Denison Mines (DML) investor relations material

Strategic positioning and asset portfolio

• Operates 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 lowest-cost mining method combined with high grades.

• Holds a 95% effective interest in the flagship Wheeler River project, which includes the Phoenix and Gryphon deposits, the largest undeveloped uranium reserves in the region.

• Owns significant stakes in the McClean Lake mill and mine, Midwest, and Waterbury Lake projects, plus minority interests in major projects operated by industry leaders.

• Maintains a large exploration portfolio across 384,000 hectares in the infrastructure-rich eastern Athabasca Basin.

Project development and economics

• Phoenix ISR project features a base-case post-tax NPV8% of C$1.56B, a 90% IRR, and all-in costs of US$16.04/lb U3O8, with first production targeted for mid-2028.

• Gryphon underground project offers a base-case after-tax NPV8% of C$864M, a 37.6% IRR, and all-in costs of US$25.47/lb U3O8, with payback under two years.

• Midwest ISR PEA demonstrates a base-case after-tax NPV8% of C$965M, an 82.7% IRR, and all-in costs of US$25.78/lb U3O8, with payback under one year.

• Waterbury Lake PEA projects a pre-tax NPV8% of C$265M, a 50% IRR, and all-in costs of US$24.93/lb U3O8, with a successful 2023 ISR field test.

Technical de-risking and operational readiness

• Over C$32M invested in detailed engineering and procurement for Phoenix, with 80% of engineering complete and permitting in final stages.

• Phoenix project has completed a successful first-of-its-kind ISR field test, validating technical and environmental assumptions.

• Long-lead procurement and construction planning are advanced, with a two-year construction timeline anticipated.