Targets two-year uranium production

Denison Mines is pushing ahead with a uranium project in northern Saskatchewan that it says can reach first production faster than a conventional mine because the ore will be recovered without digging an open pit or sinking an underground shaft. The Toronto-based company made a final investment decision in February to build the Phoenix in-situ recovery project at Wheeler River, with construction starting in March 2026 and first production targeted for mid-2028. The project has become a closely watched test of whether Canada can bring on new uranium supply on a compressed timeline using a method more common in other jurisdictions than in Saskatchewan. Canadian regulators have approved site preparation and construction, but not operations. ### Which company is behind the project, and where is it? Denison Mines Corp. is the developer of Phoenix, a deposit within the Wheeler River project in the Athabasca Basin of northern Saskatchewan, about 600 kilometres north of Saskatoon, according to the Canadian Nuclear Safety Commission. Denison holds a 90% interest in the joint venture and JCU (Canada) Exploration Company holds 10%, the company said. (denisonmines.com) February 24, 2026, was the date Denison said its board made the final investment decision to proceed with construction. The company said site preparation and construction activities were planned to begin in March 2026. ### What does “mining without digging” mean here? Phoenix is designed as an in-situ recovery, or ISR, uranium mine. (canada.ca) That means the company plans to recover uranium from the orebody through wells and processing systems rather than by conventional underground mining, according to Denison’s project description and feasibility-study summary. June 2023 was the effective date of Denison’s Phoenix feasibility study, which the company says validated ISR as the selected mining method for the high-grade deposit. (denisonmines.com) Denison has said Phoenix would be the first ISR uranium mine built in Canada. ### Why does Denison say the schedule is faster? A roughly two-year construction period is central to Denison’s pitch. (denisonmines.com) In its February 2026 announcement, the company said construction was expected to take about two years, which would support its target of mid-2028 first production. World Nuclear News, citing Denison, also reported the project had an expected two-year construction timeline. (denisonmines.com) David Cates, Denison’s president and chief executive, said in August 2024 that the company had embarked on a two-year plan after completing the feasibility study in June 2023 to advance toward a final investment decision. By then, he said, Denison had completed more than 30% of total engineering. (denisonmines.com) ### What approvals has the project already received? February 19, 2026, was the date the Canadian Nuclear Safety Commission announced it had issued Denison a licence to prepare the site for and construct the Wheeler River project. The commission said the licence is valid until February 28, 2031, after a two-part public hearing held in October and December 2025. (denisonmines.mediaroom.com) The Saskatchewan government said on April 2 that Denison and NexGen Energy had become the first Canadian uranium mines approved for construction since 2004. In the same statement, Cates said site preparation and initial construction activities had already started at Phoenix and the company was preparing to move into full-scale construction. (canada.ca) ### What still has to happen before uranium is produced? The Canadian Nuclear Safety Commission said its current licence does not authorize operation of the facility. The agency said any operating authority would require a future commission hearing and decision if Denison applies for that licence. (saskatchewan.ca) Mid-2028 is the milestone Denison is targeting for first production, and the company has said Phoenix is expected to be the first new large-scale Canadian uranium mine in more than 20 years. For now, the next formal step after construction is a separate operating application and hearing before the federal regulator. (denisonmines.com) (canada.ca)