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Denison takes FID on Phoenix uranium mine, construction to start in March

25th February 2026

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

     

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Canadian miner Denison Mines has taken a final investment decision (FID) to proceed with construction of the C$600-million Phoenix in-situ recovery (ISR) uranium mine, with site preparation and construction activities scheduled to begin next month.

The Phoenix mine will produce about six-million pounds a year of uranium oxide and forms part of the Wheeler River project, in the eastern Athabasca basin, Saskatchewan.

“Making a final investment decision and the upcoming initiation of construction activities at Phoenix mark the beginning of a new era in Denison's history and the Canadian uranium mining sector," said president and CEO David Cates on Wednesday, announcing the FID.

"Our teams have worked diligently over the last several years to bring Phoenix to a construction-ready state, obtain provincial and federal approvals, procure long-lead materials, and secure financing to be in a position to make this landmark decision and commence construction of the first new large-scale Canadian uranium mine in over two decades."

Construction is expected to take about two years, with first production targeted for mid-2028. This, Cates said, would ultimately position Denison as one of the few uranium suppliers globally which would be able to provide a sizeable new source of uranium production before the end of the decade.

Wheeler River is the largest undeveloped uranium project in the infrastructure-rich eastern portion of the Athabasca basin. It hosts the high-grade Phoenix and Gryphon deposits and is a joint venture between Denison, which holds 90% and is operator, and JCU (Canada) Exploration Company Limited, which holds 10%.

Permitting for the planned Phoenix ISR operation began in 2019. The project’s environmental assessment was approved by the province of Saskatchewan in July 2025, followed by federal approval and the granting of a licence to prepare site and construct by the Canadian Nuclear Safety Commission in February this year.

 

Edited by Creamer Media Reporter

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