Denison Mines' Phoenix ISR Project Ready for Construction Phase

Denison Mines Corp. DNN recently announced that its flagship Phoenix In-Situ Recovery (ISR) uranium project, located at the Wheeler River in Saskatchewan, is now fully prepared to advance into the construction phase, subject to final regulatory approval, expected in the first quarter of 2026. DNN expects to make a final investment decision (FID) following receipt of final regulatory approvals. 

The company noted that major progress was achieved throughout 2025 across regulatory approvals, detailed engineering, procurement and construction planning, including the completion of the Canadian Nuclear Safety Commission’s public hearing process and prior provincial environmental clearance.  

Denison reaffirmed that Phoenix is on track to become Canada’s first new large-scale uranium mine since Cigar Lake, with an expected 24-month construction period and first production targeted for mid-2028, assuming permits are finalized and a positive FID. The company updated the post-FID initial capital cost to approximately $600 million on a Class 2 budget basis, reflecting inflation and project refinements compared to the 2023 feasibility study, including roughly $65 million in contingency funds. No further revisions are anticipated before construction commencement.  

Construction readiness is supported by largely completed detailed engineering, procurement of long-lead items, near-final construction contracts for 2026, and initial provincial approval for early site works. 

Shares of DNN rallied 67.4% over the past six months compared with the industry’s 18.1% rise. 

DNN Zacks Rank & Key Picks

DNN currently carries a Zacks Rank of #3 (Hold).

Some better-ranked stocks in the Basic Materials space areImpala Platinum Holdings Limited IMPUY, BHP Group Limited BHP and Paladin Energy Ltd. PALAF. IMPUY sports a Zacks Rank of #1 (Strong Buy), while BHP and PALAF carry a Zacks Rank of #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for IMPUY’s current fiscal-year earnings is pegged at $1.33 per share, indicating a 2,560% year-over-year increase. Shares of IMPUY have jumped 67.2% over the past six months.

The Zacks Consensus Estimate for BHP’s current fiscal-year earnings stands at $4.51 per share, implying a 23.9% year-over-year increase. Shares of BHP have gained 25% over the past six months.

The Zacks Consensus Estimate for PALAF’s current fiscal-year earnings is pegged at 5 cents per share, indicating a 139% year-over-year increase. Shares of PALAF have soared 39.9% over the past six months.

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This article originally published on Zacks Investment Research (zacks.com).

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