Why Did Denison Mines, Energy Fuels, and Uranium Energy All Rise by at Least 10% Today?

Shares of Denison Mines (NYSEMKT: DNN), which is developing a uranium mine in Canada, saw its shares jump roughly 10.5% by 1:30 p.m. EST. Also heading higher were Energy Fuels (NYSEMKT: UUUU) and Uranium Energy (NYSEMKT: UEC), up 12% and 10%, respectively, at their peaks. Industry giant Cameco (NYSE: CCJ) also got in on the act, but to a lesser degree, rising by around 6% at its highest point.

There's really not a whole lot going on here, with the only material news being an update from Denison on its mine development plans. The company, which owns 90% of the Wheeler River uranium mine project, approved a $24 million budget as it looks to restart the environmental assessment process. Denison's piece of the total cost is $19.4 million. This is an interesting update on Denison's Wheeler River dig and might explain why investors were bidding up the would-be uranium miner's shares. But it doesn't explain why other uranium stocks were higher as well. In other words, there's likely something else going on here.

Image source: Getty Images.

Source Fool.com