Denison Mines Corp. received the Canadian Nuclear Safety Commission’s final approval for its Wheeler River Phoenix ISR uranium project, clearing the last regulatory hurdle and enabling the company to move forward with site preparation and construction once a final investment decision is made.
The approval covers the Environmental Assessment and the Licence to Prepare Site & Construct a Mine and Mill for the Phoenix ISR project, which is the first uranium mine in Canada to be approved for in‑situ recovery and the first large‑scale Canadian uranium mine approved for construction in more than two decades. The project sits in Saskatchewan’s Athabasca Basin, a world‑class uranium province, and Denison owns 90 % of the venture, with the remaining 10 % held by JCU (Canada) Exploration Company Limited.
Denison’s financial position remains strong, with over C$700 million in cash, physical uranium and investments as of September 2025. The company’s 2023 feasibility study estimated capital costs at C$419 million, a post‑tax net present value of C$1.16 billion and an internal rate of return of 90 %. In January 2026 the company updated the capital cost estimate to C$600 million, a 20 % increase from the 2023 figure when adjusted for inflation.
President and CEO David Cates said, “The Commission decision to approve the EA and issue the Licence represents a landmark achievement for Denison, as well as our staff, shareholders, Indigenous partners, and other stakeholders in the project.” He added, “We thank the Commission and CNSC staff for promptly delivering the positive results of the recently completed public hearing and extensive federal regulatory review process. Denison has successfully demonstrated to the Commission’s satisfaction that Phoenix can be built in a manner that meets Canada’s stringent standards.”
The market reacted positively to the approval, reflecting investor confidence in the project’s de‑risking and the company’s strategy of delivering low‑cost uranium production in the Athabasca Basin.
With the licence in hand, Denison can pursue a two‑year construction schedule that positions first production for mid‑2028, contingent on a final investment decision. The approval also confirms the viability of ISR technology, which offers strong economics and a superior environmental profile compared to conventional hard‑rock mining.
Indigenous partners, including the Métis Nation‑Saskatchewan, have signed impact benefit agreements that outline shared benefits and community engagement, underscoring the project’s role as a nation‑building initiative.
The content on EveryTicker is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.