10 Small Cap Stocks with Huge Upside Potential

2. Denison Mines Corp. (NYSEAMERICAN:DNN)

Upside Potential: 223%

Market Capitalization: $1.205 billion

Denison Mines Corp. (NYSEAMERICAN:DNN) is a leading uranium exploration and development company with interests in the Athabasca Basin, Wheeler River, Midwest Project, McClean Lake, and Waterbury Lake. Founded in 1997, this Canada-based company is committed to large-scale uranium projects through rigorous technical evaluations and innovative approaches to mining. The company not only meets the technological demands of complex mining projects but also satisfies the community and environmental concerns regarding modern resource development.

When considering Denison Mines Corp. (NYSEAMERICAN:DNN), one can never overlook the Wheeler Project. This flagship project, with production expected to begin by late 2027, will allow the company to capitalize on the higher forecasted uranium prices and diversify its revenue stream. This small-cap company has worked extensively towards technically derisking the project while maintaining a strong financial position.

What attracts us the most to Denison Mines Corp. (NYSEAMERICAN:DNN) is its Phoenix Project. This initiative, aiming to build and operate the upcoming large-scale uranium mine in northern Saskatchewan, is going to be a pioneer of uranium ISR mining operations in the Athabasca Basin region. The Financial and Operational Results for 2024 highlighted significant progress of the venture, with construction planned for early 2026 and production targeted for the first half of 2028. While we won’t be seeing returns in the short term, the long haul for the project looks quite promising.

Another factor that we can’t ignore is the overall uranium industry. The uranium market is well-positioned for high growth due to a demand surge from nuclear energy and constrained supply within the market. With a global trend towards cleaner energy, the demand is anticipated to rise by as high as 60% by 2040.

On that note, Denison Mines Corp. (NYSEAMERICAN:DNN), with a potential upside of over 200%, has a sound standing in what could be a bull case over the next few years.