Denison Mines stock surged 11.3% as it announced plans to construct the Phoenix In-Situ Recovery uranium mine in Canada, set to be the first large-scale uranium mine since Cigar Lake. Construction could start by 2028 pending regulatory approval, meeting increased global demand for uranium with a $600 million investment from Denison.

The construction of the Phoenix mine is a strategic move by Denison to capitalize on the rising demand for nuclear energy worldwide, aligning with Canada’s focus on developing sustainable mining projects. With over $700 million in assets, Denison is well-positioned to fund the $600 million project, pending final regulatory approval from the Canadian Nuclear Safety Commission.

While Denison Mines’ stock is on the rise, investors should consider other top-performing stocks identified by The Motley Fool Stock Advisor team. Denison did not make the list of the 10 best stocks, which have historically generated significant returns for investors. Stock Advisor boasts a total average return of 974%, surpassing the S&P 500’s 193% return, offering valuable insights for individual investors looking to maximize their portfolios.

Read more at Yahoo Finance: Why Denison Mines Stock Soared Today