Denison edges closer to Phoenix project launch, updates costs

Denison Mines (TSX: DML) reported it is prepared to make a final investment decision and begin construction of the proposed Phoenix in-Situ recovery uranium mine, pending final regulatory approvals. The Wheeler River project, located in northern Saskatchewan's Athabasca Basin region, is the largest undeveloped uranium project in the area's eastern portion. Denison owns 90% of the project and serves as its operator, with JCU (Canada) Exploration Company holding the remaining 10%.

Throughout 2025, the company made significant progress in regulatory, engineering, and construction planning, positioning Phoenix as construction-ready with an expected two-year construction timeline. If final regulatory approvals are received in the first quarter of 2026, Denison aims to achieve first production by mid-2028.

David Cates, President & CEO of Denison, commented on the project's readiness and its potential impact on the uranium market and Canada's natural resources sector. He noted that while the initial capital cost estimate has increased modestly from the 2023 Phoenix feasibility study, the project is now prepared for construction with no further revisions expected before construction begins.

The company has reached several milestones in preparation for construction. These include the conclusion of the Canadian Nuclear Safety Commission public hearing, receiving ministerial approval under Saskatchewan's Environmental Assessment Act, and obtaining initial provincial approval to conduct certain earthworks.

Denison reports that procurement for planned 2026 construction contracts is nearly complete, with contract awards expected in early 2026. The company has also made significant progress in project engineering, with approximately 87% of total engineering completed to date.

The updated initial capital cost estimate for Phoenix is now $600 million, reflecting a 20% increase relative to the 2023 Phoenix feasibility study when adjusted for inflation. This estimate is based on substantial progress in long-lead procurement and advanced negotiations on key construction work packages.

As of September 30, 2025, Denison had over $700 million in cash, physical uranium, and investments, positioning the company to fund the project's initial capital requirements. The company awaits federal approval of the environmental assessment and license to make its final investment decision and commence construction.

More information can be obtained at www.DenisonMines.com