Denison Mines (DML) Q3 2024 earnings summary

Executive summary

• Achieved 45% completion of detailed engineering for the Phoenix ISR uranium mining project by Q3 2024, with long-lead procurement ramping up and $21 million in milestone payments or commitments made for initial project capex.

• Substantially all outstanding information requests from the Canadian Nuclear Safety Commission for the Wheeler River draft EIS have been resolved, with the Federal review process nearing completion and a final Provincial EIS submitted.

• Signed benefit agreements with Kineepik Métis Local #9 and the Village of Pinehouse Lake, securing local support and community participation for the Wheeler River Project.

• Progressed the SABRE program at McClean North deposit, targeting production in 2025, and advanced studies on the Midwest and THT deposits.

• Optioned up to 70% interests in 10 non-core exploration properties to Foremost Clean Energy, receiving an upfront equity stake and potential milestone payments, while retaining strategic rights.

Outlook and guidance

• Targeting a financial investment decision for the Phoenix project by mid-2025, with first production expected by 2027/2028.

• Anticipates increased exploration activity and potential discoveries through the Foremost transaction.

• SABRE mining at McClean North deposit remains on track for 2025 production.

Segment performance

• Wheeler River Project: 95% ownership, largest undeveloped uranium project in eastern Athabasca Basin, advancing Phoenix ISR and Gryphon underground mining operations.

• McClean Lake Joint Venture: 22.5% interest, includes unmined deposits and uranium mill processing Cigar Lake ore.

• Midwest Joint Venture: 25.17% interest in Midwest Main and Midwest A deposits.

• Waterbury Lake Property: 69.44% interest in THT and Huskie deposits.

• Additional interests through 50% ownership of JCU, including Millennium, Kiggavik, and Christie Lake projects.