Project UpdateMay 14, 2026, 06:02 AM
Denison Mines Approves Phoenix Mine Construction; Q1 Net Loss $114.9M
AI Summary
Denison Mines Corp. announced the Final Investment Decision (FID) and commenced construction of its Phoenix In-Situ Recovery (ISR) uranium mine after receiving final regulatory approvals. This marks the first uranium mine in Canada to receive federal construction approval in over 20 years. For Q1 2026, the company reported a net loss of CAD $114.9 million, significantly higher than the CAD $43.5 million loss in Q1 2025, primarily due to finance expenses related to convertible notes. The company also expanded its uranium marketing efforts, securing firm sales commitments for nearly 8 million pounds of U3O8 and advancing negotiations for an additional 8 million pounds.
Key Highlights
- Final Investment Decision (FID) approved for Phoenix ISR Uranium Mine.
- Construction of Phoenix Mine commenced in March 2026.
- Q1 2026 net loss was CAD $114.9 million, up from CAD $43.5 million in Q1 2025.
- Q1 2026 revenues were CAD $1.1 million, down from CAD $1.4 million in Q1 2025.
- Cash and cash equivalents stood at CAD $418.5 million as of March 31, 2026.
- Firm uranium sales commitments total nearly 8 million pounds of U3O8.
- Total contracted and advanced negotiation sales commitments reached 16 million pounds U3O8.
- Wood Canada Limited awarded construction management contract for Phoenix.