Denison Mines Announces Final Investment Decision for Phoenix ISR Uranium Mine

Denison Mines Corp. has announced that it has filed its Audited Consolidated Financial Statements and Management's Discussion & Analysis ('MD&A') for the year ended December 31, 2025. The report includes the company's decision to proceed with the final investment and construction of the Phoenix in-situ recovery (ISR) uranium mine. According to the press release, the Phoenix ISR project is located on the Company's 90% owned Wheeler River project in northern Saskatchewan, Canada. Denison stated that the final investment decision follows the successful completion of a feasibility study and environmental assessment process for the project. 'The decision to proceed with the construction of the Phoenix ISR uranium mine represents a major milestone for Denison and the Wheeler River project,' said David Cates, Denison's President and CEO. 'Phoenix is expected to be the first new uranium mine to be developed in the Athabasca Basin region in many years, which we believe will position Denison well to benefit from the anticipated strengthening of the uranium market in the years to come.' The Phoenix ISR mine is expected to have an initial 10-year mine life, producing an average of 6 million pounds of U3O8 per year at industry-leading operating costs. Denison noted that the project has an estimated capital cost of $322 million and is expected to create hundreds of jobs during the construction phase. This announcement comes as the global uranium market continues to show signs of recovery, with spot prices rising steadily over the past 12 months. Analysts have pointed to growing demand for nuclear power as a key driver, as countries seek to reduce carbon emissions and meet their climate targets. 'The development of new uranium production assets like Phoenix will be critical to meeting this future demand,' added Cates. 'We are excited to move forward with this project and contribute to the revitalization of the Athabasca Basin uranium mining district.'