Business
Denison Mines Reports Readiness to Commence Construction of Flagship Phoenix ISR Project and Provides Capital Cost Update
TORONTO, Jan. 2, 2026 /CNW/ - Denison Mines Corp. ("Denison" or the "Company") (TSX: DML; NYSE American: DNN) is pleased to report that, pending final regulator
About this update from Denison Mines Corp.
[{"type":"text","content":" TORONTO, Jan. 2, 2026 /CNW/ - Denison Mines Corp. (\"Denison\" or the \"Company\") (TSX: DML; NYSE American: DNN) is pleased to report that, pending final regulatory approvals, it is ready to make a final investment decision (\"FID\") and commence construction of the proposed Phoenix In-Situ Recovery (\"ISR\") uranium mine (\"Phoenix\" or the \"Project\"). Significant regulatory, engineering, and construction planning progress has been made throughout 2025, which has positioned Phoenix in a construction-ready state, including confirmation of an expected 2-year construction timeline. Provided final regulatory approvals to commence construction are received in Q1'2026, targeted first production remains on track for mid-2028. Additionally, based on substantial completion of project engineering and execution of significant procurement activities since 2023, Denison is providing an updated initial capital cost estimate for the Project. David Cates, President & CEO of Denison, commented, \"After another year of significant investment and progress, Denison stands ready to make a final investment decision and commence construction of the Phoenix ISR mine proposed for our flagship Wheeler River property. With the recent conclusion of the CNSC public hearing, and receipt of an initial approval to commence construction activities from the Province of Saskatchewan, we are poised to start 2026 with a series of positive catalysts that will mark the beginning of a new era in our Company's long history. Owing to years of work de-risking and advancing Phoenix, the Project is now ready to become the first new large-scale uranium mine built in Canada since Cigar Lake, with first production expected by mid-2028. This timeline means that Phoenix, as one of only a few notable new sources of uranium production expected before the end of the decade, is positioned to (i) benefit from an anticipated acceleration in uranium demand based on increasingly widespread global adoption of nuclear energy, and (ii) support Canada's objective to develop sustainable and environmentally responsible 'nation building' mining projects to reinvigorate Canada's natural resources sector. Based on our strong balance sheet, and the advanced state of project engineering, construction planning, and procurement activ...