Denison Mines Corp. has greenlit the development of a proposed uranium mine in northern Saskatchewan following approvals from its board of directors, a construction license from the national nuclear regulator, and local community backing. Situated in Treaty 10 territory within the Athabasca Basin, the company’s Phoenix mine at Wheeler River could potentially become Canada’s first uranium mine in decades, with initial costs projected at $600 million.
The company’s board finalized the decision to commence site preparation and construction of the Phoenix mine in March. Denison Mines, headquartered in Toronto, recently obtained a license from the Canadian Nuclear Safety Commission to commence site preparation and construction, with another license required for operational activities post-construction.
Denison Mines CEO David Cates anticipates production kickstarting in 2028, emphasizing the scarcity of large-scale new uranium mines globally. With an estimated 56.7 million pounds of proven and probable uranium reserves, the company plans to operate the mine for a decade. The provincial government granted project approval in August 2025.
The Phoenix project may pioneer the use of an in-situ recovery method, involving the injection of an acidic solution to dissolve uranium within the ore body for extraction. Impact benefit agreements were inked with various Indigenous groups before hearings, ensuring benefits like employment opportunities, training guarantees, and financial support.
While some communities have endorsed the project, others like Birch Narrows Dene Nation and Peter Ballantyne Cree Nation have not expressed support. Denison Mines is engaging in ongoing discussions with these communities, recognizing the importance of continuous Indigenous engagement throughout the project’s lifecycle.
Denison Mines is poised to become a significant uranium supplier ahead of the 2030s, with plans to diversify Saskatchewan’s uranium production landscape. The company’s progress aligns with a broader trend of renewed interest in uranium mining in the region, following the approval of Cameco Corp.’s Cigar Lake mine in 2005.