Denison Mines Secures Federal Approval for Canada’s First Large-Scale ISR Uranium Mine
Denison Mines secured CNSC approval Feb. 19 to construct the Phoenix in-situ recovery uranium mine at Wheeler River. With site-preparation licences granted and a construction contract awarded, Denison aims to begin mine work and achieve first uranium output by mid-2028 on Canada’s first large-scale ISR operation.
1. Regulatory Approval
Denison Mines received final approval from the Canadian Nuclear Safety Commission on February 19 to proceed with site preparation and construction of the Phoenix in-situ recovery uranium mine, having secured both federal environmental and construction licences for the Wheeler River Project.
2. Project Overview
The Phoenix deposit, part of the Wheeler River Joint Venture with JCU (Canada) Exploration Company, holds a 95% Denison interest and is designed as Canada’s first large-scale in-situ recovery uranium operation, targeting among the world’s lowest production costs.
3. Construction and Timeline
A construction management contract has been awarded and Denison plans a two-year build, aiming for first uranium production by mid-2028 with immediate mobilisation of personnel and equipment.
4. Strategic Impact
This approval marks the first major uranium mine construction in Canada in over 20 years and positions Denison as a leader in sustainable ISR mining, potentially enhancing long-term cash flow and shareholder returns.