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Investors’ optimism surrounding soaring uranium prices helped DNN’s shares hit their 52-week high of $2.14 on November 10. However, according to Trading Economics data, uranium futures fell to around $46 per pound, declining from their $48.10 two-week high reached on November 15. The stock has lost 29.7% in price over the past month to close yesterday’s trading session at $1.49. It is currently trading 30.4% below its 52-week high.
DNN’s toll milling operation at McClean Lake was suspended during the second and third quarters of fiscal 2020 and again during the first quarter and the beginning of the second quarter of 2021 due to the suspension of mining at the Cigar Lake mine because of the COVID-19 pandemic. So, amid rising COVID-29 delta variant cases in Canada and omicron variant fears, DNN’s near-term prospects look bleak.
