Denison Mines Reports 24% Completion of Phoenix Uranium Mine After First Quarter of Full-Scale Construction

Denison Mines Advances Phoenix ISR Uranium Mine Construction

Denison Mines Corp. (TSX: DML) (NYSE American: DNN) recently released its financial and operational results for the third quarter of 2026, showcasing notable progress at its Phoenix In-Situ Recovery (ISR) uranium mine. According to Denison, the project achieved an estimated 24% total completion after its first quarter of full-scale construction. This milestone reflects the company's strategic efforts to accelerate development during the summer construction period.

The Phoenix ISR uranium mine project is a key initiative for Denison, with the company targeting completion of construction and initial production during the second half of 2028. This timeline suggests approximately two years from the commencement of full-scale construction to operational readiness. The third quarter of 2026 marked a period of intense activity, with Denison prioritizing schedule-critical and seasonally sensitive tasks to maximize efficiency.

Strategic Construction During the Summer Season

Denison's President and CEO, David Cates, emphasized the importance of executing construction during the summer months, citing the relatively short timeline for the Phoenix mine's development. According to Cates, the company successfully mobilized to the site immediately following regulatory approvals and rapidly scaled up construction activities throughout Q3 2026. This approach, he noted, was crucial for achieving a full-scale rate of construction and delivering significant progress.

By the end of October 2026, Denison reported that nearly 50% of all site civil work was complete. This included the establishment of the main access road from Highway 914, which is vital for logistics and site accessibility. The company also completed all necessary scopes to advance the construction of the process plant, a central component of the mine's infrastructure. Key electrical assets were delivered and installed, and freeze well drilling commenced, which is an important step for the ISR mining method.

Furthermore, preparation of the airstrip for Q4 operations was completed, enhancing the site's logistical capabilities. Schedule-critical concrete work, essential for beginning construction of the process plant building during the upcoming winter months, is also substantially complete. Offsite fabrication of modularized equipment is progressing, with various components such as key electrical infrastructure, the freeze plant, and certain process tanks already either on site or released for shipment.

Exploration Success at Phoenix North

Beyond construction, Denison also reported encouraging exploration results from the emerging Phoenix North target area, located within the existing Phoenix ISR mine site. The company indicated that drill hole WR-857D1 intersected 0.39% eU3O8 over 4.7 meters. Approximately 50 meters to the northeast, drill hole WR-868 intersected 0.67% eU3O8 over 2.5 meters. These findings suggest the potential for additional mineralization within the site's footprint, and drilling in this area is expected to continue into the fourth quarter.

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Financial Reporting and Future Outlook

Denison's Q3 2026 financial and operational results, including Condensed Consolidated Financial Statements and Management's Discussion & Analysis, are publicly available on the company's website, SEDAR+, and EDGAR. These documents provide a comprehensive overview of the company's financial health and operational progress. All reported amounts are in Canadian dollars, unless otherwise specified.

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Conclusion

Denison Mines' Q3 2026 report highlights a period of significant construction and exploration activity at its Phoenix ISR uranium mine. With 24% total completion achieved after the first quarter of full-scale construction, and promising exploration results at Phoenix North, the company is moving forward with its goal of achieving first production by the second half of 2028. These developments underscore the dynamic nature of the natural resources sector and the intricate processes involved in bringing large-scale projects to fruition.