Denison Mines (TSX:DML, NYSEAMERICAN:DNN) is able to proceed with building of its flagship Phoenix in-situ restoration (ISR) uranium mission in northern Saskatchewan, pending ultimate regulatory approvals.
The mission is a part of the Wheeler River property and is predicted to start manufacturing by mid-2028, making it Canada’s first new large-scale uranium mine since Cigar Lake.
“After one other 12 months of serious funding and progress, Denison is able to make a ultimate funding choice and start building on our flagship asset, the proposed Phoenix ISR mine at Wheeler River,” stated David Cates, Denison’s president and CEO.
Regulatory and planning milestones have made the mission prepared for building. Final month, the Canadian Nuclear Security Fee (CNSC) concluded a public listening to on the mission’s environmental evaluation and allowing, and Saskatchewan granted preliminary approval for preliminary earthworks.
Procurement planning is sort of full, and gadgets with lengthy supply occasions, comparable to electrical infrastructure, are already scheduled for cargo.
Denison additionally up to date its preliminary capital value estimate for the Phoenix mission to roughly US$437 million. This contains inflation, procurement progress, and engineering enhancements.
This determine represents a 20% improve in comparison with the 2023 feasibility research. However, the corporate burdened that no additional changes are anticipated earlier than building.
The Phoenix ISR mission will assist each Canada’s present reactor fleet and future superior reactor designs and is predicted to be accomplished inside a two-year building schedule.
The in-situ restoration technique deliberate for Phoenix would soften uranium underground and pump it to the floor, a expertise utilized in greater than half of the world’s uranium manufacturing however not but carried out in Canada.
Phoenix is dwelling to the high-grade Phoenix and Griffon deposits, found in 2008 and 2014, respectively, and are joint ventures between Denison and JCU Exploration Firm Restricted, with Denison serving because the operator.
If accredited within the first quarter of 2026, Dennison plans to start building instantly and put the mission on monitor for first uranium manufacturing in mid-2028.
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Securities Disclosure: I, Giann Liguid, haven’t any direct funding curiosity in any firms talked about on this article.
