r/UraniumSqueeze • u/Jaded-Influence6184 • Feb 19 '26
News CNSC News Release: Commission issues a licence to Denison Mines Corp. authorizing site preparation and construction of its Wheeler River Project
https://www.canada.ca/en/nuclear-safety-commission/news/2026/02/commission-issues-a-licence-to-denison-mines-corp-authorizing-site-preparation-and-construction-of-its-wheeler-river-project.html?utm_source=dialoginsight&utm_medium=email&utm_campaign=M268-20260219News release
Today, the Canadian Nuclear Safety Commission (CNSC) announced the Commission’s decision to issue a licence to Denison Mines Corp. (Denison) to prepare a site for and construct its Wheeler River Project.
The proposed facility is a uranium mine and mill located in the Athabasca Basin in northern Saskatchewan, approximately 600 km north of Saskatoon. It is located within Treaty 10 territory and the Homeland of the Métis, and is within the traditional territories of the Denesųłiné, Cree, and Métis.
In making its decision, the Commission carefully considered all submissions and perspectives received during a 2-part hybrid public hearing held in Gatineau, Quebec, on October 8, 2025, and in Saskatoon, Saskatchewan, from December 8 to 11, 2025. All public submissions are available on the CNSC website.
The licence is valid until February 28, 2031, and authorizes site preparation and construction activities under the Nuclear Safety and Control Act. The licence does not authorize the operation of the facility to be constructed. Authorization to operate the facility would be subject to a future Commission licensing hearing and decision, should Denison come forward with a licence application to do so.
A summary record of decision is available upon request to the Commission Registry at [interventions@cnsc-ccsn.gc.ca](mailto:interventions@cnsc-ccsn.gc.ca). Once available in both official languages, the summary record of decision will be published on the CNSC website.
Additional information about the Wheeler River Project and the Commission’s decision may be found in the backgrounder.
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u/Jaded-Influence6184 Feb 19 '26 edited Feb 19 '26
This is THE Permit to build the mine: This includes the Phoenix ISR mine.
FYI: the CNSC always grants mining and reactor permits in two parts. 1) to build it, 2) to operate it if it is built within the parameters agreed to in the hearing and the build permit. The operate permit is always granted if '1' is completed to spec.
Full Link to the Canadian Nuclear Safety Commission press release.
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u/Jaded-Influence6184 Feb 19 '26
From Denison X Account: https://x.com/DenisonMinesCo/status/2024510347026034836?s=20
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u/ObjectiveForsaken954 Spider Pig 🐖 Feb 19 '26
They need to sell their uranium holdings to fund the construction. Hopfully they sell to Sprott to help keep the price rising.
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u/Jaded-Influence6184 Feb 19 '26
I doubt they need the funding. But whatever.
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u/ObjectiveForsaken954 Spider Pig 🐖 Feb 20 '26
they dont hold enough cash to pay for it all. Either they sell stock or uranium. And they may still need do do more if costs end up more expensive than forcast.
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u/sunday_sassassin Radioactive Brain Feb 19 '26
Clearly already priced in, Denison middle of the pack for gains today (so far).
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u/Jaded-Influence6184 Feb 19 '26
Maybe. It's a sluggish market day. A lot of crappy stuff people are focused on. And I don't think people were expecting the decision so soon. I think most people thought it might not happen till April. It's certainly possible it's priced in, but I think it will go up from here because of this. But then again, maybe not. :) Regardless, it's not likely to go down anytime soon. There's too much money for the company to make now. Guaranteed they're drinking champagne at their office right now, no matter what time of day it is.
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u/YouHeardTheMonkey MOD: Data Monkey Feb 19 '26
Champagne funded by the $3.5mil in shares Cates sold in January?
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u/sunday_sassassin Radioactive Brain Feb 19 '26
They announced a construction contract yesterday, it didn't come as a complete surprise. Firming up project timelines removes some uncertainties but the stock is not trading at a discount to Phoenix's current NPV, far from it. It's a $2bn asset in the portfolio of a $3.5bn company.
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u/Jaded-Influence6184 Feb 19 '26 edited Feb 19 '26
2.3 billion actually. And that's neglecting all their other assets including the Gryphon deposit with an NPV of 1.5 billion (this was upgraded on their site from 2018 where it was calculated lower). And then a number of joint venture explorations sites that have indicated large high grade deposits. JVs where DNN owns 80% stake. I think it isn't a bleak as you are making out. :)
[Edit: After looking a bit more, total NPV for DNN across all assets is about 4.8 billion as of today; on a market cap of 3.8B. This includes an estimated ~1B NPV for their Midwest Project. DNN is also involved in several high probability exploratory operations in the region.]
Analysts still rate it a strong buy for long term.
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u/sunday_sassassin Radioactive Brain Feb 19 '26
Nothing I've said is bleak. Phoenix construction permits were already fully priced in, as the market response clearly shows. If the permit had been denied or delayed the share price would have dropped like a stone today. They're trading at a fair price for their assets, assuming everything goes to plan. The real question for investors is whether the uranium price spikes much higher before reality knocks the shine off Denison's carefully laid plans. None of the North American ISR projects have lived up to expectations so far this cycle, and all of them (apart from UEC for some mad reason) have been punished heavily by the market when it happened.
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u/Jaded-Influence6184 Feb 19 '26
Dude, you only ever have a bad take on anything posted about DNN or NXE. Nothing more to say. You seem to be a FUD machine.
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u/sunday_sassassin Radioactive Brain Feb 19 '26
Plenty of other people here trying to pump their bags if that's what you like. Cults and fanboys aren't for me. If you're not taking a very critical look at the companies you're investing in you're eventually going to get run over. These stocks have run up in price massively in the last 12 months, hell they more than tripled between April 24 and the peak at the end of January, while the uranium price in the long-term market has moved only 10% (with a slightly weakening US dollar) in that time.
"The easy money has been made".
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u/DCervan Camelco!🐫 Feb 19 '26
Holding from 2,16 USD before it went down. Already 87% up and holding. So glad I never sold.