New York, Jan 17, 2026, 06:45 EST — Market closed.
- Denison Mines’ shares on the U.S. market closed Friday around 4% higher, settling at $3.69.
- Uranium futures climbed to roughly $85.25 a pound, boosting uranium-linked stocks ahead of the weekend.
- Next up: uranium prices and Canada’s federal permitting schedule connected to Denison’s Phoenix project.
Shares of Denison Mines Corp climbed close to 4% on Friday, settling at $3.69 on the NYSE American. The stock fluctuated between $3.57 and $3.80 throughout the session. Trading volume hit roughly 68.6 million shares. 1
Uranium prices pushed higher through the week’s close, giving a boost to miners and developers who act as stand-ins for the metal. UxC uranium U3O8 futures settled near $85.25 per pound on Friday, edging up from $84.95 the previous day, per Investing.com data.
Denison hasn’t reached top-tier producer status, and its stock often reacts sharply to uranium price moves and key project updates. According to Reuters company data, it owns a 95% stake in the Wheeler River project located in Saskatchewan’s Athabasca Basin, which includes the Phoenix and Gryphon deposits. 2
On Jan. 2, Denison announced it is prepared to make a final investment decision—known as an FID—the crucial go/no-go step before major capital outlays, and to start building its planned Phoenix in-situ recovery mine, subject to final regulatory sign-off. ISR mining involves circulating a solution through wells in the ore body to extract uranium for processing at the surface. “Denison stands ready to make a final investment decision and commence construction,” CEO David Cates said. 3
Just a week later, Denison announced that SaskPower’s grid power reached the Phoenix site, thanks to a new 138-kilovolt transmission line. The company described this as a key step in reducing risks tied to construction and future operations. “Access to grid electricity is a notable competitive advantage for Phoenix,” Cates said in the statement. 4
The rally wasn’t limited to Denison. Cameco, North America’s biggest listed uranium miner, climbed roughly 3.2% on the day. The Global X Uranium ETF also jumped, rising about 3.0%.
The trade hinges largely on approvals and schedules. Denison is waiting on a federal ruling related to the environmental assessment and a licence to start site prep and build a mine and mill. It also warned of inflation-driven cost increases in its revised capital budget for Phoenix. 5
U.S. markets are closed Monday for Martin Luther King Jr. Day, so investors will have to wait until Tuesday when trading resumes to get an update on DNN. 6
The next steps are straightforward: watch uranium prices, track inflows into uranium funds, and catch any news on federal approvals that might let Denison secure an FID and kick off construction. The company has pinned that deadline to the first quarter, with March 31 marking the cutoff.
