Denison Mines Corp. · TSX:DML
Denison Mines — Investor Presentation (March 2026)
24 slides from Denison Mines's investor presentation, March 2026
Slide 1: Corporate Update March 2026
Corporate Update March 2026 Uranium Development & Exploration #1 Non-Precious Mining The Athabasca Basin, Northern Saskatchewan Development Project 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 Portfolio of four low-cost uranium development projects - Phoenix, Gryphon, Midwest and THT/Waterbury all projected within UxC’s “First Tier” of global assets(2) Phoenix combines lowest-cost mining method
Slide 4: Multi-asset leverage to uranium market from advanced + diversified Athabasca Basin asset base
Multi-asset leverage to uranium market from advanced + diversified Athabasca Basin asset base 95%(1) 22.5% 25.17% 70.55% effective interest in interest in interest in interest in Flagship Strategic McClean High-grade Midwest Well-situated NOTES:. Wheeler River project Lake Uranium project close to W
Slide 5: Four assets amongst the lowest all-in cost assets of UxC's First Tier
Denison’s Development Portfolio Projects: Four assets amongst the lowest all-in cost assets of UxC’s First Tier NOTES: Sample of Global Production Costs – August 2025(1)(2)(3)(4) (1) Chart data, including Planned and Producing Operations (with Mining Method) “full costs” and UxC’s categorization of
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 70.55%) McClean Lake Mill (Denison 22.5%) Midwest (Denison 25.17%) McClean Lake North (Denison 22.5%) Waterfound (Denison 24.68%)(2) Rabbit Lake Mill NOTES: Johnston Lake (Denison 100%) (
Slide 7: Robust Balance Sheet with ~CAD$718M in cash, physical uranium and investments
(1) Robust Balance Sheet with ~CAD$718M in cash, physical uranium and investments 1.9M lbs U3O8 CAD$471M in holdings of physical uranium(1) in cash and cash equivalents(1) NOTES: Market value ~CAD$217M (US$82.00/lb U3O8)(1) (1) As of Sept. 30, 2025. For additional details see financial statements an
Slide 8: 95% owned flagship Wheeler River project
95% owned flagship Wheeler River project(1)(2) Potential to deliver meaningful production when the market needs It Two ~16.5 years Aggregate operating CAD$600M Estimated (100% basis) NOTES: premier and viable Mine life(3) Initial CAPEX (Phoenix)(7) (1) Refer to the Wheeler River Technical Report dev
Slide 9: Phoenix In-Situ Recovery Feasibility Study (2023)
Phoenix In-Situ Recovery (“ISR”) Feasibility Study (2023)(1): Reflects rigour of multi-year technical de-risking and delivers impressive economic results 70.5M C $1.57B C $600M PHOTOS: Phoenix Feasibility Field Test lbs U3O8 estimated Updated 2026 (FFT) facilities during operations in 2022. @ Base-c
Slide 10: Phoenix ISR Feasibility Study (2023) with 2026 Capex Update
Phoenix ISR Feasibility Study (2023) with 2026 Capex Update(1,2): Optimized production profile based on detailed ISR mine planning efforts Robust First production economics targeted by mid 2026 Capex Update 2028(3) reflects inflation + Planned ~2-year construction ready construction period project p
Slide 11: Phoenix Construction to Commence March 2026
Phoenix Construction to Commence March 2026 De-risking complete and project is construction-ready Significant Leading Advanced Robust De-risking and Permitting & Procurement Balance PHOTO: Engineering to Community & Construction Sheet View of new SaskPower Position for Execution Engagement Mobilizat
Slide 12: 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) 61.9M C $864M C $737M lbs U3O8 estimated estimated @ Base-case Initial 1.7% PHOTO: after-tax NPV8% CAPEX View inside the SX circuit (100% b
Slide 13: 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 14: 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 ~12% 24M 6M PHOTO: of global lbs U3O8 lbs U3O8 Aerial view of Denison’s 22.5% owned McClean uranium Licensed annual Excess licensed Lake mill facility. production(1) mill capaci
Slide 15: 22.5% Denison-owned McClean Lake Mine
22.5% Denison-owned McClean Lake Mine: Mining restart achieved via SABRE mining method at McClean North deposit SABRE Successful Mining Patented & Start in June 2025 Operating MLJV (100%) production of ~85,000 lbs U3O8 in Q3’2025 at operating cash costs of ~US$19/lb(1) Successful 5-year test PHOTO:
Slide 16: 25.17% Denison-owned Midwest Property
25.17% Denison-owned Midwest Property: In-Situ Recovery PEA for Midwest Main leverages high-grades & proximity to McClean mill(1) 38.7M C $965M C $254M lbs U3O8 @ estimated estimated 3.5% Base-case Initial U3O8 after-tax NPV8% CAPEX (100% basis)(3) (100% basis) Indicated Mineral PHOTO: Resources (10
Slide 17: Midwest ISR Preliminary Economic Assessment (2025)
Midwest ISR Preliminary Economic Assessment (2025)(1): Demonstrates economic and technical potential at the Midwest Main deposit Midwest mine production per year Payback period Evaluation of MLJV’s 7,000,000 under 1 year SABRE mining for pre- and post-tax method also being 6,000,000 base-case scenar
Slide 18: 70.55% owned Waterbury Lake project
70.55% owned Waterbury Lake project: PEA (2020) shows potential for ISR to change uranium mining landscape in Canada(1) PHOTOS: Aerial rendering of surface facilities for the THT ISR ISR 1.6M lbs C $112M operation NOTES: Mining lbs U3O8 estimated (1) Refer to the Waterbury Average annual Initial Lak
Slide 19: Team Denison
Team Denison Strengthening exposure to exploration upside through strategic investment ❑ In January 2025, Denison and Cosa completed an agreement to form JVs on certain properties(1,2), resulting in Cosa acquiring (1) See Denison’s news release dated Nov. 27, 2024. 70% of Murphy Lake North, Darby an
Slide 20: Environmental, Social, Governance & Indigenous (ESG+I)
Environmental, Social, Governance & Indigenous (ESG+I) Fundamental considerations driving Denison’s operations PHOTO: Highlights of the Elders Comprehensive Top 115 in Canada of Sakitawak’s market garden in Ile a la Crosse, ESG Reporting Leading a community-based initiative sponsored by Denison. Des
Slide 21: The Uranium Investment Thesis: Growing supply deficit
The Uranium Investment Thesis: Growing supply deficit → higher prices required to incent new supply Growing Anticipated Supply Deficit… …Leading to Steady Uranium Price Increases (million pounds U3O8 - per UxC Q4’2025)(1) (US$/lb U3O8 - per UxC Historical Monthly Price Data) (2) 400 $160 Expected Ur
Slide 22: Mineral Reserves & Resources as of December 31, 2024
Mineral Reserves & Resources as of December 31, 2024 Mineral Reserves 100% Basis Denison Inferred Mineral Resources 100% Basis Denison (see Notes 1, 2, 3, 4, 8, 9) Share(6) (see Notes 1, 8, 9) Share(6) Grade Lbs U3O8 Lbs U3O8 Grade Lbs U3O8 Lbs U3O8 Project/Deposit Tonnes Project/Deposit Tonnes % U3
Slide 23: Capital Structure & Corporate Information
Capital Structure & Corporate Information Website: Market Summary(1) Management Analyst Coverage(4) www.denisonmines.com X (formerly Twitter): David Cates (President & CEO, Director) BMO (Alexander Pearce) @DenisonMinesCo Canaccord Genuity (Katie Lachapelle) Email: Exchanges Elizabeth Sidle (VP Fina
Slide 24: www.denisonmines.com
WWW.DENISONMINES.COM TORONTO SASKATOON 1100 - 40 University Avenue 345 4th Avenue South Toronto, ON Saskatoon, SK Canada, M5J 1T1 Canada, S7K 1N3