Denison Mines Corp. · TSX:DML
Denison Mines — Investor Presentation (September 2023)
23 slides from Denison Mines's investor presentation, September 2023
Slide 1: Corporate Update
Corporate Update September 2023 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: The Uranium Investment Thesis
The Uranium Investment Thesis: Rapid re-alignment of scarce supplies in the face of growing demand Annual Utility Uranium Requirements (1) Key Market Themes: (million pounds U3O8 - per UxC Q1’23) 1. Projected demand for uranium exceeds 300 current supply forecast.(2) Many sources of additional near-
Slide 4: Diversified Athabasca Basin asset base with superior development leverage
Diversified Athabasca Basin asset base with superior development leverage PHOTO: Aerial view of Denison’s 22.5% owned McClean Lake mill facility NOTES: 95%(1) 22.5% 67.41% (1) Denison increased its effective interest in Wheeler River as part of the acquisition of 50% of effective interest in interes
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 – August 2021 (1)(2)(3) Planned and Producing Operations (with Mining Method) “Third/Fourth Tier” (up to ~US$82/lb U3O8) $60.00 “Second Tier” All-in / Full
Slide 6: Robust Balance Sheet with Working Capital
Robust Balance Sheet with +CAD$237M in working capital and investments(1) 2.5M lbs U3O8 ~CAD$8.5M in holdings of investments in physical uranium uranium equities PHOTO: Market value ~CAD$185M (US$56.00/lb U3O8) Significant equity holdings in uranium exploration Packaged U3O8 yellowcake at Denison’s
Slide 7: Environmental, Social, Governance & Indigenous (ESG+I)
Environmental, Social, Governance & Indigenous (ESG+I) Fundamental considerations driving Denison’s operations PHOTO: Comprehensive Top 125 in Canada Highlights of the Elders of Sakitawak’s market garden in Ile a la Crosse, ESG Reporting a community-based Leading initiative sponsored by Denison. Des
Slide 8: Large land position in the Athabasca Basin
Large land position in the infrastructure-rich eastern portion of the Athabasca Basin(1)(2) Waterbury Lake (Denison 67.41%) Orano Midwest (Denison 25.17%) Waterfound (Denison 24.68%) (3) McClean Lake Mill (Denison 22.5%) Rabbit Lake Mill NOTES: (1) Denison direct land Cigar Lake Mine position shown
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 Mine life(3) Initial CAPEX (Phoenix) scale ISR test wells at 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 Test (FFT) facilities during 70.5M C $1.56B C $419M operations in 2022. NOTES: lbs U3O8 estimated estimated (1)
Slide 11: Phoenix ISR Feasibility Study (2023)
Phoenix ISR Feasibility Study (2023)(1): Optimized production profile based on detailed ISR mine planning efforts Robust ~10-month economics payback period easily absorb for pre- and post- cost-inflation + tax base-case design changes scenarios 56.7 million lbs U3O8 in proven and probable reserves (
Slide 12: Phoenix Feasibility Study figures
Figures Environmental disturbance limited by compact site Phoenix Primary site facilities Feasibility contained within area estimated to be less Study: than 1 sq. km Expected to provide an excellent basis to advance Robust mine engineering planning designs in process support of a evaluation of futur
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
Fully Permitted In-Situ Recovery Feasibility Field Test (FFT): Multiple catalysts from 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 T
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: 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 deploy 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 17: 67.41% owned Waterbury Lake project
67.41% 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 ISR 6-year CAD$112M property. LINKS: estimated Mining method Mine Life Waterbury Lake Projec
Slide 18: Tthe Heldeth Túé 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 19: 22.5% Denison-owned McClean Lake Mill Operation
22.5% Denison-owned McClean Lake Mill Operation: Excess licensed capacity and CNSC approval in place for expansion of tailings facility +14% 24M 6M lbs U3O8 PHOTO: of global lbs U3O8 Excess licensed Aerial view of Denison’s 22.5% owned McClean uranium capacity Lake mill facility production Licensed
Slide 20: McClean Lake Property: SABRE mining method
22.5% Denison-owned McClean Lake Property: SABRE mining method has potential to unlock value from unmined deposits close to mill SABRE Patented To Evaluate The use of the SABRE mining mining method is SABRE mining method property of method for use on McClean Lake JV unmined McClean Successful 5-year
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: Reserves & Resources as of June 26, 2023
Reserves & Resources as of June 26, 2023 SOURCE: Mineral Reserves 100% Basis Denison Inferred Mineral Resources 100% Basis Denison For Wheeler River, see the (see Notes 1, 2, 3, 4, 14, 15) Share(9) (see Notes 1, 6, 15) Share(9) Wheeler River Technical Report titled "NI 43-101 Grade Lbs U3O8 Lbs U3O8
Slide 23: 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 Mac McDonald (Exec. VP & CFO – Medical Leave) Kevin Himbeault (VP Operations & Reg. Affairs) Shares Outstanding 835.9 M Elizabeth Sidle
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