Denison Mines Corp. has received the green light to proceed with the development of a proposed uranium mine in northern Saskatchewan. The company, headquartered in Toronto, is set to construct the Phoenix mine at Wheeler River in the Athabasca Basin, located in Treaty 10 territory. This project, estimated at $600 million in initial capital costs, marks a significant milestone as potentially the first uranium mine to be built in Canada in decades.
Following the approval from the company’s board of directors, as well as obtaining a construction license from the national nuclear regulator and garnering support from local communities, Denison Mines is now moving forward with site preparation and construction. The company aims to commence production in 2028, with CEO David Cates emphasizing the scarcity of new large-scale uranium mines globally, positioning Denison uniquely in the market.
The provincial government gave the project its stamp of approval in August 2025. Denison Mines plans to operate the Phoenix mine for a decade, boasting 56.7 million pounds of proven and probable uranium reserves. Notably, this could be the first uranium mine to utilize an in-situ recovery method, a technique involving the injection of an acidic solution into the ore body to dissolve uranium for extraction to the surface.
Prior to regulatory hearings, Denison Mines signed impact benefit agreements with key stakeholders, including English River First Nation, the Metis Nation—Saskatchewan, and Ya’thi Néné Lands and Resources, representing three First Nations and four communities in the Athabasca Basin. These agreements, which include provisions for employment opportunities, training, and economic benefits for local businesses, were crucial in gaining support for the project.
While some communities have expressed reservations, such as Birch Narrows Dene Nation and Peter Ballantyne Cree Nation, Denison Mines continues to engage in open dialogue to address concerns and enhance Indigenous engagement throughout the project’s lifecycle. The company’s commitment to sustainable development and community well-being remains a focal point as it navigates the regulatory process and construction phase.
In parallel, the Canadian Nuclear Safety Commission has been overseeing the regulatory process, with hearings held in Saskatoon and Gatineau. Denison Mines is not the only player in the uranium sector, as Vancouver-based NexGen Energy Ltd. awaits a construction license decision for its Rook I project in the same region. This development underscores the growing interest in uranium production in Saskatchewan, with historical precedents set by companies like Cameco Corp., which launched the Cigar Lake mine in 2005.