Denison has brought Phoenix to a construction-ready state with provincial and federal approvals secured. Construction is set to commence in March 2026, with production targeted for mid-2028, positioning Denison as one of the few uranium suppliers globally who will provide a sizeable new source of uranium production before the end of the decade. The Wheeler River Project is ranked as the #1 non-precious mining development project globally with base-case economics showing NPV8% of C$1.56 billion and industry-leading all-in costs of C$16.04 per pound U3O8.
Cyborg Score Rationale
Phoenix is the first uranium mine in Canada to be approved for ISR mining and the first large-scale Canadian uranium mine approved for construction in more than 20 years. The company has a robust balance sheet of approximately CAD$718 million in cash and investments as of September 2025. Construction execution risk and uranium price volatility moderate the score.
Top Insights
Final Investment Decision made with construction commencing March 2026—landmark milestone for first new large-scale Canadian uranium mine in 20+ years
Exceptional project economics: 90% post-tax IRR and C$1.56B NPV with industry-leading C$16.04/lb all-in costs across 10-year mine life
22.5% ownership interest in McClean Lake Joint Venture now processing ore from mid-2025 McClean North mine startup, providing near-term revenue
Mid-2028 first production target aligns with global uranium supply deficit as 30+ nations pledge to triple nuclear capacity by 2050
Named Competitors
Cigar Lake Mine — Operating uranium mine in Athabasca Basin
McArthur River Mine — Operating high-grade uranium mine in Saskatchewan
Physical Uranium Fund — Uranium supply alternative through physical holding
Recent Developments
(February 2026) Canadian Nuclear Safety Commission grants final regulatory approval and Licence to Prepare Site & Construct for Phoenix project
(February 2026) Board makes Final Investment Decision to proceed with Phoenix ISR uranium mine construction starting March 2026
(July 2025) Province of Saskatchewan approves Environmental Assessment for Phoenix project
(July 2025) First production from McClean North uranium mine commenced at McClean Lake Joint Venture
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