Peter Ballantyne Cree Nation Withdraws Judicial Review and Confirms Support for the Wheeler River Project

Rhea-AI Summary

Denison Mines (NYSE American:DNN) announced that Peter Ballantyne Cree Nation has withdrawn its judicial review application challenging the provincial Environmental Assessment approval for the Phoenix ISR uranium mine and has formally consented to and supports development and operation of the Wheeler River Project in northern Saskatchewan.

Wheeler River, a Denison-led joint venture (Denison 90%, JCU 10%), hosts the high-grade Phoenix and Gryphon deposits. Environmental Assessments are approved provincially (July 2025) and federally with a construction licence (February 2026), with Phoenix early works started in March 2026 and first production targeted for 2028.

Positive

• PBCN withdraws judicial review of Phoenix Environmental Assessment approval
• PBCN provides formal consent and support for Wheeler River development
• Denison holds 90% operating interest in Wheeler River joint venture
• Provincial EA approval for Phoenix granted in July 2025
• CNSC EA approval and construction licence granted in February 2026
• Phoenix site preparation and early works started March 2026 with 2028 first production target

Negative

• None.

Market reaction after Wheeler River permitting update: DNN +3.90% in the Jul 2 session

+3.90%

7 alerts

+3.90% Session close to close

$2.97B Market Cap

0.1x Rel. Volume

In the Jul 2 session, DNN gained 3.90%, reflecting a moderate positive market reaction. Our momentum scanner triggered 7 alerts that day, indicating moderate trading interest and price volatility.

Data tracked by StockTitan Argus on the day of publication.

Market Context

Withdrawal of PBCN’s judicial review and formal support for Wheeler River reduce permitting overhang...

Analysis

Withdrawal of PBCN’s judicial review and formal support for Wheeler River reduce permitting overhang on Phoenix, which already holds provincial and federal approvals. With first production targeted for 2028, execution on construction timelines and community relations remains key.

Key Figures

Wheeler River interest: 90% JCU interest: 10% Provincial EA approval: July 2025 +5 more

8 metrics

Wheeler River interest 90% Denison ownership and operator role in Wheeler River joint venture

JCU interest 10% JCU ownership in Wheeler River joint venture

Provincial EA approval July 2025 Environmental Assessment approval by Province of Saskatchewan for Phoenix ISR

Federal EA & licence February 2026 Canadian Nuclear Safety Commission EA approval and construction licence for Phoenix

Site works start March 2026 Site preparation and early works construction commenced for Phoenix

Target first production 2028 Planned initial production from Phoenix ISR operation

Land position ~457,000 hectares Direct ownership interests in Athabasca Basin properties

Proximity to mill 20 kilometres Midwest Main, Midwest A, THT and Huskie deposits distance from McClean Lake mill

Historical Context

5 past events · Latest: Jun 26 (Positive)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Jun 26	Exploration survey	Positive	+1.0%	Partner-funded ambient noise tomography survey started at Astro uranium project.
Jun 18	Drill program launch	Positive	-0.8%	Largest drill program commenced at Murphy Lake North joint venture with Denison.
Jun 15	Drill plans update	Positive	+8.2%	Summer drill plans announced for Darby uranium joint venture with Denison.
Jun 03	Private placement	Negative	-0.3%	C$5.02 million bought deal private placement for exploration and working capital.
May 28	Drill program launch	Positive	+0.6%	Largest drill program announced at Murphy Lake North with Denison participation.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Recent news for this name has mostly seen share-price moves align with the tone of operational and financing updates, with only one divergence in the last five events.

Key Terms

in-situ recovery, environmental assessment, construction licence, joint venture, +1 more

5 terms

in-situ recovery technical

"Environmental Assessment approval granted by the Province of Saskatchewan for the Phoenix In-Situ Recovery uranium mine"

In-situ recovery is a mining method that extracts a valuable material by dissolving it underground and pumping the solution to the surface instead of digging or blasting rock. For investors, it matters because this approach often lowers upfront construction costs, shortens development time and reduces visible land disturbance, but it also brings regulatory, environmental and groundwater risks that can affect project timelines, operating costs and valuation.

environmental assessment regulatory

"related to the Environmental Assessment approval granted by the Province of Saskatchewan"

An environmental assessment is a process that evaluates how a project or activity might impact the natural surroundings, such as air, water, land, and wildlife. It helps identify potential environmental risks and ensures that any negative effects are managed or minimized. For investors, this assessment provides insight into the sustainability and long-term viability of projects, which can influence their financial decisions and risk management.

construction licence regulatory

"approval of the Project's EA and the grant of the construction licence by the Canadian Nuclear Safety Commission"

A construction licence is an official government or municipal permit that authorizes a company to build, expand or alter a physical project, often with specific conditions, inspections and time limits. For investors it matters because the licence controls whether and when a project can proceed, affects costs and timelines, and creates legal risk—similar to needing a permit before starting a major renovation, without which the project can be delayed, fined or stopped.

joint venture financial

"and is a joint venture between Denison (90% and operator) and JCU (Canada) Exploration Company Limited"

A joint venture is when two or more companies team up to work on a specific project or business idea, sharing both the risks and the rewards. It’s like friends starting a lemonade stand together—each contributes resources and they split the profits, making it easier to succeed than going alone.

toll milling financial

"currently utilizing a portion of its licensed capacity to process the ore from the Cigar Lake mine under a toll milling agreement"

Toll milling is when a company hires a third-party processor to refine, mill or transform raw materials it owns, paying a fee per unit rather than doing the work in its own facilities. For investors, it matters because toll milling can lower capital and operating costs, speed up production or preserve flexibility, but it also creates dependence on outside partners and fees that affect margins and supply reliability — like renting a specialized workshop instead of owning the factory.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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TORONTO, July 2, 2026 /PRNewswire/ - Denison Mines Corp. ("Denison" or the "Company") (TSX: DML) (NYSE American: DNN) reports that Peter Ballantyne Cree Nation ("PBCN") has withdrawn its judicial review application previously filed in the Court of King's Bench for Saskatchewan related to the Environmental Assessment approval granted by the Province of Saskatchewan for the Phoenix In-Situ Recovery ("ISR") uranium mine ("Phoenix"). As a result of further engagement with PBCN, Denison is also pleased to report that PBCN has now formally provided its consent to and support for the development and operation of Denison's Wheeler River Project ("Wheeler River") in northern Saskatchewan. View PDF Version

About Wheeler River

Wheeler River is the largest undeveloped uranium project in the infrastructure-rich eastern portion of the Athabasca Basin region, in northern Saskatchewan. The project is host to the high-grade Phoenix and Gryphon uranium deposits, discovered by Denison in 2008 and 2014, respectively, and is a joint venture between Denison (90% and operator) and JCU (Canada) Exploration Company Limited ("JCU", 10%). In August 2023, Denison filed a technical report (the "Wheeler River Report") summarizing the results of (i) Phoenix FS; and (ii) a cost update to the 2018 Pre-Feasibility Study for conventional underground mining of the basement-hosted Gryphon uranium deposit. Based on the respective studies, both deposits have the potential to be competitive with the lowest cost uranium mining operations in the world. Permitting efforts for the planned Phoenix ISR operation commenced in 2019, culminating in the July 2025 approval of the Project's Environmental Assessment ("EA") by the Province of Saskatchewan and the February 2026 approval of the Project's EA and the grant of the construction licence by the Canadian Nuclear Safety Commission. Site preparation and early works construction commenced for Phoenix in March 2026 with first production targeted for 2028. More information is available in the technical report titled "NI 43-101 Technical Report on the Wheeler River Project Athabasca Basin, Saskatchewan, Canada" dated August 8, 2023 with an effective date of June 23, 2023, and an update to estimated Phoenix initial capital costs disclosed by press release dated January 2, 2026, copies of which are available on Denison's website and under its profile on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov/edgar. 

About Denison 

Denison is a leading uranium exploration and development company with interests focused in the Athabasca Basin region of northern Saskatchewan, Canada. In addition to Denison's effective 95% interest in its flagship Wheeler River Project, Denison's interests in Saskatchewan include a 22.5% ownership interest in the McClean Lake Joint Venture ("MLJV"), which includes uranium deposits (with mining at the McClean North deposit having commenced in 2025 using the MLJV's SABRE mining method) and the McClean Lake uranium mill (currently utilizing a portion of its licensed capacity to process the ore from the Cigar Lake mine under a toll milling agreement), plus a 25.17% interest in the Midwest Joint Venture Midwest Main and Midwest A deposits, and a 70.55% interest in the Tthe Heldeth Túé ("THT") and Huskie deposits on the Waterbury Lake Property. The Midwest Main, Midwest A, THT and Huskie deposits are located within 20 kilometres of the McClean Lake mill. Taken together, Denison has direct ownership interests in properties covering ~457,000 hectares in the Athabasca Basin region.

Additionally, through its 50% ownership of JCU (Canada) Exploration Company, Limited ("JCU"), Denison holds interests in various uranium project joint ventures in Canada, including the Millennium project (JCU, 30.099%), the Kiggavik project (JCU, 33.8118%) and Christie Lake (JCU, 34.4508%).

In 2024, Denison celebrated its 70th year in uranium mining, exploration, and development, which began in 1954 with Denison's first acquisition of mining claims in the Elliot Lake region of northern Ontario.

Follow Denison on Twitter @DenisonMinesCo

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

Certain information contained in this news release constitutes 'forward-looking information', within the meaning of the applicable United States and Canadian legislation, concerning the business, operations and financial performance and condition of Denison. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as 'potential', 'plans', 'expects', 'budget', 'scheduled', 'estimates', 'forecasts', 'intends', 'anticipates', or 'believes', or the negatives and/or variations of such words and phrases, or state that certain actions, events or results 'may', 'could', 'would', 'might' or 'will' 'be taken', 'occur' or 'be achieved'. 

In particular, this news release contains forward-looking information pertaining to Denison's current expectations, intentions and objectives with respect to Wheeler River and Phoenix, including the Company's outlook generally with respect to ISR mine development and operations on the Wheeler River property, and the status and conditions of regulatory approvals.

Forward looking statements are based on the opinions and estimates of management as of the date such statements are made, and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Denison to be materially different from those expressed or implied by such forward-looking statements. For example, the results and underlying assumptions and interpretations of its technical studies and cost forecasting may not be maintained after further testing, procurement, or operations, or be representative of actual conditions at the Project or within the applicable deposits. In addition, Denison may decide or otherwise be required to discontinue work if it is unable to maintain or otherwise secure the necessary resources (such as testing facilities, capital funding, joint venture approvals, regulatory approvals, etc.). Denison believes that the expectations reflected in this forward-looking information are reasonable but no assurance can be given that these expectations will prove to be accurate and results may differ materially from those anticipated in this forward-looking information. For a discussion in respect of risks and other factors that could influence forward-looking events, please refer to the factors discussed in Denison's Annual Information Form dated March 30, 2026 under the heading 'Risk Factors' or in subsequent quarterly financial reports. These factors are not, and should not be construed as being, exhaustive.

Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking information contained in this news release is expressly qualified by this cautionary statement. Any forward-looking information and the assumptions made with respect thereto speaks only as of the date of this news release. Denison does not undertake any obligation to publicly update or revise any forward-looking information after the date of this news release to conform such information to actual results or to changes in Denison's expectations except as otherwise required by applicable legislation.

View original content to download multimedia:https://www.prnewswire.com/news-releases/peter-ballantyne-cree-nation-withdraws-judicial-review-and-confirms-support-for-the-wheeler-river-project-302816561.html

SOURCE Denison Mines Corp.

FAQ

What did Denison Mines (DNN) announce about Peter Ballantyne Cree Nation and Wheeler River on July 2, 2026?

Denison Mines reported that Peter Ballantyne Cree Nation withdrew its judicial review and now supports the Wheeler River Project. According to Denison, PBCN has formally consented to the development and operation of Wheeler River in northern Saskatchewan.

How does the PBCN judicial review withdrawal affect Denison Mines’ Phoenix ISR uranium project (DNN)?

The withdrawal removes a court challenge to the provincial Environmental Assessment approval for the Phoenix ISR mine. According to Denison, this follows further engagement with PBCN and coincides with PBCN’s formal consent to Wheeler River’s development and operation.

What are the key details of Denison Mines’ Wheeler River Project (DNN) in Saskatchewan?

Wheeler River is described as the largest undeveloped uranium project in the eastern Athabasca Basin. According to Denison, it hosts the Phoenix and Gryphon deposits and is a joint venture with Denison holding 90% and JCU holding 10%.

What regulatory approvals has Denison Mines obtained for the Phoenix ISR operation at Wheeler River (DNN)?

Phoenix permitting started in 2019 and obtained provincial Environmental Assessment approval in July 2025. According to Denison, the Canadian Nuclear Safety Commission approved the EA and granted a construction licence in February 2026, enabling site preparation and early works.

When is Denison Mines targeting first production from the Phoenix ISR mine at Wheeler River (DNN)?

Denison is targeting first production from Phoenix in 2028. According to Denison, site preparation and early works construction for Phoenix began in March 2026 after federal and provincial approvals and the grant of the construction licence.

What other uranium interests does Denison Mines (DNN) hold in the Athabasca Basin region?

Denison has interests including 22.5% of the McClean Lake Joint Venture and 25.17% of the Midwest Joint Venture. According to Denison, it also owns 70.55% of the THT and Huskie deposits and holds indirect stakes through 50% ownership of JCU.