Denison Mines Receives Federal Approval for Phoenix Uranium Mine
The company holds an effective 95.0% interest in the Wheeler River Joint Venture, which owns the Phoenix project.
Denison Mines Corp. (DNN), a uranium mining company focused on the Athabasca Basin region of northern Saskatchewan, received federal approval to begin construction of the Phoenix In-Situ Recovery uranium mine in February 2026. The Canadian Nuclear Safety Commission issued the Licence to Prepare a Site & Construct and approved the Environmental Assessment for the project.
The Phoenix project is the first uranium mine in Canada to receive federal approval for construction in more than 20 years. Following the federal decision, the company made a final investment decision to construct the mine. The company previously received the necessary provincial approvals from the Province of Saskatchewan.
Denison maintains an effective 95.0% interest in the Wheeler River Joint Venture, the entity that owns the Phoenix project. The company also holds direct ownership interests in approximately 457,000 hectares in the Athabasca Basin. These interests include a 70.55% stake in the Waterbury Lake Uranium Limited Partnership, a 25.17% stake in the Midwest Joint Venture, and a 22.5% stake in the McClean Lake Joint Venture.
The McClean Lake Joint Venture includes the McClean North mine, which commenced production in 2025 using a patented Surface Access Borehole Resource Extraction mining method. Additionally, the McClean Lake mill is under contract to provide toll milling services to the Cigar Lake Joint Venture.
Through its 50% ownership of JCU (Canada) Exploration Company, Limited, Denison holds indirect interests in the Millennium, Kiggavik, and Christie Lake uranium project joint ventures.
Forward-looking objectives for 2026 and beyond include detailed design engineering, long lead procurement, and field program optimization studies. The company also plans to manage commercial activities involving its physical uranium holdings and other uranium sales transactions.