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Focused, experienced and growing

David Cates, President and CEO of Denison commented:

“The exceptional efforts of our growing and highly motivated team, to challenge the norm and achieve what others may have previously considered impossible, have positioned Denison as an industry leader on the cusp of deploying the world’s lowest cost uranium mining method at one of the world’s highest grade uranium deposits.” (2022 Annual Report) “

Diversified Athabasca Basin Asset Base with Superior Development Leverage

STRATEGIC PROJECT PORTFOLIO:

Effective 95% interest in flagship Wheeler River project – largest undeveloped uranium project in the infrastructure rich eastern Athabasca Basin
70.55% interest in emerging Waterbury Lake project, with Preliminary Economic Assessment stage development plans for the Tthe Heldeth Túé deposit (formerly J Zone).
Participating interests in development-stage assets operated by uranium “majors”, including 22.5% in McClean Lake (Orano), 25.17% in Midwest (Orano), and an effective 15% in Millennium (Cameco) through 50% ownership of JCU (Canada) Exploration Company, Limited
2.2M lbs U₃O₈ of physical uranium held in North American storage facilities – acquired at an average cost of US$29.66/lb U₃O₈, as a long-term investment expected to enhance access to future project financing for Wheeler River
~284,000 hectares of prospective exploration ground in the Athabasca Basin

FLAGSHIP WHEELER RIVER PROJECT:

Largest undeveloped uranium project in infrastructure rich eastern Athabasca Basin, including an estimated 132M lbs U₃O₈ in Indicated resources plus 3M lbs U₃O₈ in Inferred resources.
Low estimated operating costs, with lowest estimate of initial CAPEX required to build amongst Athabasca Basin development projects⁽¹⁾
Existing infrastructure supporting mining operations in proximity to Wheeler River – including 4 licensed uranium mines, 3 licensed uranium mills, and access to the provincial power grid and highway network – reduces development risk profile

(1) Ranking is based on comparison of undeveloped uranium projects (at 100% ownership) with total indicated resources greater than 40M lbs U₃O₈, located in the Athabasca Basin region – namely Arrow (NexGen Energy Ltd.), Triple R (Fission Uranium Corp.), Millennium (Cameco, JCU), Shea Creek (Areva, UEX Corp.), Midwest (including the Midwest and Midwest A deposits)(Areva, Denison, OURD). CAPEX estimates are per NI 43-101 technical reports. Certain projects do not have NI 43-101 estimates of upfront capital costs.

Share Capital

as of March 9, 2023

835,350,866	shares outstanding
7,869,000	stock options
7,877,422	share units
39,215,000	share purchase warrants (expiring March and April 2023)
890,312,288	shares fully diluted

Financial Reports

Corporate Filings

Analyst Coverage

-Alexander Pearce
+BMO Capital Markets
-Katie Lachapelle
+Canaccord Genuity
-Mike Kozak
+Cantor Fitzgerald
-Anita Soni
+CIBC
-Nicolas Dion
+Cormark Securities
-Bryce Adams
+Desjardins Securities
-Marcus Giannini
+Haywood Securities
-Mohamed Sidibé
+National Bank
-Gordon Lawson
+Paradigm Capital
-Brian McArthur
+Raymond James
-Joseph Reagor
+Roth Capital Partners
-Orest Wowkodaw
+Scotiabank
-Craig Hutchison
+TD Cowen

Please note that any opinions, estimates or forecasts regarding the performance of Denison Mines made by these analysts are theirs alone and do not represent the opinions, estimates or forecasts of Denison Mines or its management. Denison Mines does not by its reference above or distribution imply that it analyzes or approves of such information, conclusions or recommendations.