Uranium exploration and development company Denison Mines is aiming to break ground on its flagship Phoenix in-situ recovery (ISR) uranium project in northern Saskatchewan in early 2026, keeping the company on track for first production by mid-2028.

The Canadian company recently received confirmation that a public hearing for its Wheeler River uranium project, which includes the Phoenix deposit, will be held late this year, a key milestone toward securing federal approvals. The hearings, scheduled by the Canadian Nuclear Safety Commission (CNSC), will take place in October and December.

“With the CNSC announcing in the first quarter of 2025 the scheduling of a public hearing for our flagship Phoenix ISR project in late 2025, our focus for the remainder of the year has shifted to completion of the detailed design engineering phase and advancement of construction planning and procurement efforts,” said Denison president and CEO David Cates in the company's first-quarter report.

The Phoenix ISR project is poised to become the first new large-scale uranium mine in the region since the Cigar Lake operation entered production in 2014. Denison said engineering for Phoenix was now about 75% complete, and procurement activities were well under way, with more than C$7-million already funded and an additional C$67-million committed to long-lead capital purchases.

“Our plans are designed to put us in a position to start construction in early 2026, following anticipated regulatory approvals,” Cates added. “Based on this timeline, we expect to be able to maintain our previous guidance of first production from Phoenix by mid-2028.”

The company continues to emphasize its strong financial position as a differentiator among developers. As of the first quarter, Denison holds 2.2-million pounds of physical uranium, maintains a healthy cash balance, and carries no debt.

“Denison remains in an enviable financial position – able to fund both our pre-final investment decision investments in Phoenix and important potential future growth initiatives,” Cates said.

In parallel with Phoenix, Denison is advancing development at its McClean Lake Joint Venture with Orano Canada. Preparations are under way to begin mining the McClean North deposit using the group’s patented Surface Access Borehole Resource Extraction, or SABRE, method in mid-2025.

“Thus far this year, site preparation activities have recommenced and we are expecting mining to commence in the coming months," Cates reported.

Denison is also expanding its footprint in early-stage exploration through partnerships with Cosa Resources and Foremost Clean Energy. Early drill results from these collaborations have shown promise, with Cosa identifying a 2-km strike extension at Murphy Lake North and Foremost reporting a new uranium discovery at Hatchet Lake.

At the corporate level, during the quarter, Denison welcomed Ken Hartwick, who previously served as the CEO of Ontario Power Generation, and Jinsu Baik, KHNP Canada Energy's nominee, to the board of directors. 

“We believe Ken and Jinsu will bolster the breadth of nuclear industry and commercial knowledge on our board and enhance its oversight during the critical process of Phoenix project execution and marketing of our future uranium production.”

Further, Wes Carson, VP of mining operations at Wheaton Precious Metals, was elected to Denison’s board at Monday's annual shareholder meeting.