Denison Mines (DML) Corporate Presentation summary

Strategic asset base and project pipeline

• Holds a diversified portfolio in the Athabasca Basin, including a 95% interest in the Wheeler River project, 22.5% in McClean Lake, 25.17% in Midwest, and 69.44% in Waterbury Lake, with significant exploration ground holdings.

• Wheeler River is the largest undeveloped uranium project in the region, with Phoenix and Gryphon deposits advancing through feasibility and pre-feasibility stages.

• McClean Lake mill processes 11% of global uranium production and is set for a mining restart in 2025 using the SABRE method.

• Waterbury Lake and Midwest projects are advancing with ISR field tests and PEA studies, showing strong development potential.

• Large land position in infrastructure-rich eastern Athabasca Basin, with interests in key projects operated by major uranium companies.

Project economics and cost competitiveness

• Phoenix ISR project features one of the world's lowest all-in costs at US$16.04/lb U3O8, with a post-tax NPV of C$1.56B and IRR of 90%.

• Gryphon UG project offers a base-case after-tax NPV of C$864M, IRR of 37.6%, and all-in costs of US$25.47/lb U3O8.

• Waterbury Lake's THT ISR project PEA shows a pre-tax IRR of 50% and all-in costs of US$24.93/lb U3O8.

• Projects are among UxC's "First Tier" for lowest global production costs, supporting robust margins.

• Phoenix and Gryphon projects are expected to deliver first production by 2027/2028, with Phoenix cash flows funding Gryphon development.

Financial strength and capital structure

• Maintains a strong balance sheet with ~CAD$375M in cash, physical uranium, and investments as of September 30, 2024.

• Holds 2.2M lbs U3O8 in physical uranium, valued at ~CAD$243M, with no debt and working capital of CAD$109M.

• Market capitalization stands at CAD$2.3B (TSX) and USD$1.6B (NYSE American), with 892.6M shares outstanding.

• Financial position supports project advancement and provides flexibility for future development.