Twin listed uranium miner Denison Mines (TSX:DML,NYSEAMERICAN:DNN) introduced that the Canadian Nuclear Security Fee (CNSC) has scheduled public hearings for the Wheeler River uranium challenge in Saskatchewan, marking a major step towards ultimate federal approval.
Denison Mines is a uranium mining, improvement and exploration firm targeted on the Athabasca Basin area of Northern Saskatchewan, Canada. The corporate holds an efficient 95 p.c curiosity in its flagship Wheeler River uranium challenge, the most important undeveloped uranium challenge within the Japanese Athabasca Basin.
The general public listening to, set for later this 12 months on October 8 and December 8 via 12, would be the ultimate stage within the environmental evaluation course of and the choice concerning the corporate’s utility for a Licence to Put together and Assemble a Uranium Mine and Mill.
If the CNSC grants approval shortly after the hearings, Denison expects to start web site preparation and building for the Phoenix in-situ restoration (ISR) uranium challenge positioned inside its Wheeler River land bundle in early 2026.
The challenge has already cleared a number of main regulatory hurdles, together with the completion of the technical evaluation section of the federal environmental evaluation course of in November 2024.
Moreover, the CNSC decided that the corporate’s license utility met sufficiency necessities that very same month and accepted Denison’s ultimate Environmental Affect Assertion (EIS) in December.
“With the potential to start building in early 2026, we count on to have the ability to preserve our goal of reaching first manufacturing from Phoenix by the primary half of 2028,” mentioned David Cates, president and CEO of Denison, in a February 27 assertion.
In mid-2023, Denison accomplished a feasibility examine for the Phoenix deposit as an ISR mining operation and up to date a 2018 pre-feasibility examine for the Gryphon deposit, which is being deliberate as a standard underground mining operation.
In accordance with these research, each deposits have the potential to be among the many lowest-cost uranium mining operations globally. Allowing for the Phoenix ISR operation started in 2019, with main milestones achieved in 2024, together with the submission and acceptance of ultimate federal licensing paperwork and the Environmental Affect Assertion by each the CNSC and the Province of Saskatchewan.
Past Wheeler River, Denison holds pursuits in quite a lot of uranium operations and initiatives within the Athabasca Basin, together with a 22.5 p.c curiosity within the McClean Lake Joint Enterprise with associate Orano Canada. The pair plans to restart mining on the McClean Lake North deposit this 12 months utilizing the enterprise’s proprietary SABRE mining methodology. The partnership additionally owns the McLean Lake mill, which is at present processing ore from the Cigar Lake mine below a toll milling settlement.
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Securities Disclosure: I, Giann Liguid, maintain no direct funding curiosity in any firm talked about on this article.
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