12 Stocks Under $5 With Biggest Upside Potential

5. Denison Mines Corp. (NYSEAMERICAN:DNN)

Upside Potential: 128.72%

Stock Price as of January 17: $1.88

Number of Hedge Fund Investors: 23

Denison Mines Corp. (NYSEAMERICAN:DNN) is a leading uranium exploration and development company focusing on the Athabasca Basin in Northern Saskatchewan, Canada. The company’s Wheeler River Project, which includes the high-grade Phoenix deposit, is a world-class resource that is expected to reach production by 2027 or 2028. Denison Mines Corp. (NYSEAMERICAN:DNN) also holds a 22.5% interest in the McClean Lake Joint Venture, which includes the McClean Lake uranium mill, and a diverse portfolio of exploration properties.

Denison Mines Corp. (NYSEAMERICAN:DNN) is actively working to advance the Phoenix deposit, a key component of the Wheeler River Project, towards production. The company has identified Phoenix as a unique opportunity due to its potential to achieve industry-leading cost efficiency. Initial capital costs to develop the deposit are expected to have one of the lowest capital intensities in the uranium sector, making it particularly attractive from an economic standpoint. Denison Mines Corp. (NYSEAMERICAN:DNN) plans to employ an in-situ recovery (ISR) method for mining Phoenix, a technique known for its cost-effectiveness and minimal environmental footprint compared to conventional mining methods. The company estimates that this approach will result in all-in production costs of approximately $16 per pound of uranium. Moreover, the project’s strategic location near existing infrastructure enhances the feasibility and economic appeal of the project.

In addition to Phoenix, Denison Mines Corp. (NYSEAMERICAN:DNN) is exploring ways to optimize the potential of the Gryphon deposit, another significant asset within the Wheeler River Project. Unlike Phoenix, which will utilize ISR technology, Gryphon is expected to be developed using conventional underground mining methods. This deposit represents a substantial addition to the project’s overall reserves, with an estimated 49.7 million pounds of proven U3O8.