Denison to start Phoenix uranium mine construction in March

Denison Mines Corp. (TSX: DML, NYSE American: DNN) announced on February 24, 2026, that its Board of Directors approved a Final Investment Decision (FID) to construct the Phoenix In-Situ Recovery (ISR) uranium mine in Saskatchewan, with site preparation and construction activities scheduled to begin in March 2026. The Phoenix project, part of the Wheeler River uranium project in the Athabasca Basin, is expected to cost approximately C$600 million and will produce an estimated six million pounds of uranium oxide annually.

The project, a joint venture between Denison (90% ownership and operator) and JCU (Canada) Exploration Company Limited (10%), received key regulatory approvals, including the Province of Saskatchewan's July 2025 environmental assessment (EA) approval and the Canadian Nuclear Safety Commission's February 2026 EA approval and construction license. Construction is projected to take two years, with first production targeted for mid-2028. Denison emphasized that Phoenix will be the first new large-scale uranium mine in Canada in over two decades.

Denison, which holds significant uranium assets in the Athabasca Basin, including the McClean Lake Joint Venture and Midwest Joint Venture, has secured long-lead materials and financing to advance the project. The Phoenix deposit, discovered in 2008, and the Gryphon deposit, discovered in 2014, are highlighted as high-grade resources with potential to compete with the lowest-cost uranium operations globally.

The company noted that the project's technical and financial details are outlined in a technical report dated August 2023, with updated capital cost estimates disclosed in January 2026. As with all forward-looking statements, actual outcomes may vary due to operational, regulatory, or market risks.

(https://denisonmines.com/news/denison-announces-final-investment-decision-for-th-122844/): Denison Mines Corp. press releases (February 24, 2026)
(https://www.miningweekly.com/article/denison-takes-fid-on-phoenix-uranium-mine-construction-to-start-in-march-2026-02-25): Mining Weekly (February 25, 2026)