Cosa Resources Corp (OTCQB: COSAF | TSXV: COSA) is quietly becoming one of the most interesting uranium exploration stories in the Athabasca Basin. We sat down with CEO Keith Bodnarchuk to unpack the company’s current drill campaigns, partnership with Denison Mines, and what investors should expect heading into 2026.
The Team, The Land, The Timing
Bodnarchuk didn’t mince words: discovery is the goal. With a technical team that played a key role in finding IsoEnergy’s Hurricane deposit, Cosa Resources (COSAF) isn’t learning the Basin — they already know what success looks like.
The company holds one of the largest uranium exploration portfolios in the eastern Athabasca Basin, with projects including Murphy Lake North, Darby, and Orbit, each advancing toward drill-ready status. “People, place, and timing,” Bodnarchuk says, are the three ingredients every discovery story needs — and he believes Cosa Resources has all three.
The Denison Partnership and Why It Matters
Cosa Resources Corp (OTCQB: COSAF) formalized a collaboration with Denison Mines Corp, which now owns roughly 19.95% of the company. Denison brings technical strength, Basin experience, and credibility — while Cosa retains full operational control.
Bodnarchuk calls the relationship “the best of both worlds”: the independence to explore aggressively, with the support and insight of one of the industry’s most respected names. That alignment gives both retail and institutional investors a sense of confidence that Cosa is being built the right way.
Project Highlights and Upcoming Drilling
- Murphy Lake North (MLN): Located 2.7–4 km from the Hurricane deposit, Cosa’s drilling confirmed structural corridors with alteration signatures similar to IsoEnergy’s discovery. The next phase of drilling in late 2025 aims to expand these trends.
- Darby (70% Cosa / 30% Denison): Just west of Cigar Lake, Cosa identified new high-priority zones known as the Delta and Charlie Trends for the upcoming winter 2026 program.
- Orbit (100% Cosa Resources): Pathfinder gas anomalies (radon, helium, hydrogen) and EM conductors point to multiple near-surface drill targets. It’s early, but it’s the kind of data that preceded major Basin discoveries.
Together, these projects give Cosa Resources Corp (COSAF) multiple shots on goal — a diversified exploration model designed to reduce risk while increasing the odds of a meaningful hit.
Managing Capital and Minimizing Dilution
Cosa Resources (COSAF) closed a C$6 million financing earlier this year, ensuring a healthy runway for exploration through 2026. Denison participated to maintain its position, signaling strong long-term confidence.
Bodnarchuk says the focus is “metres per dollar.” The company tracks every meter drilled against capital deployed — a discipline that helps manage risk and build trust with retail holders who worry about over-dilution.
What Success Looks Like
When asked what would mark success, Bodnarchuk kept it clear: “If we deliver a drill intercept that proves we’re on the same structural system as Hurricane, everything changes.”
He listed three upcoming catalysts for investors to watch:
- Assay results from the Murphy Lake North summer 2025 program.
- Drill permits and mobilization at Darby for winter 2026.
- Target declarations at Orbit or Ursa that expand the pipeline.
Each milestone is meant to keep Cosa Resources (COSAF) in front of the market with steady news flow, rather than long silent stretches.
The Message to Investors
Bodnarchuk’s closing statement summed up the entire interview:
“We’re early, but we know what we’re doing. We’re disciplined, backed by Denison, and operating in the best uranium district on Earth. If we hit, the upside is exponential. If we don’t, we still win by building data and de-risking our portfolio the right way.”
For investors, that’s the core of the Cosa Resources Corp (COSAF) story — disciplined exploration with real catalysts on the horizon.
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