Denison Announces Completion of Site Preparation Activities and Commencement of Full-Scale Construction at Phoenix ISR Uranium Mine
Denison begins full-scale construction of Canada’s first new uranium mine in twenty years, targeting mid-2028 yellowcake production.
Denison Mines Corp. (DML) announced the completion of site-preparation activities and the formal transition to full-scale construction at the Phoenix ISR uranium mine, part of the Wheeler River project in which the company holds a 90% ownership interest.
Key construction milestones include the commencement of perimeter freeze-wall installation for Phase 1. Site clearing and civil works are substantially complete, with the civil subgrade for the process plant and wellfield areas approximately 100% ready. A temporary construction camp accommodating nearly 400 workers has been established, and a concrete batch plant has been mobilized to the site.
Concrete pours for the process plant foundation and main power transformer are scheduled to begin in August. Construction is accelerating with the addition of a second shift, enabling 24-hour operations. First production remains targeted for mid-2028.
Denison Mines Corp. (DML) released an operational progress update confirming that execution remains on schedule, with no changes to capital expenditure, timelines, or project scope. The update reinforces that the company is meeting its previously guided milestones.
The company has recently secured final investment decision (FID) and regulatory approvals for its construction-stage project. The market had already priced in the start of construction, with the stock rallying approximately 70% from the FID to May highs. Today’s confirmation serves as incremental news rather than a game-changing event.
Denison Mines Corp. (DML) is a Canadian uranium company focused on its flagship Wheeler River project in the Athabasca Basin. The project includes the Phoenix ISR deposit and the Gryphon conventional underground deposit. Wheeler River is 95%-owned by Denison, comprising a 90% direct stake and a 10% interest via JCU. The company also holds a 22.5% interest in the McClean Lake Mill and associated mines, a 25.17% interest in the Midwest JV, and a 70.55% interest in Waterbury Lake. Additionally, Denison owns extensive exploration joint-ventures and strategic stakes in Cosa Resources, Skyharbour, and Foremost Clean Energy.