Uranium has recaptured momentum in 2026 after a period of price consolidation, with spot prices moving back above 100 dollars per pound as utility buyers return to the contracting market following years of under-procurement. The re-engagement from utilities reflects a broader recognition that nuclear energy commitments made in response to energy security concerns require long-term fuel supply agreements that the spot market alone cannot satisfy.
In a significant regulatory development, Denison Mines received final approval from the Canadian Nuclear Safety Commission to begin construction of its Wheeler River uranium project in northern Saskatchewan's Athabasca Basin. The CNSC clearance covers the Phoenix deposit, which will be Canada's first uranium mine to use in-situ recovery mining, a lower-surface-impact extraction method that avoids conventional open-pit or underground techniques. Construction is expected to take approximately two years, with production targeted for mid-2028.
The Wheeler River approval is notable for the mining sector beyond uranium. In-situ recovery represents a method that environmental regulators have scrutinized carefully, and Denison's success in securing CNSC approval may open the door for similar projects in the region. The Athabasca Basin already hosts some of the world's highest-grade uranium deposits, and additional ISR approvals would expand production capacity without the surface disruption of traditional mining.
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Source: Canadian Mining Report -- https://www.canadianminingreport.com/blog/top-gold-silver-uranium-opportunities-right-now-insights-from-rick-rule