Denison obtains grid power at Phoenix uranium site

Executive Summary

• Denison Mines Corp. has secured grid power availability at the future Phoenix in situ recovery uranium mine site following the completion of a new 138-kilovolt transmission line by SaskPower.
• This milestone significantly derisks the project by placing the electrification of the site on the critical path for the first year of construction, supporting the establishment of the freeze wall around the initial mining area.
• The project benefits from a competitive advantage due to access to reliable and cost-effective grid electricity compared to on-site power generation, with Denison having secured access to up to 8.8 megawatts of power.

Key Details

• Transmission Line Specifications: The new high-voltage transmission line is approximately six kilometres in length and connects the Phoenix site to the existing 138 kV transmission line east of Phoenix, near Highway 914 and Russell Lake.
• Power Capacity and Agreement: Denison has obtained access to up to 8.8 megawatts of power via a power supply agreement with SaskPower. The agreement requires Denison to purchase a minimum amount of power for a five-year period starting from the in-service date of the transmission line.
• Cost and Financing: The cost of the new transmission line was financed by the Wheeler River joint venture.
• On-Site Infrastructure: With grid power available, the remaining electrification work involves installing on-site electrical distribution infrastructure, including the main site transformer, substation high-voltage equipment, switchgear, and substation e-house. These are long-lead items that have been procured and are scheduled for delivery and installation during the first year of construction.
• Regulatory and Investment Status: The commencement of Phoenix construction activities remains subject to receipt of final regulatory approvals and a final investment decision by Denison.
• Permitting Timeline: Permitting for the Phoenix ISR operation is nearing completion, with the Environmental Assessment (EA) approved by the Province of Saskatchewan in July 2025 and the Canadian Nuclear Safety Commission public hearing for federal approval concluding in December 2025.
• Project Context: Phoenix is part of the Wheeler River project, the largest undeveloped uranium project in the infrastructure-rich eastern Athabasca basin. It is a joint venture between Denison (90%, operator) and JCU (Canada) Exploration Company Ltd. (10%).

Notable Quotes

• "We thank SaskPower for the safe installation of the new high-voltage transmission line, on schedule and on budget. As power is a crucial component of planned site infrastructure for project construction and future operation, the availability of grid power supply at the site represents a major project milestone. Access to grid electricity is a notable competitive advantage for Phoenix, as the grid in Saskatchewan is reliable and cost-effective compared to on-site power generation." — David Cates, President and CEO, Denison Mines Corp.