Prnewswire·2026-01-02 11:30Core Viewpoint - Denison Mines Corp. is poised to make a final investment decision and commence construction of the Phoenix In-Situ Recovery uranium mine, pending final regulatory approvals, with first production targeted for mid-2028 [1][3][10]. Regulatory and Construction Readiness - Significant progress has been made in regulatory approvals, engineering, and construction planning throughout 2025, positioning the Phoenix project in a construction-ready state [1][5]. - The Canadian Nuclear Safety Commission (CNSC) public hearing concluded on December 11, 2025, marking the final step in the federal regulatory process [5]. - The project has received provincial environmental assessment approval and initial authorization for certain earthworks from the Province of Saskatchewan [5][10]. Financial Overview - The updated initial capital cost estimate for the Phoenix project is approximately $600 million, reflecting a 20% increase from the 2023 feasibility study due to inflation and project refinements [7][10]. - The updated capital cost includes $65 million in contingency funds, representing about 12.5% of direct and indirect project costs [7][10]. - Denison has a strong financial position with over $700 million in cash, physical uranium, and investments as of September 30, 2025, to fund the initial capital requirements [10]. Project Economics - The project is expected to produce robust economic results, with a base-case adjusted after-tax NPV to initial capital cost factor of 2.6 to 1 and a high internal rate of return [14][20]. - The projected base-case uranium price has increased, contributing to a stable economic outlook despite the rise in initial capital costs [14][19]. - The payback period for post-FID initial capital expenditures is estimated to be around 12 months, with a post-tax NPV of approximately $1.57 billion at the updated uranium price assumptions [15][20]. Project Timeline - If final regulatory approvals are received by the end of Q1 2026, construction is expected to commence shortly thereafter, maintaining the timeline for first production by mid-2028 [1][13].