TORONTO – November 04, 2026 -- Denison Mines Corp. (TSX: DML; NYSE American: DNN) estimates 2026 expenditures at its Phoenix in-situ recovery (ISR) uranium mine at C$278.6 million, after its first quarter of full-scale construction left the project about 24% complete as of September 30, 2026. The company still targets first production in the second half of 2028.
Phoenix spending reaches C$161.1 million year to date
Year-to-date Phoenix expenditures totaled C$161.1 million, including C$105.0 million on construction and construction indirect costs and C$39.0 million on procurement of equipment and materials. Life-to-date procurement spending stands at about C$56.8 million.
For the fourth quarter of 2026, Denison forecasts C$39.9 million in procurement payments, C$68.5 million in construction and construction indirect costs, and C$9.1 million in engineering, PCM and owner's costs.
The spending profile is front-loaded by design. Denison procured key project components directly rather than through contractors and used modularization wherever possible. The company therefore pays progress installments as equipment is fabricated, ahead of on-site construction progress.
Construction progress splits 32% engineering, 20% construction, 32% fabrication
The 24% overall figure comprises engineering, PCM and owner's costs at 32% complete, construction and construction indirect costs at 20%, and fabrication and delivery of equipment and materials at 32%.
By the end of October 2026, site civil work was nearly 50% complete. The main access road from Highway 914 is in use, the substation area is substantially complete, and the runway area has reached 100% of final grade. Concrete work began in August and continues into the fourth quarter. The slab and foundation work needed to start the process plant building over the winter is substantially complete, and freeze well drilling has begun.
Offsite fabrication of modular equipment is meant to keep work moving through the winter. Fabrication has started on most process plant equipment. Shipment has been released for the site transformer, substation e-house, high-voltage substation yard equipment, switchgear, generators, freeze plants, and certain process tanks and construction bulks.
Phoenix North drilling extends mineralization across 100 metres of strike
Drill hole WR-857D1 intersected 0.39% eU3O8 over 4.7 metres, from 409.9 to 414.6 metres at the unconformity. Denison describes it as the best mineralized hole in an area of sparse historic drilling. It sits about 10 metres up-dip from WR-857, which returned 0.20% eU3O8 over 1 metre.
In October 2026, WR-868 returned 0.67% eU3O8 over 2.5 metres about 50 metres northeast of WR-857. WR-869A, 50 metres to the southwest, returned 0.07% eU3O8 over 2.2 metres. Mineralization now spans 100 metres of strike length. The target area remains open in multiple directions, and the anticipated optimal target horizon has not yet been tested.
The Phoenix North target lies within the surface footprint of the Phoenix mine site. Drilling continues into the fourth quarter. CEO David Cates said discovering additional resources near Phoenix "could add significant value to the project."
Approvals in February 2026 preceded July start of full-scale construction
Denison received federal approval of the project's Environmental Assessment and its Construction Licence in February 2026. Site preparation and early works began in March 2026, and full-scale construction started in July 2026. Construction is expected to take about two years. Denison holds an effective 95% interest in the Wheeler River Uranium Project, which includes Phoenix.