Peter Ballantyne Cree Nation Withdraws Judicial Review and Confirms Support for the Wheeler River Project

Denison Mines (DNN) shares rose about 3% to around $3.07, supported by improving uranium market sentiment. The company said it moved Phoenix in-situ recovery uranium project in Saskatchewan from site preparation to full-scale construction, including freeze wall and power work. RBC initiated coverage with an Outperform rating and a C$6 target.

Denison Mines began full construction of its Phoenix uranium project in northern Saskatchewan, starting installation of the first perimeter freeze wall. Denison expects first production from Canada’s first commercial in-situ recovery mine in mid-2028. The $700 million project targets ~9 million lb U3O8/year at peak, with 56.7 million lb reserves. Denison shares fell 4.9% to C$3.91.

Cosa Resources Corp. (TSXV: COSA) upsized its bought-deal private placement to C$12.01 million gross proceeds, amending its agreement with Velocity Trade Capital Ltd. and adding Haywood Securities as co-lead underwriter. The offering includes Non-FT shares at C$0.60 and flow-through shares at C$0.70–C$0.99. Denison Mines, Cosa’s largest shareholder, will participate via pre-emptive/top-up rights.

Cosa Resources Corp. (TSXV: COSA) said it has agreed to a C$5.02 million bought-deal private placement with Velocity Trade Capital Ltd. and Haywood Securities Inc. as co-lead. It will issue 1.67M common shares at C$0.60, 3.045M charity flow-through shares at C$0.99, and 1.43M flow-through shares at C$0.70. Denison Mines is expected to participate via pre-emptive/top-up rights. An over-allotment option could add up to C$750,000.

Denison Mines (DNN) was listed among 15 nuclear power stocks “to buy” by Wall Street analysts. On May 14, Scotiabank analyst Orest Wowkodaw raised its price target to C$7.50 from C$6 and kept an Outperform rating, implying 62% upside. The company reported Q1 loss per share of C$0.13 and revenue down ~20% YoY to C$1.11M. Denison said it received approval to start Phoenix construction in Feb 2026, targeting uranium production in mid-2028.

The article cites three long-term drivers for uranium stocks: World Nuclear Association projects global uranium demand up about 28% by 2030; Mining.com says output from existing mines could be cut in half after 2030, requiring new supply; and the Trump administration added uranium to the U.S. critical minerals list. Eastport Critical Metals reported assay results from its Foley project in Botswana, including uranium mineralisation (>200 ppm U3O8) in 6 of 10 RC holes over a 1.4 km strike length.