Toronto, March 17, 2026, 3:30 PM EDT
Denison Mines Corp’s DNN stock gained 1.2% to $3.705 as of 3:14 p.m. EDT Tuesday, trading on volume that topped 25 million shares.
Phoenix, Denison’s flagship uranium development up in northern Saskatchewan, is now shifting out of permitting and into the build phase. Denison announced March 10 it’s ready to kick off site prep this month, fresh off securing final federal approval back in February— notably, the first uranium mine in Canada to clinch that green light for construction in over two decades. First production is still on the books for mid-2028. The initial capital estimate stands at roughly C$600 million, contingent on the board’s final nod, with US$345 million in convertible notes already lined up to help finance the push.
Denison CEO David Cates said the company is “ready to commence site preparation.” Just weeks ago, after the board greenlit the project, Cates described Phoenix as the start of a “new era” for both Denison and Canada’s uranium industry. Denison Mines Corp.
The action wasn’t confined to Denison on Tuesday. Cameco picked up close to 1.0%, NexGen Energy advanced about 1.5%, and Uranium Energy tacked on 2.1% or so during the same stretch. The gains suggested buyers were moving into uranium stocks as a group, not just targeting Denison.
Policy shifts are showing up across the map. South Korea’s ruling party announced plans Monday to push nuclear plant utilisation up to 80% in a move aimed at steadying fuel supplies. In Canada, the national energy regulator projected electricity demand could jump anywhere from 26% up to 85% by 2050, driven by electric vehicles and artificial intelligence data centres.
This all ties back to uranium. Reuters noted in January: U.S. uranium spot prices finished 2025 near $82 a pound, with demand running ahead of output. By February, spot surged—prices touched $101 in January, then slipped back into the $85-$90 range. Paladin Energy CEO Paul Hemburrow didn’t mince words in February: “Higher prices are good for everybody.” Reuters
Denison fits squarely into that narrative. According to Reuters company data, the firm has a 95% stake in Wheeler River, located in Saskatchewan’s Athabasca Basin, where the Phoenix and Gryphon deposits sit. Phoenix operates using in-situ recovery, or ISR—Denison describes this technique as injecting solution through the ore body, then drawing uranium-laden fluid up to the surface, bypassing traditional mining.
Phoenix hasn’t crossed into production territory yet—it’s still under construction. Denison is estimating initial capex at roughly C$600 million. The company says it expects to wrap up the remaining engineering work for future phases by mid-2026. On the balance sheet: US$345 million in convertible notes, carrying a 4.25% annual cash coupon. Delays or another round of cost creep would make holding the stock a harder sell.
