Toronto, Jan 31, 2026, 07:26 EST — Market closed.
- Denison slipped on Friday, dragged down by a pullback in uranium-related stocks throughout North America.
- Spot uranium prices have climbed back over $100 a pound, stirring unease within the group.
- Traders will be eyeing any federal permitting updates on Denison’s Phoenix project and looking for early signs of risk appetite returning Monday.
Denison Mines Corp shares closed Friday down 6.6% at $3.96 on the NYSE American, slipping from an intraday range of $3.93 to $4.24. Trading volume hit roughly 56.9 million shares.
Uranium kicked off the week above $100 per pound, with spot prices rising $7.75 to hit $101. The move followed Sprott Physical Uranium Trust’s announcement that it purchased 500,000 pounds and raised $214 million, leaving the fund with $323 million in cash on hand. Guy Keller, portfolio manager at Tribeca’s Nuclear Energy Opportunities Strategy, noted the trust now holds a “pretty serious war chest to buy some pounds.” Investing News Network (INN)
Friday saw a pullback in mining stocks, dragging Canada’s main index down 3.3%. Gold prices dropped, while the U.S. dollar gained ground following Donald Trump’s nomination of Kevin Warsh to head the Federal Reserve. Angelo Kourkafas at Edward Jones described the move as “possibly an overdue correction.” Reuters
Uranium stocks took a sharp hit together. The Global X Uranium ETF dropped 7.4%, with the Sprott Uranium Miners ETF sliding 8.2%. Cameco shares fell 7.7%, Uranium Energy Corp was down 7.3%, and NexGen Energy slipped 5.6%.
Denison’s retreat came after a volatile stretch: the shares hit $4.43 on Thursday, marking the high end of its 52-week range, only to dip during Friday’s selloff.
Earlier this month, Denison announced that Saskatchewan Power Corporation finished a new 138-kilovolt transmission line, bringing grid power to the future Phoenix site in Saskatchewan. CEO David Cates described this as a “major Project milestone.” Denison Mines Corp.
Denison’s primary development project is Wheeler River in the Athabasca Basin, where it controls an effective 95% stake, according to Reuters data. The site includes the Phoenix and Gryphon deposits.
The next step isn’t solely tied to uranium. The stock depends heavily on federal permits and managing costs, with timing out of investors’ control. Any delay or a fresh market risk-off selloff could weigh on the shares.
When markets reopen Monday, eyes will be on whether the sector’s decline continues or steadies, with spot prices hovering close to triple digits. Denison’s trading volume and recent intraday volatility indicate the stock remains a tactical play rather than a buy-and-hold.
Denison says it’s set to make a final investment decision (FID) on its Phoenix in-situ recovery project—the move that greenlights construction. The project uses a mining technique that dissolves uranium underground before pumping it to the surface. Post-FID, initial capital costs are estimated at around C$600 million. The company flagged permit approval as the main trigger and is targeting an FID by the end of February 2026. It added that securing approvals by March 31 would keep first production on track for mid-2028.
