Denison Mines Corp. · TSX:DML
Denison Mines — Investor Presentation (September 2025)
24 slides from Denison Mines's investor presentation, September 2025
Slide 1: Corporate Update September 2025
Corporate Update September 2025 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: Diversified Athabasca Basin asset base with superior development leverage
Diversified Athabasca Basin asset base with superior development leverage NOTES: (1) Denison’s effective interest in Wheeler River includes 90% (1) 95% 22.5% 25.17% 70.55% held directly and 5% held indirectly through its 50% ownership of JCU (Canada) Exploration Company, Limited. effective interest
Slide 5: All-in / Full Costs – USD$/lb U3O8
Denison’s development portfolio projects: Four assets amongst the lowest all-in cost assets of UxC’s First Tier Sample of Global Production Costs – September 2023 (1)(2)(3)(4) NOTES: Planned and Producing Operations (with Mining Method) “Third/Fourth Tier” (1) Chart data, including (up to ~US$92/lb
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 Waterfound (Denison 22.5%) (Denison 24.68%)(2) Rabbit Lake Mill Johnston Lake (Denison 100%) Cigar La
Slide 7: Robust Balance Sheet with ~CAD$721M in cash, physical uranium and investments
(1) Robust Balance Sheet with ~CAD$721M in cash, physical uranium and investments 2.2M lbs U3O8 CAD$460M NOTES: (1) As of Jun. 30, 2025. Adjusted for the net proceeds related to in holdings of in convertible note issuance of ~US$333 million less the physical uranium at June 30, 2025 cash and cash eq
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 Two ~16.5 years CAD$419M titled "NI 43-101 Technical Report on the Wheeler River Project, Athabasca Basin, Saskatchewan, Aggregate
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 $1.56B $419M PHOTOS: C C Phoenix Feasibility Field Test (FFT) facilities during lbs U3O8 estimated estimated operations in 2022. @ NOTES: Ba
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 by the Expected to absorb first half of 2028 cost inflation + Planned 2-year adjustments from construction period detailed design 56.7 million
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: In-Situ Recovery Feasibility Field Test (FFT): Successful first-of-its-kind ISR field test
In-Situ Recovery Feasibility Field Test (FFT): Successful first-of-its-kind ISR field 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 (left) and pl
Slide 13: Phoenix De-Risking and Operational Readiness
Phoenix De-Risking and Operational Readiness Progressing the high-grade, low-cost Phoenix ISR project towards a construction decision & execution NOTES: (1) For additional details Significant Leading Advanced Robust see financial statements and MD&A for the period de-risking and permitting & Procure
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) 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 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: of global lbs U3O8 lbs U3O8 Aerial view of Denison’s uranium Licensed Excess licensed 22.5% owned McClean Lake mill facility. production(1) mill capacity ann
Slide 17: 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 Restarted Patented & Operating Mining June 2025 PHOTO: 2021 SABRE test mining Mining restarted from the McClean North program in action, with Successful 5-year test deposit. ~250t of
Slide 18: 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 19: 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 20: 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 21: Fundamental considerations driving Denison's operations
Environmental, Social, Governance & Indigenous (ESG+I) Fundamental considerations driving Denison’s operations Comprehensive Top 115 in Canada ESG Reporting Leading PHOTO: Highlights of the Elders Designed to address GRI, SASB, Governance of Sakitawak’s market garden in Ile a la Crosse, a community-
Slide 22: The Uranium Investment Thesis
The Uranium Investment Thesis: Growing supply deficit → higher prices required to incent new supply Estimated Global Uranium Supply & Demand(1) Key Market Themes: (million pounds U3O8 - per UxC Q2’2025) ▪ Draw down of surplus inventories during period of 400 Expected Uranium Demand production curtai
Slide 23: 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 24: 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
Denison Mines — Investor Presentation (September 2025) on 6ix