New York, Feb 4, 2026, 09:15 (EST) — Premarket
- Denison Mines (DNN) surged roughly 8% in U.S. premarket, leading the pack among uranium-related shares.
- Traders zeroed in on uranium supply after Uzbekistan revealed a surge in production.
- Investors await permitting updates and investment moves linked to Denison’s flagship Phoenix uranium project.
Denison Mines Corp shares jumped in early trading Wednesday, riding a broad upswing in uranium-related stocks. The U.S.-listed shares gained 30 cents, roughly 7.9%, to $4.10.
Uranium prices breaking back into triple digits have reignited investor appetite for miners and developers, following a volatile stretch late last year. A note from Sprott’s uranium market team on Tuesday highlighted spot uranium crossing the $100-per-pound mark in January—a threshold that typically boosts focus on projects ready for permitting and construction.
Supply headlines are stirring again. Uzbekistan revealed a significant boost in uranium output for 2025 and announced plans to open four new mines this year, Reuters reports.
Shares in other uranium companies climbed ahead of the open. Cameco edged up around 5%, Uranium Energy jumped roughly 9%, and Energy Fuels surged about 16%. The Global X Uranium ETF also gained approximately 5.6%.
Denison’s shares frequently move like a leveraged wager on uranium prices, yet project timing takes precedence as developers near actual construction decisions. This shifts focus back to permitting schedules and construction costs.
Denison announced on Jan. 2 that it’s prepared to give the green light and kick off construction of its planned Phoenix in-situ recovery uranium mine, subject to final regulatory sign-off. In-situ recovery (ISR) involves dissolving uranium underground and pumping the solution up for processing.
Chief executive David Cates said Denison expects to proceed once approvals are in hand, calling Phoenix “ready to become the first new large-scale uranium mine built in Canada since Cigar Lake.” The company also noted the Canadian Nuclear Safety Commission held a public hearing on the project, which wrapped up on Dec. 11, and they are now awaiting a decision. Newswire
The path isn’t straightforward. Any hold-up in approvals or a sharp drop in uranium prices following the recent surge could slam the sector just as quickly as it rallied. On top of that, rising costs threaten to tighten the margins on new mines.
U.S. markets open in minutes, and traders are eyeing if the premarket momentum sticks and uranium ETFs continue their climb. Denison is under the spotlight as investors await the next regulatory update and monitor if the company remains on schedule for its end-of-February investment call linked to the Phoenix build plan.
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