NEW YORK, January 2, 2026, 10:05 ET — Regular session
- Denison Mines shares climbed after the company said it is ready to start construction on its Phoenix ISR uranium mine, pending final approvals.
- Denison lifted its post-investment initial capital estimate for Phoenix to about C$600 million.
- Investors are watching for a federal licence decision in Canada and the company’s final investment decision timeline.
Denison Mines rose 10.9% to $2.95 in morning trade on Friday after the uranium developer said it is ready to make a final investment decision and begin construction on its flagship Phoenix project, while raising its upfront build budget.
The update matters now because Phoenix is moving from planning into execution, a phase where timelines and budgets tend to drive stock moves more than long-range resource estimates.
It also puts the next catalyst squarely on regulators: Denison needs federal sign-off in Canada before it can break ground, and the company is pointing to early 2026 as a decision window.
Denison said it is ready to make a final investment decision — the formal go-ahead to build — and commence construction of the Phoenix in-situ recovery (ISR) mine after receiving final regulatory approvals. ISR is a mining method that circulates solution through the ore body and pumps it to the surface, rather than digging an open pit.
The company reiterated an expected two-year construction schedule and said first production remains targeted for mid-2028 if approvals to commence construction are received in the first quarter of 2026.
Denison raised its post-FID initial capital estimate — the upfront capital expenditure, or capex — to about C$600 million, and said the budget includes about C$65 million in contingency and owners’ reserves. The company said the revised figure is about 20% higher than its 2023 feasibility study after adjusting for inflation. 1
“Denison stands ready to make a final investment decision and commence construction of the Phoenix ISR mine,” President and Chief Executive David Cates said. 1
Denison said the Canadian Nuclear Safety Commission’s two-part public hearing on its environmental assessment and construction licence concluded on Dec. 11, and it is awaiting a decision. The company also said Saskatchewan has authorized certain early earthworks such as vegetation removal and site drainage.
On project economics, Denison said its base-case after-tax net present value — a way of translating future cash flows into today’s dollars — is about C$1.57 billion at an 8% discount rate under the updated capex, while after-tax internal rate of return, a profitability metric, is 73%.
Uranium-linked stocks were broadly higher on Friday, with Cameco up 6.7%, Uranium Energy up 9.5% and Energy Fuels up 9.5%. The Global X Uranium ETF rose 5.7% and the Sprott Uranium Miners ETF gained 7.3%.
Traders will focus next on the federal licence decision and on whether Denison locks in construction contracts and a final investment decision on the schedule it outlined. Denison said its updated analysis also reflects higher long-term uranium pricing assumptions, citing a UxC month-end term price estimate of $86 per pound of U3O8 (uranium oxide) as of Dec. 31, 2025. 1
