Denison Mines Corp. · TSX:DML
Denison Mines — Investor Presentation (July 2026)
26 slides from Denison Mines's investor presentation, July 2026
Slide 1: Corporate Update | July 2026
Corporate Update | July 2026 #1&2 Uranium Mining Uranium Development & Exploration Development Projects 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): Building the next source of sizeable Western uranium supply 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 with
Slide 4: Multi-asset leverage to uranium market
Multi-asset leverage to uranium market from advanced + diversified Athabasca Basin asset base NOTES:. (1) Denison’s effective interest 95% (1) 22.5% 25.17% 70.55% in Wheeler River includes 90% held directly and 5% held indirectly through its 50% ownership of JCU (Canada) effective interest in intere
Slide 5: Denison's Diversified Asset Portfolio: Four low-cost development projects
Denison’s Diversified Asset Portfolio: Four low-cost development projects, plus operating McClean Lake mine NOTES: (1) Chart data, including “full costs” and UxC’s Sample of Global Production Costs – August 2025(1)(2)(3)(4)(5) categorization of production cost “tiers”, have been derived Planned and
Slide 6: Large land position in 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 (1) Denison dire
Slide 7: Robust Balance Sheet with ~CAD$670M
Robust Balance Sheet with ~CAD$670M(1)(2) in cash, physical uranium and investments NOTES: (1) As of Mar 31, 2026. For additional details see financial statements and MD&A for the period ended Mar. 31, 2026. 1.85M lbs U3O8 CAD$418M (2) Includes 1.7Mlbs of purchased physical U3O8 and 146klbs of finis
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 NOTES: (1) Refer to the Wheeler River Technical Report titled "NI 43-101 Technical Two Phoenix: Site prep. underway(4) CAD$600M Report on the Wheeler River Project, Athabasca Basin, Sas
Slide 9: Phoenix Project Execution Progressing
Phoenix Project Execution Progressing PHOTO: De-risking complete and site preparation in progress View of new SaskPower 138kV Transmission Line to the site of the Future Phoenix Uranium Mine. Significant Leading Procurement Robust NOTES: De-risking and Permitting & Advancing & Balance (1) For additi
Slide 10: Phoenix ISR Uranium Mine
Industrial Landfill Area Misc. Pads & Ponds Feasibility Field Test (FFT) Coverall Process Plant Area + Freeze Plant Area Site Power Substation Wellfield Area Area (Phase 1-4 ) Helipad Temporary Construction Management Facilities (Wellfield Phase 5) Non-Process Site Facilities, including Access Road
Slide 11: Phoenix ISR Uranium Mine
Phoenix ISR Uranium Mine Process plant civil work as of June 21, 2026 11
Slide 12: Phoenix ISR Uranium Mine
Phoenix ISR Uranium Mine 18-Seat Airbus Super Puma Helicopter (left) as of June 2, 2026 12 Williams Lake Camp Facility (right) as of June 22, 2026
Slide 13: Phoenix ISR Feasibility Study (2023) with 2026 Capex Update
Phoenix ISR Feasibility Study (2023) with 2026 Capex Update(1)(2): Reflects rigour of multi-year technical de-risking and delivers impressive economic results PHOTOS: 70.6M $1.57B $600M Phoenix Feasibility Field Test (FFT) facilities during C C operations in 2022. lbs U3O8 NOTES: estimated Updated 2
Slide 14: 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 for 2026 Capex Update mid 2028(3) reflects inflation + Targeted ~2-year construction ready construction period projec
Slide 15: Gryphon UG 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 PHOTO: 1.7% after-tax NPV8% (100% basis)(2) CAPEX (100% basis) View
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 local for pre- and post- infrastructure tax base-case scenarios 49.7 million lbs U3O8 in probable reser
Slide 17: 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 ~11% 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 18: 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 648,600lb U3O8 ~US$26/lb Production in 2025 Operating Cash Costs 2025 MLJV production McClean Lake JV production (100% basis)(1) (100% basis)(1) PHOTO: SABRE 17.8M 7.6M 2021 SABRE test min
Slide 19: 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 3.4% Base-case Initial #1 Uranium Mining Development Project U3O8 after-tax NPV8% CAPEX (100% basis)(4) (100% basis)
Slide 20: 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 21: 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 $112M operation NOTES: Mining lbs U3O8 estimated (1) Refer to the Waterbury Average annual Initial Lak
Slide 22: Strengthening exposure to exploration upside through strategic investment
Team Denison Strengthening exposure to exploration upside through strategic investment ❑ In January 2025, Denison and Cosa completed an agreement to form JVs on certain properties(1,2), resulting in Cosa acquiring (1) See Denison’s news release dated Nov. 27, 2024. 70% of Murphy Lake North, Darby an
Slide 23: Comprehensive ESG Reporting
Environmental, Social, Governance & Indigenous (ESG+I) Fundamental considerations driving Denison’s operations PHOTO: Highlights of the Elders Comprehensive Top 115 in Canada of Sakitawak’s market garden in Ile a la Crosse, ESG Reporting Leading a community-based initiative sponsored by Denison. Des
Slide 24: The Uranium Investment Thesis
The Uranium Investment Thesis: Growing deficit requires higher prices to incent sufficient new supply Supply Deficit Anticipated to Grow… …Leading to Steady Uranium Price Increases (million pounds U3O8 - per UxC Q2’2026)(1) (US$/lb U3O8 - per TradeTech Historical Monthly Price Data)(2) 400 $160 Expe
Slide 25: Mineral Reserves & Resources as of December 31, 2025
Mineral Reserves & Resources as of December 31, 2025 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 26: Capital Structure & Corporate Information
Capital Structure & Corporate Information Analyst Coverage(4) Website: Market Summary(1) Management www.denisonmines.com X (formerly Twitter): David Cates (President & CEO, Director) ATB Cormark (Nicolas Dion) @DenisonMinesCo BMO (Alexander Pearce) Email: Elizabeth Sidle (VP Finance & CFO) IR@deniso