Denison Mines Corp. has awarded Wood Canada Limited the construction management contract for the Phoenix in‑situ recovery (ISR) uranium mine, the flagship project of its Wheeler River portfolio. The contract, signed on February 17, 2026, will see Wood Canada oversee procurement, site preparation, and integrated project controls over an estimated 24‑month construction period.
The award marks a critical transition from engineering to execution, bringing the project closer to its planned first production in mid‑2028. Wood Canada’s involvement builds on its prior work on the Phoenix feasibility study and detailed design engineering, ensuring continuity and expertise that should help keep the project on schedule and within budget.
Denison’s progress on the Phoenix project has been supported by a strong financial position, with more than $700 million in cash, physical uranium, and investments as of September 30, 2025. The company’s ability to fund the initial capital requirements and its recent regulatory milestones—concluding the Canadian Nuclear Safety Commission public hearing and receiving ministerial approval under Saskatchewan’s Environmental Assessment Act—have de‑risked the project and positioned it for construction.
The uranium market outlook is favorable, with global demand expected to accelerate as nuclear energy expands. Denison’s first large‑scale ISR mine in Canada is positioned to benefit from this trend, potentially becoming a low‑cost, high‑grade producer in the Athabasca Basin.
The contract award underscores Denison’s long‑term strategy to transition from exploration to production after 70 years of activity, reinforcing its commitment to delivering a commercially viable uranium mine that aligns with the company’s financial and operational goals.
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