Canaccord Hikes Denison Mines (DNN) PT to C$5 on Phoenix Project Construction Readiness, Strategic Expansion

Denison Mines Corp. (NYSEAMERICAN:DNN) is one of the most buzzing stocks to invest in according to hedge funds. On January 5, Canaccord raised the firm’s price target on Denison Mines to C$5 from C$4.40, while maintaining a Speculative Buy rating on the shares.

In other news, on December 17, Denison Mines announced the successful closing of a transaction with Skyharbour Resources Ltd. This deal involves the formation of four prospective exploration JVs using claims from Skyharbour’s Russell Lake Uranium Project. These properties are located directly adjacent to Denison’s flagship Wheeler River Project in the eastern Athabasca Basin of northern Saskatchewan.

The partnership is structured to use the technical expertise of both companies across specific land packages. Denison Mines Corp. (NYSEAMERICAN:DNN) will act as the operator for the Wheeler River Inliers (70% ownership) and Wheeler North (49% ownership) JVs. Conversely, Skyharbour will lead operations for the Getty East (30% Denison interest) and Russell Lake/RL (20% Denison interest) JVs. Under newly established Earn-In Option Agreements, Denison maintains the right to increase its stake in both Wheeler North and Getty East to as high as 70%.

This expansion coincides with major regulatory and operational milestones for Denison. In July 2025, the Province of Saskatchewan approved the Environmental Assessment for the Phoenix deposit, and in December 2025, the Canadian Nuclear Safety Commission concluded public hearings regarding federal approval and construction licenses. Additionally, Denison’s 22.5% interest in the McClean Lake JV saw the commencement of mining at the McClean North deposit in July 2025 using the innovative SABRE mining method.

Denison Mines Corp. (NYSEAMERICAN:DNN) acquires, explores, and develops uranium bearing properties in Canada.

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Disclosure: None. This article is originally published at Insider Monkey.