Fueling the Future: Denison Mines Powers Up with Analyst Confidence
Financial Analysts Elevate Denison Mines' Outlook
In a significant development for the nuclear energy sector, Raymond James has revised its price target for Denison Mines Corp. (NYSE:DNN) upward to C$5.05 from its previous C$4.30. This adjustment, announced on January 15, 2026, reaffirms an 'Outperform' rating for the company, aligning with a broader positive sentiment across the mining industry.
Canaccord Genuity Also Boosts Price Target for Denison Mines
Adding to the chorus of positive analyst revisions, Canaccord Genuity had previously raised its price target for Denison Mines on January 6, 2026, setting it at C$5 from C$4.40. The firm maintained a 'Speculative Buy' rating, indicating a strong belief in the company's long-term potential. These consecutive upgrades underscore a growing confidence in Denison's strategic direction and operational capabilities.
Denison Mines Advances Towards Phoenix Mine Investment Decision
Denison Mines announced on January 2, 2026, its readiness to proceed with a final investment decision for its Phoenix in-situ recovery uranium mine. This pivotal move is contingent upon securing final regulatory approvals. Following substantial progress in 2025, the project is considered construction-ready, with an anticipated two-year construction period. The company aims for initial production by mid-2028, provided approvals are granted in the first quarter of 2026.
Revised Capital Estimates and Strategic Procurement for Phoenix Project
The company also disclosed an updated initial capital estimate for the Phoenix project, now projected at approximately $600 million. This figure represents an increase of about 20% compared to the 2023 feasibility study, primarily attributed to inflationary pressures and enhancements in project design. Denison emphasized that a significant portion of essential equipment and materials are already under contract or in advanced stages of bidding, which is crucial for maintaining the proposed construction and production schedule.
Denison Mines: A Key Player in Canada's Uranium Landscape
Denison Mines Corp. stands as a prominent entity in the uranium mining, development, and exploration domain, with a primary focus on Canada's resource-rich Athabasca Basin. The company holds a substantial 95% interest in its flagship Wheeler River Uranium Project, which is recognized as one of the largest untapped uranium deposits in the eastern Athabasca region. This strategic asset positions Denison at the forefront of future uranium supply.
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