Why Denison Mines’ Construction Timeline Is Central to the Bull Case After TD’s Target Hike

Denison Mines Corp. (NYSE:DNN) is one of the top nuclear energy stocks to invest in for the next 5 years.

On March 12, 2026, TD Securities analyst Craig Hutchison maintained a Buy rating on Denison Mines and raised the price target to C$6.50 from C$6.00. The rating came two days after the company reported 2025 financial and operating results and reiterated that it had reached a final investment decision to build the Phoenix in-situ recovery uranium mine.

In its March 10, 2026, release, Denison said Phoenix site preparation and construction were planned to begin later in March 2026, with first production still targeted for mid-2028. The company said it had received the final regulatory approvals needed to start construction, had completed about 87% of the total engineering by the end of 2025, and had updated the project’s post-FID initial capital estimate to about $600 million.

Denison also pointed to a stronger funding position, having completed a US$345 million convertible senior notes offering in August 2025. Separately, the McClean Lake Joint Venture produced 648,558 pounds of U3O8 in finished goods during 2025 at an average operating cash cost of about $36 per pound.

Denison Mines Corp. (NYSE:DNN) is a uranium mining, development, and exploration company with interests focused mainly in Canada’s Athabasca Basin, including the Wheeler River project.

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