TORONTO, March 9, 2026, 3:14 PM EDT
Denison Mines has kicked off winter drilling at the Wheeler North joint venture in northern Saskatchewan, expanding its hunt for uranium just weeks after the green light on its Phoenix mine. The initial phase—roughly 2,500 metres of diamond drilling—targets Fox Lake Trail and marks the start of a broader 7,500-metre push slated for 2026, according to partner Skyharbour Resources on Monday. 1
The timing is significant: Denison is moving out of permitting and into construction. Phoenix, an in-situ recovery (ISR) project that uses injected solution to pump uranium-rich liquid up from below ground, secured its last federal sign-off on Feb. 19. Denison’s board greenlit construction days later, on Feb. 24, and the company is aiming for first production by mid-2028. 2
Denison’s U.S. shares climbed 8 cents to $3.75 in afternoon action. The move comes just days after Canada announced plans to roll out a fresh electricity and nuclear policy in the next few months, responding to a surge in nuclear demand. 3
Denison is footing the bill and calling the shots on drilling at Wheeler North. According to Skyharbour, another 5,000 metres of drilling is lined up for later this year at the Fork and Sphinx targets, which would push the 2026 campaign there to about 7,500 metres. Over 15,000 metres of drilling are also on deck across the Russell Lake joint ventures. 1
Denison holds a 49% stake in Wheeler North, with an option to boost its interest to 60% by investing C$10 million in exploration and handing Skyharbour C$1.5 million. An additional C$15 million commitment and a C$2 million payment would push Denison’s share up to 70%. After the Russell Lake agreement hit in November, Chief Executive David Cates described Denison’s approach as “measured investments in our project pipeline” as Phoenix moved closer to securing permits. 1
Phoenix is still Denison’s flagship. Back in January, the miner bumped the post-FID capital cost estimate for the project up to C$600 million—higher than the previously inflation-adjusted C$500.5 million. As of September 30, 2025, Denison said it controlled upwards of C$700 million in cash, physical uranium, and investments. The company also wrapped up a US$345 million convertible notes offering last August. 4
Denison’s exploration drive brings more activity to the Saskatchewan region. Wheeler North is wedged between Cameco’s Key Lake and McArthur River sites. Meanwhile, NexGen Energy just got the green light from Ottawa last week for its Rook I uranium project—construction could kick off before year-end. 1
The road ahead isn’t straightforward. Peter Ballantyne Cree Nation lodged a judicial review last year aimed at reversing the Saskatchewan environmental approval for Wheeler River. Denison is pushing back, disputing the allegations and planning to contest the action. Exploration remains a question mark, and if construction costs climb or uranium prices fall, that could change the financial picture at Phoenix. 5
Denison’s move to cut down risk included inking an impact benefit agreement last December with Métis Nation-Saskatchewan and several regional partners. Those groups gave their consent and backing for the Wheeler River project’s development and eventual operation. 6
On Feb. 24, Cates called the launch of Phoenix construction “the beginning of a new era” for Denison. Uranium demand is expected to climb 28% by 2030, the World Nuclear Association says, pushing developers to deliver new supply and advance mine projects. 7
