TORONTO, Ontario — January 8, 2026 — Leads & Copy — Denison Mines Corp. (TSX: DML) (NYSE American: DNN) has announced that grid power from Saskatchewan Power Corporation (SaskPower) is now available at the future Phoenix in-situ recovery uranium mine site. This follows the recent installation of a new 138kV transmission line.
According to Denison, the availability of grid power at the Phoenix site is a significant step in de-risking the execution of the Project. The electrification of the site is on the critical path of activities planned for the first year of construction and supports the establishment of the freeze wall planned to surround the initial mining area.
Denison Mines President & CEO David Cates thanked SaskPower for the safe installation of the new high-voltage transmission line. He noted that the installation occurred on schedule and on budget. Cates also stated that access to grid electricity is a competitive advantage for Phoenix, as the grid in Saskatchewan is reliable and cost-effective compared to on-site power generation.
The new transmission line is approximately 6 kilometres in length and connects the Phoenix site to the existing 138kV transmission line east of Phoenix that runs proximal to Highway 914 near Russell Lake. According to the company, this portion of the Saskatchewan grid provides power from the Saskatchewan-Manitoba border to Uranium City in northwestern Saskatchewan and currently supplies power to each of the operating uranium mine and mill sites in the eastern portion of the Athabasca Basin.
Denison noted that Phoenix has been designed to be powered by electricity from the SaskPower grid. The company stated that the electrification of the Phoenix site will now only require the installation of on-site electrical distribution infrastructure, including the main site transformer, substation high-voltage equipment, switchgear, and substation e-house. All of which are long-lead items that have been procured and are on schedule for delivery to site and installation during the first year of construction.
SaskPower is described in the release as Saskatchewan’s principal electrical utility, servicing over a half million customers across an extensive geographic area, including connections to the grids in Manitoba, Alberta and North Dakota. SaskPower obtained applicable approvals for and installed their transmission line to support a power supply agreement with Denison, whereby Denison has obtained access to up to 8.8 MW of power and agreed to purchase a minimum amount of power for a five-year period from the in-service date of the new transmission line. The cost of the new transmission line was funded by the Wheeler River Joint Venture.
Denison indicated that the commencement of Phoenix construction activities, including the installation of on-site electrical distribution equipment, remains subject to receipt of final regulatory approvals and a final investment decision by Denison.
Wheeler River is the largest undeveloped uranium project in the infrastructure-rich eastern portion of the Athabasca Basin region, in northern Saskatchewan. The project is host to the high-grade Phoenix and Gryphon uranium deposits, discovered by Denison in 2008 and 2014, respectively, and is a joint venture between Denison (90% and operator) and JCU (Canada) Exploration Company Limited (JCU, 10%).
In August 2023, Denison filed a technical report summarizing the results of (i) Phoenix FS; and (ii) a cost update to the 2018 Pre-Feasibility Study for conventional underground mining of the basement-hosted Gryphon uranium deposit. Based on the respective studies, both deposits have the potential to be competitive with the lowest cost uranium mining operations in the world.
Permitting efforts for the planned Phoenix ISR operation commenced in 2019 and are nearing completion with approval in July 2025 of the Project’s EA by the Province of Saskatchewan and conclusion in December 2025 of the Canadian Nuclear Safety Commission Public Hearing for Federal approval of the EA and project construction license.
Denison is a uranium mining, development, and exploration company with interests focused in the Athabasca Basin region of northern Saskatchewan, Canada. In addition to Denison’s effective 95% interest in its flagship Wheeler River Project, Denison’s interests in Saskatchewan include a 22.5% ownership interest in the McClean Lake Joint Venture (MLJV), which includes unmined uranium deposits and the McClean Lake uranium mill, plus a 25.17% interest in the Midwest Joint Venture Midwest Main and Midwest A deposits, and a 70.55% interest in the Tthe Heldeth Túé (THT) and Huskie deposits on the Waterbury Lake Property.
Denison also holds interests in various uranium project joint ventures in Canada, including the Millennium project (JCU, 30.099%), the Kiggavik project (JCU, 33.8118%) and Christie Lake (JCU, 34.4508%).
In 2024, Denison celebrated its 70th year in uranium mining, exploration, and development, which began in 1954 with Denison’s first acquisition of mining claims in the Elliot Lake region of northern Ontario.
Chad Sorba, P.Geo., Denison’s Vice President Technical Services & Project Evaluation, reviewed and approved the technical information contained in this release.
Source: Denison Mines Corp.
