7 Best Uranium Stocks To Buy According to Hedge Funds

4. Denison Mines (NYSE:DNN)  

Number of Hedge Fund Investors: 21

Denison Mines (NYSE:DNN) is focused on uranium exploration, development, and production, with its primary operations in the Athabasca Basin, Canada, one of the richest uranium-producing regions globally. The company is advancing the development of its flagship Wheeler River Project.

Denison Mines’ (NYSE:DNN) main asset is the Wheeler River Project, which includes Phoenix, an ISR project currently in permitting, and Gryphon, a conventional mine that is currently under development. The company also owns 22.5% of McClean Lake, which has a mill with an annual licensed production capacity of 24Mlbs of uranium, and 69% of the Waterbury Lake project, a small-scale ISR uranium mining project in the Athabasca Basin.

The company’s innovative in-situ recovery (ISR) mining techniques are designed to reduce environmental impact while ensuring efficient uranium extraction. The In Situ Leach (ISL) method is a type of uranium mining that involves dissolving the uranium minerals in place without physically removing the ore from the ground. A solution is injected into the underground orebody, dissolving the uranium minerals and releasing them into the solution. The solution is then pumped back to the surface, where the uranium is recovered using a conventional uranium processing plant. This method has several advantages, including low surface disturbance and no tailings or waste rock. It is also often considered a more cost-effective method of uranium mining.

Denison Mines’ (NYSE:DNN) high internal rate of return for Phoenix and its well-capitalized position make it a compelling investment opportunity for Investors who are interested in the uranium industry. In the second quarter, the company’s stock was held by 21 hedge funds with stakes worth $95.36 million. Point72 Asset Management is the largest shareholder in the company with a stake worth $20.17 million as of June 30.