NEW YORK, January 2, 2026, 13:21 ET — Regular session
Energy Fuels Inc (UUUU) shares jumped 11.8% to $16.26 in New York trading on Friday after opening at $14.66. The stock has traded between $14.72 and $16.44 and had seen about 8.7 million shares change hands by 1:10 p.m. ET.
The move puts uranium miners back in focus at the start of 2026, when headline-driven flows can hit the sector hard. Project milestones often ripple quickly because many companies are still building toward future output.
Denison Mines said it was ready to make a final investment decision — a go-ahead to spend on construction — and start building its proposed Phoenix in-situ recovery uranium mine, a process that dissolves uranium underground and pumps it to the surface, pending final regulatory approvals it expects in the first quarter. Denison targeted first production for mid-2028 and pegged post-decision initial capital costs at $600 million, up 20% from its 2023 feasibility study on an inflation-adjusted basis. “Denison stands ready to make a final investment decision and commence construction of the Phoenix ISR mine,” President and CEO David Cates said. 1
Denison’s U.S.-listed shares were up about 11% on the day. Cameco rose about 7% and Uranium Energy gained about 10%.
Energy Fuels tracked that broader bid, even without a fresh company update. The stock is frequently traded alongside uranium peers because sentiment can shift on supply news and permitting timelines.
The sector rally also underscored a key issue investors are watching: the cost of bringing new uranium supply online. Denison’s higher capital estimate highlighted the impact of inflation and project refinements on buildout budgets.
Energy Fuels positions itself as both a uranium producer and a rare earths player. It operates the White Mesa Mill in Utah, which it describes as the only fully licensed and operating conventional uranium mill in the United States.
For traders, the near-term focus is whether Denison secures approvals in time to keep its early-2026 construction plans on track. Any slippage on timelines or costs can quickly reset valuations across the group.
Investors are also watching the tone of long-term uranium contracting, where utility purchasing activity can shape price expectations. Project-level updates tend to matter more when they point to tangible new supply in a market still defined by long lead times.
