11:07 AM EST, 02/27/2025 (MT Newswires) -- (Adds comment and updates shares.)

Denison Mines ( DNN ) on Thursday said the Canadian Nuclear Safety Commission Registrar set the public hearing dates for the Wheeler River uranium project in Saskatchewan.

Denison said the two-part hearing is scheduled for Oct. 8 and Dec. 8-12. The hearings are the final step in the federal approval process for the project's environmental assessment and license to prepare and construct a uranium mine and mill, the company added.

"Obtaining clarity on the hearing schedule significantly reduces uncertainty regarding the timeline for federal project approvals and allows our operations team to finalize our construction planning efforts with greater precision," chief executive David Cates said.

If the commission approves the project immediately after the hearings, Denison said it expects to start site preparation and construction activities for the Phoenix in-situ recovery project within Wheeler River in early 2026.

"With the potential to commence construction in early 2026, we expect to be able to maintain our target of achieving first production from Phoenix by the first half of 2028," Cates said.

National Bank Financial maintained its outperform rating and $4.30 price target on Denison shares following the release.

The bank expects Denison's announcement to be positively received by the market today as it removes uncertainty about the permitting timeline and provides clarity to investors.

The bank said Denison remains its top pick and trade at a discount of US$7.17 per pound versus developer peers at US$7.52/lb.

Denison shares were last seen up $0.03 to $2.19 on the Toronto Stock Exchange.

Price: 2.18, Change: +0.02, Percent Change: +0.93