Live News • Jul 29
Denison Mines Begins Full-Scale Construction at Phoenix Uranium Project in Saskatchewan Denison Mines has completed site preparation and started full-scale construction at its Phoenix in-situ recovery uranium mine in northern Saskatchewan, including installing a perimeter freeze wall, clearing the site, and setting up facilities to house nearly 400 workers, with concrete work expected to begin in August.
This step moves Phoenix from early groundwork into the main construction phase, which is a key progression for Denison’s plan to develop what could become Canada’s first new large-scale uranium mine since Cigar Lake.
Denison Mines shares trade around CA$3.90, with the stock down about 21.1% over the past three months.
The shift into full-scale construction makes execution risk at Phoenix more prominent, since timelines, capital needs, and any technical issues at the ISR operation could have a larger influence on how Denison Mines is viewed. Announcement • Jul 28
Denison Mines Corp Commences Full-Scale Construction At Phoenix ISR Uranium Mine Denison Mines Corp. announced that activities at the Phoenix In-Situ Recovery uranium mine have transitioned from site preparations to full-scale construction, including initiation of the perimeter freeze wall installation for Phase 1 of the mine. Since the commencement of site preparation and early works in March 2026, significant progress has been made to complete several critical site preparation activities – including substantial completion of site clearing activities, advancement of schedule-sensitive site civil works, and the establishment of construction management facilities. Preparation activities also involved the installation and commissioning of temporary construction camp facilities, which significantly increases the accommodation capacity of the Wheeler River property to nearly 400 people and allows a ramp-up in the on-site workforce. Additionally, aggregate production required for various site civil purposes continues at a nearby quarry, and the concrete batch plant has been mobilized to site. Schedule-critical concrete-related activities for the substation and the main process plant foundations are currently expected to commence in August. Site civil work has progressed well during the early works program, with +20% of overall site civil work estimated to be completed to date. Near 100% completion of civil subgrade work for the process plant and wellfield areas has been achieved, 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 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. Wheeler River is host to the high-grade Phoenix and Gryphon uranium deposits, discovered by Denison in 2008 and 2014, respectively, and is a joint venture between Denison (90% and operator) and JCU (Canada) Exploration Company Limited (JCU, 10%). In August 2023, Denison filed a technical report summarizing the results of Phoenix Feasibility Study and a cost update to the 2018 Pre-Feasibility Study for conventional underground mining of the basement-hosted Gryphon uranium deposit. Based on the respective studies, both deposits have the potential to be competitive with the lowest cost uranium mining operations in the world. Permitting efforts for the planned Phoenix ISR operation commenced in 2019, culminating in the July 2025 approval of the Project's Environmental Assessment by the Province of Saskatchewan and the February 2026 approval of the Project's Environmental Assessment and the grant of the construction licence by the Canadian Nuclear Safety Commission. Full-scale construction commenced for Phoenix in July 2026. Live News • Jul 03
Denison Mines Gains Key Community Backing for Wheeler River Uranium Project Progress Denison Mines has secured formal consent and support from the Peter Ballantyne Cree Nation for the Wheeler River uranium project in northern Saskatchewan, with the Nation withdrawing its judicial review of the Environmental Assessment approval for the Phoenix in-situ recovery mine.
This agreement removes a major regulatory and social hurdle for Denison Mines, allowing site preparation and early construction at the Phoenix deposit, which started in March, to proceed toward a targeted first production date in 2028.
Denison Mines shares trade at about CA$4.52, with the stock up 9.2% year to date.
This development reduces a key source of project uncertainty at Wheeler River and clarifies the path to advancing Phoenix, but investors still need to watch for future permitting steps, construction execution and uranium market conditions that will influence the project’s ultimate economics. 
