10 Best Canadian Stocks to Buy Under $10

7. Denison Mines Corp. (NYSE:DNN)

Number of Hedge Funds Holders: 23

Share Price as of November 27: $2.30

Denison Mines Corp. (NYSE:DNN) is a uranium exploration and development company with its main operations in the Athabasca Basin region of northern Saskatchewan, Canada. The company holds a 95% interest in the Wheeler River Project, which is its flagship uranium project. Denison Mines also owns a 22.5% ownership interest in the McClean Lake joint venture, which operates several uranium deposits and the McClean Lake uranium mill. The McClean Lake Mill has an annual licensed production capacity of 24 million pounds of uranium annually.

Denison Mines Corp. (NYSE:DNN) has innovative in-situ recovery (ISR) mining techniques, allowing the firm to reduce environmental impact while ensuring efficient uranium extraction. The company’s In Situ Leach (ISL) method is one of the cost-effective methods of uranium mining. This mining method involves dissolving the uranium minerals in place without physically removing the ore from the ground, thus minimising its cost.

Denison Mines Corp. (NYSE:DNN) is one of the largest Uranium mining companies in Canada. The U.S.’s highest uranium import was from Canada in 2023. Moreover, the U.S. has banned uranium imports from Russia, which makes the U.S. find an alternate route for uranium supply. This could be a catalyst for Denison Mines in the coming quarters, however, potential trade tariffs can be a threat to exports.

In addition, Denison Mines is creating three uranium exploration joint ventures with Cosa Resources in the eastern part of the Athabasca Basin, northern Saskatchewan. Denison Mines Corp. (NYSE:DNN) will maintain a minimum 30% direct interest in the properties and become Cosa’s largest shareholder. In Q3, DNN was held by 23 hedge funds with stakes worth $88.09 million. Point72 Asset Management is the largest shareholder in the company with a stake worth $17.58 million.