13 Best Canadian Penny Stocks to Invest in Now

4. Denison Mines Corp. (NYSE:DNN)

Closing Stock Price as of April 17^th: $1.38

Number of Hedge Fund Holders: 31

Denison Mines Corp. (NYSE:DNN) explores and develops uranium in the Athabasca Basin region of northern Saskatchewan. The company’s primary asset is the Wheeler River Project, which comprises the high-grade Phoenix and Gryphon deposits. The company also holds a minority interest in the McClean Lake uranium mill, one of the world’s largest uranium processing facilities. All in all, DNN is a significant contributor to Canada’s rising uranium needs amid a global shift to cleaner energy production.

Denison Mines Corp. (NYSE:DNN)’s development portfolio projects are positioned amongst the lowest all-in cost assets globally according to UxC’s First Tier categorization. Denison’s Phoenix project is advancing toward a final investment decision with environmental impact statements accepted both provincially and federally, and CNSC hearing dates set for late 2025. The company is strategically positioned to benefit from the growing uranium market dynamics, as the market enters a period of projected sustained structural supply shortage, with mine production deficit in 2024 estimated at approximately 20% of demand. This market position is further strengthened by geopolitical events highlighting the importance of reliable Western sources of supply, and potential demand growth from over 30 countries pledging to triple nuclear power capacity by 2050. In our opinion, the convergence of several market and geopolitical dynamics will favor DNN in the following years, making it one of the best penny stocks on our list.