(Updates with stock price movement in the headline and the first paragraph.)

Denison Mines (DNN) shares rose 15% in recent trading Friday after the company said it is ready to make a final investment decision and expects to receive the remaining regulatory approvals in Q1 for its proposed Phoenix in-situ recovery uranium mine.

The company said it expects to begin construction by the end of Q1 if it receives environmental assessment approval and a construction license, with first production target in mid-2028.

The estimated initial capital cost for the project has been updated to 600 million Canadian dollars ($436.8 million), representing a 20% increase over previous figures due to inflationary adjustments and design modifications, Denison said.

The company said it has already received provincial authorization for initial work and expects to finalize construction contracts in early 2026, it said.

Price: 3.03, Change: +0.37, Percent Change: +13.91