New York, February 20, 2026, 07:56 EST — Premarket
- Denison Mines was recently trading at $4.09 in U.S. premarket, up 3.7%.
- The company is moving ahead after securing federal approval linked to its Wheeler River/Phoenix uranium project.
- Attention now turns to Denison’s final investment decision, with the shareholder meeting set for May 12.
Denison Mines Corp shares jumped 3.7% to $4.09 in premarket trading Friday, building on gains after the company finally secured federal approval to start construction at its flagship Phoenix uranium site in Canada.
Phoenix has long been tangled up in permitting, so this approval is a real pivot point. Uranium developers often sit in limbo waiting on these files. With a construction licence now in hand, the question flips from “can it be built” to “when does it start”—and investors are quick to adjust to that change.
Denison’s project is located up in northern Saskatchewan’s Athabasca Basin—an area synonymous with high-grade uranium. The company is touting Phoenix as a lower-impact build, thanks to its use of in-situ recovery (ISR) instead of the standard mine development approach.
Denison announced late Thursday that the Canadian Nuclear Safety Commission has signed off on both the project’s environmental assessment and the licence allowing site prep and construction at Wheeler River. Those green lights clear the way for building the Phoenix ISR uranium mine—what Denison described as the final regulatory hurdles. CEO David Cates hailed it as a “landmark achievement,” noting Phoenix is “the first uranium mine in Canada to be approved for ISR mining.” The company is still aiming for first production by mid-2028, sticking to an estimated two-year build. Denison controls 90% of Wheeler River, with JCU (Canada) Exploration Company holding the remaining 10%. Denison also owns part of the McClean Lake joint venture, where uranium from Cameco’s Cigar Lake is processed under a tolling deal. Denison Mines Corp.
ISR works by sending a solution down through wells to dissolve uranium underground, then pulling it back up for processing. The idea? Less open-pit digging and reduced rock shuffling. Still, success depends on the chemistry, the wells, and keeping operations on track.
Denison shares moved higher during Thursday as word of the approval got around, with Investing.com tracking a roughly 2.9% rise for the session.
Now, attention is on Denison’s final investment decision, with traders also waiting for updates on site prep timing and the pace at which contractors get moving. Uranium developers can see their stocks swing sharply with commodity moves—or if any hints emerge that schedules might be drifting.
The licence from the Canadian Nuclear Safety Commission only permits site prep and building—actual operation isn’t allowed yet. For that, Denison Mines would need to go through a later commission hearing. The current construction licence stays valid through Feb. 28, 2031, the regulator said.
Denison’s annual general meeting is up next: March 24 marks the record date, with the meeting slated for May 12 in Toronto, according to a U.S. filing.
Related articles: TSX:DML
