- Denison Mines (DNN, Financial) has reached 75% engineering completion on the Phoenix ISR uranium project and aims for first production by mid-2028.
- The project is financially supported with $7M already funded and $67M committed for long-lead capital purchases.
- Regulatory approval processes are on track, with CNSC hearings scheduled in late 2025 and construction planned to start in early 2026.
Denison Mines Corp. (DNN) reported significant progress in Q1 2025 on its Phoenix In-Situ Recovery (ISR) uranium project, signaling robust advancement toward production. With engineering completion now at 75%, the company maintains its timeline for commencing production by mid-2028. Financially, Denison has secured $7 million in funding and committed an additional $67 million for crucial capital purchases, underscoring a strong financial foundation.
The Canadian Nuclear Safety Commission (CNSC) has announced public hearing dates for the Wheeler River Uranium Project, which are scheduled in two parts: October 8, 2025, and December 8-12, 2025. These hearings represent the final steps in the federal approval process, with construction anticipated to begin in early 2026.
Denison's financial health is marked by 2.2 million pounds of U3O8 in physical uranium holdings, a strong cash balance, and no debt obligations. The company is strategically positioning itself with exploration joint ventures, notably becoming the largest shareholder in Cosa Resources with a nearly 19.95% ownership stake.
The McClean Lake Joint Venture is preparing for the 2025 SABRE mining program at McClean North, which promises near-term production advantages while Phoenix progresses. In corporate governance, Denison has strengthened its board with new appointments, including Ken Hartwick, Jinsu Baik, and Wes Carson, leveraging their extensive industry expertise.
