Canadian uranium company Denison Mines is advancing engineering and regulatory efforts for its planned Phoenix project in Saskatchewan, targeting a final investment decision by mid-2025.

This will support the company’s goal of achieving first production from the in-situ recovery (ISR) operation by 2027 or 2028.

On the regulatory front, Denison CEO David Cates shared on Thursday that the Canadian Nuclear Safety Commission’s review of the Wheeler River draft environmental-impact statement (EIS) was approaching completion, with nearly all outstanding information requests resolved.

“Given the positive progress with the federal review, we have opted to submit a final provincial EIS to the Saskatchewan Ministry of Environment to move forward with obtaining formal approval from the province,” Cates stated.

Denison is also advancing its engineering efforts, having completed 45% of the total engineering work by the end of the third quarter of 2024. The company is ramping up long-lead procurement activities, with C$21-million in milestone payments or commitments already made toward initial project capital expenditures, and several additional procurement packages underway.

Denison holds an effective 95% interest in its flagship Wheeler River, the largest undeveloped uranium project in the infrastructure-rich eastern portion of the Athabasca basin in northern Saskatchewan. The feasibility study for the Phoenix deposit—to be developed as an ISR mining operation—was completed in mid-2023, and an updated prefeasibility study for the Gryphon deposit (conventionally mined) was also finalized. Both deposits have the potential to be among the lowest-cost uranium mining operations globally.

Beyond Wheeler River, Denison has also made strides with its SABRE programme at the McClean North deposit, which remains on track for production in 2025.

“Our team is also advancing work on other development and exploration projects, with study work progressing on both the Midwest project and the Heldeth Túé deposit, potentially leading to updated or new technical studies in the coming months,” Cates noted.

In a notable move, Denison has entered a transaction with Foremost Clean Energy, optioning up to 70% of its interests in a portfolio of ten exploration properties. The deal is designed to boost Denison’s exposure to future discoveries while retaining significant ownership of properties that would otherwise receive less attention given the company's current focus on development and mining-stage projects.