Denison Mines Ready To Launch Phoenix ISR Uranium Project
(RTTNews) - Denison Mines Corp. (DNN, DML.TO) announced that, pending final regulatory approvals, it is prepared to make a final investment decision (FID) and begin construction of the proposed Phoenix In-Situ Recovery (ISR) uranium mine. Significant progress in regulatory, engineering, and construction planning throughout 2025 has positioned Phoenix in a construction-ready state, with confirmation of an expected two-year construction timeline. If approvals to commence construction are received in Q1 2026, first production remains on track for mid-2028.
The company has also provided an updated initial capital cost estimate for the Project, reflecting substantial completion of engineering and procurement activities since 2023.
Denison has prepared a Class 2 post-FID capital cost estimate to establish the Control Budget for the Phoenix Project. Roughly 75% of equipment and materials costs are already supported by committed contracts or bids under evaluation, while about 50% of construction costs are backed by bids currently being reviewed or finalized in contract negotiations.
Taking into account inflation, cost increases, and project refinements, the Company now estimates the total post-FID initial capital requirement for Phoenix at approximately $600 million, based on a Class 2 level of precision. This represents a 20% increase compared to the 2023 Phoenix Feasibility Study when adjusted for inflation. The updated estimate also includes $65 million in contingency funds and owners' reserves, equivalent to about 12.5% of the Project's direct and indirect costs.
