Denison Mines : Investor Update - January 2025

Published: 2025-01-10 18:24:05 ET DML.TO

Corporate Update

January 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

Threelow-cost uranium development projects operated by Denison

Phoenix, Gryphon, and THT/Waterbury all 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 for 2027 or 2028

Interest in strategic regional asset with McClean Lake mill and mine

Excess licensed milling capacity with approval for expanded tailings management facility

2025 mining restartat McClean Lake North deposit with planned initial prod'n of 800,000 lbs U3O8 (100%)

High-potentialexploration 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$375M in cash, physical uranium and investments(2) Denison's financial and liquid assets on hand, relative to flagship development project initial capex (~$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 Sept. 30, 2024. (3) Based on Denison's effective 95% ownership.

Diversified Athabasca Basin asset base with superior development leverage

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

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)

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 of ~800,000 lbs. U3O8(4)

Excess licensed milling capacity

69.44%

interest in

Emerging

Waterbury Lake project

PEA stage development project(5)

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

Successful 2023 ISR field test(6)

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 and

Canadian Impact

Assessment Registry

(4) See news release dated

January 24, 2024.

(5) Refer to the Waterbury

Lake Technical Report

titled "Preliminary

Economic Assessment for

the Tthe Heldeth Túé

(J Zone) Deposit,

Waterbury Lake Property,

Northern Saskatchewan,

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(7)

~384,000

hectares of exploration ground(8)

Canada" dated October

30, 2020.

(6) See news release dated

November 6, 2023.

(7) See news release dated

August 3, 2021.

(8) Denison direct land

position shown as of June

30, 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)

$70

Planned and Producing Operations (with Mining Method)"Third/Fourth Tier" (up to ~US$92/lb U3O8)

NOTES:

"Second Tier"

$60

(up to ~US$48/lb U3O8

UxC's "First Tier"

USD$/lb

$40

$50

(includes lowest-cost projects with full costs up to ~US$33/lb U3O8)

US$25.47

Costs

$30

US$24.93

(2023)

(2020)

Full

$20

US$16.04

(2023)

in /

$10

All-

ISR

ISR ISR

ISR

Denison/Canada

Canada

Kazakhstan

Australia

U.S.A.

Africa

Robust Balance Sheet with ~CAD$375M(1) in cash, physical uranium and investments

PHOTO:

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

2.2M lbs U3O8

in holdings of

physical uranium at Sept. 30, 2024

Market value ~CAD$243M (US$81.75/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$106M

cash and cash equivalents(1)

Working capital of CAD$109M(1)

CAD$25M No Debt(4)

investments in

uranium equities and convertibles(3)

NOTES:

(1) As of Sept. 30, 2024.

For additional details see

financial statements and

MD&A for the period

ended September 30,

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;

also excludes investment

in joint venture (JCU).

(2) See Denison's news

releases dated March 15,

2021, March 22, 2021, and

April 1, 2021.

(3) As of Sept. 30, 2024,

for additional details see

financial statements and

MD&A for the period

ended Sept. 30, 2024;

includes investments in

uranium equities and

convertible debentures.

(4) The company has no

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

debt drawn as of Sept. 30,

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.

Environmental, Social, Governance & Indigenous (ESG+I)

Fundamental considerations driving Denison's operations

PHOTO:

Multiple Indigenous Agreements

Comprehensive ESG Reporting

Designed to address GRI, SASB, TCFD and other global disclosure frameworks

Board approved

Indigenous Peoples Policy

First-in-sector policy reflecting Denison's commitment to take action towards advancing reconciliation with Indigenous peoples in Canada(1)

Strong EHS&S Culture & Results

Zero lost time injuries across all operations and no significant environmental events for 2023(8)

Top 115 in Canada

Leading

Governance

Practices &

Disclosure

Denison recognized by Globe

Authentic Social Programs

Denison's community / social investment program targets community-based initiatives

Highlights of the Elders of Sakitawak's market garden in Ile a la Crosse,

LINKS:

Denison's ESG Report

ERFN SPA Signing Video

NOTES:

Large land position in the infrastructure-rich eastern portion of the Athabasca Basin(1)

Waterbury Lake (Denison 69.44%)

McClean Lake Mill

(Denison 22.5%)

Moon Lake South

(Denison 75%)

All Season Highway

/ Haul Road

Midwest

(Denison 25.17%)

Waterfound

(Denison 24.68%)(2)

McArthur River Mine

Wheeler River

(Denison 95%)(2)

Provincial Power Grid

McClean Lake North

(Denison 22.5%)

Rabbit Lake Mill

NOTES:

(1) Denison direct land

Cigar Lake Mineposition shown as of September 30, 2024 , then adjusted for the transaction with Cosa Resources Corp. See Denison's news release dated November 27, 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.

Key Lake Mill

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

Delivering Meaningful Production When the Market Needs It

PHOTO:

Installation of large- diameter commercial

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)

Phoenix advancing to final investment decision

Detailed design engineering in progress

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

Rigorous multi-year technical de-risking program completed

2022 Feasibility Field Test successfully recovered uranium bearing solution

CAD$419M

Estimated (100% basis)

Initial CAPEX (Phoenix)

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

scale ISR test wells at Phoenix during 2021.

LINKS:

Wheeler River Project Page 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 and

106.4M lbs U3O8

2-year Construction

2027 / 2028

(combined, 100% basis)

Planned construction period

Planned Production Start-up

Proven & Probable Reserves

for Phoenix

Canadian Impact

Assessment Registry: aeic-

iaac.gc.ca/050/evaluations

/proj/80178?culture=en-

CA.

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

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

PHOTOS:

#1 Mining Development Project

in the World(2)

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

Including…

56.3M

lbs U3O8

@ 46.0% U3O8

M&I mineral resources for Zone A high-gradedomain

C$1.56B

C$419M

estimated

Base-case

Initial

post-tax NPV8%

CAPEX

(100% basis)(3)

(100% basis)

90.0%

3.7 to 1

estimated

impressive

Base-case

post-tax

post-tax NPV

IRR(3)

to initial capital

cost ratio

US$6.28

US$16.04

/ lbs U3O8

average

Cash Operating

All-in

Costs

Cost(4)

(C$8.51/lb U3O8)

(C$21.73/lb U3O8)

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

NOTES:

Disclaimer

Denison Mines Corp. published this content on January 10, 2025, and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on January 10, 2025 at 23:23:01.609.