Toronto, Jan 29, 2026, 08:59 EST — Premarket
- Denison Mines gained 2.1% in premarket trading, reaching $4.40 following a previous close of $4.31
- On Jan. 28, TradeTech reported uranium’s spot benchmark climbing to $100.25 a pound
- Partner Cosa kicked off a winter drilling campaign at two Denison joint ventures in Saskatchewan
Denison Mines Corp shares gained 2.1%, hitting $4.40 in premarket action on Thursday, trading within a tight $4.38 to $4.40 band ahead of the open.
The bid arrives just as the uranium spot market climbed back above a key threshold. TradeTech reported its Daily Uranium Spot Price Indicator jumped $8.90 in a single day to $100.25 per pound of uranium oxide (U3O8) on Jan. 28, marking the largest one-week percentage gain since March 2022.
Denison’s focus is its proposed in-situ recovery (ISR) uranium project at Wheeler River in northern Saskatchewan. The method pumps a uranium-rich solution to the surface through wells drilled into the ore body. Earlier this month, Denison announced it’s prepared to greenlight and begin building the Phoenix mine, pending regulatory sign-off expected in the first quarter. The target for initial production is mid-2028. CEO David Cates said the company “stands ready to make a final investment decision and commence construction.” Denison Mines Corp.
Denison ended Wednesday’s session at $4.31, having touched a peak of $4.32, on roughly 74 million shares traded, per data from Investing.com.
Cosa Resources announced Wednesday it has kicked off drilling at the Darby project, with plans to move on to Murphy Lake North next. Both sites lie in the eastern Athabasca Basin, where Cosa operates with a 70% stake alongside Denison, which holds 30%. The company laid out a drilling program of about 2,500 metres at Darby and another 1,200 metres at Murphy Lake North.
Denison is a uranium mining, development, and exploration firm operating in northern Saskatchewan’s Athabasca Basin. Its shares trade on the Toronto Stock Exchange as DML and on NYSE American as DNN.
Uranium-related stocks are off to a strong start in 2026, driven by rising power demand that’s boosting interest in “reactor fuel” plays. A Reuters columnist noted this week that Uranium Energy has surged over 55% year-to-date. Reuters
But the tape can flip quickly. The uranium spot market is thin, so any price dip or drop in fund buying hits miners and developers hard. Exploration news cuts both ways too — winter drilling results can underwhelm just as easily as they can spark enthusiasm.
Investors will be focused on whether uranium can stay above the $100 mark and if Denison provides any updates on the Phoenix permitting process. Many are circling Denison’s earnings report, set for Feb. 26.
