After its first quarter of full-scale construction, Denison estimated its Phoenix in situ recovery mine project was 24% complete overall as of September 30, 2026. The company continues to target construction completion and first production in the second half of 2028, it said in its third-quarter results.

By the end of October, nearly half of site civil work was complete, including the main access road from Highway 914. Concrete work needed to start building the process plant over the winter was substantially complete. Denison reported $161.1 million in Phoenix expenditures year to date and forecast 2026 expenditures of $278.6 million, in Canadian dollars.

Denison said it had received or released for shipment key electrical infrastructure, freeze plants and some process tanks, with offsite fabrication intended to support work through winter. Exploration at Phoenix North, within the mine site's surface footprint, intersected mineralization over more than 100 metres of strike length; the company reported a 0.67% eU₃O₈ intersection over 2.5 metres in drill hole WR-868.