Denison Mines (TSX: DML; NYSE American: DNN) announced that for the reminder of the year its focus has shifted towards the completed design engineering phase and advancement of construction and procurement efforts for the company’s Phoenix in-situ recovery project. The company has made this announcement because Canadian Nuclear Safety Commission has scheduled a public hearing for the project in late 2025.
David Cates, president and CEO of Denison commented, "Our plans are designed to put us in a position to start construction in early 2026, following anticipated regulatory approvals. Based on this timeline, we expect to be able to maintain our previous guidance of first production from Phoenix by mid-2028, which would make Phoenix the first new large-scale uranium mine in northern Saskatchewan since the Cigar Lake mine was commissioned in 2014.
A company news release reads: “By the end of Q1'2025, we have achieved approximately 75% completion of total engineering for Phoenix, and we have already funded over $7 million and committed a further $67 million for long-lead capital purchases. With 2.2 million pounds U3O8 in physical uranium holdings on hand, a strong cash balance, and no debt, Denison remains in an enviable financial position.”
Denison company officials said that the company has achieved 75% Completion of total engineering for the Phoenix project.
In January 2024, Denison awarded a contract to Wood Canada Limited, for the completion of a significant portion of the detailed design engineering for the Phoenix ISR project. The work commenced in the first quarter of 2024 and is expected to be substantially completed in the third quarter of 2025. Phoenix detailed design engineering activities are an important element of the company's continued efforts on advancing Phoenix towards a final investment decision (FID), in support of its objective to achieve first production by the first half of 2028.
Total engineering completion at end of the first quarter of 2025 included finalization of process design, piping and instrumentation diagrams (P&ID's), hazard and operability studies (HAZOPs), selection of major process equipment, electrical distribution infrastructure and substantially complete on civil engineering design. The completion of the detailed design engineering has been scheduled to ensure Denison is ready to commence project construction upon receipt of regulatory approval.
More information is posted on www.DenisonMines.com.
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