Final approval clears Denison Mines (DNN) to construct Phoenix ISR uranium project
Filing Impact
Filing Sentiment
Form Type
6-K
Rhea-AI Filing Summary
Denison Mines Corp. reports that the Canadian Nuclear Safety Commission has approved the Environmental Assessment and issued the Licence to Prepare Site & Construct a Mine and Mill for the Wheeler River Phoenix in-situ recovery (ISR) uranium project in Saskatchewan. With prior provincial approvals already in place, this represents the final regulatory clearance needed to start construction of the Phoenix uranium mine.
Phoenix is 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. Denison targets an approximately 2-year construction period and indicates the project remains on track for first production by mid-2028, subject to a final investment decision. The company notes it has advanced pre-construction work so it can move quickly once that decision is made.
Positive
- Final federal approvals for Phoenix ISR mine – CNSC approval of the Environmental Assessment and issuance of the Licence to Prepare Site & Construct a Mine and Mill complete the key regulatory clearances needed to begin construction at Wheeler River.
- Clear path and timeline to first production – With permits in hand, Denison outlines an approximately 2-year construction schedule and indicates Phoenix remains on track for first uranium production by mid-2028, subject to a final investment decision.
Negative
- None.
Insights
Final federal approvals materially de-risk Denison’s flagship Phoenix ISR uranium project.
The approval of the Environmental Assessment and issuance of the Licence to Prepare Site & Construct a Mine and Mill for Phoenix remove a major regulatory hurdle for Denison. All key provincial and federal permits needed to commence construction at Wheeler River are now in place.
Phoenix is highlighted as the first ISR uranium mine approved in Canada and the first large-scale Canadian uranium mine cleared for construction in more than 20 years, underscoring its strategic importance. Denison’s approximately 2-year construction timeline and indication of first production by mid-
The company notes Phoenix’s potential for strong economics and a “superior standard of sustainability” relative to conventional mining, based on prior technical work. Future disclosures around the final investment decision, construction start, and progress toward the mid-
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: February 19, 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: February 19,
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 19, 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 Receives Final Regulatory Approval
to Construct the Phoenix ISR Uranium Mine
Toronto, ON – February
19, 2026. Denison Mines Corp. (“Denison” or the
“Company”) (TSX: DML, NYSE American: DNN) is pleased to
announce that the Canadian Nuclear Safety Commission
(“CNSC”) has released the decision of its
administrative tribunal (the “Commission”) approving
the Environmental Assessment (“EA”) and issuing the
Licence to Prepare Site & Construct a Mine and Mill (the
“Licence”) for the Wheeler River Uranium Project
(“Wheeler River”). With the EA having previously been
approved by the Province of Saskatchewan, and other provincial
approvals necessary to commence construction already received,
federal approval of the EA and the issuance of the Licence
represent the final regulatory approvals required to commence
construction of the Phoenix In-Situ Recovery (“ISR”)
uranium mine (“Phoenix” or the
“Project”).
David Cates, President and CEO of Denison
commented, “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’s
satisfaction that Phoenix can be built in a manner that meets
Canada’s stringent standards.
I’d like to recognize the efforts of Denison’s talented
teams, which have worked together tirelessly over a 7-year period
to engage with Indigenous and non-Indigenous communities, comply
with applicable laws and regulatory requirements, build trust with
regulators and the public, and ultimately advocate for the approval
of this ground-breaking project.
Phoenix is the first uranium mine in Canada to be approved for ISR
mining and is the first large-scale Canadian uranium mine approved
for construction in more than 20 years. It is a nation building
project that reflects the best of Canadian ingenuity and
determination. Owing to the use of the ISR mining method, Phoenix
has the potential to generate strong economics while also achieving
a superior standard of sustainability when compared to conventional
mining methods. With an approximately 2-year construction timeline,
the timing of this approval means that the Project remains on track
for first production by mid-2028.
Given Phoenix’s construction ready state, our recent award of
the construction management contract, and Denison’s strong
financial position, we are eager to conclude the Company’s
final investment decision for the Project and announce the timeline
for the commencement of construction.”
The CNSC’s
decision to approve the EA and grant the Licence for the Project
was informed by CNSC Staff recommendations and public input, with
the regulatory process culminating in a two-part public hearing
that was held in October and December 2025 (the
“Hearing”).
A draft Licence
was presented by the CNSC staff to the Commission at the Hearing
part one proceedings, on October 8, 2025. The draft Licence
proposed several conditions requiring closure by Denison prior to
site construction activities, which the Denison team has worked
diligently to satisfy. As a result of this preemptive work, and
with the receipt of the Licence, Denison is in a position to
immediately proceed with site preparation and commence construction
activities as soon as a final investment decision is
made.
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 EA by
the Province of Saskatchewan and the February 2026 approval of the
Project’s EA and the grant of the Licence by the CNSC. 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 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.
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 CM Contract and
its current terms; the status and conditions of regulatory
approvals; 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 that Canada’s nuclear regulator approved the Environmental Assessment and issued the Licence to Prepare Site & Construct a Mine and Mill for the Phoenix ISR uranium project, providing the final regulatory approvals needed to start construction at Wheeler River in Saskatchewan.
Why is the Phoenix ISR uranium mine important for Denison Mines (DNN)?
Phoenix is Denison’s flagship uranium project and is described as the first uranium mine in Canada approved for in-situ recovery mining and the first large-scale Canadian uranium mine approved for construction in more than 20 years, making it a strategically significant growth asset for the company.
What timeline did Denison Mines (DNN) outline for Phoenix construction and production?
Denison stated that Phoenix has an approximately 2-year construction timeline and that, with final regulatory approvals in place, the project remains on track for first uranium production by mid-2028, contingent on the company making a final investment decision to proceed with construction.
What regulatory bodies have approved the Phoenix uranium project for Denison Mines (DNN)?
The Phoenix project’s Environmental Assessment was previously approved by the Province of Saskatchewan, and the Canadian Nuclear Safety Commission has now approved the federal Environmental Assessment and issued the Licence to Prepare Site & Construct a Mine and Mill, completing the major permitting steps needed to start construction.
How does Denison Mines (DNN) describe the sustainability and economics of Phoenix?
Denison states that, due to the use of in-situ recovery mining, Phoenix has the potential to generate strong project economics while achieving a superior standard of sustainability compared to conventional uranium mining methods, based on its technical studies and prior project evaluations.
What ownership interest does Denison Mines (DNN) have in the Wheeler River project?
Denison reports a 90% interest, as operator, in the Wheeler River joint venture that hosts the Phoenix and Gryphon uranium deposits, with the remaining 10% owned by JCU (Canada) Exploration Company Limited, positioning Denison as the primary beneficiary of the project’s potential development.
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Denison Mines