Denison Greenlights First Major Canadian Uranium Mine in 20 Years

Denison Mines (TSX:DML,NYSEAMERICAN:DNN) has approved construction of what it says will be Canada’s first new large-scale uranium mine in more than 20 years, setting the stage for work to begin next month at its flagship Phoenix project in northern Saskatchewan.

The company announced that its board has made a Final Investment Decision to proceed with development of the Phoenix in-situ recovery (ISR) uranium mine, part of the broader Wheeler River project in the Athabasca Basin.

“Making a Final Investment Decision and the upcoming initiation of construction activities at Phoenix mark the beginning of a new era in Denison’s history and the Canadian uranium mining sector,” said David Cates, Denison’s president and chief executive officer.

“With construction anticipated to take approximately two years, commencing construction in March is expected to allow us to maintain our objective to achieve first production from Phoenix by mid-2028 and ultimately position Denison as one of the few uranium suppliers globally who will be able to provide a sizeable new source of uranium production before the end of the decade,” Cates added.

Wheeler River is described by Denison as the largest undeveloped uranium project in the infrastructure-rich eastern portion of the Athabasca Basin.

The project hosts the high-grade Phoenix and Gryphon deposits and is a joint venture in which Denison holds a 90 percent interest and serves as operator, with JCU (Canada) Exploration Company Limited holding the remaining 10 percent.

Phoenix is planned as an ISR operation, a method that extracts uranium by circulating solutions through the ore body rather than conventional open-pit or underground mining.

Permitting for the project began in 2019. The Province of Saskatchewan approved the project’s Environmental Assessment in July 2025, followed by federal approval and the grant of a Licence to Prepare Site & Construct by the Canadian Nuclear Safety Commission in February 2026.

The investment decision comes amid a broader resurgence of uranium development activity in Saskatchewan, home to some of the world’s highest-grade deposits.

Just days before Denison’s announcement, Australia-headquartered Paladin Energy (ASX:PDN,OTCQX:PALAF) said it had received provincial approval for the Environmental Impact Statement for its Patterson Lake South (PLS) project, also located in the Athabasca Basin.

The approval, granted on February 18 by Saskatchewan’s Minister of Environment, followed technical acceptance of the document in June 2025 and a public review process.

“The Environmental Assessment approval is an important regulatory milestone for the PLS Project and a prerequisite for permits and licences issued by provincial and federal authorities leading to construction and operation,” Paladin said.

Paladin is continuing to work with the Canadian Nuclear Safety Commission as it advances the federal licensing process.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.