Denison Mines Launches Construction of Canada's First In‑Situ Uranium Mine in Saskatchewan

Denison Mines has begun full construction at its Phoenix uranium project in northern Saskatchewan, installing the first perimeter freeze wall after completing site preparation. The project, also known as the Wheeler River Project, will use in‑situ recovery (ISR) technology—sending a chemical solution through wells to dissolve and extract uranium underground—marking the first commercial ISR mine in the Athabasca Basin and Canada’s first new large‑scale uranium mine since Cigar Lake. The company targets first production in mid‑2028, with peak output of about 9 million lb of uranium oxide per year over a ten‑year life, based on proven and probable reserves of 56.7 million lb U₃O₈. The project is valued at roughly US$500 million, with a post‑FID capital estimate of about $600 million. Regulatory approvals were secured between 2019 and early 2026, and a legal dispute with the Peter Ballantyne Cree Nation was resolved after the nation consented to the project, clearing a remaining reputational risk. CEO David Cates highlighted the project's significance for Canada’s nuclear fuel supply and its contribution to the global push to expand nuclear capacity.