Construction Advances at Denison's Phoenix Uranium Project in Canada

Denison Mines Corp. of Canada recently filed its quarterly and semi-annual financial documents for the period ending June 30, 2026, and disclosed the latest progress on its Phoenix uranium project construction, uranium sales, and exploration activities.

According to the company's disclosure, site preparation work has continued to advance since on-site construction commenced at the Phoenix project in March 2026. To date, more than 20% of the site civil works have been completed, with roadbed civil works for the process plant and wellfield areas nearing full completion. Construction management facilities and temporary camp facilities have also been installed and put into operation. With the temporary camp now in service, accommodation capacity at the Wheeler River project site has increased to nearly 400 people, providing conditions for a larger construction workforce in the coming phases.

Denison stated that the project's first-year construction milestones remain on schedule, including concrete foundation work for the process plant and main power transformer, freeze wall installation, on-site power distribution system construction, and airstrip-related works. With the addition of a second shift, certain seasonal civil and construction activities are expected to accelerate during the remainder of the summer.

On the financial front, Denison sold 750,000 pounds of U₃O₈ in the second quarter at an average realized price of CAD $122.16 per pound, generating gross proceeds of CAD $91.6 million. The company stated that the original weighted average acquisition cost of this uranium was CAD $36.67 per pound, and the sale realized a gain of approximately CAD $64.1 million over acquisition cost, representing a 233% increase. As of June 30, 2026, the company held 950,000 pounds of physical uranium investments, along with 145,926 pounds of uranium concentrate inventory from its share of the McClean Lake operations, for a total uranium holding of approximately 1.1 million pounds.

To support financing for the Phoenix project construction, Denison has committed to delivering a total of 600,000 pounds of U₃O₈ between Q3 2026 and Q2 2027. Of this amount, 350,000 pounds have fixed sale prices, expected to generate CAD $33.3 million in future revenue; the remaining 250,000 pounds will be priced based on market conditions at the time of delivery. Approximately 500,000 pounds of U₃O₈ in the company's current inventory remain uncommitted for sale.

On the exploration front, Denison and its partners completed exploration work at 18 mineral properties in the first half of 2026, with 140 drill holes completed across 10 properties for a total diamond drilling advance of more than 50,000 meters, and geophysical surveys conducted at 14 additional properties. The report noted significant uranium mineralization discoveries at the Phoenix North target in the Wheeler River area, McClean Lake, Waterfound, and the Wolly properties, as well as at Murphy Lake North, Darby, and Hatchet Lake.

Denison is a uranium mining, exploration, and development company with operations focused in the Athabasca Basin region of northern Saskatchewan, Canada. At its flagship Wheeler River uranium project, the Phoenix deposit is planned to be mined using In-Situ Recovery (ISR) technology. Permitting for the project began in 2019, and all required permits for construction have been obtained, including provincial and federal environmental assessment approvals and construction permits.