TORONTO, March 25, 2026, 08:30 (EDT)
Denison Mines Corp’s U.S.-listed shares traded at $3.51 early Wednesday, following a 2.3% gain in the prior session. The move came as joint-venture partner Cosa Resources announced a new radioactive drill hit at Murphy Lake North, Saskatchewan. According to Cosa, its first winter 2026 drill hole encountered 5.0 metres of anomalous radioactivity, peaking at 13,900 counts per second.
This shift is significant as Denison moves past permitting and into actual construction. Earlier this month, Denison announced plans to break ground at Phoenix in March, following its receipt of final federal clearance in February and a swift final investment decision. The company has called Phoenix the first major Canadian uranium project to get the green light for construction in over two decades.
Execution now takes the spotlight. Denison owns 95% of the Wheeler River project, home to the Phoenix and Gryphon deposits. Management is eyeing mid-2028 for Phoenix’s first output.
Cosa rolled out a second live thread for investors tracking the story. It operates Murphy Lake North, holding a 70% stake in the joint venture; Denison owns the remaining 30%. The explorer noted drilling is ongoing around the recent hit, with two other winter targets pushed back so crews can zero in on the new zone instead.
Keith Bodnarchuk, CEO of Cosa, called the hole an “exceptional result.” Drilling chief Andy Carmichael added the team was “very encouraged,” noting mineralization, structure, and alteration remain open in every direction. The project lies roughly 3 kilometres east of IsoEnergy’s Hurricane deposit, in the eastern Athabasca Basin. Cosa Resources Corp.
Still, it’s not a reserve yet—just an early-stage signal. The counts per second reflect gamma readings off the drill core, not chemical assays, and Cosa has yet to release the lab assays for hole MLN26-013. Those results are pending.
Denison wasn’t the only one catching a bid. Fresh U.S. market figures had Cameco printing $108.04 and NexGen Energy at $11.63, each closing higher and hinting that uranium shares broadly found buyers. Spot uranium touched a two-year peak at $101 per pound in January, then slipped to the $85-$90 zone in February—supply jitters and steady nuclear demand have kept things tight.
Phoenix is still the chief value play here. CEO David Cates noted Denison is “ready to commence” site prep, with project engineering now close to 90% complete and US$345 million locked in for financing. Cates added Phoenix may end up as one of the rare, large-scale uranium projects actually coming online before the decade is out. PR Newswire
Phoenix is taking the ISR route—in-situ recovery—using a process that dissolves uranium directly in the orebody and pumps it to the surface, skipping traditional mining altogether. According to Canada’s nuclear regulator, Wheeler River has the green light for site prep and construction. But production can’t start until a separate operating licence hearing wraps up; if that gets a nod, the project could yield as much as 5,400 tonnes of uranium oxide per year over a 15-year run.
Here’s the risk: Murphy Lake North hasn’t delivered assays yet, and the real driver for Denison’s share price has shifted to how tightly it can manage construction, expenses, and timelines at Phoenix. If Phoenix hits a snag or uranium prices lose momentum, investors could quickly reconsider how much of Denison’s run-up they’re willing to chase.
