Denison Mines Valuation: Phoenix Project Update Raises Questions on Future Growth Potential

Denison Mines (TSX:DML) secured grid power for its Phoenix in-situ recovery uranium mine, reducing project execution risk. The power connection supports critical infrastructure and moves the project closer to construction. With a share price of CA$5.38, Denison has had a 30-day share price return of about 30% and a 1-year total shareholder return above 100%. The company trades at a high P/B of 12x, which is several times higher than the industry average and peer group average. This premium is justified by the potential of the Phoenix project, but any project delays or cost overruns could challenge it.