Denison Mines (DML) Corporate Presentation summary

Strategic asset base and project pipeline

• Holds advanced uranium development projects in the Athabasca Basin, including Phoenix, Gryphon, and Waterbury, all ranked among the lowest-cost global assets.

• Flagship Wheeler River project (95% interest) is the largest undeveloped uranium project in eastern Athabasca, with Phoenix ISR and Gryphon UG deposits.

• Additional interests in McClean Lake mill (22.5%), Midwest (25.17%), and Millennium (15% effective through JCU ownership).

• Large exploration portfolio with over 384,000 hectares and minority stakes in key projects operated by major uranium companies.

Project economics and development status

• Phoenix ISR Feasibility Study (2023): 70.5M lbs U3O8 at 11.4% grade, post-tax NPV8% of C$1.56B, IRR 90%, and all-in cost of US$16.04/lb.

• Gryphon UG PFS Update (2023): 61.9M lbs U3O8 at 1.7% grade, after-tax NPV8% of C$864M, IRR 37.6%, and all-in cost of US$25.47/lb.

• Waterbury THT PEA (2020): 9.7M lbs U3O8, initial capex C$112M, all-in cost US$24.93/lb, pre-tax IRR 50%.

• Phoenix production targeted for first half of 2028, with a two-year construction period and technical de-risking completed.

Financial strength and capital structure

• Robust balance sheet with ~CAD$360M in cash, physical uranium, and investments as of Dec 31, 2024.

• 2.2M lbs U3O8 in physical uranium holdings, market value ~CAD$231M, no debt, and working capital of CAD$94M.

• Market capitalization of CAD$1.9B (TSX) and USD$1.3B (NYSE American) with 895.7M shares outstanding.