Denison Mines Corp. · TSX:DML
Denison Mines — Investor Presentation (April 2025)
24 slides from Denison Mines's investor presentation, April 2025
Slide 1: Corporate Update
Corporate Update April 2025 Uranium Development & Exploration #1 Mining Development Project The Athabasca Basin, Northern Saskatchewan in the World
Slide 2: Cautionary Statements & References
Cautionary Statements & References This presentation and the information contained herein is designed to help you understand management’s current views, and may not be appropriate for other purposes. This presentation contains third-party information, such as the uranium market, other issuers, provi
Slide 3: Key Investment Highlights
Key Investment Highlights(1): Advanced Athabasca Basin uranium developer with unique asset mix Three low-cost uranium development projects operated by Denison Phoenix, Gryphon, and THT/Waterbury all projected within UxC’s “First Tier” of global assets Phoenix combines lowest-cost mining method with
Slide 4: Diversified Athabasca Basin asset base
Diversified Athabasca Basin asset base PHOTO: Aerial view of Denison’s 22.5% owned McClean with superior development leverage Lake mill facility NOTES: (1) Denison increased its effective interest in Wheeler River as part of the acquisition of 50% of 95% (1) 22.5% 70.32% JCU (Canada) Exploration Com
Slide 5: All-in / Full Costs – USD$/lb U3O8
Denison’s development portfolio projects: Multiple assets amongst the lowest all-in cost assets of UxC’s First Tier Sample of Global Production Costs – September 2023 (1)(2)(3) Planned and Producing Operations (with Mining Method) “Third/Fourth Tier” (up to ~US$92/lb U3O8) NOTES: $70 “Second Tier” (
Slide 6: Large land position in the infrastructure-rich eastern portion of the Athabasca Basin
Large land position in the infrastructure-rich eastern portion of the Athabasca Basin(1) Waterbury Lake (Denison 70.32%) McClean Lake Mill (Denison 22.5%) Midwest (Denison 25.17%) McClean Lake North Waterfound (Denison 22.5%) (Denison 24.68%)(2) Rabbit Lake Mill NOTES: Cigar Lake Mine (1) Denison di
Slide 7: Robust Balance Sheet with ~CAD$360M in cash, physical uranium and investments
(1) Robust Balance Sheet with ~CAD$360M PHOTO: in cash, physical uranium and investments Packaged U3O8 yellowcake at Denison’s 22.5% owned McClean Lake mill. NOTES: 2.2M lbs U3O8 CAD$109M (1) As of Dec. 31, 2024. For additional details see financial statements and MD&A for the period in holdings of
Slide 8: 95% owned flagship Wheeler River project
95% owned flagship Wheeler River project(1)(2) PHOTO: Installation of large- Delivering Meaningful Production When the Market Needs It diameter commercial scale ISR test wells at Phoenix during 2021. LINKS: Two ~16.5 years CAD$419M Wheeler River Project Page on Denison Website. NOTES: Aggregate oper
Slide 9: Phoenix In-Situ Recovery (ISR) Feasibility Study (2023)
Phoenix In-Situ Recovery (“ISR”) Feasibility Study (2023): Reflects rigour of multi-year technical de-risking and delivers impressive economic results(1) PHOTOS: Phoenix Feasibility Field 70.5M C $1.56B C $419M Test (FFT) facilities during operations in 2022. lbs U3O8 estimated estimated NOTES: (1)
Slide 10: Phoenix ISR Feasibility Study (2023)
Phoenix ISR Feasibility Study (2023)(1): Optimized production profile based on detailed ISR mine planning efforts Robust First production economics targeted for easily absorb first half of 2028 cost-inflation + Planned 2-year design changes construction period 56.7 million lbs U3O8 in proven and pro
Slide 11: Figures
Figures Environmental disturbance limited by compact site 2023 Primary site facilities Phoenix contained within area estimated to be less Feasibility than 1 sq. km Study Provides excellent basis for detailed Robust mine engineering planning design process efforts to evaluation of support a productio
Slide 12: Phoenix ISR De-Risking
Phoenix ISR De-Risking: Combining the world’s lowest-cost uranium mining method with one of the world’s highest-grade undeveloped uranium deposits PHOTOS (Left to Right): Small diameter ISR test wells installed at Phoenix in 2019; Specialized core- leach testing apparatus from the Saskatchewan Resea
Slide 13: Fully Permitted In-Situ Recovery Feasibility Field Test (FFT)
Fully Permitted In-Situ Recovery Feasibility Field Test (FFT): Highly successful first-of-its-kind test in the Athabasca Basin(1, 2) PHOTO: Inside FFT coverall structure during commissioning – including view of commercial scale test wells, monitoring wells, and injection solution preparation module
Slide 14: Gryphon Underground Pre-Feasibility Study Update (2023)
Gryphon Underground (“UG”) Pre-Feasibility Study Update (2023): Provides Denison with additional source of low-cost production to reinvest Phoenix cash flows(1) PHOTO: 61.9M C $864M C $737M View inside the SX circuit at Denison’s 22.5% owned lbs U3O8 McClean Lake mill, which estimated estimated is a
Slide 15: Gryphon UG Pre-Feasibility Study Update (2023)
Gryphon UG Pre-Feasibility Study Update (2023)(1): Capital and operating costs updated from 2018 PFS + minor scheduling optimizations Benefits from Payback period existing or under 2-years planned for pre- and post- Denison-owned tax base-case infrastructure scenarios 49.7 million lbs U3O8 in probab
Slide 16: 22.5% Denison-owned McClean Lake Mill
22.5% Denison-owned McClean Lake Mill: Strategic asset uniquely positioned to support new sources of supply from JV owners ~10% 24M ~7M PHOTO: Aerial view of Denison’s 22.5% owned McClean Lake mill facility of global lbs U3O8 lbs U3O8 LINKS: uranium Licensed Excess licensed McClean Lake Project prod
Slide 17: 22.5% Denison-owned McClean Lake Mine
22.5% Denison-owned McClean Lake Mine: SABRE mining method has potential to unlock value from unmined deposits close to mill SABRE Patented 2025 Restart PHOTO: of Mining 2021 SABRE test mining & Tested program in action, with view of specialized mining pipes in inset photo. Successful 5-year test Or
Slide 18: 70.32% owned Waterbury Lake project demonstrates potential for ISR
70.32% owned Waterbury Lake project demonstrates potential for ISR to transform portfolio projects(1) PHOTO: Isometric schematic of ISR wellfield and freeze wall at depth of the THT deposit on Waterbury Lake property. ISR 6-year CAD$112M estimated LINKS: Waterbury Lake Project Video on Vimeo Mining
Slide 19: Tthe Heldeth Túé (THT) ISR Operation
Tthe Heldeth Túé (“THT”) ISR Operation: PEA (2020) shows potential for ISR to change uranium mining landscape in Canada(1) PHOTOS: 1.6M lbs $112M Aerial rendering of surface C facilities for the THT ISR operation lbs U3O8 estimated NOTES: Average annual Initial (1) Refer to the Waterbury production
Slide 20: 25.17% Denison-owned Midwest Property
25.17% Denison-owned Midwest Property: Two high-grade uranium deposits in close proximity to the McClean Lake mill Approved 2024 ISR Orano Environmental Field Test(3) Canada Inc. Impact French nuclear Statement Results suggest giant serves as Midwest Main (“EIS”) deposit possesses project operator a
Slide 21: Environmental, Social, Governance & Indigenous (ESG+I)
Environmental, Social, Governance & Indigenous (ESG+I) Fundamental considerations driving Denison’s operations PHOTO: Highlights of the Elders Comprehensive Top 115 in Canada of Sakitawak’s market garden in Ile a la Crosse, a community-based ESG Reporting Leading initiative sponsored by Denison. Des
Slide 22: The Uranium Investment Thesis
The Uranium Investment Thesis: Growing supply deficit higher prices required to incent new supply Global Uranium Supply & Demand(1) Key Market Themes: (million pounds U3O8 - per UxC Q1’2025) 400 Draw down of surplus inventories during period of production curtailments led transition to productio
Slide 23: Mineral Reserves & Resources as of December 31, 2024
Mineral Reserves & Resources as of December 31, 2024 SOURCE: AIF Mineral Reserves 100% Basis Denison Inferred Mineral Resources 100% Basis Denison NOTES: (see Notes 1, 2, 3, 4, 8, 9) Share(6) (see Notes 1, 8, 9) Share(6) (1) See AIF for details for further details, including cut-off grades Grade Lbs
Slide 24: Capital Structure & Corporate Information
Capital Structure & Corporate Information LINKS: Market Summary(1) Management Analyst Coverage(4) Website: www.denisonmines.com Twitter: David Cates (President & CEO, Director) BMO (Alexander Pearce) @DenisonMinesCo Email: Elizabeth Sidle (VP Finance & CFO) Canaccord Genuity (Katie Lachapelle) IR@de