Wheeler River uranium project clears final hurdle

The Canadian Nuclear Safety Commission (CNSC) has approved the environmental assessment (EA) and issued the Licence to Prepare Site and Construct a Mine and Mill for Denison Mine’s Wheeler River uranium project. This decision marks the final regulatory approval needed to begin construction of the Phoenix in-situ recovery (ISR) uranium mine.

With this final approval, Denison moves closer to realizing its goal of commencing production at the Phoenix ISR uranium mine by mid-2028, subject to the company’s final investment decision.

Wheeler River, located in the eastern Athabasca Basin region of northern Saskatchewan, hosts the high-grade Phoenix and Gryphon uranium deposits. Denison owns 90% of the project and serves as the operator, with JCU (Canada) Exploration Company Limited holding the remaining 10%.

“The Commission decision to approve the EA and issue the Licence represents a landmark achievement for Denison, as well as our staff, shareholders, Indigenous partners, and other stakeholders in the project,” Denison CEO David Cates said in a news release.

“We thank the Commission and CNSC staff for promptly delivering the positive results of the recently completed public hearing and extensive federal regulatory review process. Denison has successfully demonstrated to the Commission’s satisfaction that Phoenix can be built in a manner that meets Canada’s stringent standards.”

“Phoenix is the first uranium mine in Canada to be approved for ISR mining and is the first large-scale Canadian uranium mine approved for construction in more than 20 years. It is a nation building project that reflects the best of Canadian ingenuity and determination,” Cates added.

The CNSC’s decision followed a two-part public hearing held in October and December 2025. Denison has worked to satisfy several conditions proposed in the draft licence presented at the hearing, positioning the company to proceed with site preparation and construction activities once a final investment decision is made.