Denison Greenlights Phoenix ISR Uranium Mine as McClean Output Ramps Up

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

Denison Mines has taken a final investment decision to build its Phoenix in-situ recovery uranium mine, following receipt of all necessary regulatory approvals, near-completion of engineering work, and the appointment of Wood Plc as construction manager. Backed by a strong balance sheet and US$345 million in financing via senior convertible notes, the company plans to begin site preparation and construction this month, targeting first production by mid-2028 and positioning Phoenix as one of the few sizable new uranium sources expected before decade-end.

Operationally, 2025 marked the successful start-up of mining at the McClean North deposit using the SABRE method, with nearly 650,000 pounds of U3O8 produced on a 100% basis, making McClean one of North America’s most productive operating uranium mines. Denison also advanced its exploration portfolio with delineation drilling and new high-grade mineralization near the Gryphon deposit, new joint ventures to ramp up regional exploration, and broader Indigenous and community support, leaving the company well placed to benefit from rising long-term uranium prices and tightening nuclear fuel markets.

The most recent analyst rating on (TSE:DML) stock is a Buy with a C$7.00 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 TSE:DML Stock

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

The score is weighed down primarily by weak financial performance—heavy losses, persistently negative operating/free cash flow, and higher leverage despite an equity cushion. Technicals are a partial offset with a strong uptrend, but overbought readings elevate near-term downside risk. Valuation also detracts due to a negative P/E and no dividend yield provided.

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

More about Denison Mines

Denison Mines Corp. is a Canadian uranium company focused on exploration, development and production in the Athabasca Basin region of northern Saskatchewan. Its primary assets include the flagship Phoenix in-situ recovery uranium project at Wheeler River and interests in the McClean Lake Joint Venture, alongside a portfolio of exploration properties and joint ventures aimed at supplying nuclear fuel markets.

Average Trading Volume: 4,048,199

Technical Sentiment Signal: Buy

Current Market Cap: C$4.66B

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