TORONTO, March 6, 2026, 07:18 EST
Denison Mines Corp disclosed in a March 4 filing with the U.S. Securities and Exchange Commission that its board gave the green light to build the Phoenix in-situ recovery uranium mine. According to the accompanying Feb. 24 release, groundwork and construction for Phoenix are scheduled to kick off in March 2026.
Timing is critical here, with Ottawa gearing up to unveil its updated electricity and nuclear blueprint amid surging nuclear demand. Energy Minister Tim Hodgson told Reuters on Thursday the new strategy should land in the next few weeks. Canada is clearly placing its chips on sector growth, he said.
Denison secured its final green light from federal regulators on Feb. 19, when the Canadian Nuclear Safety Commission wrapped the environmental review and granted a licence covering site prep and construction of the Wheeler River mine and mill. The company noted that Phoenix marks Canada’s first uranium mine to win approval for in-situ recovery, or ISR—a method that circulates solution through the ore body, bringing uranium-laden liquid to the surface for processing instead of relying on traditional mining.
Chief executive David Cates described the federal approval as a “landmark achievement.” He added that the board’s sign-off represents “the beginning of a new era” for both Denison and Canada’s uranium industry. Construction, according to the company, is expected to take roughly two years, with first production still on track for mid-2028. SEC
Denison bumped up Phoenix’s upfront price tag to C$600 million in January—a 20% jump from the inflation-adjusted 2023 feasibility figure. The company also reported holding over C$700 million in cash, physical uranium, and investments. Its March investor deck showed those liquid assets at roughly C$718 million as of Sept. 30, 2025.
Wheeler River sits up in northern Saskatchewan’s Athabasca Basin, home to both the Phoenix and Gryphon deposits. Denison runs the show here, holding a 90% direct stake—add in its interest through JCU’s 10% slice, and the company says its effective stake bumps up to 95%. The company also holds 22.5% of the McClean Lake joint venture; that mill handles ore from Cameco’s Cigar Lake mine on a toll-milling basis.
Denison isn’t the only player chasing fresh Canadian uranium. NexGen said Thursday it’s cleared the last federal hurdle for full-scale construction at its Rook I project, giving Saskatchewan yet another advanced uranium development.
But Denison isn’t making any promises on timing. The company flags rising costs as a risk, and says permits or approvals could face challenges. The ISR approach hasn’t been tried before in the Athabasca Basin, either. Any of those issues could stall progress on the site or delay the production target beyond mid-2028.
