Denison Mines Corp. confirmed it is ready to make a final investment decision and begin construction of its flagship Phoenix In‑Situ Recovery (ISR) uranium mine at the Wheeler River site. The company said that regulatory, engineering, and construction planning work completed in 2025 has positioned Phoenix in a construction‑ready state.
The company revised its initial capital cost estimate to approximately $600 million, a 20 % increase over the 2023 feasibility study when adjusted for inflation. About 75 % of equipment and material costs are already supported by committed contracts or bids under evaluation, and the project’s construction schedule is expected to take 24 months, with first production targeted for mid‑2028 if final regulatory approvals are received in the first quarter of 2026.
Denison’s progress reflects a series of de‑risking milestones. The Canadian Nuclear Safety Commission concluded its public hearing in December 2025, and provincial environmental assessment approval was received in August 2025. The company also secured benefit agreements with Indigenous groups, including the Métis Nation‑Saskatchewan, and is addressing a judicial review filed by the Peter Ballantyne Cree Nation that could delay approvals.
Management emphasized the project’s strong economics. The 2023 feasibility study projected an after‑tax net present value of $1.56 billion and an internal rate of return of 90 %. The higher capital cost is attributed to inflation, supply‑chain constraints, and refinements to the mine design, but the high‑grade ore body is expected to absorb the additional spend without compromising the project’s profitability.
The announcement was met with a positive market reaction, as investors viewed the construction readiness as a key de‑risking event that brings the company closer to production and revenue generation. Analysts noted that the high‑grade nature of the deposit and the company’s strong balance sheet—over $700 million in cash, physical uranium, and investments as of September 30 2025—support the ability to fund the initial capital requirements.
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