Slide 1: Uranium Development & Exploration
Uranium Development & Exploration The Athabasca Basin, Northern Saskatchewan December 2020 | Scotiabank Mining Conference
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 information relating to the uranium market, third party and provincial in
Slide 3: The Uranium Investment Thesis
The Uranium Investment Thesis: Fundamentals are improving, leading to a positive new uranium cycle Key Market Themes: Annual Utility Uranium Requirements (1) 1. Long-term contracts from the previous uranium (million pounds U3O8 - per UxC Q2’20) bull cycle have acted as a lifeline to high-cost 250 mi
Slide 4: Diversified Athabasca Basin Asset Base with Superior Development Leverage
Diversified Athabasca Basin Asset Base with Superior Development Leverage Strategic Asset Portfolio: • 90% interest in Flagship Wheeler River project • Development stage project • Largest undeveloped uranium project in the infrastructure rich eastern Athabasca Basin • Environmental Assessment (“EA”)
Slide 5: +250,000 Hectares of Prospective Exploration & Development Ground
+250,000 Hectares of Prospective Exploration & Development Ground Focused in the Infrastructure Rich Eastern Athabasca Basin Denison Land Position as of June 30, 2019 Orano Waterbury (Denison 66.9%) McClean Lake Mill (Denison 22.5%) Hook‐Carter (Denison 80%) Cigar Lake Mine Rabbit Lake Mill McArthur
Slide 6: Flagship Wheeler River Development Project
Flagship Wheeler River Development Project(1) 90% Denison Owned (10% JCU): • Host to two high-grade uranium deposits • NI 43-101 compliant Pre-Feasibility Study (“PFS”) considers staged development plan • Phoenix estimated to potentially have lowest costs of any undeveloped uranium deposit • In-Situ
Slide 7: Wheeler River PFS: Staged development plan with combined 14-year mine life
Wheeler River PFS: Staged development plan with combined 14-year mine life(1) ***IMPORTANT*** The Wheeler River PFS estimated pre‐production activities to begin in 2021, assuming receipt of required regulatory approvals, with first production from the Phoenix deposit expected in 2024. Given recent s
Slide 8: Wheeler River PFS: Uranium price assumptions, commercial strategy, and sensitivities
Wheeler River PFS: Uranium price assumptions, commercial strategy, and sensitivities Base Case Price Assumptions Reflect Commercial Strategy: • Phoenix Operation: PFS Pre‐Tax NPV8% (100% Basis) 3000 • Low all-in cost per lb U3O8 suggests contract “base-loading” not required 2500 • Uranium selling pr
Slide 9: Denison's Development Portfolio: Lowest all-in cost assets
Denison’s Development Portfolio: Multiple projects positioned amongst the lowest all-in cost assets of UxC’s First Tier Sample of Global Production Costs(1)(2)(3) Planned and Producing Operations (with Mining Method) “Third/Fourth Tier” $50.00 “Second Tier” All‐in / Full Costs – USD$/lb U3O8 $45.00
Slide 10: Capital Structure & Corporate Information
Capital Structure & Corporate Information Market Summary (1) Management & Directors Exchanges TSX: DML, NYSE American: DNN • David Cates (President & CEO, Director) Shares Outstanding 677.7 M • Mac McDonald (Exec. VP & CFO) Share Units 7.8 M • Dave Bronkhorst (VP Operations) • Tim Gabruch (VP Commer