Denison hires Wood for Phoenix construction management
Denison Formalizes Wood Canada Partnership as Phoenix Mine Approaches Construction Trigger
On February 17, 2026, Denison Mines announced the award of a Construction Management Contract to Wood Canada Ltd. for its flagship Phoenix in-situ recovery (ISR) uranium mine at the Wheeler River project. Wood will manage the full processing plant scope, site infrastructure, project controls, procurement, and safety oversight. The contract covers an estimated 24-month construction period. This follows a long-term relationship where Wood co-authored the 2023 Feasibility Study and handled detailed engineering. CEO David Cates indicated the company is onboarding construction personnel to begin site preparation immediately upon receipt of federal permits.
This news is a significant de-risking milestone that transitions the Phoenix project from the planning/engineering phase into the execution phase. - Project Advancement: Engineering was reported as 87% complete in January 2026. Awarding this contract signifies that technical designs are sufficiently advanced to begin physical mobilization. - Readiness for FID: The company explicitly stated it is ready to make a Final Investment Decision (FID) once federal approvals (Environmental Assessment and License to Construct) are secured. - Cost Context: Earlier in January 2026, Denison updated the initial capital cost estimate to $600 million (CAD), a 20% increase from the 2023 Feasibility Study. Securing a tier-one contractor like Wood helps mitigate further execution risk, though it confirms the higher capital intensity of the project. - Operational Infrastructure: The announcement follows the January 2026 milestone of grid power availability at the site, meaning the primary "hard" infrastructure is ready for the construction team.
Denison is an Athabasca Basin-focused developer. Its flagship project is the Wheeler River Project (90% interest), hosting the Phoenix (ISR) and Gryphon (Underground) deposits. Phoenix is designed to be one of the lowest-cost uranium mines globally, utilizing ISR technology which has a smaller environmental footprint than conventional mining. - Other Assets: Denison holds a 22.5% interest in the McClean Lake mill and mine (operated by Orano), which returned to production in June 2025 using the SABRE method.