Overview
- Denison reports the Phoenix in‑situ recovery project reached a construction‑ready state after 2025 planning and engineering work.
- The next step is final Canadian Nuclear Safety Commission approval targeted for the first quarter of 2026 before a final investment decision.
- If approvals arrive on schedule, Denison guides to a two‑year build with initial uranium output possible by mid‑2028.
- Management estimates a $600 million construction cost and says it holds over $700 million in cash, physical uranium and investments.
- Shares jumped about 11.3% intraday on Jan. 2 after the announcement, while the company characterized Phoenix as its flagship and the first new large‑scale Canadian uranium mine since Cigar Lake.