New York, January 2, 2026, 1:02 PM ET — Regular session
- NexGen Energy shares rose nearly 10% in midday trade, outperforming the broader market.
- Uranium-linked stocks moved higher after peer Denison outlined a near-term construction pathway for its Phoenix project.
- Investors’ next calendar marker for NexGen is a Canadian nuclear regulator hearing in February.
NexGen Energy Ltd shares climbed 9.8% to $10.10 in midday New York trading on Friday, after touching $10.20 earlier in the session.
The move put the uranium developer among the stronger gainers in the space on the first trading day of 2026, as investors focused on regulatory and construction progress across Canada’s pipeline of new uranium supply.
That matters because developers’ valuations tend to swing on confidence in permitting timelines and build costs, not current production, and Friday’s sector tape leaned into “shovel-ready” signals rather than long-dated exploration upside.
Denison Mines said it was ready to make a final investment decision and commence construction of its Phoenix in-situ recovery (ISR) uranium mine — a technique that recovers uranium by circulating solution through the orebody instead of digging out rock — while updating its post-decision initial capital cost estimate to $600 million, 20% higher than its 2023 feasibility study when adjusted for inflation. “Denison stands ready to make a final investment decision and commence construction of the Phoenix ISR mine,” President and CEO David Cates said in a statement. PR Newswire
Reuters reported Denison’s shares jumped after the miner flagged readiness to launch its Phoenix ISR project.
Uranium futures were quoted at about $81.65 per pound, according to Investing.com, as traders tracked the sector’s sensitivity to price expectations and utility contracting appetite.
NexGen, which is advancing the proposed underground Rook I uranium mine and mill in Saskatchewan’s Athabasca Basin, is still working through Canada’s federal licensing and environmental assessment process.
For NexGen specifically, the Canadian Nuclear Safety Commission has scheduled a two-part public hearing on its licence application, with Part 2 set for February 9–13, 2026, following a virtual session held on November 19, 2025.
Beyond the regulatory calendar, investors continue to weigh longer-run demand expectations against the industry’s ability to bring supply online, after the World Nuclear Association forecast uranium demand in reactors would rise 28% by 2030 and more than double by 2040.
Traders also tend to watch whether project cost inflation — highlighted again by Denison’s revised Phoenix capex — forces developers to raise more capital or stretch schedules, which can dilute shareholders.
