" within the meaning of the Income Tax Act (Canada) and will qualify as an "eligible flow-through share" as defined in The Mineral Exploration Tax Credit Regulations, 2014 (Saskatchewan). Each Unit consists of one common share of the Company (a "Unit Share") plus one-half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Charity FT Unit consists of one FT Share plus one-half of one Warrant. Each Warrant entitles the holder thereof to purchase one common share of the Company (a "Warrant Share") at an exercise price of C$0.37 until December 4, 2027.

The Company will use the net proceeds from the sale of Units to fund exploration and for additional working capital purposes. The gross proceeds from the sale of Charity FT Units and FT Shares will be used by the Company to incur eligible "Canadian exploration expenses" that qualify as "flow-through critical mineral mining expenditures" as such terms are defined in the Income Tax Act (Canada), and to incur "eligible flow-through mining expenditures" pursuant to The Mineral Exploration Tax Credit Regulations, 2014 (Saskatchewan) (collectively, the "Qualifying Expenditures") related to the Company's uranium projects in the Athabasca Basin, Saskatchewan, on or before December 31, 2026. All Qualifying Expenditures will be renounced in favour of the subscribers of the Charity FT Units and FT Shares effective December 31, 2025.

In consideration for the services provided by the Agents in connection with the Offering, on closing the Company: (i) paid to the Agents a cash commission equal to 5.0% of the gross proceeds of the Offering, other than in respect of Offered Securities issued to certain purchasers on a president's list agreed upon by the Company and the Agents (the "President's List"), in which case the commission in respect of such issuance was equal to 3.0%; and (ii) issued compensation options of the Company (the "Compensation Options") to the Agents to acquire that number of common shares in the capital of the Company (each a "Compensation Option Share") which is equal to 6.0% of the number of Offered Securities sold under the Offering, other than in respect of Offered Securities issued to purchasers on the President's List, in which case the Company did not issue any Compensation Options. Each Compensation Option entitles the holder to acquire one Compensation Option Share until December 4, 2027, at an exercise price of C$0.26.

The Offered Securities are subject to a hold period expiring on April 5, 2026.

Certain directors and officers of the Company, Denison, and certain officers of Denison subscribed for an aggregate of 2,607,692 Units and 616,669 FT Shares for gross proceeds of C$863,000.62 under the Offering. Participation by these insiders of the Company in the Offering constitutes a related-party transaction as defined under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The issuance of these securities is exempt from the formal valuation requirements of Section 5.4 of MI 61-101 pursuant to Subsection 5.5(b) of MI 61-101 as the Shares are listed on the TSX Venture Exchange. The issuance of these securities is also exempt from the minority approval requirements of Section 5.6 of MI 61-101 pursuant to Subsection 5.7(1)(b) of MI 61-101 as the fair market value was less than C$2,500,000.

Denison will be filing an early warning report, under National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues in respect of the acquisition by Denison of 2,307,692 Units on closing of the Offering. Prior to the issuance of the Units by Cosa, Denison held 16,723,172 Shares and 1,263,833 common share purchase warrants, representing 19.95% of Cosa on a partially-diluted basis. Immediately after giving effect to the Offering, Denison had beneficial ownership of, or control and direction over, 19,030,864 Shares, representing 16.85% of the issued and outstanding Shares of Cosa as of the date hereof and 2,417,679 common share purchase warrants, representing 9.81% of the warrants issued and outstanding after the Offering. The Units were acquired by Denison for investment purposes. Denison intends to review, on a continuous basis, various factors related to its investment in Cosa, and may decide to acquire or dispose of additional securities of Cosa as future circumstances may dictate, including pursuant to the exercise of warrants, the terms of the Acquisition Agreement between Denison and Cosa dated November 26, 2024 and/or its pre-emptive rights under the Investor Rights Agreement. Further information is available in Cosa's press release dated January 14, 2025, in the early warning report to be filed by Denison under Cosa's profile on SEDAR+ or by contacting Denison:

Geoff Smith, Vice President Corporate Development & Commercial

Denison Mines Corp.

info@denisonmines.com

Suite 1100 - 40 University, Toronto, Ontario M5J 1T1

The Offered securities described in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any United States state securities laws, and may not be offered or sold, directly or indirectly, within the United States or to, or for the account or benefit of, U.S. persons absent registration or an exemption from registration requirements. This news release does not constitute an offer for sale of securities, nor a solicitation for offers to buy any securities in the United States, not in any other jurisdiction in which such offer, solicitation or sale would be unlawful.

The terms "Unites States" and "U.S. person" used herein are as defined in Regulation S under the U.S. Securities Act.

About Cosa Resources Corp.

Cosa Resources is a Canadian uranium exploration company operating in northern Saskatchewan. The portfolio comprises roughly 237,000 ha across multiple underexplored 100% owned and Cosa-operated joint venture projects in the Athabasca Basin region, the majority of which reside within or adjacent to established uranium corridors.

In January of 2025, the Company entered a transformative strategic collaboration with Denison Mines that has secured Cosa access into several additional highly prospective eastern Athabasca uranium exploration projects. As Cosa's largest shareholder, Denison gains exposure to Cosa's potential for exploration success and its pipeline of uranium projects.

Cosa's award-winning management team has a track record of success in Saskatchewan. In 2022, members of the Cosa team were awarded the AME Colin Spence Award for the discovery of the Hurricane uranium deposit. Cosa personnel led teams or had integral roles in the discovery of Denison's Gryphon deposit and 92 Energy's GMZ zone and held key roles in the founding of both NexGen and IsoEnergy.

The Company's focus throughout 2026 is drilling at the Darby and Murphy Lake North projects in the eastern Athabasca Basin. Both projects are operated by Cosa and are 70/30 joint ventures between Cosa and Denison respectively. Drilling at Darby is planned to test priority targets identified by thorough review of historical data and drill core and will target areas with anomalous uranium, clay alteration, and historical mineralization intersected nearby. Drilling at Murphy Lake North will follow up 2025 drilling which intersected broad zones of structurally controlled alteration over roughly 2 kilometres of strike length.

Contact

Keith Bodnarchuk, President & CEO

info@cosaresources.ca

Suite 1723 - 595 Burrard Street, Vancouver, BC V7X 1L4

+1 888-899-2672 (COSA)

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Information

This press release contains "forward-looking information" within the meaning of applicable Canadian securities laws. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, identified by words or phrases such as "believes", "anticipates", "expects", "is expected", "scheduled", "estimates", "pending", "intends", "plans", "forecasts", "targets", or "hopes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "will", "should" "might", "will be taken", or "occur" and similar expressions) are not statements of historical fact and may be forward-looking statements. Forward-looking information herein includes, but is not limited to, statements that address activities, events or developments that Cosa expects or anticipates will or may occur in the future including the final approval of the Offering by the TSX Venture Exchange, the proposed use of proceeds of the Offering and the tax treatment of the Charity FT Units and FT Shares.

Forward-looking statements and forward-looking information relating to any future mineral production, liquidity, enhanced value and capital markets profile of the Company, future growth potential for the Company and its business, and future exploration plans are based on management's reasonable assumptions, estimates, expectations, analyses and opinions, which are based on management's experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect. Assumptions have been made regarding, among other things, the price of metals; costs of exploration and development; the estimated costs of development of exploration projects; the Company's ability to operate in a safe and effective manner.

These statements reflect the Company's respective current views with respect to future events and are necessarily based upon a number of other assumptions and estimates that, while considered reasonable by management, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance, or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements or forward-looking information and the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the future tax treatment of the Charity FT Units and FT Shares, competitive risks and the availability of financing; precious metals price volatility; risks associated with the conduct of the Company's mining activities; regulatory, consent or permitting delays; risks relating to reliance on the Company's management team and outside contractors; the Company's inability to obtain insurance to cover all risks, on a commercially reasonable basis or at all; currency fluctuations; risks regarding the failure to generate sufficient cash flow from operations; risks relating to project financing and equity issuances; risks and unknowns inherent in all mining projects; contests over title to properties, particularly title to undeveloped properties; laws and regulations governing the environment, health and safety; operating or technical difficulties in connection with mining or development activities; employee relations, labour unrest or unavailability; the Company's interactions with surrounding communities; the speculative nature of exploration and development; stock market volatility; conflicts of interest among certain directors and officers; lack of liquidity for shareholders of the Company; litigation risk; and the factors identified in the Company's public disclosure documents. Readers are cautioned against attributing undue certainty to forward-looking statements or forward-looking information. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or forward-looking information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements or information, other than as required by applicable law.

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/276923

First uranium production achieved at McClean North with low cash costs, while Phoenix ISR project advanced regulatory and engineering milestones. Nearly $720 million in liquidity and a US$345 million convertible notes offering support ongoing development amid improving uranium market fundamentals.

Original document: Denison Mines Corp. [DML] Earnings Release — Nov. 7 2025