Wheeler River - Phoenix

Phoenix is the high-grade uranium deposit on the Wheeler River project in the eastern Athabasca Basin, ~600 km north of Saskatoon, planned to be developed via in-situ recovery (ISR) using ground freezing to isolate the wellfield. Discovered by Denison in 2008, the deposit straddles the sub-Athabasca unconformity ~400 m below surface across Zones A, B, C, D over ~1.1 km strike. Zones A and B comprise an exceptionally high-grade core averaging 46.0% and 22.3% U3O8 respectively. Phoenix FS (Wheeler Report, effective June 23, 2023) by Wood/Engcomp/Stantec/SLR/SRK confirms 10-year mine life, 56.7 Mlb U3O8 P&P reserves (219kt @ 11.7%), average cash opex $8.51/lb (US$6.28/lb), all-in $24.92/lb (US$18.41/lb). Updated post-FID initial capex January 2026: $600M (AACE Class 2), vs $419M in 2023 FS. WRJV Management Committee approved development October 2025; FID February 2026; construction ~2 years; first production targeted 2028. Process plant uses acid leach, Fe/Ra precipitation, yellowcake precipitation, drying & packaging — final mass-balance recovery 96.5% (LOM 96.3%). EA approved 2025; CNSC Construction Licence pending. Comprehensive Benefit Agreement with English River First Nation (ERFN) and CBAs/MBAs with KML and Pinehouse in place.