NEW YORK, January 4, 2026, 04:58 ET — Market closed
Denison Mines Corp (DNN) shares last closed up about 13% at $3.03 on Friday, their strongest one-day move in months, after the uranium developer flagged fresh progress toward starting construction at its Phoenix project. U.S. markets are shut on Sunday.
The catalyst matters because Phoenix is Denison’s flagship and the update puts a near-term spotlight on permitting and spending discipline, two pressure points for pre-production miners. Denison said it is ready to make a final investment decision (FID) — the formal go-ahead to commit major construction capital — and begin building the proposed Phoenix in-situ recovery (ISR) uranium mine once final regulatory approvals are in place. 1
Denison outlined a two-year construction timeline and reiterated a mid-2028 first-production target if approvals arrive in the first quarter, while lifting its post-FID initial capital estimate to about C$600 million. President and CEO David Cates said Denison “stands ready to make a final investment decision and commence construction,” and the company said engineering is about 87% complete with construction contract awards expected early in 2026. 1
The news landed as uranium-related stocks rallied broadly to start the year. Denison’s Toronto-listed shares (DML.TO) jumped 13.7% on Friday and Energy Fuels shares rose 15.4%, Reuters reported. 2
ISR, short for in-situ recovery, is a mining method that uses wells to circulate solution through the ore body and pump uranium-bearing fluids to the surface, rather than digging a conventional open-pit or underground mine. The approach can reduce surface disturbance but depends heavily on permit conditions and groundwater controls.
Denison said the revised capital budget reflects inflation and project refinements, and is about 20% above its 2023 feasibility study after adjusting for inflation. The company said the estimate includes C$65 million in contingency and owners’ reserves and pegged the project’s base-case after-tax net present value (NPV) — a measure of future cash flows in today’s dollars — at about C$1.57 billion, with a 73% internal rate of return (IRR), a standard metric of expected annual return. 3
Denison also said the Canadian Nuclear Safety Commission public hearing for Phoenix concluded on Dec. 11 and it is awaiting a decision, making permits the next major swing factor for the stock. The company said long-term uranium price assumptions used in its project sensitivity work have risen sharply since mid-2023, including a term-price assumption of US$86 per pound cited as of Dec. 31, 2025. 3
Uranium pricing remains a key macro input for the group. UxC uranium U3O8 futures on CME were around $81.60 per pound for the January 2026 contract, one of the few transparent reference points in a market dominated by private long-term deals. 4
The broader tape also supported uranium names on Friday. Cameco (CCJ) rose 7.7%, while the Global X Uranium ETF (URA) gained about 8% and the Sprott Uranium Miners ETF (URNM) climbed about 10%, underscoring sector-wide risk appetite.
Investors now look for evidence that Denison can convert permitting momentum into signed contracts without further cost creep, and for clearer timing on when it will formally approve the spend. Any shift to the C$600 million “control budget,” the company’s phrase for its post-FID cost baseline, would likely move the stock.
Before the next session, traders will also watch technical levels after Friday’s surge. Denison is near the top of its 52-week range of $1.08 to $3.42, with the $3 level back in play as a near-term line in the sand. 5
