NEW YORK, January 3, 2026, 08:28 ET — Market closed
- Denison Mines closed up 13.7% at C$4.14 on Friday after flagging construction readiness for its Phoenix ISR uranium mine, pending approvals.
- Denison lifted its post-FID initial capital cost estimate to $600 million and kept its mid-2028 first production target.
- Uranium names were broadly stronger, with heavyweight Cameco also rising.
Denison Mines Corp (DML.TO) shares jumped 13.7% on Friday to close at C$4.14 on the Toronto Stock Exchange. The stock added C$0.50 and traded about 6.4 million shares, while Canada’s benchmark TSX index ended up 0.5%. 1
The move matters because investors are starting 2026 looking for projects that can move from paperwork to earthmoving. A construction timeline gives the market something concrete to price, especially in uranium where “next supply” stories often stretch for years.
Cost is the other part of the story. Denison’s update put inflation and design refinements back in focus, even as it pitched Phoenix as ready to move quickly once permits land.
Denison said it is ready to make a final investment decision (FID) — a formal go-ahead to spend — and start building the Phoenix in-situ recovery uranium mine once final regulatory approvals arrive in the first quarter, with first production still targeted for mid-2028. “Phoenix is now ready to become the first new large-scale uranium mine built in Canada since Cigar Lake,” President and CEO David Cates said. Denison put post-FID initial capital costs at $600 million and said it had more than $700 million in cash, physical uranium and investments as of Sept. 30, while projecting an after-tax net present value (NPV) of about $1.57 billion at an 8% discount rate — a way of valuing future cash flows in today’s dollars. 2
In-situ recovery, or ISR, mines uranium by pumping a solution through the deposit and bringing uranium-bearing fluid back to the surface, limiting the amount of rock that must be dug up. Denison has described Phoenix as planned to be the Athabasca Basin region’s first ISR uranium operation. 3
That leaves permitting as the near-term swing factor, not the drill bit. Traders tend to treat regulator decisions as binary events because they determine when a developer can shift from planning to major spending.
On Friday, Denison traded between C$3.77 and C$4.21 and closed near the top of that band. The next technical test is whether it can hold above the C$4 level after the gap higher. 4
Uranium names also caught a bid elsewhere on the TSX. Cameco (CCO.TO) rose 7.7% to C$135.36, underscoring the sector tone that often lifts developers alongside producers. 5
The capital cost bump is not trivial, and investors have punished developers when budgets drift. Denison’s pitch is that it has advanced engineering and procurement far enough — and has enough liquidity — to keep attention on execution milestones rather than financing headlines.
Before the next session, investors will focus on any signal around the remaining approvals that would allow Denison to take FID and begin full construction. Denison has said it expects final regulatory approvals in the first quarter. 6
After that, the catalysts get more mechanical: contract awards, procurement updates and the step-by-step move from design into field work. For a project this close to breaking ground, those updates can move the stock even without an earnings catalyst.
