Denison Mines Corp. · TSX:DML
Denison Mines — Investor Presentation (October 2026)
28 slides from Denison Mines's investor presentation, October 2026
Slide 1: Corporate Update | October 2026
Corporate Update | October 2026 #1&2 Uranium Mining Uranium Development & Exploration Development Projects The Athabasca Basin, Northern Saskatchewan 1 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 from advanced + diversified Athabasca Basin asset base
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 interes
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: Sample of Global Production Costs – August 2025(1,2,3,4,5) (1) Chart data, including “full Planned and Producing Operations (with Mining Method) costs” and UxC’s categorization of produ
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 Johnston Lake (Denison 100%) NOTES: C
Slide 7: Robust Balance Sheet with ~CAD$625M in cash, physical uranium and investments
Robust Balance Sheet with ~CAD$625M(1,2) in cash, physical uranium and investments NOTES: (1) As of Jun 30, 2026. For additional details see financial statements and MD&A for the period ended Jun. 30, 2026. 1.1M lbs U3O8 CAD$465M (2) Includes 950klbs of purchased physical U3O8 and 146klbs of finishe
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 Two Phoenix: Construction underway(4) CAD$600M "NI 43-101 Technical Report on the Wheeler River Project, Athabasca Capex Bas
Slide 9: Phoenix Project Execution Progressing
Phoenix Project Execution Progressing PHOTO: De-risking complete and construction in progress View of new SaskPower 138kV Transmission Line to the site of the Future Phoenix Uranium Mine. NOTES: Significant Leading Site Preparation Robust (1) For additional details see financial statements and De-ri
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: Civil works of the wellfield
Phoenix ISR Uranium Mine Civil works of the wellfield as of September 28, 2026 1111
Slide 12: Phoenix ISR Uranium Mine: Process plant raft slabs
Phoenix ISR Uranium Mine Process plant raft slabs as of September 28, 2026 1212
Slide 13: Phoenix ISR Uranium Mine: Airstrip site preparation
Phoenix ISR Uranium Mine Airstrip site preparation as of September 28, 2026 1313
Slide 14: 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 70.6M $1.57B $600M PHOTOS: C C Phoenix Feasibility Field Test (FFT) facilities during lbs U3O8 estimated Updated 2026 operations in 2022. NOTE
Slide 15: Phoenix ISR Feasibility Study: Optimized production profile
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 2026 Capex Update for 2028(3) reflects inflation + Targeted ~2-year construction ready construction period project pla
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 reinvest Phoenix cash flows(1) 61.9M C $864M C $737M lbs U3O8 estimated estimated @ Base-case Initial 1.7% after-tax NPV8% (100% basis)(2) CAPEX (100% basis) U3O8 PHOTO:
Slide 17: Gryphon UG Pre-Feasibility Study Update: Capital and operating costs updated
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 18: 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 of global lbs U3O8 lbs U3O8 uranium Licensed annual Excess licensed production(1) mill capacity(2) mill capacity PHOTO: Aerial view of Denison’s 2025 operating 22.5%
Slide 19: 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) SABRE 17.8M 7.6M Patented & lbs U3O8 lbs U3
Slide 20: 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 21: 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 22: 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) ISR 1.6M lbs C $112M PHOTOS: Mining Aerial rendering of surface lbs U3O8 estimated facilities for the THT ISR Average annual Initial operation Method CAPEX NOTES: production over (
Slide 23: Strengthening exposure to exploration upside through strategic investment
Team Denison Strengthening exposure to exploration upside through strategic investment ❑ In January 2025, Denison and Cosa completed an agreement to form JVs on certain properties(1,2), resulting in Cosa acquiring (1) See Denison’s news release dated Nov. 27, 2024. 70% of Murphy Lake North, Darby an
Slide 24: Environmental, Social, Governance & Indigenous (ESG+I)
Environmental, Social, Governance & Indigenous (ESG+I) Fundamental considerations driving Denison’s operations Comprehensive Top 115 in Canada ESG Reporting Leading PHOTO: Highlights of the Elders Designed to address GRI, SASB, Governance of Sakitawak’s market garden in Ile a la Crosse, a community-
Slide 25: The Uranium Investment Thesis
The Uranium Investment Thesis: Growing deficit requires higher prices to incent sufficient new supply Supply Deficit Anticipated to Grow… …Leading to Steady Uranium Price Increases (million pounds U3O8 - per UxC Q2’2026)(1) (US$/lb U3O8 - per TradeTech Historical Monthly Price Data)(2) 400 $160 Expe
Slide 26: 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 27: 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) ATB Cormark (Nicolas Dion) @DenisonMinesCo Elizabeth Sidle (VP Finance & CFO) BMO (Alexander Pearce) Email: IR@deniso
Slide 28: 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 28