Here’s What National Bank Thinks About Denison Mines Corp (DNN)

Denison Mines Corp. (NYSEAMERICAN:DNN) is one of the Best High Volume Penny Stocks to Buy. On December 19, National Bank reiterated a Buy rating on the stock and raised the price target from $3.29 to $3.65. The rating follows the company’s earlier news regarding the finalization of its deal with Skyharbour Resources Ltd on December 17.

Management noted that the deal results in four joint ventures from Skyharbour’s former Russell Lake Uranium Project claims. The Russell Lake Uranium Project is located right next to Denison Mines Corp. (NYSEAMERICAN:DNN)’s key Wheeler River Project in Canada’s Athabasca Basin, which is a prime uranium district.

The joint venture is expected to fast-track the exploration of high-potential land near Wheeler River. The ownership split includes 49% stake of Denison Mines Corp. (NYSEAMERICAN:DNN) at Wheeler North, 70% stake at Wheeler River Inliers, 20% stake at Russell Lake, and 30% stake at Getty East.

Management noted that they will operate the Wheeler North and Wheeler River Inliers exploration sites, while Skyharbour will lead the remaining two. Moreover, the company also secured “Earn-In Option Agreements” for Wheeler North and Getty East. These let Denison boost its stakes to 70% by meeting predefined spending or work commitments.

Denison Mines Corp. (NYSEAMERICAN:DNN) focuses on uranium exploration, development, and mining, primarily in Canada’s Athabasca Basin region.

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Disclosure: None. This article is originally published at Insider Monkey.