# Denison Mines Phoenix uranium project construction > Live situation record from CLSTR: https://clstr.news/situations/denison-mines-phoenix-uranium-project-construction > Updated: 2026-08-11T06:00:00.000Z. Sources: 2. Developments: 2. Denison Mines has commenced full construction of the Phoenix uranium project in northern Saskatchewan. This project, also known as the Wheeler River Project, will utilize in-situ recovery (ISR) technology, representing the first commercial ISR mine in the Athabasca Basin and Canada’s first new large-scale uranium mine since Cigar Lake. Following the installation of the first perimeter freeze wall and completion of site preparation, the company reported in August 2026 that over 20% of total project site civil work is complete. Construction milestones, including the establishment of an airstrip, remain on track. To fund the project without equity dilution, Denison Mines has monetized physical uranium holdings, including the sale of 750,000 pounds of U3O8 in the second quarter of 2026. The project targets first production in mid-2028, with a projected peak output of approximately 9 million pounds of uranium oxide per year over a ten-year period. ## Timeline ### 2026-08-11: Denison Mines reports Q2 2026 results and Phoenix project progress Denison Mines Corp. reported Q2 2026 progress on its Phoenix project and generated over $90 million from uranium sales to fund operations without shareholder dilution. 2 sources. https://clstr.news/cluster/denison-mines-reports-q2-2026-results-and-phoenix-project-progress ### 2026-07-30: Denison Mines Launches Construction of Canada's First In‑Situ Uranium Mine in Saskatchewan Denison Mines starts construction of its Phoenix in‑situ uranium mine in Saskatchewan, targeting mid‑2028 production; the $500 million project, valued at $600 million post‑FID, resolves a Cree Nation legal case 2 sources. https://clstr.news/cluster/denison-mines-launches-construction-of-canadas-first-insitu-uranium-mine-in-saskatchewan --- Cite as: Denison Mines Phoenix uranium project construction. CLSTR, https://clstr.news/situations/denison-mines-phoenix-uranium-project-construction