Cameco Boosts Cigar Lake Stake, Denison Makes Progress at Phoenix

Denison reports on Phoenix project progress

Elsewhere in the province, Denison Mines (TSX:DML,NYSEAMERICAN:DNN) is making progress at its Phoenix in-situ recovery project, located at its Saskatchewan-based Wheeler River property.

The asset became the first Canadian uranium mine in over 20 years to secure federal construction approvals when the Canadian Nuclear Safety Commission granted the required licenses in February.

Following a final investment decision, Denison sent an integrated project management team to the site in March.

By the end of April, the company had completed preliminary infrastructure to transport personnel ahead of a planned airstrip. Denison expects to reach a full-scale construction rate before the end of the year's second quarter, and is targeting initial uranium production in mid-2028.

However, the company recognized regional flooding as a threat to near-term logistics.

"While our personnel are able to access the Phoenix site via helicopter, our ability to mobilize additional heavy equipment and certain supplies to site as planned may be impacted if the flooding persists and/or key infrastructure remains impacted," Denison CEO David Cates noted in the company’s recent Q1 report.

Denison also said its uranium marketing efforts have yielded near-term sales commitments at an average realized price exceeding US$99 per pound for deliveries within a year.

The company currently holds commitments for nearly 8 million pounds of uranium concentrate and is negotiating terms for an additional 8 million pounds targeted to North American utilities.