Denison (NYSE: DNN) greenlights Phoenix uranium mine build for mid-2028 output
Filing Impact
Filing Sentiment
Form Type
6-K
Rhea-AI Filing Summary
Denison Mines Corp. has filed a Form 6-K to share a press release announcing its Board’s Final Investment Decision to build the Phoenix in-situ recovery uranium mine at the Wheeler River project in Saskatchewan, with site preparation and construction planned to start in March 2026.
Construction is anticipated to take about two years, with an objective of achieving first uranium production from Phoenix by mid-2028. Phoenix is part of Wheeler River, described as the largest undeveloped uranium project in the eastern Athabasca Basin, where Denison holds a 90% operating interest alongside JCU’s 10% stake.
Positive
- Final Investment Decision and construction start: Denison’s Board has approved the Phoenix ISR uranium mine, with construction planned to begin in March 2026 and first production targeted for mid-2028, moving its flagship Wheeler River project into the build phase.
Negative
- Execution and funding risks highlighted: The company notes that technical assumptions, cost forecasts and timelines may change, and work could be discontinued if necessary resources such as capital funding, testing facilities, joint venture or regulatory approvals are not maintained or secured.
Insights
Denison moves Wheeler River’s Phoenix deposit into construction with a firm build and production timeline.
Denison Mines has advanced the Phoenix in-situ recovery uranium project from study and permitting into the construction phase, following Board approval of a Final Investment Decision. Site preparation and construction are planned to begin in March 2026, signalling a commitment to develop this flagship asset.
The company states construction is anticipated to take approximately two years, supporting an objective of first production by mid-2028. Phoenix and the Gryphon deposit are described as potentially competitive with the lowest-cost uranium mines globally, based on prior technical studies and updated capital cost estimates.
Regulatory risk has been reduced by provincial Environmental Assessment approval in July 2025 and Canadian Nuclear Safety Commission EA approval plus a Licence to Prepare Site & Construct in February 2026. Remaining execution depends on maintaining capital funding, joint venture approvals and other resources, with future disclosures expected through ongoing technical and financial reporting.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE
13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
Date: March 4, 2026
Commission File Number: 001-33414
Denison Mines Corp.
(Name of
registrant)
1100-40 University Avenue
Toronto Ontario
M5J 1T1 Canada
(Address of
principal executive offices)
Indicate by check mark whether the registrant files
or will file annual reports under cover Form 20-F or Form
40-F.
Form
20-F ☐ Form 40-F ☒
Indicate by check mark if the registrant is submitting the
Form 6-K in paper as permitted by Regulation S-T Rule
101(b)(1): ☐
Indicate by check mark if the registrant is submitting the
Form 6-K in paper as permitted by Regulation S-T Rule
101(b)(7): ☐
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly
authorized.
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DENISON MINES
CORP.
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/s/ Amanda Willett
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Date: March 4, 2026
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Amanda
Willett
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Vice
President Legal and Corporate Secretary
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FORM 6-K
EXHIBIT INDEX
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Exhibit Number
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Description
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99.1
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Press release dated February 24, 2026 |
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Exhibit 99.1
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Denison Mines
Corp.
1100 – 40
University Ave
Toronto, ON M5J
1T1
www.denisonmines.com
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PRESS RELEASE
Denison Announces Final Investment Decision for the Phoenix In-Situ
Recovery Uranium Mine and Plans to Start Construction in March
2026
Toronto, ON – February
24, 2026. Denison Mines Corp. (“Denison” or the
“Company”) (TSX: DML, NYSE American: DNN) is pleased to
announce that its Board of Directors has made a Final Investment
Decision (“FID”) to proceed with the construction of
the Phoenix In-Situ Recovery (“ISR”) uranium mine
(“Phoenix” or the “Project”), and that site
preparation and construction activities for Phoenix are planned to
commence in March 2026.
David Cates, President and CEO of Denison
commented, “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.
Our teams have worked diligently over the last several years to
bring Phoenix to a construction-ready state, obtain provincial and
federal approvals, procure long-lead materials, and secure
financing to be in a position to make this landmark decision and
commence construction of the first new large-scale Canadian uranium
mine in over two decades. 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.”
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 Licence to Prepare Site & Construct by
the Canadian Nuclear Safety Commission. 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 unmined
uranium deposits (with mining at McClean North deposit via the
MLJV's SABRE mining method having commenced in 2025) 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’s 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, 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.
For more information, please contact
David
Cates
(416) 979-1991 ext.
362
President and
Chief Executive Officer
Geoff
Smith
(416) 979-1991 ext.
358
Vice President
Corporate Development & Commercial
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; the status of a final
investment decision; timing, readiness and mobilization for site
clearing and construction, and construction planning; current
outlook for the achievement of first production; the results of,
and estimates, assumptions and projections provided in, the
technical report for Wheeler River and the interpretations and
expectations with respect thereto, including the updated initial
capital cost estimate; and expectations regarding its joint venture
ownership interests and the continuity of its agreements with its
partners and third parties.
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 28, 2025 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.
FAQ
What did Denison Mines (DNN) announce regarding the Phoenix uranium project?
Denison Mines announced a Final Investment Decision to build the Phoenix in-situ recovery uranium mine at its Wheeler River project. Site preparation and construction are planned to start in March 2026, marking a major step from study and permitting into the construction phase.
When does Denison Mines (DNN) expect first production from Phoenix?
Denison aims to achieve first uranium production from the Phoenix mine by mid-2028. Construction is anticipated to take approximately two years from its planned start in March 2026, aligning the schedule with the company’s objective to deliver new production before the end of the decade.
Where is Denison Mines’ (DNN) Phoenix project located and who owns it?
Phoenix is part of the Wheeler River uranium project in the eastern Athabasca Basin region of northern Saskatchewan. Wheeler River is a joint venture between Denison, holding a 90% operating interest, and JCU (Canada) Exploration Company Limited, which owns the remaining 10% stake.
What regulatory approvals has Denison Mines (DNN) obtained for Phoenix?
Permitting efforts began in 2019 and led to provincial Environmental Assessment approval in July 2025. In February 2026, the Canadian Nuclear Safety Commission approved the Environmental Assessment and granted a Licence to Prepare Site & Construct, enabling planned construction activities at Phoenix to proceed.
How does Phoenix fit into Denison Mines’ (DNN) broader uranium portfolio?
Phoenix is described as part of Wheeler River, the largest undeveloped uranium project in the eastern Athabasca Basin. Denison also holds interests in the McClean Lake Joint Venture, Midwest Joint Venture, Waterbury Lake deposits, and various JCU-partnered projects, giving it broad exposure to Canadian uranium assets.