11:49 AM EDT, 08/05/2025 (MT Newswires) -- (Adds National Bank commentary and updates shares.)

Denison Mines ( DNN ) on Tuesday said it secured ministerial approval for the provincial environmental assessment on its Wheeler River uranium project in Saskatchewan.

The company said it sent the provincial assessment for final approval in late 2024 after key milestones in the federal regulatory process, including the completion of the Canadian Nuclear Safety Commission's technical review and its acceptance of the final environmental impact statement for the project.

"Completion of the provincial EA represents one of the final regulatory milestones necessary for Denison to commence construction of the Phoenix [in-situ recovery] mine, which is on track to become Canada's next new large-scale uranium mine," said chief executive David Cates.

The remaining regulatory requirements to begin construction include receipt of the provincial pollutant control facility permit and federal approval of the EA and receipt of the federal license to prepare the site and construct, Denison said.

National Bank of Canada reiterated its outperform rating and $3.75 price target on the company's shares following the news.

The bank based the price target on a multiple of 1.20x NAV applied to the project NAV, while corporate adjustments are valued at par.

Denison shares were last seen up $0.19 to $3.00 on the Toronto Stock Exchange.

Price: 3.00, Change: +0.19, Percent Change: +6.58