Denison Mines Corp saw its stock rise after receiving full federal clearance to begin work at its Wheeler River Uranium Project. The Canadian Nuclear Safety Commission approved the Environmental Assessment and issued the licence that Denison said constitute the last federal regulatory requirements needed to start building the Phoenix In-Situ Recovery (ISR) uranium mine.
The company noted that provincial approvals, including those from the Province of Saskatchewan, and other required provincial permits had already been secured. With the CNSC action complete, Denison said it is positioned to begin site preparation and move into construction once it takes a final investment decision.
"Phoenix is the first uranium mine in Canada to be approved for ISR mining and is the first large-scale Canadian uranium mine approved for construction in more than 20 years," said David Cates, President and CEO of Denison.
Denison provided a construction estimate of approximately two years and reiterated that, on that schedule, first production would remain on track for mid-2028. Those timing figures are tied to the company's construction plan and the eventual go-ahead represented by a final investment decision.
The Wheeler River Project is located in the eastern Athabasca Basin region of northern Saskatchewan and is structured as a joint venture, with Denison holding a 90% stake and acting as operator and JCU (Canada) Exploration Company Limited holding 10%. The site includes the Phoenix and Gryphon uranium deposits, which Denison discovered in 2008 and 2014 respectively.
Denison emphasised the economics and environmental profile it expects from Phoenix, arguing that the ISR mining method can deliver competitive, low-cost production and stronger sustainability outcomes relative to conventional mining techniques. The company stated the Phoenix deposit has the potential to be competitive with the lowest-cost uranium mining operations globally because of the ISR approach.
With federal licensing now complete, Denison said the company is ready to undertake immediate site preparation and to commence construction activities following a final investment decision. The precise timing of those next steps depends on the company’s internal approval process and the execution of its construction plan.