NEW YORK, Feb 3, 2026, 09:32 EST — Regular session
- Denison Mines shares fell early Tuesday, moving with a broader pullback in uranium-linked stocks.
- Traders weighed softer uranium pricing and new supply signals.
- Focus is on pending Canadian federal approvals that could unlock a construction start this quarter.
Shares of Denison Mines Corp (DNN) fell about 4.4% to $3.78 in early New York trading on Tuesday.
The move tracked losses in the uranium complex, with Cameco down about 2.6%, Uranium Energy off roughly 5.4% and the Global X Uranium ETF lower by about 3.2%.
Uranium equities have been trading on macro headlines, and Tuesday’s early tone followed fresh supply news out of Uzbekistan. The country said it lifted uranium production to 7,000 metric tons in 2025 and plans four new uranium mines for development in 2026, according to a Reuters report.
In pricing, UxC Uranium U3O8 futures on CME showed nearby contracts around the $99-per-pound area.
Denison is a Canada-based uranium explorer and developer focused on Saskatchewan’s Athabasca Basin, with its main growth project at Wheeler River. It holds a 95% interest in Wheeler River, which hosts the Phoenix and Gryphon deposits, according to Reuters data.
In a Jan. 2 update, Denison said its proposed Phoenix in-situ recovery (ISR) mine was ready to move to a final investment decision, pending final regulatory approvals. ISR is a well-based mining method that dissolves uranium underground and pumps it to the surface for processing. Chief Executive David Cates said the company “stands ready to make a final investment decision and commence construction” of the Phoenix ISR mine, and the company reiterated a mid-2028 first-production target if approvals arrive in the first quarter. Denison Mines Corp.
That timetable matters because Denison is still in the build-and-permit phase. For stocks like this, the commodity tape sets the daily mood, but permitting can change the story in a hurry.
There are risks either way. Federal decisions can slip, and any further easing in uranium prices would test sentiment, especially for developers without near-term cash flow from production.
Traders will be watching whether the broader uranium pullback keeps spreading, and whether sector moves stay tied to supply headlines rather than company specifics.
For Denison, the next clear marker is progress toward the remaining federal approvals it has said it needs before it can start construction on Phoenix in the first quarter of 2026.
