---
title: "Denison Mines Starts Full-Scale Construction at Phoenix ISR Uranium Mine"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/294118391.md"
description: "Denison Mines announced the start of full-scale construction at its Phoenix ISR uranium mine in Saskatchewan on July 28, 2026. The company has completed site clearing and civil works, with concrete work for foundations beginning in August. Construction will accelerate with a second shift. Analysts rate the stock as a Buy with a C$6.00 target, though AI analysis suggests Neutral due to financial weaknesses."
datetime: "2026-07-28T21:52:59.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/294118391.md)
  - [en](https://longbridge.com/en/news/294118391.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/294118391.md)
---

# Denison Mines Starts Full-Scale Construction at Phoenix ISR Uranium Mine

The latest update is out from Denison Mines ( (TSE:DML) ).

Denison Mines has moved from site preparation to full-scale construction at its Phoenix in-situ recovery uranium mine in the Wheeler River project in northern Saskatchewan, with this transition announced on July 28, 2026. The company and its partners have substantially completed site clearing, advanced schedule-sensitive civil works, expanded on-site accommodation capacity to nearly 400 workers, and mobilized a concrete batch plant, with critical concrete work for the substation and main process plant foundations scheduled to begin in August.

Management estimates that more than 20% of overall site civil work is already complete, including nearly all civil subgrade work for the process plant and wellfield needed for upcoming concrete pours and the start of the Phase 1 perimeter freeze wall installation. Construction is set to accelerate over the summer with the addition of a second shift to keep seasonally sensitive work running almost around the clock, underscoring Denison’s push to advance Phoenix as Canada’s first new large-scale uranium mine since Cigar Lake and strengthening its positioning as a leading low-cost uranium developer in the Athabasca Basin.

The most recent analyst rating on (TSE:DML) stock is a Buy  
with a C$6.00 price target.  
To see the full list of analyst forecasts on Denison Mines stock,  
see the TSE:DML Stock Forecast page.

**Spark’s Take on DML Stock**

According to Spark, TipRanks’ AI Analyst, DML is a Neutral.

The score is primarily weighed down by weak financial performance (large TTM losses, persistent cash burn, and materially higher leverage). Technical indicators add a modestly negative tilt due to price trading below key short-/mid-term averages and slightly negative momentum. Valuation provides limited support given the negative P/E and no stated dividend yield.

To see Spark’s full report on DML stock,  
click here.

**More about Denison Mines**

Denison Mines Corp. is a uranium exploration and development company focused on Canada’s Athabasca Basin, where it holds a 95% effective interest in its flagship Wheeler River project and extensive additional stakes in nearby deposits and mills. The company also owns 50% of JCU (Canada) Exploration, giving it interests in major Canadian uranium projects such as Millennium, Kiggavik and Christie Lake, and celebrated 70 years in uranium mining, exploration and development in 2024.

Denison’s Saskatchewan portfolio includes a 22.5% interest in the McClean Lake Joint Venture, which operates the McClean Lake uranium mill and began mining the McClean North deposit in 2025 using the SABRE method. It also holds significant interests in the Midwest Joint Venture and the Tthe Heldeth Túé and Huskie deposits near McClean Lake, collectively covering roughly 457,000 hectares in the Athabasca Basin region.

**Average Trading Volume:** 3,298,039

**Technical Sentiment Signal:** Buy

**Current Market Cap:** C$3.71B

For a thorough assessment of DML stock, go to TipRanks’ Stock Analysis page.

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