The Globe and Mail reports in its Tuesday, Jan. 6, edition that National Bank Financial analyst Mohamed Sidibe has noted an increase in Denison Mines' capital expenditure budget for 2026. The Globe's David Leeder writes that this increase is largely supported by the company's current balance sheet, as it seems ready to make a final investment decision and commence construction on its 95-per-cent-owned Phoenix in-situ recovery project located at Wheeler River in Northern Saskatchewan. Keeping his "outperform" rating for Denison, Mr. Sidibe trimmed his share target to $4.85 from $5 to reflect the higher capital cost and a $42-million funding gap tied to other corporate needs that he expects to be addressed via a $50-million equity raise. Analysts on average target the shares at $4.48. Mr. Sidibe says in a note: "Using a base uranium price of $86 (U.S.)/lb, we calculate an after-tax DCF8 per cent of $1.72-billion below the company's estimate of $1.94-billion on a 100-per-cent basis largely driven by our higher operating costs vs. the 2023 feasibility study. Overall, we view the update as a positive step toward the start of construction at Phoenix following the completion of the CNSC hearings in December, 2025."