Denison Secures Final Federal Approval to Construct Phoenix ISR Uranium Mine

The Canadian Nuclear Safety Commission has approved the Environmental Assessment and issued the Licence to Prepare Site & Construct a Mine and Mill for Denison Mines Corp.’s Wheeler River Uranium Project, the company announced on Feb. 19, 2026, completing the final federal regulatory approval required to commence construction of the Phoenix in-situ recovery (ISR) uranium mine in northern Saskatchewan. Denison distributed the announcement via CNW Group and PR Newswire and links the federal Licence for Wheeler River directly to the start of Phoenix construction.

David Cates, President and CEO of Denison, framed the decision as a broad milestone for project stakeholders. “The Commission decision to approve the EA and issue the Licence represents a landmark achievement for Denison, as well as our staff, shareholders, Indigenous partners, and other stakeholders in the Project. We thank the Commission and CNSC staff for promptly delivering the positive results of the recently completed public hearing and extensive federal regulatory review process. Denison has successfully demonstrated to the Commission'ssatisfaction that Phoenix can be built in a manner that meets Canada's stringent standards.”

Industry reporting highlights the regulatory significance. Investing reported that the Phoenix ISR mine is being described as the first uranium mine in Canada approved for ISR mining and the first large-scale Canadian uranium mine approved for construction in more than 20 years, and that market reporting places an approximately two-year construction timeline with first production targeted by mid-2028.

Denison’s project readiness work and contract awards are already in place. The company announced the award of a construction management contract to Wood Canada and separately announced that grid power is now available at the future Phoenix site following completion of a SaskPower transmission line. Denison has also issued a news item titled “Readiness to Commence Construction of Flagship Phoenix ISR Project and Provides Capital Cost Update,” indicating the company has moved from permitting to preparatory execution steps.

The environmental assessment process has been multi-year. Denison submitted a draft Environmental Impact Statement in October 2022 and said it has since received comments and information requests from provincial and federal reviewers and from Indigenous communities through the federal public review process. Denison’s materials state, “Once the regulatory reviewers are satisfied with Denison’s responses to such comments, a final EIS will be submitted for ultimate approval.”

Indigenous agreements and local approvals are part of the record. Denison announced signing an Impact Benefit Agreement and Exploration Agreement with Métis Nation, Saskatchewan units MN-S NR-1 and MN-S NR-3, and execution of agreements with Kineepik Métis Local #9. The CNSC release and the company’s statement reference inputs from Indigenous communities during the public review and the recently completed public hearing.

Technical and provincial milestones are also documented in Denison’s archive. The company reported completion of metallurgical test work defining Phoenix process plant components and confirming the ability to produce yellowcake, and it previously received approval to construct and operate a Phoenix Feasibility Field Test Facility from the Saskatchewan Minister of Environment.

Market context accompanied the regulatory news. Investing/InvestingPro noted Denison’s stock trading and performance metrics, reporting a trading price of $4.06 USD and return metrics of 145 percent over the past year and 103 percent over six months. Denison’s broader corporate activity includes joint-venture and transaction announcements with Skyharbour, a superior proposal for UEX Corporation, and historical disclosures such as a $47.8 million gain on physical uranium holdings reported in Q1 2022 and discovery news at the Waterfound JV where Denison holds a 24.68 percent interest.

With provincial EA approval already in hand and the CNSC Licence issued for Wheeler River, Denison and contractors such as Wood Canada can proceed to construction mobilization for the Phoenix ISR project, while market and industry reporting continue to track the two-year construction window and the mid-2028 first production target attributed to recent market coverage.