Denison Mines received provincial environmental assessment (EA) approval for its flagship Wheeler River uranium project in northern Saskatchewan’s Athabasca Basin, advancing what could be Canada’s first in-situ recovery (ISR) uranium mine.  

Denison president and CEO David Cates said in an Aug. 5 press release that with the approval, the company has cleared one of the final regulatory milestones to begin constructing its Phoenix mine, “which is on track to become Canada's next new large-scale uranium mine.” 

Wheeler River, the largest undeveloped uranium project in the eastern Athabasca Basin, includes the high-grade Phoenix and Gryphon uranium deposits, which Denison discovered in 2008 and 2014, respectively. According to a 2023 feasibility study, the Phoenix project has a post-tax net present value of $1.56 billion and could generate a return of 90 per cent at capital costs of around $419 million. The mine is expected to operate for 10 years.  

The project hosts proven reserves of 6,300 tonnes grading 24.5 per cent uranium oxide for 3.4 million pounds, and probable reserves of 212,700 tonnes at 11.4 per cent uranium oxide for 53.3 million pounds. 

As part of its plan to streamline regulatory approvals, Denison submitted the provincial EA for final approval in late 2024 after completing several key milestones in the federal review process. The company has finished the Canadian Nuclear Safety Commission’s detailed technical review and received its final environmental impact statement.  

The company still needs to secure a provincial pollutant control facility permit, federal EA approval and a federal licence to prepare the site for construction. Canadian Nuclear Safety Commission hearings on the federal EA and licence are scheduled for October and December this year, potentially paving the way for a final investment decision in the first half of 2026.