New York, January 7, 2026, 09:46 (EST) — Regular session
- Denison Mines shares fell about 0.8% in early trade.
- Focus is on final Canadian approvals for the Phoenix uranium project and a higher capital cost estimate.
- Uranium prices have held near $82/lb, while sector trading was mixed.
Denison Mines Corp shares slipped 0.8% to $3.26 in early New York trading on Wednesday. The uranium developer has traded in a tight range since the open.
Investors are circling the company’s Phoenix project in northern Saskatchewan, where Denison says it is ready to take a final investment decision — a formal go-ahead to build — once federal approvals land. Denison put post-decision initial capital costs at C$600 million and said the estimate assumes a final investment decision at the end of February; CEO David Cates said the company “stands ready” to move into construction. 1
The broader tape has not been much help. Uranium was last quoted around $82 a pound on Tuesday and Trading Economics’ model points to about $82.85 by the end of the quarter, while the Global X Uranium ETF and heavyweight miner Cameco were both slightly lower in early trade. 2
Phoenix is designed as an in-situ recovery, or ISR, operation — dissolving uranium underground and pumping the solution to surface instead of digging an open pit or underground mine. Trade coverage this week has framed Phoenix as a potential first for that method in the Athabasca Basin, with Denison targeting first production in mid-2028 if approvals arrive this quarter. 3
Denison is one of the more closely watched uranium names because its Wheeler River project sits in a top-tier mining district and it also has interests in other Saskatchewan assets, including the McClean Lake joint venture. The company’s shares trade in the U.S. under the symbol DNN. 4
On the charts, the stock is hovering near the top end of its 52-week range, after printing an intraday low around $3.22 on Wednesday. The 52-week range is $1.08 to $3.42, data on Investing.com showed. 5
The next scheduled catalyst on many traders’ calendars is Denison’s next results update, but the company has not yet listed a Q4 reporting date on its investor calendar, which currently runs through the November 6 release for Q3 2025. 6
There are obvious ways this can go sideways. A slower regulatory timeline would push out the start of construction, and the higher capital estimate puts more weight on cost control as contracting ramps up. Uranium prices can move fast in either direction, and that volatility tends to wash straight through to the equities.
