Denison Mines Corp. has greenlit the development of a proposed uranium mine in northern Saskatchewan following approval from its board of directors, a construction license from the national nuclear regulator, and the backing of local communities. The Phoenix mine at Wheeler River in the Athabasca Basin, situated in Treaty 10 territory, is poised to become Canada’s first uranium mine in decades, with initial capital expenses currently estimated at $600 million.
The company’s board of directors recently made the decisive “final investment decision” to advance with the preparation and construction of the Phoenix mine in March. Denison Mines, headquartered in Toronto, obtained a construction license from the Canadian Nuclear Safety Commission earlier this month. The company will need to secure another license from the commission for operational activities after completing construction.
According to Denison Mines CEO David Cates, production at the mine is projected to commence in 2028. Cates emphasized the scarcity of new large-scale uranium mines globally, positioning Denison as a significant contributor to the uranium market before the 2030s. The company intends to operate the mine for a decade, boasting an estimated 56.7 million pounds of proven and probable uranium reserves at the Phoenix project site.
The provincial government gave its approval for the project in August 2025. The mine could potentially utilize an in-situ recovery method, which involves injecting an acidic solution into the ore body to dissolve the uranium for extraction to the surface.
Prior to the hearings, Denison Mines inked impact benefit agreements with 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. Although the specific terms of the agreements are undisclosed, they typically include provisions for employment, training, support for local businesses, and financial benefits.
While Ya’thi Néné Lands and Resources endorsed the Phoenix project after Denison addressed environmental concerns, some communities like Birch Narrows Dene Nation and Peter Ballantyne Cree Nation did not back the initiative. Denison Mines maintains ongoing dialogue with these communities to address concerns and enhance engagement.
Denison Mines is among the companies vying to join Cameco Corp. as uranium producers in Saskatchewan. Another contender, Vancouver-based NexGen Energy Ltd., is awaiting the commission’s decision on its Rook I project, an underground uranium mine in the Athabasca Basin. Cameco initiated construction at its Cigar Lake mine in 2005, marking the last approved uranium mine in Saskatchewan.