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 development of its “proposed Phoenix In-Situ Restoration … uranium mine.”
Denison calls Phoenix its “flagship” venture, and says it is going to “grow to be the primary new large-scale uranium mine inbuilt Canada since Cigar Lake.”
“Important regulatory, engineering, and development planning progress has been made all through 2025, which has positioned Phoenix in a construction-ready state,” says the corporate. Building will take two years, and “supplied remaining regulatory approvals to begin development are obtained in Q1’2026,” this implies uranium manufacturing would possibly conceivably start by mid-2028.”
Denison continues to anticipate that widespread adoption of nuclear vitality all over the world will drive elevated demand for uranium, making a prepared marketplace for output from the Phoenix venture. As regards regulatory approvals, administration notes “Canada’s goal to develop sustainable and environmentally accountable ‘nation constructing’ mining tasks to reinvigorate Canada’s pure assets sector.”
All the above bodes effectively each for getting Phoenix on-line on time and in line 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 might be to obtain remaining regulatory approval from the Canadian Nuclear Security Fee, after which Denison will make a remaining funding determination on whether or not to proceed with development. Assuming that is within the affirmative, the corporate anticipates it might want to spend $600 million to finish development — 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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