Stock Track | Denison Mines Soars 7% on Positive Progress for Phoenix Uranium Project

Stock Track11-08

Shares of Denison Mines Corp. (DNN) surged 7.11% on Wednesday after the uranium mining company reported positive developments in its key projects during the third quarter of 2024.

In its Q3 earnings report, Denison provided an update on the "positive progress" of its engineering and regulatory approval efforts for the planned Phoenix In-Situ Recovery (ISR) uranium mining operation at the Wheeler River project. The company achieved 45% completion of total engineering by the end of Q3, and has already committed $21 million for long-lead procurement items.

On the regulatory front, Denison stated that substantially all outstanding information requests from the Canadian Nuclear Safety Commission's review of the Wheeler River draft Environmental Impact Statement have been resolved, bringing the Federal review process close to completion. The company has also submitted a final Provincial EIS to advance approval from the Saskatchewan government.

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