Denison Mines Approves Phoenix ISR Mine with 56.7M lb Reserves and 80% IRR
Denison Mines approved final investment decision for its Phoenix ISR uranium mine at Wheeler River with 56.7 million pounds of reserves and a projected IRR above 80%, targeting 2028 production using an in-situ recovery method 15–70% cheaper than conventional mining. Government critical minerals funding bolsters project economics.
1. Final Investment Decision
In March 2026, Denison Mines announced a final investment decision for the Phoenix in-situ recovery (ISR) uranium mine at Wheeler River, marking a pivotal move from exploration to development for the company.
2. Project Reserves and Timeline
The Phoenix project contains 56.7 million pounds of proven and probable uranium reserves, with first production targeted in 2028 under an ISR approach designed to streamline operations and reduce environmental impact.
3. Economic Advantages
The in-situ recovery method is projected to cut extraction costs by 15–70% compared to conventional mining, contributing to a forecasted internal rate of return above 80% and enhancing Denison’s long-term cash flow outlook.
4. Strategic Context
Strong U.S. government commitments exceeding $30 billion to secure critical mineral supply chains and rising uranium prices near $92 per pound create a favorable policy and price environment to support the Phoenix project’s economics.