Toronto, Jan 18, 2026, 05:34 ET — Market closed
- Denison Mines shares closed Friday around 4% higher, at $3.69, on volume near 69 million shares.
- Shares tied to uranium showed widespread gains as uranium futures closed Friday near $85.25 a pound. 1
- This week’s attention remains on federal permitting for Denison’s Phoenix project, alongside the schedule for a final investment decision. 2
Denison Mines shares climbed roughly 4% on Friday, wrapping up at $3.69 on the NYSE American. Uranium-related stocks remained busy ahead of the extended weekend.
Uranium futures closed Friday at $85.25 a pound, per Investing.com data, maintaining strength despite a volatile start for wider markets. 1
U.S. stock markets remain closed Monday in observance of Martin Luther King Jr. Day, shifting the first trading day of the week to Tuesday. Traders are left to mull over weekend developments and sector trends ahead of the reopening. 3
Denison’s focus stays on its Phoenix in-situ recovery (ISR) uranium project at Wheeler River, northern Saskatchewan. In a Jan. 2 statement, the company said it’s poised to make a final investment decision and begin construction, “pending final regulatory approvals.” If those approvals come through in Q1, first production is expected by mid-2028. 2
On Jan. 8, Denison announced that grid power has been connected to the future Phoenix site, following SaskPower’s completion of a high-voltage transmission line. CEO David Cates described it as “a major Project milestone,” noting the installation was finished “on schedule and on budget.” 4
ISR is a mining technique that injects fluid into an ore zone, extracting uranium-laden solution without the need for open pit or underground excavation. Denison has flagged power as a key bottleneck for early construction, particularly for building a freeze wall designed to isolate the first mining area. 4
In its Jan. 2 update, Denison set the post-decision initial capital for Phoenix at C$600 million—20% higher than its 2023 feasibility study once inflation is factored in. The company said this estimate assumes an investment decision by the end of February 2026. 2
Uranium leaders pushed higher on Friday. The Global X Uranium ETF added roughly 3%, and Cameco outpaced that, rising just over 3% in U.S. markets.
Options activity caught attention as well. MarketBeat noted heavy call buying in Denison on Friday, indicating some traders are betting on more gains ahead. 5
But the setup works both ways. A delayed federal decision, weaker uranium data, or rising costs could quickly deflate the trade—especially after such a high-volume surge and given how volatile retail-driven uranium stocks tend to be.
Investors are gearing up for the next earnings report, with market calendars like Investing.com listing a late-February date. That said, companies often shift their timelines. 6
The immediate test arrives with Tuesday’s reopen. Traders will be watching to see if uranium prices maintain their momentum and whether Denison reveals new information on the federal approvals needed before Phoenix can begin construction.
