New York, Feb 23, 2026, 07:38 EST — Premarket
- Denison Mines shares dropped in the premarket, trailing the broader uranium sector’s advance.
- Now that the Canadian construction licence is secured, investors are weighing their options for what comes next at the Phoenix uranium project.
- Uranium futures stuck near $89 a pound as worries about nuclear-fuel supply lingered.
Denison Mines Corp (DNN) slipped 0.6% to $4.06 in early Monday trading, lagging behind a broader rally in uranium stocks.
Timing matters here. Denison is moving into that next phase, where it’s no longer about notching up regulatory approvals. Now, developers are being judged by how they execute: raising funds, hitting deadlines, and managing costs.
Scrutiny of the nuclear fuel chain is intensifying among traders. Enrichment, the step that transforms mined uranium into reactor-ready fuel, has emerged as the focal point for possible supply threats.
Cameco rose about 1.9% in early U.S. trading. Uranium Energy added 0.7%. The Sprott Uranium Miners ETF picked up around 1.2%.
Uranium U3O8 futures for February sat close to $89.05 a pound as of Sunday, CME Group data show.
Centrus Energy, one of the main U.S. providers of enriched uranium, is warning about a possible supply shortfall as demand rises and the U.S. prepares to halt Russian imports in 2028, the Financial Times reports. CEO Amir Vexler told the outlet that enrichment capacity falls short of what will be required.
Denison has its sights set locally for now. On Feb. 19, the company said it received the go-ahead from the Canadian Nuclear Safety Commission for its Wheeler River project—clearing both the environmental assessment and winning a licence for site preparation, mine, and mill construction. That’s the last regulatory step before Denison can start building the Phoenix in-situ recovery uranium mine. CEO David Cates called it “a landmark achievement for Denison.” Denison Mines Corp.
The regulator says Wheeler River, a proposed uranium mine and mill, is headed for Saskatchewan’s Athabasca Basin about 600 km north of Saskatoon. The CNSC granted a licence that runs to Feb. 28, 2031, but hasn’t cleared the project to actually operate yet—getting that green light will require another hearing and decision at a later stage.
In January, Denison set its post-FID initial capex at $600 million, according to a capital-cost update. Management was targeting a final investment decision by the end of February—an all-clear to ramp up spending. Construction is projected to take about two years, with first production penciled in for mid-2028, assuming permits come through in time for a construction kickoff before the end of the first quarter.
Approval only gets things started. Labor and material costs aren’t standing still, and financing terms could shift. The timeline for securing the operating licence is another wild card—any of these could hit the project’s schedule or change its economics.
Denison is set to report earnings on Feb. 26, according to Investing.com’s calendar. The market is watching for updates on contract activity, clarity around Denison’s cash position, and any hints the company could greenlight major construction outlays.
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