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    Denison Mines (TSX:DML) Is Up 9.5% After Phoenix Uranium Project Declared Construction‑Ready – What's Changed

    Simply Wall St·01/05/2026 03:25:37
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    • In early 2026, Denison Mines Corp. announced that its Phoenix In-Situ Recovery uranium project at Wheeler River is construction‑ready, with roughly 87% of detailed engineering complete, an initial post‑FID capital cost estimate of about $600 million, and first production targeted for mid‑2028 pending final regulatory approvals.
    • If completed as planned, Phoenix would become the first new large‑scale uranium mine built in Canada since Cigar Lake and one of only a few new uranium supply sources expected to come online before the end of the decade, potentially reshaping Canada’s role in the global nuclear fuel chain.
    • We’ll now examine how bringing Phoenix to a construction‑ready stage, with a defined two‑year build timeline, could influence Denison Mines’ investment narrative.

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    What Is Denison Mines' Investment Narrative?

    To own Denison today, you have to believe that Phoenix will move from “construction‑ready” to actually built, and that this flagship ISR project will eventually justify a business that is still small, loss‑making and trading on a rich book multiple. The January update meaningfully sharpens the near term story: key catalysts now cluster around final federal approvals, a formal FID, and visible progress against the two‑year build schedule. The clearer CA$600 million post‑FID capex number and roughly 87% engineering completion reduce some project uncertainty, which may help explain the recent double‑digit share price move, but they also crystallize execution, cost and financing risks around a single asset that is not expected to produce until mid‑2028. For shareholders, Phoenix is no longer an abstract option; it is fast becoming the core bet.

    However, this clearer path to construction also concentrates project execution and financing risk in one place that investors should understand. Denison Mines' shares have been on the rise but are still potentially undervalued. Find out how large the opportunity might be.

    Exploring Other Perspectives

    TSX:DML 1-Year Stock Price Chart
    TSX:DML 1-Year Stock Price Chart

    Ten fair value views from the Simply Wall St Community now span roughly CA$0.05 to over CA$39 per share, underscoring how far apart individual investors can be on Denison. Set against a company still unprofitable and anchored to a single major project awaiting final approvals, that spread invites you to weigh Phoenix’s construction and permitting milestones alongside the very different expectations others are already pricing in.

    Explore 10 other fair value estimates on Denison Mines - why the stock might be worth over 9x more than the current price!

    Build Your Own Denison Mines Narrative

    Disagree with this assessment? Create your own narrative in under 3 minutes - extraordinary investment returns rarely come from following the herd.

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    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.