Denison Mines (TSX:DML; NYSE American:DNN) has wrapped up initial site prep at its Phoenix uranium operation in Saskatchewan, advancing directly into primary construction. The build-out kicked off with the installation of a phase-one perimeter freeze wall.
Situated within the Athabasca Basin, Phoenix is part of the company’s 95%-owned Wheeler River asset, which stands among Saskatchewan’s premier undeveloped uranium deposits. A 2023 feasibility study highlights Phoenix’s robust economics, outlining a 10-year mine lifespan, roughly 60 million pounds of total U3O8 reserves and resources, and an 8% after-tax net present value reaching $1.56 billion.
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Combined with the pre-feasibility-stage Gryphon deposit, Phoenix positions Wheeler River to rival the world’s most cost-effective uranium operations. As highlighted in Tuesday’s update, the development benefits significantly from nearby grid power, all-weather road infrastructure, and a skilled local workforce.
Initial ground prep began in March 2026. Since then, Denison and its contractors have advanced schedule-critical civil works, site clearing, and support facilities, expanding camp capacity to nearly 400 workers at Wheeler River. Concrete foundations for Phoenix’s main processing facility and electrical substation are set for an August pour, keeping the project on track for initial production by mid-2028.
Leadership commentary
“Completing the site-preparation activities needed to ramp up our on-site workforce and achieve a full-scale rate of construction is an important initial milestone for the Phoenix project,” David Cates, President and Chief Executive Officer of Denison Mines, said in a statement. “Site civil work has progressed well during the early works program, with more than 20 per cent of overall site civil work estimated to be completed to date. Importantly, we have achieved near 100 per cent completion of civil subgrade work for the process plant and wellfield areas, which is needed to facilitate the planned concrete pour for the plant and the initiation of the freeze wall installation program.”
“Construction activity is expected to accelerate through the remainder of the summer months with the commencement of a second shift, which means seasonally sensitive civil and other construction work can continue virtually 24-hours a day in support of the completion of our key first-year construction milestones – including concrete pours of the foundations for the process plant and main power transformer, installation of the freeze wall, as well as earth works for the airstrip and on-site power distribution.”
“Achieving these positive early results demonstrates the readiness and commitment of Denison and our construction partners as we advance this unique nation-building project to become Canada’s first new large-scale uranium mine since Cigar Lake [initial production in 2014].”
About Denison Mines
Denison is a top uranium exploration and development company advancing a ~457,000-hectare project portfolio in Saskatchewan’s Athabasca Basin, a region responsible for about 20 per cent of global uranium production.
Denison Mines stock (TSX:DML; NYSE American:DNN) last traded at US$2.92, adding 31.53 per cent year-over-year and 165.45 per cent since 2021.
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