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INVESTMENTS | 12 Months Ended
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Dec. 31, 2023
INVESTMENTS |
INVESTMENTS | 7.INVESTMENTS The investments balance consists of: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | At December 31 |  | At December 31
(in thousands) | ​ | 2023 | ​ | 2022
​ | ​ | ​ | ​ | ​ | ​ | ​
Investments: |  | ​ |  |  | ​ |
Equity instruments |  | ​ |  |  | ​ |
Shares | ​ | $ | 10,390 | ​ | $ | 8,022
Warrants | ​ |  | 127 | ​ |  | 87
Convertible Debentures | ​ | ​ | 15,565 | ​ | ​ | —
Physical Uranium | ​ |  | 276,815 | ​ |  | 162,536
​ | ​ | $ | 302,897 | ​ | $ | 170,645
​ | ​ | ​ | ​ | ​ | ​ | ​
Investments-by balance sheet presentation: | ​ |  |  | ​ |  |
Current | ​ | $ | 10,400 | ​ | $ | 8,022
Long-term | ​ |  | 292,497 | ​ |  | 162,623
​ | ​ | $ | 302,897 | ​ | $ | 170,645
​ The investments continuity summary is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Equity |  | ​ | Convertible | ​ | Physical |  | Total
(in thousands) | ​ | Instruments | ​ | ​ | Debentures | ​ | Uranium | ​ | Investments
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balance-January 1, 2022 | ​ | $ | 14,578 | ​ | $ | — | ​ | $ | 133,114 | ​ | $ | 147,692
Change in fair value gain to profit and (loss) (note 20) | ​ |  | (6,469) | ​ |  | — | ​ |  | 29,422 | ​ |  | 22,953
Balance-December 31, 2022 | ​ | $ | 8,109 | ​ | $ | — | ​ | $ | 162,536 | ​ | $ | 170,645
Purchase of investments | ​ |  | 2,417 | ​ |  | 15,000 | ​ |  | — | ​ |  | 17,417
Sale of investments | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (19,901) | ​ | ​ | (19,901)
Change in fair value gain to profit and (loss) (note 20) | ​ |  | (9) | ​ |  | 565 | ​ |  | 134,180 | ​ |  | 134,736
Balance-December 31, 2023 | ​ | $ | 10,517 | ​ | $ | 15,565 | ​ | $ | 276,815 | ​ | $ | 302,897
​ At December 31, 2023, the Company holds equity instruments consisting of shares and warrants in publicly traded companies as well as convertible debt instruments. Non-current instruments consist of warrants in publicly traded companies exercisable for a period more than one year after the balance sheet date as well as convertible debt instruments convertible and redeemable for a period more than one year after the balance sheet date. Investment in uranium During the year ended December 31, 2023, the Company sold 200,000 pounds of physical uranium as uranium oxide concentrates (“U3O8”) at a weighted average price of $99.50 (US$73.38) per pound. As at December 31, 2023, the Company holds a total of 2,300,000 pounds of physical uranium as U3O8 at a cost of $84,377,000 (US$68,240,000 or US$29.67 per pound U3O8), including purchase commissions. Refer to note 26 for additional details. Investment in convertible debentures During the year ended December 31, 2023, the Company completed a $15,000,000 strategic investment in F3 Uranium Corp. (“F3”) in the form of unsecured convertible debentures (the “Debentures”). The Debentures carry a 9% coupon (the “Interest”), payable quarterly over a 5-year term and will be convertible at Denison’s option into common shares of F3 at a conversion price of $0.56 per share. F3 has, at its sole discretion, the right to pay up to one-third of the Interest in common shares of F3 issued at a price per common share equal to the volume weighted average share price of F3’s common shares on the TSX Venture Exchange for the 20 trading days ending on the day prior to the date on which such payment of Interest is due. F3 will also have certain redemption rights on or after the third anniversary of the date of issuance of the Debentures and/or in the event of an F3 change of control. This investment is classified as financial assets measured at fair value through profit or loss. At December 31, 2023, the fair value of the Debentures was estimated to be $15,565,000, and a gain of $565,000 was recorded in the Consolidated Statements of Income and Comprehensive Income. Refer to note 20 and note 23 for additional details.

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