Denison Mines Corp. advances construction of its Phoenix uranium mine in northern Saskatchewan’s Athabasca Basin following board approval, a construction licence from the Canadian Nuclear Safety Commission (CNSC), and backing from local communities. Located in Treaty 10 territory at Wheeler River, this project marks Canada’s first new uranium mine in over two decades, with initial capital costs projected at $419.4 million.
Key Milestones and Timeline
The board issued its final investment decision on Tuesday, greenlighting site preparation and construction to begin in March. Headquartered in Toronto, Denison secured the CNSC licence earlier this month for site prep and building the mine and mill. A separate operating licence will be required post-construction.
Production targets a 2028 launch, with operations spanning 10 years. The project holds 56.7 million pounds of proven and probable uranium reserves. It introduces Canada’s first in-situ recovery method, injecting an acidic solution to dissolve and extract uranium underground.
David Cates, Denison Mines CEO, highlighted the project’s global significance: “There are very few new mines of large scale that are in the pipeline for uranium globally. We are likely the only meaningful source of new uranium supply that enters the market before the 2030s, so that situates Denison uniquely amongst our peers.”
Provincial and Community Approvals
Saskatchewan’s government approved the project in August 2025. Prior to regulatory hearings, Denison signed impact benefit agreements with English River First Nation, Métis Nation—Saskatchewan, and Ya’thi Néné Lands and Resources, representing three First Nations and four Athabasca Basin communities. These agreements typically cover employment, training, local contracts, and financial benefits, though specifics remain confidential.
Ya’thi Néné Lands and Resources endorsed the project after addressing environmental concerns. Executive Director Garrett Schmidt stated: “We are satisfied with the mitigation measures that are being implemented, but that being said, we’re also very interested in how development continues to occur in the basin. So we’re very mindful of and observing planned projects and how they’re being proposed just to make sure that the balance is always maintained. Having clean water, intact ecosystems and land is very important to the communities to support their culture and their way of life.”
Ya’thi Néné is jointly managed by Hatchet Lake Denesuline First Nation, Black Lake Denesuline First Nation, Fond du Lac Denesuline First Nation, Stony Rapids, Uranium City, Wollaston Lake, and Camsell Portage.
Ongoing Community Engagement
Not all communities support the project. Birch Narrows Dene Nation and Peter Ballantyne Cree Nation submitted non-endorsing feedback during CNSC hearings held in Saskatoon in December and Gatineau, Quebec, in October. Last year, Peter Ballantyne Cree Nation challenged the province and Denison in court over environmental assessments and consultation duties.
Cates emphasized continued dialogue: “That’s a work in progress and the reality is that Indigenous engagement is not something that stops when a permit is granted. It really starts with approval of projects and has to continue through life of mine. So we will be looking for opportunities to enhance our programs and enhance our engagement.”
Broader Industry Context
Denison joins efforts alongside Cameco Corp. in Saskatchewan’s uranium sector. Vancouver-based NexGen Energy Ltd. awaits a CNSC decision for its Rook I underground mine in the Athabasca Basin. The last Saskatchewan uranium mine, Cameco’s Cigar Lake, began construction in 2005.
