New York, January 25, 2026, 07:14 EST — The market has closed.
Denison Mines Corp shares ended Friday 0.5% lower at $3.90, after reaching a peak of $3.96—their highest level in a year—before drifting down to $3.78. Trading volume hit around 41 million shares. The stock has climbed about 47% since Dec. 31. 1
The pullback barely puts a dent in January’s rally that’s made Denison a popular uranium play. With the market closed over the weekend, the key question is if uranium prices can stay steady and whether any permitting news surfaces.
Denison announced earlier this month it’s set to make a final investment decision and begin building its proposed Phoenix in-situ recovery uranium mine once it secures final regulatory green lights. The company is aiming for first production by mid-2028, assuming approvals come through in Q1. The post-FID initial capital cost estimate for Phoenix has been raised to around $600 million. Denison reported it held more than $700 million in cash, physical uranium, and investments as of September 30. CEO David Cates described Phoenix as “ready to become the first new large-scale uranium mine built in Canada since Cigar Lake.” 2
In-situ recovery, or ISR, involves circulating a solution through an ore zone via wells, then pumping uranium-laden liquid back to the surface for processing instead of excavating the ore.
Uranium futures closed Friday at $88.40 a pound, climbing 2.6% and hitting the highest point in their 52-week range, according to Investing.com data. This boost improves the outlook for developers—at least on paper—but it also leaves uranium-related stocks vulnerable to sharp drops if prices pull back. 3
Denison has been working to reduce execution risk well before breaking ground. On Jan. 8, it announced that grid power is now connected at the Phoenix site, thanks to SaskPower’s new 138-kilovolt transmission line. This move backs first-year construction and a planned freeze wall around the initial mining zone. “Access to grid electricity is a notable competitive advantage for Phoenix,” Cates said. 4
Denison, a Canadian uranium explorer and developer, is focused on Saskatchewan’s Athabasca Basin and owns a 95% stake in the Wheeler River project, home to the Phoenix and Gryphon deposits, according to Reuters data. The company also holds minority interests in other uranium projects, including ties to the McClean Lake joint venture. 5
Monday’s focus for traders will be price action: uranium, risk appetite, and just how far the recent move can stretch. Longer-term investors, meanwhile, are watching permits closely, along with the company’s capacity to stick to its timeline amid volatile mining sector costs.
But the flip side is just as real. A hold-up in permits or a softer uranium report could slam the brakes on the trade quickly, while inflation-fueled cost increases threaten even well-backed projects still stuck before breaking ground.
Denison reported in a U.S. filing that a two-part public hearing by the Canadian Nuclear Safety Commission on Phoenix wrapped up Dec. 11. The company is now waiting on a decision regarding the environmental assessment and a licence to prepare the site and build a mine and mill. It noted that beginning construction by the end of the first quarter would keep its mid-2028 production target on track — a date investors have been focused on as March closes in. 6
