By Adriano Marchese

Denison Mines said it is ready to begin constructing its uranium mine in Saskatchewan as soon as it receives final government approvals.

The Canadian uranium company said Friday that it is ready to make a final investment decision and begin construction of the proposed Phoenix In-Situ Recovery uranium mine.

Denison said that, if it receives all its regulatory approvals as expected in the first quarter, it should be poised to begin producing uranium at the site by mid-2028.

Since the project's first feasibility study in 2023, construction costs have risen, the company noted, citing inflation, project refinement and increases in expenses. Total costs for the project are now estimated 20% higher, at 600 million Canadian dollars (US$437.3 million), it said.

Chief Executive David Cates said the project has been years in development and is now set to become Canada's first major new uranium mine since Cigar Lake, a rich uranium deposit in the province, with first production expected by mid-2028.

"This timeline means that Phoenix, as one of only a few notable new sources of uranium production expected before the end of the decade," Cates said.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

January 02, 2026 07:14 ET (12:14 GMT)

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