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 THT/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 operations.

• Additional interests in McClean Lake (22.5%), Midwest (25.17%), and Millennium (15%) provide leverage to key regional infrastructure and future production.

• Large exploration portfolio covers ~384,000 hectares, with minority interests in several joint ventures.

Project economics and development status

• Phoenix ISR Feasibility Study (2023) shows 70.5M lbs U3O8 at 11.4% grade, with a post-tax NPV8% of C$1.56B and IRR of 90%.

• Phoenix's average cash operating cost is US$6.28/lb U3O8, with all-in costs at US$16.04/lb; initial CAPEX estimated at C$419M.

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

• Waterbury THT PEA (2020) projects 9.7M lbs U3O8 over 6 years, with cash costs of US$12.23/lb and all-in costs of US$24.93/lb.

• McClean Lake mill processes ~10% of global uranium, with excess capacity and a 2025 mining restart planned using SABRE mining.

Technical de-risking and innovation

• Phoenix ISR project completed multi-year technical de-risking, including field tests, core leach testing, and a successful feasibility field test.

• ISR method validated for Phoenix and THT, with freeze wall design limiting environmental disturbance and supporting future detailed engineering.

• SABRE mining method at McClean Lake successfully tested and set for commercial use in 2025.