Denison Mines : Investor Update - April 2025

Published: 2025-04-03 17:17:38 ET DML.TO

Corporate Update April 2025

Uranium Development & Exploration

The Athabasca Basin, Northern Saskatchewan

#1 Mining Development Project in the World

Key Investment Highlights(1):

Advanced Athabasca Basin uranium developer with unique asset mix

#1

Three low-cost uranium development projects operated by Denison

Phoenix, Gryphon, and THT/Waterbury all projected within UxC's "First Tier" of global assets

Phoenix combines lowest-cost mining method with Athabasca Basin high-grades

Ranked #1 mining development project globally in 2024 by Mining Journal Intelligence Flagship ISR project with final federal Environmental Impact Statement accepted by CNSC

Technical de-risking completed, with detailed design engineering and long-lead procurement in progress First production targeted by the first half of 2028

Interest in strategic regional asset with McClean Lake mill and mine

Excess licensed milling capacity with approval for expanded tailings management facility Announced 2025 mining restart at McClean Lake North deposit by Orano Canada

High-potential exploration portfolio and interests in key mines / projects operated by "majors"

Large exploration portfolio, including Moon Lake South and Johnston Lake properties

Minority interests in Orano-Denison Midwest Joint Venture & Cameco-JCU's Millennium project

Strong balance sheet with ~CAD$360M in cash, physical uranium and investments(2)

Denison's financial and liquid assets on hand, relative to flagship development project initial capex (~$CAD400M)3 is unrivaled and puts the company in an enviable position for project advancement

Focused on the infrastructure-rich Eastern Athabasca Basin in Saskatchewan, Canada

Nuclear renaissance: 30+ nations pledge to triple nuclear energy capacity by 2050

NOTES: (1) See supporting slides for details. (2) For additional details see financial statements and MD&A for the period ended December 31, 2024. (3) Based on Denison's effective 95% ownership.

Diversified Athabasca Basin asset base with superior development leverage

22.5%

interest in

Strategic McClean Lake Uranium Mill & Mines

11% of global uranium production processed through mill

Mining restart approved using SABRE mining with planned 2025 production

Excess licensed milling capacity

95%(1)

effective interest in

Flagship

Wheeler River project

Development-stage project

Largest undeveloped uranium project in the infrastructure rich eastern Athabasca Basin

2023 Phoenix Feasibility Study(2)

Final Environmental Impact Statement accepted by CNSC(3)

70.32%

interest in

Emerging

Waterbury Lake project

PEA stage development project(4)

Tthe Heldeth Túé ("THT") deposit highlights potential for future development project pipeline

Successful 2023 ISR field test(5)

~384,000

hectares of exploration ground(7)

Participating interests in key development-stage assets operated by uranium "majors"

Includes 22.5% in McClean Lake (Orano), 25.17% in Midwest (Orano), and an effective 15% in Millennium (Cameco) through 50% ownership of JCU(6)

PHOTO:

Aerial view of Denison's 22.5% owned McClean Lake mill facility

NOTES:

(1) Denison increased its effective interest in Wheeler River as part of the acquisition of 50% of JCU (Canada) Exploration Company, Limited. See Denison's news release dated August 3, 2021.

(2) See the Wheeler River Technical Report titled "NI 43-101 Technical Report on the Wheeler River Project, Athabasca Basin, Saskatchewan, Canada" dated June 23, 2023.

(3) See news release dated November 25, 2024 andCanadian ImpactAssessment Registry

(4) Refer to the Waterbury Lake Technical Report titled "Preliminary Economic Assessment for the Tthe Heldeth Túé

(J Zone) Deposit, Waterbury Lake Property, Northern Saskatchewan, Canada" dated October 30, 2020.

(5) See news release dated November 6, 2023.

(6) See news release dated August 3, 2021.

(7) Denison direct land position shown as of December 31, 2024; excludes the land positions held by JCU.

Denison's development portfolio projects:

Multiple assets amongst the lowest all-in cost assets of UxC's First Tier

Sample of Global Production Costs - September 2023 (1)(2)(3) Planned and Producing Operations (with Mining Method)

"Third/Fourth Tier" (up to ~US$92/lb U3O8)

All-in/FullCosts-USD$/lbU3O8

$70 $60 $50 $40 $30 $20 $10 $0

Denison/Canada Canada Kazakhstan

Australia

U.S.A.

Africa

NOTES:

(1) Chart data, including "full costs" and UxC's categorization of production cost "tiers", have been derived from UxC's estimates of worldwide production costs from the Uranium Production Cost Study dated September 2023.

(2) For Phoenix and Gryphon, see the Wheeler River Technical Report titled "NI 43-101 Technical Report on the Wheeler River Project, Athabasca Basin, Saskatchewan, Canada" dated June 23, 2023.

(3) For THT/Waterbury, refer to the Waterbury Lake Technical Report titled "Preliminary Economic Assessment for the Tthe Heldeth Túé (THT) (J Zone) Deposit, Waterbury Lake Property, Northern Saskatchewan, Canada" dated October 30, 2020.

NOTES:

(1) Denison direct land position shown as of December 31, 2024.

(2) Reflects Denison's effective interest, including a portion attributable to Denison's 50% ownership in JCU (Canada) Exploration Company, Limited. See Denison's news release dated August 3, 2021.

Robust Balance Sheet with ~CAD$360M(1) in cash, physical uranium and investments

Balance sheet position, relative to initial project capex for flagship development asset (Phoenix), is unrivaled among uranium development-stage peers

2.2M lbs U3O8

in holdings of

physical uranium at December 31, 2024

Market value ~CAD$231M (US$73.00/lb U3O8)

+/- ~CAD$30M in change for every US$10/lb U3O8 move in spot price

Acquired at average cost of USD$29.66/lb U3O8

Long-term holding expected to enhance access to future project financing for flagship Wheeler River Project(2)

All material received and held in licenced North American storage facilities (Cameco + ConverDyn)

CAD$109M

in cash and cash equivalents(1)

Working capital of CAD$94M(1)

CAD$21M

investments in

uranium equities and convertibles(3)

No Debt(4)

PHOTO:

Packaged U3O8 yellowcake at Denison's 22.5% owned McClean Lake mill.

NOTES:

(1) As of Dec. 31, 2024. For additional details see financial statements and MD&A for the period ended Dec. 31, 2024. Working capital is a non-IFRS financial measure and is calculated as the value of current assets less the value of current liabilities, excluding non-cash current liabilities.

(2) See Denison's news releases dated March 15, 2021, March 22, 2021, and April 1, 2021.

(3) As of Dec. 31, 2024, for additional details see financial statements and MD&A for the period ended Dec. 31, 2024; includes investments in uranium equities and convertible debentures.

(4) The company has no debt drawn as of Dec. 31, 2024; however, the company has a letters of credit facility in place that is used to secure reclamation letters of credit, as more fully described in the financial statements and MD&A.

95% owned flagship Wheeler River project(1)(2)

Delivering Meaningful Production When the Market Needs It

Two

premier and viable development assets

Phoenix - In-Situ Recovery ("ISR") operation with on-site processing to finished U3O8

Gryphon - contributes additional production via conventional underground mining with assumed toll milling at 22.5% Denison owned McClean Lake mill

~16.5 years

Aggregate operating

Mine life(3)

CAD$419M

Estimated (100% basis)

Initial CAPEX (Phoenix)

Phoenix advancing to final investment decision

Environmental Impact Statements accepted as final provincially and federally(4)

CNSC Hearing dates set for late 2025(5) Total engineering ~65% complete(6)

Rigorous multi-year technical de-risking program completed

2022 Feasibility Field Test successfully recovered uranium bearing solution

Gryphon expected to be funded from internal cash flows

Phoenix cash flow expected to fund Gryphon CAPEX

Project benefits from existing or planned Denison-owned infrastructure

106.4M lbs U3O8

(combined, 100% basis)

Proven & Probable Reserves

2-year Construction

Planned construction period for Phoenix

First half of 2028

Planned Production Start-up for Phoenix

PHOTO:

Installation of large-diameter commercial scale ISR test wells at Phoenix during 2021.

LINKS:

Wheeler River ProjectPage on Denison Website.

NOTES:

(1) Refer to the Wheeler River Technical Report titled "NI 43-101 Technical Report on the Wheeler River Project, Athabasca Basin, Saskatchewan, Canada" dated June 23, 2023.

(2) Denison increased its effective interest in Wheeler River as part of the acquisition of 50% of JCU (Canada) Exploration Company, Limited. See Denison's news release dated August 3, 2021.

(3) Reflects 10-year mine life estimated for Phoenix and 6.5-year mine life estimated for Gryphon.

(4) See news release dated November 25, 2024 andCanadian ImpactAssessment Registry

(5) See news release dated February 27, 2025 andCanadian ImpactAssessment Registry

(6) As of Dec. 31, 2024. For additional details see financial statements and MD&A for the period ended Dec. 31, 2024.

Phoenix In-Situ Recovery ("ISR") Feasibility Study (2023):

Reflects rigour of multi-year technical de-risking and delivers impressive economic results(1)

Including…

PHOTOS:

70.5M

lbs U3O8 @

11.4%

U3O8

Measured & Indicated Mineral Resources

(280,200 tonnes, 100% basis)

One of the highest-grade undeveloped uranium deposits globally

56.3M

lbs U3O8 @ 46.0% U3O8

M&I mineral resources for Zone A high-grade domain

Phoenix Feasibility Field Test (FFT) facilities during operations in 2022.

NOTES:

(1) See the Wheeler River Technical Report titled "NI 43-101 Technical Report on the Wheeler River

Project, Athabasca Basin, Saskatchewan, Canada" dated June 23, 2023.

(2)www.mining-journal.com/research-reports/special-report/4204632/mining-journal-intelligence-project-pipeline-handbook-2024-epublication

(3) NPV and IRR are calculated to the start of construction activities for the Phoenix operation and excludes $67.4 million in pre-FID expenditures. Post-tax NPV, IRR and payback period are based on the "adjusted Post-tax" scenario, which includes the benefit of entity level tax attributes which are expected to be available and used to reduce taxable income from the Phoenix operation. See Wheeler River Technical Report for details.

(4) All-in cost is estimated on a pre-tax basis and includes all project operating costs, capital costs post-FID, and decommissioning costs divided by the estimated number of pounds U3O8 to be produced. See Wheeler River Technical Report for details.

Phoenix ISR Feasibility Study (2023)(1):

Optimized production profile based on detailed ISR mine planning efforts

Robust economics easily absorb cost-inflation + design changes

First production targeted for first half of 2028

Planned 2-year construction period

56.7 million lbs U3O8 in proven and probable reserves (219,000 tonnes at 11.7% U3O8)

NOTES: (1) Refer to the Wheeler River Technical Report titled "NI 43-101 Technical Report on the Wheeler River Project, Athabasca

Basin, Saskatchewan, Canada" dated June 23, 2023; (2) NPV and IRR are calculated to the start of construction activities for the Phoenix operation, and excludes $67.4 million in pre-FID expenditures; (3) Payback period is stated as number of months to payback from the start of uranium production; (4) Post-tax NPV is estimated to be $1.43 billion ($1.56 billion adjusted) in the base-case; (5) Post-tax payback period is estimated to be 11 months (10 months adjusted) in the Base-Case; (6) Post-tax IRR is estimated to be 82.3% (90.0% adjusted) in the Base-Case.

Assumptions / Results(1)

Base Case

Selling price / lb U3O8

US$66-US$70

USD:CAD FX Rate

1.35

Pre-tax NPV8%(2)(4) (100%)

$2.34 billion

Change from 2018 PFS

+150%

Pre-tax payback period(3)(5)

~10 months

Pre-tax IRR(2)(6)

106%

10

Disclaimer

Denison Mines Corp. published this content on April 03, 2025, and is solely responsible for the information contained herein. Distributed via , unedited and unaltered, on April 03, 2025 at 21:16 UTC.