Slide 1: Corporate Update
Corporate Update May 2024 Uranium Development & Exploration The Athabasca Basin, Northern Saskatchewan
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 within UxC’s “First Tier” of global assets Phoenix combines lowest-cost mining method with Athabasca
Slide 4: Diversified Athabasca Basin asset base with superior development leverage
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 95% (1) 22.5% 69.35% the acquisition of 50% of JCU (Canada) Exploration Com
Slide 5: Positioned amongst the lowest all-in cost assets of UxC's First Tier
Denison’s development portfolio projects: Positioned 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: $70.00 “Second Tier” (1)
Slide 6: Robust Balance Sheet with ~CAD$430M in working capital, physical uranium and investments
(1,2) Robust Balance Sheet with ~CAD$430M PHOTO: Packaged U3O 8 yellowcake in working capital, physical uranium and investments at Denison’s 22.5% owned McClean Lake mill. NOTES: (1) As of December 31, 2023, for additional 2.3M lbs U3O8 CAD$131M details see financial statements and MD&A for the peri
Slide 7: 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. Gov
Slide 8: 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)(2) Waterbury Lake (Denison 69.35%) McClean Lake Mill Midwest (Denison 22.5%) (Denison 25.17%) McClean Lake North Waterfound (Denison 22.5%) (Denison 24.68%)(3) Rabbit Lake Mill NOTES: (1) Denison direct land pos
Slide 9: 95% owned flagship Wheeler River development project
95% owned flagship Wheeler River development project (1)(2) Two ~16.5 years Aggregate operating CAD$419M Estimated (100% basis) PHOTO: Installation of large- Low-cost diameter commercial scale ISR test wells at Mine life(3) Initial CAPEX (Phoenix) Phoenix during 2021. development assets LINKS: Phoen
Slide 10: Phoenix In-Situ Recovery 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 $1.56B $419M Test (FFT) facilities during C C operations in 2022. lbs U3O8 estimated estimated NOTES: @ Ba
Slide 11: 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 2027 or 2028 cost-inflation + Planned 2-year design changes construction period 56.7 million lbs U3O8 in proven and probable
Slide 12: Phoenix Feasibility Study 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 13: 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 14: 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 15: 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 McClean Lake mill, which lbs U3O8 estimated estimated is ass
Slide 16: 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 17: 22.5% Denison-owned McClean Lake Mill
22.5% Denison-owned McClean Lake Mill: Excess licensed mill capacity and CNSC approval in place for expansion of tailings facility PHOTO: ~11% 24M ~9M Aerial view of Denison’s 22.5% owned McClean Lake mill facility of global lbs U3O8 lbs U3O8 LINKS: uranium Excess licensed McClean Lake Project produ
Slide 18: 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 2025 Mining SABRE Patented & Tested Restart Successful 5-year test mining program for “Surface Access Borehole Resource Extraction” (SABRE) mining method ~800,000 lbs U 3O8 PH
Slide 19: 69.35% owned Waterbury Lake project
69.35% 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 20: 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: Aerial rendering of surface facilities for the THT ISR 1.6M lbs C$112M operation NOTES: lbs U3O8 estimated (1) Refer to the Waterbury Average annual Initial Lake Tech
Slide 21: 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 ISR Concept Orano Environmental Study Canada Inc. Impact Positive results French nuclear Statement support joint giant serves as (“EIS”) venture decision project operator to co
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 Q1’24 ) ▪ Draw down of surplus inventories during period of production curtailments led transition to production-cos
Slide 23: Reserves & Resources as of December 31, 2023
Reserves & Resources as of December 31, 2023 SOURCE: Mineral Reserves Denison Inferred Mineral Resources Denison 100% Basis 100% Basis Denison's Annual Information Form (see Notes 1, 2, 3, 4, 14, 15) Share(9) (see Notes 1, 6, 15) Share(9) dated March 28, 2024 NOTES: Grade Lbs U3 O8 Lbs U3 O8 Grade L
Slide 24: Capital Structure & Corporate Information
Capital Structure & Corporate Information Market Summary(1) Management Shareholders(4) David Cates (President & CEO, Director) TSX: DML Exchanges NYSE American: DNN Elizabeth Sidle (VP Finance, CFO) Kevin Himbeault (VP Operations) Shares Outstanding 891.0 M Geoff Smith (VP Corp. Dev. & Commercial) 3