Toronto, January 21, 2026, 09:38 EST — Regular session
- Shares of Denison Mines dipped in early trading following a partner’s announcement of winter drilling plans at two joint ventures in the Athabasca Basin
- The program focuses on Darby and Murphy Lake North, located close to Cameco’s Cigar Lake mine and IsoEnergy’s Hurricane deposit
- Investors are focused on the late-January drill kickoff, March’s follow-up work, and Denison’s upcoming moves on Phoenix permitting
Denison Mines Corp shares dipped about 0.3% to $3.68 by mid-morning Wednesday after partner Cosa Resources detailed winter drilling at two uranium exploration JV sites in Canada’s Athabasca Basin. Cosa plans roughly 2,500 metres at Darby and 1,200 metres at Murphy Lake North, where it holds a 70% stake, Denison 30%. “Camp construction is well underway, and we expect drilling to commence at Darby next week,” said Cosa CEO Keith Bodnarchuk. Exploration VP Andy Carmichael added, “We are eager to continue testing large gaps in strike.” 1
The update comes as winter programs pick up momentum across eastern Athabasca, where frozen ground and ice roads grant access to sites that summer conditions often block. On Tuesday, IsoEnergy kicked off its 2026 winter exploration at Larocque East, home to the high-grade Hurricane deposit. 2
Denison investors remain focused on the Phoenix deposit at the Wheeler River project in northern Saskatchewan. On Jan. 2, the company announced it is prepared to make a final investment decision on the proposed Phoenix in-situ recovery (ISR) uranium mine, pending regulatory approvals expected in Q1 2026. ISR involves extracting uranium by circulating a solution through the ore body and pumping it to the surface, avoiding underground blasting. 3
Uranium prices have hovered near the mid-$80s a pound lately, a key gauge for market sentiment in this sector. On Jan. 20, uranium traded at about $85.25 per pound, according to Trading Economics data. 4
Uranium-related shares showed a mixed start in U.S. trading. Cameco gained roughly 1.7%, Uranium Energy edged up about 1.6%, while Energy Fuels fell nearly 3.7%.
Cosa noted the Darby and Murphy Lake North joint ventures lie near established deposits and mines, but the projects remain in the exploration phase — pursuing structures, alteration, and past anomalies that might or might not lead to an economic discovery. To keep its 30% stake, Denison is helping fund 2026 work at Murphy Lake North, Cosa added.
The risk is clear: drill campaigns might yield nothing, and assay results plus subsequent plans often take time to materialize. On the development front, Phoenix is still dependent on the speed and results of regulatory approvals, while uranium prices fluctuate based on policy news, utility contracts, and changes in overall risk appetite.
Traders are now focused on drilling kicking off at Darby by the end of January, with the Murphy Lake North program set to launch in March. Denison’s immediate trigger hinges on updates regarding approvals needed to move forward with Phoenix construction in the first quarter.
