Denison Mines (DML) Q4 2024 earnings summary

Executive summary

• Achieved significant regulatory milestones for the Phoenix ISR project, including completion of technical reviews and acceptance of the final Environmental Impact Statement by federal and provincial authorities.

• Advanced detailed engineering for Phoenix to 65% completion, supporting a targeted first production in the first half of 2028.

• Secured community and Indigenous support through multiple benefit and investment agreements for the Wheeler River project.

• Announced restart plans for McClean Lake mining operations in 2025 and completed an inaugural ISR field test at the Midwest project, validating key mining assumptions.

• Formed new exploration joint ventures and optioned non-core properties to enhance exploration exposure.

Outlook and guidance

• Targeting final investment decision and commencement of Phoenix construction in early 2026, with first production expected by the first half of 2028.

• Ongoing focus on engineering, permitting, pre-construction planning, and procurement of over $60 million in equipment for Phoenix.

• Entered 2025 with a strong, debt-free balance sheet to support growth initiatives.

Segment performance

• McClean Lake: Development work progressed for mining restart in 2025 using SABRE mining method.

• Midwest: Completed ISR field test program, confirming hydraulic conductivity and collecting metallurgical samples.

• Exploration: Entered agreements with Foremost Clean Energy and Cosa Resources for joint exploration and property options.