New York, Jan 30, 2026, 11:20 EST — Regular session
Denison Mines Corp’s U.S.-listed shares (DNN) slipped 2.1% to $4.15 in late morning trading Friday, after fluctuating between $4.06 and $4.24. More than 13.5 million shares changed hands.
The recent pullback follows a sharp rally in uranium-linked stocks as spot uranium prices climbed back above triple digits. Yellow Cake’s quarterly update reported the uranium spot price (U3O8, known as “yellowcake”) at $101.25 per pound on Jan. 29, referencing UxC data. CEO Andre Liebenberg noted the market had moved beyond “policy ambition to increased capital deployment.” 1
Denison is key in this tape because it’s still waiting on final approvals for its flagship Phoenix project in Saskatchewan. The project is planned as an in-situ recovery (ISR) mine, using wells to circulate a solution through the ore body and pump uranium to the surface. CEO David Cates said the company “stands ready to make a final investment decision” as soon as those approvals come through. 2
The stock surged 9.4% on Jan. 28, with around 74 million shares changing hands, before slipping 1.6% on Jan. 29 on roughly 62 million shares, according to historical trading data. 3
New exploration activity has kicked off around Denison’s territory. On Jan. 28, Cosa Resources announced it began drilling at its Darby project. Drilling at Murphy Lake North is set to start next. Both sites are joint ventures where Cosa operates and owns 70%, with Denison holding the remaining 30%. 4
Denison followed the weaker trend seen in the major uranium players on Friday. Cameco slipped 5.6%, while Uranium Energy dropped 2.8%, dragging down smaller developers that have surged earlier this month.
The day’s drop didn’t come right after a Denison earnings report or any new company filing. Instead, traders are viewing the stock as a high-beta proxy for uranium prices and nuclear fuel sentiment, which can shift abruptly when the sector loses momentum.
The key risk is timing. Should federal approvals for Phoenix slip into late 2026, the stock could be repriced to reflect a longer delay—especially if uranium prices pull back or appetite for small-cap miners weakens.
Investors are focused on a tight set of factors: the outcome of Cosa’s winter drilling and any upcoming regulatory green light for Phoenix. Denison has indicated that getting approvals by the end of Q1 would clear the way to begin construction and stay on track for first production in mid-2028. 5
