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Denison Mines Announces Final Investment Decision for the Phoenix In-Situ Recovery Uranium Mine and Plans to Start Construction in March 2026
TORONTO, Feb. 24, 2026 /CNW/ - Denison Mines Corp. ("Denison" or the "Company") (TSX: DML) (NYSE American: DNN) is pleased to announce that its Board of Directo
About this update from Denison Mines Corp.
[{"type":"text","content":" TORONTO, Feb. 24, 2026 /CNW/ - Denison Mines Corp. (\"Denison\" or the \"Company\") (TSX: DML) (NYSE American: DNN) is pleased to announce that its Board of Directors has made a Final Investment Decision (\"FID\") to proceed with the construction of the Phoenix In-Situ Recovery (\"ISR\") uranium mine (\"Phoenix\" or the \"Project\"), and that site preparation and construction activities for Phoenix are planned to commence in March 2026. David Cates, President and CEO of Denison commented, \"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. 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. With construction anticipated to take approximately two years, commencing construction in March is expected to allow us to maintain our objective to achieve first production from Phoenix by mid-2028 and ultimately position Denison as one of the few uranium suppliers globally who will be able to provide a sizeable new source of uranium production before the end of the decade.\" About Wheeler River Wheeler River is the largest undeveloped uranium project in the infrastructure-rich eastern portion of the Athabasca Basin region, in northern Saskatchewan. The project 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 (the \"Wheeler River Report\") summarizing the results of (i) Phoenix FS; and (ii) 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...