Denison Mines Corp. Advances to Construction Phase for the Phoenix Uranium Project

In a significant milestone for both Denison Mines Corp. and the Canadian uranium sector, the company has announced its Final Investment Decision (FID) regarding the Phoenix In-Situ Recovery (ISR) uranium mine. This decision paves the way for construction to begin in March 2026, marking the commencement of one of the first large-scale uranium mining projects in Canada in over twenty years.

Denison Mines, listed on the Toronto Stock Exchange (TSX: DML) and NYSE American (DNN), has worked tirelessly in the lead-up to this landmark announcement. The company’s President and CEO, David Cates, expressed pride in reaching this turning point—stating that this decision is not just a win for Denison, but also for the future of uranium mining in Canada. The road to this moment has involved extensive efforts to secure the necessary provincial and federal approvals, procure vital materials, and navigate the financial landscape, ensuring readiness for this new venture.

The Phoenix Project resides within the Wheeler River area, the largest undeveloped uranium project situated in the resource-rich eastern section of the Athabasca Basin in northern Saskatchewan. The project features notable high-grade uranium deposits, including the Phoenix and Gryphon, which were discovered through Denison's exploratory efforts in 2008 and 2014, respectively. The upcoming construction is expected to take about two years, with the goal of achieving initial production around mid-2028. By this timeframe, Denison aims to solidify its stance as a prominent supplier of uranium globally, filling a crucial market need in an industry poised for growth.

Future Prospects for the Phoenix Project

Denison's commitment to the Phoenix Project represents a strategic move as the demand for uranium increases, particularly in relation to its role in nuclear energy production. As global energy needs evolve, Denison is positioned to be a key player in supplying uranium, offering a reliable new source that will be critical in meeting both domestic and international energy demands by the end of the decade.

In preparation for construction, Denison has secured all necessary licenses, including the Environment Assessment (EA) approvals both from the Province of Saskatchewan and the Canadian Nuclear Safety Commission, ensuring compliance with environmental standards and regulations. The planned ISR mining operation at Phoenix is also expected to be competitive, utilizing modern techniques to minimize environmental impact while maximizing resource extraction efficiency.

Denison remains dedicated to stakeholder engagement and transparency, recognizing the importance of community relations as they move forward. The company has established plans for local participation and employment, aiming to foster long-term benefits for the regional economy. The Phoenix Project, with its advanced operational strategies, reflects Denison's commitment to responsible mining practices.

Conclusion: A New Era Begins

As Denison Mines lays the groundwork for its future operations, the anticipation surrounding the Phoenix uranium mine highlights a critical shift in the mining landscape of Canada. The decision to proceed with construction highlights Denison's readiness not just to participate in the uranium market but to lead it into a new chapter filled with promise and opportunity. This project stands to redefine Denison's legacy in uranium exploration and development for years to come.

Overall, with the construction phase set to initiate in March 2026, Denison Mines is on the cusp of marking an important chapter in its history, one that could significantly impact the global uranium landscape as it evolves to meet escalating energy demands. With its robust strategy and firm commitment to best practices, Denison Mines is forging ahead into an exciting and promising future.