New York, February 25, 2026, 07:56 EST — Premarket
- Denison’s board has given the green light to move ahead on construction of the Phoenix ISR uranium mine, signing off on a final investment decision.
- Shares finished about 3% higher in after-hours trading, while uranium ETFs across the sector dropped during the recent session.
- Work is set to kick off in March, and the company is eyeing mid-2028 for the start of initial production.
Denison Mines shares climbed roughly 3.2% to $4.30 late Tuesday after the company announced its board had given the green light for a final investment decision on constructing the Phoenix in-situ recovery uranium mine in Saskatchewan. (Denison Mines Corp.)
The decision flips Phoenix from years of permitting and engineering talk into an active construction site with a timeline. Denison expects to start prepping the site and breaking ground in March, with construction running about two years and targeting initial production by mid-2028. Chief executive David Cates called it “the beginning of a new era” for both the company and the Canadian uranium industry. (PR Newswire)
Denison highlighted a major hurdle it says is now behind them: provincial sign-off on the project’s environmental assessment arrived in July 2025, with federal approval and a construction licence from the Canadian Nuclear Safety Commission following in February 2026. (Prnewswire)
The final investment decision (FID) marks the board’s official go-ahead, usually triggering the start of heavy spending on building out a mine. For traders, focus shifts to execution: timelines, budget discipline, and whether the operation actually delivers on its promised performance once online.
The plan for Phoenix calls for ISR — that’s in-situ recovery. In practice, ISR involves circulating a solution through the orebody to dissolve the uranium, then pumping it up to the surface. No digging or hauling rock. Costs can be lower, though the method usually draws heightened attention on groundwater issues and process controls.
Denison’s Phoenix deposit is part of the Wheeler River project, located in Saskatchewan’s Athabasca Basin, a major uranium district. Denison controls 90% of Wheeler River as operator under a joint venture, with JCU (Canada) Exploration owning the remaining 10%.
Denison’s move played out while uranium names were under some pressure overall. The Global X Uranium ETF and Sprott Uranium Miners ETF each slipped roughly 1.7% in the latest session.
Investors now want details on Denison’s approach to the next phase—contractor selections, timelines for long-lead equipment, and whether there’s any change to the project’s cost structure once site work gets underway. Earlier, the company emphasized it’s been arranging permits, gathering materials, and securing financing ahead of the board’s decision.
Still, projects under construction can hit snags. Timelines or budgets may get squeezed by cost overruns, sluggish permitting, weather setbacks, tougher water-handling rules, or simply if uranium prices slip. ISR projects—particularly those breaking new ground in a region—often find regulators and locals less forgiving, granting little leeway.
Looking ahead to the next session and into next week, one thing stands out as the immediate trigger: signs that site prep really does kick off on schedule in March. Investors are also watching for any fresh details on contract scope and how Denison plans to pace spending as Phoenix shifts from blueprint to actual groundwork.
