Toronto, Jan 14, 2026, 11:26 EST — Regular session
- Denison Mines shares climbed roughly 2.4%, reaching $3.43 amid heavy U.S. trading.
- Cosa Resources handed over 1.96 million shares to Denison as part of a deferred-consideration agreement.
- Uranium prices are back under the microscope as utilities negotiate longer-term supply deals hovering around $100 per pound.
Shares of Denison Mines Corp climbed roughly 2.4% to $3.43 by late morning Wednesday. The move followed news that a junior explorer issued shares to Denison as part of a deferred payment deal linked to their joint venture.
Traders are zeroing in on uranium-linked stocks as signs of tightening in the fuel market emerge, particularly in the longer-term contracts utilities use to secure supply.
A Reuters column on Wednesday reported U.S. uranium spot prices closing 2025 near $82 a pound, while long-term contracts were reportedly being negotiated closer to $100—a price not consistently seen since 2007. The piece highlighted tightening secondary supplies and a U.S. ban on Russian uranium imports starting in 2028 as factors likely to underpin prices. 1
Cosa Resources reported issuing 1.96 million common shares to Denison to partially settle deferred consideration under their acquisition deal. About C$1.49 million remains to be paid through future share issuances. “We look forward to updating the market shortly on our detailed drill plans for the Darby and Murphy Lake North Joint Ventures,” said Cosa CEO Keith Bodnarchuk. 2
Denison, listed in Toronto and on the NYSE American, is pushing to move quickly from permitting to construction at its Phoenix in-situ recovery project located at Wheeler River in northern Saskatchewan. In an update on Jan. 2, the company estimated initial capital costs after the final investment decision at roughly $600 million. It also reported having over $700 million in cash, physical uranium, and investments as of Sept. 30, 2025. 3
Earlier this month, Denison said SaskPower’s grid power is now accessible at the Phoenix site following the installation of a new 138 kV transmission line. The company noted this move reduces risks tied to early construction and site electrification. 4
Uranium stocks mostly gained today. Cameco edged up around 0.5%, while Uranium Energy surged close to 6% in U.S. markets.
Still, the Phoenix plan isn’t without risks. In-situ recovery—a method that dissolves uranium underground before pumping it up—hasn’t been tried in Canadian uranium mining yet. It also depends heavily on suitable geology to function properly. 5
Investors are focused on upcoming permitting and contracting milestones for Phoenix, with federal approval expected in the first quarter. Subsequent approvals would allow Denison to kick off full construction. 6
