Denison Mines presents investor update showing Phoenix project 24% complete
DNN•Denison Mines said its Phoenix uranium project was 24% complete at September-end 2026, with first production targeted for the second half of 2028. It reported approximately CAD 539 million in cash, physical uranium and investments, and a base-case post-tax net present value of CAD 1.57 billion.
1. Phoenix project update
Denison Mines said Phoenix was 24% complete at September-end 2026 and that first production remains targeted for the second half of 2028. Estimated capital expenditure is approximately CAD 700 million, including CAD 600 million following the final investment decision; the company reported approximately CAD 539 million in cash, physical uranium and investments.
2. Economics and sales
Updated Phoenix economics show a base-case post-tax net present value of CAD 1.57 billion and a 73% internal rate of return. Uranium sales agreements cover more than 8 million pounds, and the company said advanced negotiations are underway for more than 5 million additional pounds.
