We use cookies to understand how you use our site and to improve your experience.
This includes personalizing content and advertising.
By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties.
You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies.
In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Can Denison Mines' Phoenix Project Power Its Next Growth Phase?
Read MoreHide Full Article
Key Takeaways
Denison Mines approves construction of Phoenix ISR uranium mine, targeting first production by mid-2028.
DNN holds 95% of Wheeler River; Phoenix hosts 70.5M lbs at 11.4% grade, ranked the top project in 2025.
Phoenix to deliver low-cost output at $6.28/lb, with $600M capex and ~10-year life supporting Gryphon.
Denison Mine Corp. (DNN - Free Report) has taken a final investment decision following the receipt of all regulatory approvals to proceed with the construction of its Phoenix in-situ recovery (ISR) uranium mine. With first production targeted for mid-2028, it is expected to be Canada’s first ISR uranium mine, marking a pivotal shift in the country’s uranium mining landscape.
Denison holds a 95% effective interest in the Wheeler River project, the largest undeveloped uranium project in the infrastructure-rich eastern Athabasca Basin. It comprises two deposits, Phoenix and Gryphon (which is in the development stage). Phoenix is designed as an ISR operation, while Gryphon is a conventional underground mining operation. Both deposits have the potential to be competitive with the lowest cost uranium mining operations in the world.
Phoenix hosts an estimated 70.5 million pounds of uranium at an average grade of 11.4%. Notably, Phoenix was ranked the #1 non-precious mining development project globally in 2025 by Mining Journal Intelligence.
Construction at Phoenix commenced in March 2026 and has an estimated timeline of roughly two years. The initial capital expenditure is projected at approximately $600 million. Denison is well-positioned to fund development, supported by a strong balance sheet that included roughly CAD$718 million in cash, physical uranium holdings and investments at the end of 2025.
From a production standpoint, Phoenix is expected to deliver a meaningful uranium supply at a time when global markets are tightening. The project boasts strong economics, including low operating costs of around $6.28 per pound and all-in sustaining costs at $18.41 per pound, placing it firmly within the lowest cost quartile globally.
With an estimated 10-year mine life, it is expected to generate robust cash flows for Denison, which could support the development of the Gryphon project. ISR mining involves extracting uranium by injecting a solution into the orebody to dissolve the mineral and pump it to the surface. Compared with conventional mining, ISR offers advantages such as lower capital and operating costs, shorter development timelines and reduced environmental impact. While widely used in regions such as the United States and Kazakhstan, it has not previously been used for commercial uranium operations in Canada.
Corpus Christi, Texas-based Uranium Energy (UEC - Free Report) employs ISR mining technology at its fully licensed projects, including Palangana, Burke Hollow, Goliad and Reno Creek uranium projects.
Ur-Energy (URG - Free Report) , another U.S. uranium mining company, is focused on developing and operating in-situ recovery (ISR) uranium projects in Wyoming, which include the Lost Creek ISR uranium project and the Shirley Basin Project.
Canada-based Cameco (CCJ - Free Report) uses ISR methods at its uranium operations in the United States and Kazakhstan.
DNN’s Price Performance, Valuation & Estimates
Denison Mines shares have gained 181.6% in a year compared with the industry’s 46.7% growth.
Image Source: Zacks Investment Research
DNN is trading at a price/book multiple of 12.52X, a significant premium to the industry’s 1.66X.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for Denison Mines’ fiscal 2026 earnings is a loss of five cents per share. The 2027 estimate is at a loss of four cents per share. The earnings estimates for DNN for both years have moved up over the past 60 days. This is shown in the chart below.
Image Source: Zacks Investment Research
The company currently sports a Zacks Rank #1 (Strong Buy).
View the Zacks #1 Rank List
Image: Bigstock
Can Denison Mines' Phoenix Project Power Its Next Growth Phase?
Key Takeaways
Denison Mine Corp. (DNN - Free Report) has taken a final investment decision following the receipt of all regulatory approvals to proceed with the construction of its Phoenix in-situ recovery (ISR) uranium mine. With first production targeted for mid-2028, it is expected to be Canada’s first ISR uranium mine, marking a pivotal shift in the country’s uranium mining landscape.
Denison holds a 95% effective interest in the Wheeler River project, the largest undeveloped uranium project in the infrastructure-rich eastern Athabasca Basin. It comprises two deposits, Phoenix and Gryphon (which is in the development stage). Phoenix is designed as an ISR operation, while Gryphon is a conventional underground mining operation. Both deposits have the potential to be competitive with the lowest cost uranium mining operations in the world.
Phoenix hosts an estimated 70.5 million pounds of uranium at an average grade of 11.4%. Notably, Phoenix was ranked the #1 non-precious mining development project globally in 2025 by Mining Journal Intelligence.
Construction at Phoenix commenced in March 2026 and has an estimated timeline of roughly two years. The initial capital expenditure is projected at approximately $600 million. Denison is well-positioned to fund development, supported by a strong balance sheet that included roughly CAD$718 million in cash, physical uranium holdings and investments at the end of 2025.
From a production standpoint, Phoenix is expected to deliver a meaningful uranium supply at a time when global markets are tightening. The project boasts strong economics, including low operating costs of around $6.28 per pound and all-in sustaining costs at $18.41 per pound, placing it firmly within the lowest cost quartile globally.
With an estimated 10-year mine life, it is expected to generate robust cash flows for Denison, which could support the development of the Gryphon project.
ISR mining involves extracting uranium by injecting a solution into the orebody to dissolve the mineral and pump it to the surface. Compared with conventional mining, ISR offers advantages such as lower capital and operating costs, shorter development timelines and reduced environmental impact. While widely used in regions such as the United States and Kazakhstan, it has not previously been used for commercial uranium operations in Canada.
Corpus Christi, Texas-based Uranium Energy (UEC - Free Report) employs ISR mining technology at its fully licensed projects, including Palangana, Burke Hollow, Goliad and Reno Creek uranium projects.
Ur-Energy (URG - Free Report) , another U.S. uranium mining company, is focused on developing and operating in-situ recovery (ISR) uranium projects in Wyoming, which include the Lost Creek ISR uranium project and the Shirley Basin Project.
Canada-based Cameco (CCJ - Free Report) uses ISR methods at its uranium operations in the United States and Kazakhstan.
DNN’s Price Performance, Valuation & Estimates
Denison Mines shares have gained 181.6% in a year compared with the industry’s 46.7% growth.
DNN is trading at a price/book multiple of 12.52X, a significant premium to the industry’s 1.66X.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for Denison Mines’ fiscal 2026 earnings is a loss of five cents per share. The 2027 estimate is at a loss of four cents per share.
The earnings estimates for DNN for both years have moved up over the past 60 days. This is shown in the chart below.
Image Source: Zacks Investment Research
The company currently sports a Zacks Rank #1 (Strong Buy).
You can see the complete list of today’s Zacks #1 Rank stocks here.