Canada’s first new large-scale uranium mine in over 20 years moves forward

Denison Mines (TSX: DML; NYSE American: DNN) announced that its board of directors has made a final investment decision to proceed with construction of the Phoenix in-situ recovery (ISR) uranium mine, and that the company plans to begin site preparation and construction activities for Phoenix in March 2026.

"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," David Cates, president and CEO of Denison, commented.

Denison’s teams worked diligently over several years to bring Phoenix to a construction-ready state, obtain provincial and federal approvals, procure long‑lead materials, and secure financing to enable the Board’s landmark decision to commence construction of the first new large‑scale Canadian uranium mine in over two decades.

With construction expected to take about two years, beginning in March should keep the company on track to achieve first production from Phoenix by mid‑2028 and position Denison as one of the few global uranium suppliers able to add a sizeable new source of production before the end of the decade.

More information is available at www.DenisonMines.com