Denison Mines (DML) Investor presentation summary

Strategic positioning and asset portfolio

• Holds a diversified portfolio of four low-cost uranium development projects in the Athabasca Basin, all ranked in UxC's "First Tier" of global assets, with Phoenix recognized as the #1 non-precious mining development project globally in 2025.

• Effective 95% interest in the flagship Wheeler River project, which includes Phoenix (ISR, construction-stage) and Gryphon (underground, development-stage), with construction at Phoenix set to begin March 2026.

• Additional interests include 22.5% in the McClean Lake mill and mines, 25.17% in the high-grade Midwest project, and 70.55% in the Waterbury Lake project.

• Large exploration land position (~457,000 hectares) and minority stakes in major projects operated by industry leaders.

Project economics and development timeline

• Phoenix ISR project targets first production by mid-2028, with a two-year construction period and updated initial capex of C$600M (100% basis).

• Phoenix feasibility study (2023, updated 2026) shows post-tax NPV8% of C$1.57B, IRR of 73%, and average all-in cost of US$18.41/lb U3O8.

• Gryphon PFS update (2023) estimates after-tax NPV8% of C$864M, IRR of 37.6%, and all-in cost of US$25.47/lb U3O8.

• Midwest PEA (2025) demonstrates after-tax NPV8% of C$965M, IRR of 82.7%, and all-in cost of US$25.78/lb U3O8, with payback under one year.

• Waterbury Lake PEA (2020) highlights low-cost ISR potential, with pre-tax IRR of 50% at US$65/lb U3O8.

Operational readiness and risk management

• Technical de-risking completed for Phoenix, with ~87% engineering complete and C$47M spent on long-lead procurement.

• Final regulatory approvals and community agreements in place for Phoenix, with construction management contract awarded and grid power available.

• Robust balance sheet with ~C$718M in cash, physical uranium, and investments, supporting project financing and construction.

• Convertible notes issued, increasing financial flexibility; no other debt drawn as of September 2025.