- Denison Mines (TSX:DML; NYSE American:DNN) kicked off full-scale construction at its Phoenix uranium mine in Saskatchewan, part of the 95 per cent owned Wheeler River project, one of the largest undeveloped uranium projects in the province’s Athabasca Basin.
- The top uranium exploration and development company is advancing a ~457,000-hectare project portfolio in Saskatchewan’s Athabasca Basin, a region responsible for about 20 per cent of global uranium production.
- Denison Mines stock has added 31.53 per cent year-over-year and 165.45 per cent since 2021.
Denison Mines (TSX:DML; NYSE American:DNN) finalized site preparations at its Phoenix uranium mine in Saskatchewan and has transitioned to full-scale construction, beginning with a perimeter freeze wall installation for phase 1 of the mine.
The mine, part of the 95 per cent owned Wheeler River project, one of the largest undeveloped uranium projects in the province’s Athabasca Basin, is backed by a 2023 feasibility study detailing an after-tax net present value (8 per cent) of $1.56 billion, a mine life of 10 years and nearly 60 million pounds U3O8 in resources and reserves.
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Phoenix, along with the pre-feasibility stage Gryphon uranium deposit, grant Wheeler the potential to be competitive with the lowest-cost uranium mines in the world, according to Tuesday’s news release, supported by nearby access to all-weather roads, the provincial power grid and Saskatchewan’s established mining workforce.
Since kicking off site preparations at Phoenix in March 2026, Denison and its construction partners have made tangible progress in terms of site clearing activities, schedule-sensitive civil works and the building of construction management facilities, with accommodation capacity at Wheeler River currently standing at nearly 400 people.
Looking ahead, the company plans to lay concrete for the foundations of Phoenix’s substation and main processing plant beginning in August, with first production expected by mid-2028.
Leadership commentary
“Completing the site-preparation activities needed to ramp up our on-site workforce and achieve a full-scale rate of construction is an important initial milestone for the Phoenix project,” David Cates, President and Chief Executive Officer of Denison Mines, said in a statement. “Site civil work has progressed well during the early works program, with more than 20 per cent of overall site civil work estimated to be completed to date. Importantly, we have achieved near 100 per cent completion of civil subgrade work for the process plant and wellfield areas, which is needed to facilitate the planned concrete pour for the plant and the initiation of the freeze wall installation program.”
“Construction activity is expected to accelerate through the remainder of the summer months with the commencement of a second shift, which means seasonally sensitive civil and other construction work can continue virtually 24-hours a day in support of the completion of our key first-year construction milestones – including concrete pours of the foundations for the process plant and main power transformer, installation of the freeze wall, as well as earth works for the airstrip and on-site power distribution.”
“Achieving these positive early results demonstrates the readiness and commitment of Denison and our construction partners as we advance this unique nation-building project to become Canada’s first new large-scale uranium mine since Cigar Lake [initial production in 2014].”
About Denison Mines
Denison is a top uranium exploration and development company advancing a ~457,000-hectare project portfolio in Saskatchewan’s Athabasca Basin, a region responsible for about 20 per cent of global uranium production.
Denison Mines stock (TSX:DML; NYSE American:DNN) last traded at US$2.92, adding 31.53 per cent year-over-year and 165.45 per cent since 2021.
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