Denison Mines Corp. (NYSE American: DNN; TSX: DML) is heading into year-end with a familiar uranium-stock cocktail: a buoyant sector narrative, a tight (and sometimes geopolitically spicy) fuel market, and one very specific company catalyst that keeps dominating the investment conversation—regulatory progress at the Wheeler River Project in Saskatchewan’s Athabasca Basin.
On December 24, 2025, Denison shares were trading around $2.76 in the U.S. listing, down modestly on the day. [1] In Canada, the TSX listing DML closed at C$3.78 on Dec. 24. [2]
So what’s driving attention into the holidays—when markets are often thin and headline-sensitive? Three threads stand out:
- Wheeler River’s federal licensing process is moving through its final stages, with the Canadian Nuclear Safety Commission (CNSC) public hearing sequence now completed and a decision expected later. [3]
- Denison expanded its strategic footprint around Wheeler River via new joint ventures tied to Skyharbour’s Russell Lake ground. [4]
- Investors are triangulating valuation and “what’s next” using a mix of analyst targets and quant-style indicators, while the uranium price backdrop remains a key variable in sentiment. [5]
Below is the latest on Denison Mines stock—news, forecasts, and today’s most-cited analyses as of Dec. 24, 2025—with the catalysts and risks that could matter most as 2026 begins.
Denison Mines stock price check on Dec. 24, 2025: DNN vs. DML
Denison trades on two main venues:
- DNN (NYSE American): Around $2.76 late morning Eastern on Dec. 24, down slightly on the session. [6]
- DML (TSX): C$3.78 close on Dec. 24 (down about 1% on the day, per the historical print). [7]
That split matters for readers because headlines often cite one ticker while social chatter cites the other. Same company, different currency and trading microclimates.
The biggest near-term catalyst: Wheeler River’s federal decision clock is ticking
Part 2 of the CNSC hearing has concluded
Denison’s flagship development story continues to orbit one core question: when will Wheeler River receive the federal green lights needed to start major construction?
The CNSC held the second part of its public hearing in early December to consider Denison’s Wheeler River uranium mine and mill project. A CNSC media advisory set the schedule for December 8–11, 2025, emphasizing public and Indigenous interventions in Saskatoon. [8]
By mid-December, the CNSC posted that Part 2 of the Commission hearing has concluded, and noted that a recording and then a record of decision would follow once available. [9]
Denison’s own timeline: decision expected in early 2026
In its Q3 2025 update, Denison said it had completed Part 1 in October and expected the Commission to render a decision in early 2026. [10]
For investors, that creates a classic “binary-ish” setup: not a coin flip, but a moment where timing, conditions, or requests for additional work can move a development-stage stock even without changes to uranium prices.
December corporate news: Denison closes Skyharbour transaction and forms four joint ventures near Wheeler River
One of the most concrete company-specific headlines in December was Denison’s deal activity right next to its flagship project.
On December 17, 2025, Denison announced it closed a transaction with Skyharbour Resources and formed four exploration joint ventures on claims that had comprised Skyharbour’s Russell Lake Uranium Project—directly adjacent to Wheeler River. [11]
Key structure (as Denison described it):
- Denison will operate the Wheeler North JV (Denison 49%) and Wheeler River Inliers JV (Denison 70%). [12]
- Skyharbour will operate the Russell Lake JV (Denison 20%) and Getty East JV (Denison 30%). [13]
Strategically, this is about more than “more claims.” Denison framed the structure as a way to accelerate evaluation of prospective ground around Wheeler River by pairing technical teams and aligning incentives. [14]
For a development-stage company, land consolidation and joint venture structuring can matter because it:
- reduces “edge risk” around flagship infrastructure corridors,
- increases optionality for future discoveries, and
- can help maintain investor attention during long permitting stretches.
Social license and community agreements: two December signings that investors are not ignoring
In modern mine development—especially uranium—permitting and partnership can be as price-sensitive as drill results.
Métis Nation–Saskatchewan Impact Benefit Agreement and Exploration Agreement
On December 4, 2025, Denison announced an Impact Benefit Agreement (IBA) with the Métis Nation–Saskatchewan and related Métis regional groups. The company said the IBA confirms the Métis parties’ consent to and support for developing and operating Wheeler River. [15]
Denison also announced an Exploration Agreement covering exploration and evaluation activities within MN–S Northern Regions 1 and 3. [16]
Nuhenéné Benefit Agreement with Athabasca communities
On December 1, 2025, Denison and the Ya’thi Néné Land and Resource Office announced the Nuhenéné Benefit Agreement, described as a regional mutual benefits agreement involving three First Nations and four municipalities/settlements in the Athabasca region. [17]
Taken together, these agreements signal progress on the “can this project proceed responsibly, with durable local support?” dimension—often a gating factor in uranium development stories.
The key risk headline investors still need to track: judicial review tied to the provincial EA approval
Not all stakeholder-related developments reduce uncertainty.
On November 4, 2025, Denison acknowledged an application for judicial review filed by the Peter Ballantyne Cree Nation (PBCN) in Saskatchewan’s Court of King’s Bench. The application seeks to set aside the provincial ministerial approval under Saskatchewan’s Environmental Assessment Act for Wheeler River, asserting the government breached its duty to consult. [18]
Denison stated it denies the claims and intends to vigorously defend against the orders requested. [19]
This matters for the stock because it adds a layer of legal process risk (and timing risk) on top of technical and regulatory steps—exactly the kind of “non-commodity” uncertainty that can widen valuation ranges for pre-production miners.
Fundamentals and balance sheet: Q3 2025 highlights that keep getting cited in DNN/DML research notes
Even when the market is laser-focused on a permit decision, investors still ask: “Can they fund the runway, and what’s the operational base?”
In its November 6, 2025 Q3 release, Denison highlighted several points that remain relevant on Dec. 24:
- McClean North production: ~85,235 lbs U_3O_8 produced at the mill during Q3 (Denison share 19,178 lbs), with an initial average operating cash cost of finished goods described at approximately US$19 per lb U_3O_8. [20]
- Phoenix ISR permitting: Denison described being in final stages of the multi-year permitting process for the planned Phoenix in-situ recovery (ISR) operation at Wheeler River, with provincial EA approval received in July and federal hearing steps underway. [21]
- Engineering progress: approximately 85% total engineering completion for Phoenix, with procurement and early capex already incurred/committed. [22]
- Financing strength: following its convertible notes issuance, Denison reported total cash, investments, and uranium holdings of nearly C$720 million at quarter-end. [23]
Denison also described its US$345 million convertible senior notes (due 2031) and how it intended to use proceeds to support project development (including Phoenix construction) and general corporate purposes. [24]
For stock narratives, that balance sheet line is crucial: it’s the difference between “permit pending” as a patient plan versus “permit pending” as a liquidity stress test.
Analyst forecasts and price targets: what Wall Street-linked data is signaling into year-end
Analyst coverage for uranium developers can be uneven, but Denison is followed closely enough that aggregated target data is widely circulated.
Fintel-aggregated targets (as cited on Nasdaq)
A Nasdaq-hosted article (sourced to Fintel) stated that as of early December, the average one-year price target for Denison Mines was about $3.23/share, with forecasts ranging roughly from $2.35 to $3.76. [25]
Fintel’s broader range
Fintel’s own forecast/estimates page lists an average one-year price target of $3.35, with a range from $2.37 to $4.16. [26]
These target ranges are not gospel (they can lag, and methodologies differ), but they anchor a frequently repeated market framing: many sell-side models imply upside from the mid-$2 range—if the permitting-to-construction transition stays intact.
Growth forecasts cited by Simply Wall St
Simply Wall St’s “future growth” snapshot for Denison (updated mid-December) describes forecasts for rapid earnings and revenue growth rates (model-based, tied to its dataset assumptions). [27]
Because Denison is still in a heavy development arc, readers should treat “growth rates” like these as scenario outputs more than stable forecasts—especially since timelines and uranium pricing assumptions can materially swing projected financials.
Quant-style and technical analyses circulating on Dec. 24, 2025
Alongside traditional analyst notes, Denison is also a magnet for algorithmic “scorecards” and technical indicators—particularly because it trades with high retail visibility.
Here’s what’s being published/updated around Dec. 24:
- Danelfin lists Denison Mines (DNN) with an AI Score of 9/10 (Buy) and describes a probability advantage framework for near-term outperformance versus the S&P 500. [28]
- GuruFocus shows DNN’s 14-day RSI at 56.82 as of Dec. 24, 2025—a mid-range momentum reading (neither “overbought” nor “oversold” by classic RSI conventions). [29]
- StockInvest notes DNN’s recent multi-day advance into Dec. 23 and describes the prior day’s trading range and short-term trend framing. [30]
A practical way to interpret this mix: traditional analysts focus on permitting, cost curves, and capital structure, while technical/quant sources focus on recent price action and statistical patterns. For a catalyst-heavy uranium name, both sets of narratives can drive flows—especially around regulatory milestones.
Uranium market backdrop: prices near the low-$80s per pound and why it matters for Denison
Uranium stocks rarely trade purely on company fundamentals; they also trade on the fuel tape.
Around Dec. 23–24, uranium price proxies were pointing to levels in the low-$80s per pound:
- Trading Economics listed uranium around $81.15/lb on Dec. 23, 2025. [31]
- CME Group’s UxC Uranium U_3O_8 futures quotes also showed pricing in that general neighborhood for late-2025/early-2026 contracts. [32]
Meanwhile, uranium market commentary continues to emphasize a “two-speed” dynamic—spot vs. term contracting—where long-term utility contracting can matter more for project finance than short-term spot prints. Sprott’s uranium market note framed 2025 as range-bound in spot with improving longer-term fundamentals and argued that contracting could strengthen into 2026. [33]
Geopolitics is also part of the uranium story. For example, Reuters has recently reported on supply-chain security issues and resource nationalism themes affecting uranium movements (including developments involving Orano and Niger). [34]
For Denison specifically, higher and more stable uranium prices can improve the perceived economics of future production and reduce the market’s discount rate on long-dated cash flows—but the nearer-term stock reaction is often dominated by permitting and timeline clarity.
What investors may watch next: the 2026 checklist for Denison Mines stock
As of Dec. 24, 2025, the market’s near-term “watch list” for Denison tends to cluster into a few concrete items:
- CNSC record of decision / licensing outcome following the now-concluded hearing process. [35]
- Any updates on provincial permitting steps that remain relevant alongside federal approvals (Denison has previously cited the Provincial Pollutant Control Facility Permit as part of the construction path). [36]
- Legal process updates related to the judicial review application tied to Wheeler River’s provincial EA approval. [37]
- Execution milestones: engineering completion, procurement cadence, and the company’s stated intention to be ready for a final investment decision after approvals. [38]
- Earnings cadence: market calendars are already projecting Denison’s next major reporting window for Q4/FY2025 in late February 2026 (date projections vary by provider). [39]
Bottom line for Dec. 24, 2025
Denison Mines stock is ending 2025 with a narrative that’s unusually “event-driven” even by uranium-sector standards.
- The company has stacked up December developments—from the Skyharbour-area joint ventures to multiple benefit agreements—that strengthen its strategic and social footing around Wheeler River. [40]
- The CNSC hearing sequence is now complete, shifting attention to the record of decision that could define the next phase of the project timeline. [41]
- Analysts and forecast aggregators are still circulating price targets generally above the mid-$2 range, while technical indicators on Dec. 24 look more “neutral-to-constructive” than euphoric. [42]
The trade-off is clear: if Wheeler River moves cleanly from hearings into approvals and a build decision, the upside narratives get louder; if timelines stretch due to conditions, legal developments, or permitting friction, the market can re-price patience fast.
References
1. www.marketbeat.com, 2. stockanalysis.com, 3. www.linkedin.com, 4. denisonmines.com, 5. www.nasdaq.com, 6. www.marketbeat.com, 7. stockanalysis.com, 8. www.canada.ca, 9. www.linkedin.com, 10. denisonmines.com, 11. denisonmines.com, 12. denisonmines.com, 13. denisonmines.com, 14. denisonmines.com, 15. denisonmines.com, 16. denisonmines.com, 17. denisonmines.com, 18. denisonmines.com, 19. denisonmines.com, 20. denisonmines.com, 21. denisonmines.com, 22. denisonmines.com, 23. denisonmines.com, 24. denisonmines.com, 25. www.nasdaq.com, 26. fintel.io, 27. simplywall.st, 28. danelfin.com, 29. www.gurufocus.com, 30. stockinvest.us, 31. tradingeconomics.com, 32. www.cmegroup.com, 33. sprott.com, 34. www.reuters.com, 35. www.linkedin.com, 36. denisonmines.com, 37. denisonmines.com, 38. denisonmines.com, 39. www.marketscreener.com, 40. denisonmines.com, 41. www.linkedin.com, 42. www.nasdaq.com
