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Production / Operations Material +

Denison Announces Final Investment Decision for the Phoenix In-Situ Recovery Uranium Mine and Plans to Start Construction in March 2026

By The Northwire Desk — AI Analysis Feb 24, 2026 · 18:03 DML · 5.89 Denison Mines Corp.
DML · Price

Executive Summary

  • Denison Mines’ Board approved a Final Investment Decision (FID) to construct the Phoenix In‑Situ Recovery uranium mine.
  • Site preparation and construction are slated to begin in March 2026, with an expected two‑year build‑out and first production targeted for mid‑2028.
  • The decision follows recent regulatory approvals (provincial EA July 2025, Canadian Nuclear Safety Commission licence February 2026) and secured financing, positioning Phoenix as the first large‑scale new Canadian uranium mine in over 20 years.

Key Details

  • FID Approval: Board of Directors formally approved proceeding with construction of the Phoenix ISR project.
  • Construction Timeline: Site preparation and construction to start March 2026; anticipated construction period ≈ 2 years; first production expected mid‑2028.
  • Project Scope: Phoenix is an in‑situ recovery (ISR) uranium mine located within the Wheeler River joint‑venture (Denison 90%, JCU 10%).
  • Regulatory Milestones:
  • July 2025 – Provincial Environmental Assessment approval.
  • February 2026 – Canadian Nuclear Safety Commission EA approval and licence to prepare site & construct.
  • Financing & Procurement: Company has secured financing and long‑lead material procurement necessary for construction start.
  • Strategic Significance: Marks the first new large‑scale Canadian uranium mine in over two decades; expected to make Denison a notable global uranium supplier before decade’s end.

Notable Quotes

“Making a Final Investment Decision and the upcoming initiation of construction activities at Phoenix mark the beginning of a new era in Denister's history and the Canadian uranium mining sector.” – David Cates, President & CEO

All boilerplate, forward‑looking statements, and disclaimer text have been omitted for brevity.

Read the original news release →

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