Denison Mines (NYSEMKT: DNN) inventory began off the New 12 months proper, hovering 11.3% via 11:25 a.m. ET Friday, after the uranium mining firm introduced this morning that it is prepared to begin building of its “proposed Phoenix In-Situ Restoration … uranium mine.”
Denison calls Phoenix its “flagship” undertaking, and says it is going to “develop into the primary new large-scale uranium mine inbuilt Canada since Cigar Lake.”
“Vital regulatory, engineering, and building planning progress has been made all through 2025, which has positioned Phoenix in a construction-ready state,” says the corporate. Development will take two years, and “offered remaining regulatory approvals to begin building are acquired in Q1’2026,” this implies uranium manufacturing would possibly conceivably start by mid-2028.”
Denison continues to anticipate that widespread adoption of nuclear vitality world wide will drive elevated demand for uranium, making a prepared marketplace for output from the Phoenix undertaking. As regards regulatory approvals, administration notes “Canada’s goal to develop sustainable and environmentally accountable ‘nation constructing’ mining initiatives to reinvigorate Canada’s pure sources sector.”
The entire above bodes nicely each for getting Phoenix on-line on time and in keeping with schedule, in addition to for there being loads of demand for Denison’s uranium as soon as the brand new mine begins producing.
The following step shall be to obtain remaining regulatory approval from the Canadian Nuclear Security Fee, after which Denison will make a remaining funding resolution on whether or not to proceed with building. Assuming that is within the affirmative, the corporate anticipates it might want to spend $600 million to finish building — and Denison has “over $700 million of money, bodily uranium and investments” with which to pay for it.
Issues are trying good for Denison.
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