Toronto, Feb 2, 2026, 10:46 ET — Regular session
- Denison Mines (DNN) dropped roughly 4% in early trading, deepening the slide in uranium-related shares.
- A wider commodity selloff weighed on risk appetite in materials and energy stocks.
- Investors remain focused on uranium prices and Denison’s schedule for advancing its Phoenix project into the construction phase.
Denison Mines Corp shares dropped 4.2% to $3.80 in early U.S. trading Monday, moving between $3.70 and $4.01. Roughly 15.8 million shares traded hands.
The drop followed a broader sell-off in commodity-linked assets after Donald Trump nominated Kevin Warsh to head the Federal Reserve, rattling markets and boosting the dollar. “Markets selling precious metals alongside U.S. stocks signals they see Warsh as more hawkish,” noted Vivek Dhar from Commonwealth Bank of Australia. IG analyst Tony Sycamore highlighted a steep unwind in precious metals bets. Reuters
Denison, a uranium developer headquartered in Canada, is centered on the Wheeler River Project in Saskatchewan’s Athabasca Basin. This project includes the Phoenix and Gryphon deposits. The stock often moves in line with shifts in uranium sentiment, given that the project is the core of Denison’s narrative.
Shares in other uranium companies slipped as well. Uranium Energy Corp dropped nearly 4.7%, Cameco edged down around 1.8%, and the Global X Uranium ETF declined by about 2.6%.
COMEX February uranium futures hovered near $99 a pound, retreating from their late-January peaks.
The uranium trade has attracted quick money in recent months, and smaller miners tend to take the brunt when reversals hit. Denison, which has a strong retail base, often sees bigger swings than the rest of the sector on days like this.
Investors are zeroing in on the production method. In-situ recovery (ISR) uses a wellfield technique that pumps a solution underground to dissolve uranium, then brings it back to the surface—avoiding open pits or tunnels altogether.
But this approach isn’t a guaranteed win. ISR projects hinge on permits, hydrogeology, and execution. Any hold-ups can swiftly throw off schedules and budgets.
The downside for Denison is clear-cut: if uranium prices dip more, capital costs rise, and regulatory delays drag on, the stock risks losing its “near-term catalyst” premium.
Denison said in early January it’s set to begin construction on its proposed Phoenix ISR project once final federal approvals come through, estimating initial capital costs at roughly C$600 million. CEO David Cates expressed confidence in making a positive final investment decision after securing those approvals, targeting the end of February 2026 for that milestone.
