New York, January 9, 2026, 08:13 EST — Premarket
- DNN edges higher in premarket after Denison disclosed grid power is now available at its planned Phoenix uranium mine site in Saskatchewan
- Company says new 138-kV line is a key step for early construction work, including a planned freeze wall around the initial mining area
- Investors are watching for final federal approvals and the company’s next timeline update for Phoenix construction
Denison Mines Corp shares edged up about 0.2% to $3.33 in U.S. premarket trade on Friday, after the Canadian uranium developer said grid power is now available at the site of its planned Phoenix mine in northern Saskatchewan.
In a Form 6-K filing, Denison said Saskatchewan Power Corp has completed a new 138-kilovolt transmission line to the Phoenix site, a step it has flagged as critical for first-year construction work. Chief executive David Cates called the hookup a “major Project milestone” and said the line was installed “on schedule and on budget.” Securities and Exchange Commission
The company said the line is about six kilometres long and ties into an existing 138-kV line near Highway 914, giving the joint venture access to up to 8.8 megawatts under a five-year power supply agreement. Denison plans Phoenix as an in-situ recovery mine — ISR, which leaches uranium underground and pumps the solution to surface — and said grid power supports a planned freeze wall, a ring of frozen ground meant to control groundwater.
The update lands as uranium prices hold near $82 a pound, a level many miners use as a shorthand for project economics and investor appetite for the trade. Trading Economics pegged uranium at $81.95 per pound on Jan. 8, up 7.1% over the past month.
Denison, which has focused its uranium pipeline in Canada’s Athabasca Basin, has been trying to show that Phoenix is moving from plan to build, with fewer gaps left in basic site infrastructure.
A week earlier, Denison said it was ready to make a final investment decision and start building Phoenix once it gets final federal approvals, while lifting its post-decision initial capital cost estimate to about $600 million. It blamed inflation and design refinements for the increase, but said key long-lead electrical gear was already procured and due in the first year of construction.
But the stock’s next move may hinge less on today’s wire than on timing. Any slip in federal approvals, or another round of cost pressure, could push out first production targets and test investor patience.
What traders watch next is simple: any update on federal approvals and a firm date for the company’s next results. MarketScreener lists Feb. 25 as a projected release date for Denison’s fourth-quarter report.
