New York, Jan 16, 2026, 10:04 ET — Regular session
- Denison Mines shares climbed roughly 4% in early trading, riding the broader upswing in uranium-related stocks
- Cameco and Uranium Energy pushed higher, building on gains driven by rising optimism around nuclear fuel.
- Traders await final approvals that would clear the way for Denison to begin construction on its Phoenix uranium mine in Canada
Denison Mines Corp shares climbed roughly 4.1% to $3.70 on Friday morning, having peaked at $3.80 earlier in the session. On the NYSE American, the stock swung between $3.58 and $3.80, with around 7.3 million shares traded.
Uranium stocks climbed, with Cameco rising around 3.8%. Uranium Energy jumped about 4.6%, while NexGen Energy picked up close to 2%.
Why this matters now: the group acts as a stand-in for uranium price bets, and investors are focusing on developers hitting permitting milestones soon. According to Sprott Physical Uranium Trust, there were 75.4 million pounds of U3O8 in inventory, valued at about $6.43 billion on Jan. 15, which works out to roughly $85 per pound. (Sprott)
Uranium isn’t traded on a central exchange like oil or gold; instead, most deals happen through private contracts. Cameco’s published industry-average prices put the spot price at $81.55 per pound as of Dec. 31, 2025, with the long-term price at $86.50. (Cameco)
Denison has been on investors’ radar since Jan. 2, when it announced readiness to make a final investment decision and begin building its Phoenix in-situ recovery (ISR) uranium mine, subject to regulatory approvals. The company outlined a two-year construction schedule and aims for first production by mid-2028, assuming approvals come through in the first quarter of 2026. (Denison Mines Corp.)
ISR, or in-situ recovery, is a mining technique that injects a solution into the underground ore body to dissolve uranium, then pumps it back to the surface for processing. This method limits surface disruption but faces intense regulatory and engineering oversight since the extraction occurs underground.
Denison has been making progress on infrastructure. On Jan. 8, it announced that Saskatchewan Power Corp’s grid supply is now connected at the future Phoenix site, thanks to a new 138-kilovolt transmission line. The company said this enables early construction activities and the planned “freeze wall” surrounding the initial mining zone. CEO David Cates described the project as “on schedule and on budget.” (Denison Mines Corp.)
Smaller Athabasca explorers outside the company are focusing on Denison-linked territory. Foremost Clean Energy announced Thursday it has hired RedChip Companies for investor relations. CEO Jason Barnard highlighted plans for “multiple drill programs” and an option to earn up to 70% interest in 10 promising uranium properties from Denison. (GlobeNewswire)
Equity traders face a straightforward scenario: Denison’s value moves with uranium sentiment but hinges heavily on a binary timeline — permits, green lights for construction, and a build schedule laid out in quarters and years.
The downside risk is sharp. Back in November, Denison revealed a judicial review application aimed at overturning Saskatchewan’s environmental assessment approval for the Wheeler River project. The claim? That the government didn’t meet its duty to consult. Denison, however, insists the consultation process was meaningful and says it will fight the challenge. Any hiccup in approvals or a weakening uranium market can quickly drag down developer stocks. (Denison Mines Corp.)
Denison’s next major hurdle is regulatory: the company is awaiting final approvals to kick off construction at Phoenix, aiming to secure them by Q1 2026. After that, focus will shift to the timing of a final investment decision and the start of early construction — all while watching if uranium prices stay supportive for the sector.
