Denison Mines approves Phoenix uranium mine construction to start March 2026

Denison Mines Corp. (TSX: DML) (NYSE American: DNN) announced its board of directors made a final investment decision to proceed with construction of the Phoenix In-Situ Recovery uranium mine in Saskatchewan, Canada. Site preparation and construction activities are planned to commence in March 2026.

The Phoenix project is part of the Wheeler River development, located in the Athabasca Basin region of northern Saskatchewan. Wheeler River represents the largest undeveloped uranium project in the infrastructure-rich eastern portion of the Athabasca Basin.

Construction is anticipated to take approximately two years, with the company targeting first production by mid-2028. The project received environmental assessment approval from the Province of Saskatchewan in July 2025 and approval from the Canadian Nuclear Safety Commission in February 2026, along with a license to prepare site and construct.

Denison holds a 90% operating interest in the Wheeler River project through a joint venture with JCU (Canada) Exploration Company Limited, which owns the remaining 10%. The project includes both the Phoenix and Gryphon uranium deposits, discovered by Denison in 2008 and 2014, respectively.

The company filed a technical report in August 2023 summarizing feasibility study results for Phoenix and a cost update for the Gryphon deposit. Permitting efforts for the Phoenix ISR operation began in 2019.

Denison also holds interests in several other uranium projects in Saskatchewan, including a 22.5% ownership in the McClean Lake Joint Venture and a 25.17% interest in the Midwest Joint Venture deposits. The company has direct ownership interests covering approximately 457,000 hectares in the Athabasca Basin region.

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