New York, Feb 23, 2026, 07:38 EST — Premarket
- Denison Mines shares slipped in premarket trading, lagging behind gains seen across much of the uranium sector.
- With the Canadian construction licence in hand, investors are now sizing up next steps for the Phoenix uranium project.
- Uranium futures hovered close to $89 a pound, with nuclear-fuel supply concerns still hanging over the market.
Denison Mines Corp (DNN) dropped 0.6% to $4.06 ahead of the bell on Monday, trailing gains seen across much of the uranium sector.
Timing’s a factor here: Denison is shifting into the stage where developers aren’t graded on regulatory wins anymore, but on execution — think funding, timelines, and keeping costs in check.
Traders are eyeing the nuclear fuel chain with increased scrutiny. Attention has zeroed in on enrichment—the process that converts mined uranium into usable reactor fuel—as a key pressure point for potential supply disruptions.
Cameco shares climbed roughly 1.9% early in U.S. hours, with Uranium Energy ticking up 0.7%. The Sprott Uranium Miners ETF advanced about 1.2%.
Uranium U3O8 futures for February hovered near $89.05 per pound on Sunday, according to CME Group data. (CME Group)
Centrus Energy, a leading U.S. enriched uranium supplier, is flagging a potential supply crunch as demand climbs and Washington’s ban on Russian imports looms for 2028, according to the Financial Times. CEO Amir Vexler told the paper there isn’t enough enrichment capacity to meet the coming needs. (Financial Times)
Denison’s focus right now is close to home. The company announced on Feb. 19 that it has secured a green light from the Canadian Nuclear Safety Commission for its Wheeler River project—specifically, approval of the environmental assessment and a licence covering site prep and the construction of a mine and mill. That’s the final regulatory hurdle before Denison can break ground on the Phoenix in-situ recovery uranium mine. CEO David Cates called it “a landmark achievement for Denison.” (Denison Mines Corp.)
According to the regulator, Wheeler River is a planned uranium mine and mill set for Saskatchewan’s Athabasca Basin, roughly 600 km north of Saskatoon. The CNSC has issued a licence valid through Feb. 28, 2031, but stopped short of approving operations—those would need another hearing and decision down the line. (Canada)
Back in January, Denison pegged its post-FID initial capital at $600 million in a capital-cost update, banking on a final investment decision by the end of February—a go-ahead for sizeable spending. The company expects construction to span roughly 24 months, aiming for first production by mid-2028, provided approvals line up for a construction start before the first quarter wraps. (Denison Mines Corp.)
Approval is just one step. Costs for labor and materials keep climbing, financing conditions can turn, and the timing for the operating licence remains a swing factor—any of these could alter both the project schedule and the underlying economics.
Denison’s earnings land Feb. 26, giving investors a fresh look at the company’s position, Investing.com’s calendar shows. Traders are keyed in on any news about contract progress, the state of Denison’s cash reserves, and signals the company might move forward with large-scale construction spending. (Investing.com)
