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Denison Mines — 4.8 MB |pdf (company IR deck)
Denison Mines (DNN) · 25 slides · Filed Oct 29, 2026
Every slide of this earnings presentation, with the text as published. Open the original deck ↗ · All DNN deck slides
Slide 1 — Uranium Development & Exploration
The Athabasca Basin, Northern Saskatchewan Uranium Development & Exploration Corporate Update May 2026 #1 Non-Precious Mining Development Project in the World
Slide 2 — Cautionary Statements & References
2 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, provincial and federal infrastructure and regulations, etc., derived from third-party publications and reports which Denison believes are reliable but have not been independently verified by the Company. Certain information contained in this presentation constitutes “forward-looking information”, within the meaning of the United States Private Securities Litigation Reform Act of 1995 and similar Canadian legislation concerning the business, operations and financial performance and condition of Denison. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes”, or the negatives and / or variations of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur”, “be achieved” or “has the potential to”. In particular, this presentation contains forward-looking information pertaining to Denison's current expectations, intentions and objectives with respect to Wheeler River and Phoenix, including the Company's outlook generally with respect to ISR mine development and operations on the Wheeler River property; the status of a final investment decision; timing, readiness and mobilization for site clearing and construction, the construction management contract, and construction planning; current outlook for the achievement of first production; the results of, and estimates, assumptions and projections provided in, the 2023 Phoenix Feasibility Study (“Phoenix FS”), the 2023 Gryphon PFS Update (“Gryphon PFS Update”) and the Waterbury PEA, including future development methods and plans, market prices, costs and capital expenditures (including the updated initial capital cost estimate for Phoenix); de-risking and project assessment activities, plans and objectives; assumptions regarding the terms and scope of necessary regulatory approvals to commence construction at Wheeler River; Denison’s expectations with respect to the Convertible Senior Notes Offering, the anticipated use of proceeds, and the capped call transactions; Denison’s percentage interest in its projects and assumed continuity of its agreements with its joint venture partners and other third parties; production and SABRE development outlook for McClean Lake; and estimates of uranium industry factors, including physical uranium supply and demand. Statements relating to "mineral resources" are deemed to be forward-looking information, as they involve the implied assessment, based on certain estimates and assumptions that the mineral resources described can be profitably produced in the future. Forward looking statements are based on the opinions and estimates of management as of the date such statements are made, and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Denison to be materially different from those expressed or implied by such forward-looking statements. Denison faces certain risks, including the proposed use of mining methods which are novel and untested in the Athabasca basin, the requirement to obtain permits and approvals to conduct work on its projects as currently planned, the risk of judicial review of governmental approvals and withdrawal of the Company’s permits, the inability to secure sufficient financing to pursue its business objectives, the unpredictability of market prices, events that could materially increase costs, changes in the regulatory environment governing the project lands, and unanticipated claims against title and rights to the project. Denison believes that the expectations reflected in this forward-looking information are reasonable but there can be no assurance that such statements will prove to be accurate and may differ materially from those anticipated in this forward looking information. For a discussion in respect of risks and other factors that could influence forward-looking events, please refer to the “Risk Factors” in the Company’s Annual Information Form dated March 30, 2026 (“AIF”) available on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. These factors are not, and should not be construed as being, exhaustive. Readers should not place undue reliance on forward-looking statements. The forward-looking information contained in this presentation is expressly qualified by this cautionary statement. Any forward-looking information and the assumptions made with respect thereto speaks only to the effective date of this presentation. Denison does not undertake any obligation to publicly update or revise any forward-looking information after such date to conform such information to actual results or to changes in its expectations except as otherwise required by applicable legislation. Cautionary Note to United States Investors Concerning Estimates of Mineral Resources and Mineral Reserves: This presentation may use terms such as “measured”, “indicated” and/or “inferred” mineral resources and “proven” or “probable” mineral reserves, which are terms defined with reference to the guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards on Mineral Resources and Mineral Reserves (“CIM Standards”). The Company’s descriptions of its projects may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements under the United States federal securities laws and the rules and regulations thereunder. Non-IFRS Financial Measures: This presentation includes certain financial measures and ratios that are not defined under IFRS, including but not limited to: working capital. The Company has calculated these measures consistently for all periods presented. The Company believes that, in addition to financial measures and ratios prepared in accordance with IFRS, certain investors use these non-IFRS financial measures and ratios to evaluate the Company’s performance. However, the measures do not have a standardized meaning under IFRS and may not be comparable to similar financial measures disclosed by other companies. Accordingly, non-IFRS financial measures should not be considered in isolation or as a substitute for measures and ratios of the Company’s performance prepared in accordance with IFRS. Qualified Persons The disclosure of a scientific or technical nature within this presentation was reviewed and approved by Chad Sorba, P.Geo, Vice President Technical Services & Project Evaluation, a Qualified Person in accordance with the requirements of NI 43-101. Technical References • For further details regarding the Wheeler River project, please refer to the Company’s press release dated June 26, 2023 announcing the results of the Phoenix FS and Gryphon PFS Update and the technical report titled "NI 43-101 Technical Report on the Wheeler River Project, Athabasca Basin, Saskatchewan, Canada" with an effective date of June 23, 2023 ("Wheeler River Technical Report"). In addition, please refer the Company’s AIF for an updated capital cost estimate for the Phoenix ISR project. • For further details regarding the Waterbury Lake project, please refer to the Company’s press release dated November 17, 2020 (“Waterbury PEA”). The PEA is a preliminary analysis of the potential viability of the Project’s mineral resources, and should not be considered the same as a Pre-Feasibility or Feasibility Study, as various factors are preliminary in nature. The PEA includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized. Mineral resources are not mineral reserves and do not have demonstrated economic viability. Scheduled tonnes and grade do not represent an estimate of mineral reserves. • For further details regarding the Midwest project, please refer to the Company’s press release dated August 6, 2025. The PEA is a preliminary analysis of the potential viability of the Project’s mineral resources, and should not be considered the same as a Pre-Feasibility or Feasibility Study, as various factors are preliminary in nature. The PEA includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized. Mineral resources are not mineral reserves and do not have demonstrated economic viability. Scheduled tonnes and grade do not represent an estimate of mineral reserves. For a description of the data verification, assay procedures and the quality assurance program and quality control measures applied by Denison, please see Denison’s Annual Information Form dated March 30, 2026 (“AIF”). A copy of the foregoing is available on Denison’s website and under its profile on SEDAR+ and on EDGAR.
Slide 3 — 3
3 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 Athabasca Basin high-grades - Ranked #1 non-precious mining development project globally in 2025 by Mining Journal Intelligence - Site preparation & early works commenced in March 2026 at flagship Phoenix In-Situ Recovery (‘ISR’) mine(3) - On track to ramp up construction staffing and activities to achieve a full-scale rate of construction by the end of Q2’2026(3) - First production targeted for mid 2028(3,4) Ownership interest in strategic regional asset with McClean Lake mill and producing mine - Excess licensed milling capacity, with approval for expanded tailings management facility - Produced 649k lbs U3O8 in 2025 (100% basis) at the McClean North deposit following restart in June(4,5) - Top 5 largest uranium producer in North America in 2025(4,5,6) High-potential exploration portfolio and interests in key mines / projects operated by “majors” - Large Athabasca Basin exploration portfolio, including Moon Lake South and Johnston Lake properties - Minority interests in Cameco-JCU’s Millennium project and Orano-JCU’s Kiggavik project Strong balance sheet with ~C$670M in cash, physical uranium and investments(7) - Denison’s financial and liquid assets on hand, relative to initial capex(7) for the flagship Phoenix development project puts the company in a strong position Focused on the infrastructure-rich Eastern Athabasca Basin in Saskatchewan, Canada Nuclear energy commitments: 30+ nations pledge to triple nuclear energy capacity by 2050(8) #1 NOTES: (1) See supporting slides for details. (2) UxC’s Uranium Production Cost Study dated Aug. 2025. (3) For additional details see financial statements and MD&A for the period ended Mar. 31, 2026. (4) For additional details see 2026 AIF. (5) MLJV Production in 2025 on a 100% basis; Denison’s share 146klbs U3O8. (6) Based on UxC Q1’2026 UMO Production Outlook, Company filings. (7) As of Mar 31, 2026, see financial statements and MD&A for the period ended Mar. 31, 2026 and slide 7 footnote 2. (8) IAEA article dated Nov. 24, 2025.
Slide 4 — ~457,000
4 NOTES:. (1) Denison’s effective interest in Wheeler River includes 90% held directly and 5% held indirectly through its 50% ownership of JCU (Canada) Exploration Company, Limited. (2) See news release dated Feb. 24, 2026 and Denison’s 2026 AIF for details. (3) Phoenix Project - See news release dated Feb. 19, 2026 (4) ) Per UxC’s Q1’ 2026 Uranium Market Outlook and Cameco’s management’s discussion and analysis dated Feb. 13, 2026. (5) See news release dated Jul. 17, 2025. For additional details see financial statements and MD&A for the period ended Dec. 31, 2025 (6) MLJV Production in 2025 on a 100% basis; Denison’s share 146klbs U3O8 (7) See news release dated Aug. 6, 2025. (8) Refer to the Waterbury Lake Technical Report titled “Preliminary Economic Assessment for the Tthe Heldeth Túé (J Zone) Deposit, Waterbury Lake Property, Northern Saskatchewan, Canada” dated Oct. 30, 2020. (9) See news release dated Nov. 6, 2023. (10) See news release dated Aug. 3, 2021. (11) Denison direct land position shown as of Mar. 31, 2026; excludes the land positions held by JCU. Multi-asset leverage to uranium market from advanced + diversified Athabasca Basin asset base 95% (1) effective interest in Flagship Wheeler River project Consisting of two projects: Construction-stage Phoenix, Development-stage Gryphon Phoenix site-preparation & early works commenced in March 2026(2) First production targeted for mid 2028(2,3) Largest Mineral Reserves of undeveloped uranium projects in the infrastructure rich eastern Athabasca Basin 22.5% interest in Strategic McClean Lake Uranium mill & mines ~11% of global uranium production processed through mill(4) Produced 649klbs U3O8 in 2025 at the McClean North deposit following restart in June(5,6) Excess licensed milling capacity 25.17% interest in High-grade Midwest project close to McClean mill 2025 Preliminary Economic Assessment (‘PEA’) for ISR mining at Midwest Main deposit(7) High-grades and close proximity to the McClean Lake mill support robust PEA economics Also being evaluated for potential development with SABRE mining method 70.55% interest in Well-situated Waterbury Lake project PEA stage development project for ISR mining proximal to McClean mill(8) Tthe Heldeth Túé (‘THT’) deposit highlights potential for future development project pipeline(9) Successful completion of 2023 ISR field test(10) ownership of JCU(10), adding portfolio of interests including sizeable share of development-stage assets operated by “majors” JCU holds various Athabasca Basin exploration project interests, plus 30.099% in Millennium (Cameco) and 33.8118% in Kiggavik (Orano) ~457,000 hectares of exploration ground(11) 50%
Slide 5 — Multiple assets amongst the lowest all-in cost assets of UxC’s First Tier
5 Denison’s Diversified Asset Portfolio: Multiple assets amongst the lowest all-in cost assets of UxC’s First Tier NOTES: (1) Chart data, including “full costs” and UxC’s categorization of production cost “tiers”, have been derived from UxC’s estimates of worldwide production costs from the Uranium Production Cost Study dated Aug. 2025. (2) For Phoenix and Gryphon, see the Wheeler River Technical Report titled "NI 43-101 Technical Report on the Wheeler River Project, Athabasca Basin, Saskatchewan, Canada" dated Jun. 23, 2023 and Denison’s news release on Jun. 26, 2023. Phoenix all-in costs reflects updated initial capital, refer to Denison’s AIF dated Mar. 30, 2026. (3) For THT/Waterbury, refer to the Waterbury Lake Technical Report titled “Preliminary Economic Assessment for the Tthe Heldeth Túé (THT) (J Zone) Deposit, Waterbury Lake Property, Northern Saskatchewan, Canada” dated Oct. 30, 2020 and Denison’s news release on Nov. 17, 2020. (4) For Midwest, refer to Denison’s news release dated Aug. 6, 2025. $0 $10 $20 $30 $40 $50 $60 $70 $80 All-in / Full Costs – USD$/lb U3O8 Sample of Global Production Costs – August 2025(1)(2)(3)(4)(5) Planned and Producing Operations (with Mining Method) Denison/Canada (Technical Reports) Kazakhstan Canada U.S.A. Africa Australia ISR ISR ISR UG ISR ISR UG ISR UG UG SAB OP OP UxC’s “First Tier” “Second Tier” (up to ~US$50.01/lb U3O8) “Third/Fourth Tier” (up to ~US$97.51/lb U3O8) (includes lowest-cost projects with full costs up to ~US$37.50/lb U3O8) ISR ISR UG ISR ISR ISR: In-Situ Recovery UG: Underground OP: Open Pit SAB: SABRE Denison/Canada (UxC Est.) $18.41 (2026) $24.93 (2020) $25.47 (2023) $25.78 (2025) UG UG OP OP
Slide 6 — Large land position in the infrastructure-rich
6 McArthur River Mine Cigar Lake Mine McClean Lake Mill (Denison 22.5%) Rabbit Lake Mill Key Lake Mill NOTES: (1) Denison direct land position shown as of Mar. 31, 2026 (2) Denison’s effective interest in Wheeler River includes 90% held directly and 5% held indirectly through its 50% ownership of JCU (Canada) Exploration Company, Limited. (3) Denison’s interest in the Wheeler North JV (DML 49%, SYH 51%, Denison as the operator) Refer to Denison’s news release dated Nov. 17, 2025 Midwest (Denison 25.17%) Moon Lake South (Denison 75%) McClean Lake North (Denison 22.5%) Large land position in the infrastructure-rich eastern portion of the Athabasca Basin(1) Waterbury Lake (Denison 70.55%) All Season Highway / Haul Road Provincial Power Grid Waterfound (Denison 24.68%)(2) Johnston Lake (Denison 100%) Wheeler North (Denison 49%)(3) Wheeler River (Denison 95%)(2)
Slide 7 — 1.85M lbs U3O8
7 Robust Balance Sheet with ~CAD$670M (1)(2) in cash, physical uranium and investments 1.85M lbs U3O8 in holdings of physical uranium(2) Total value ~CAD$216M (USD$83.95/lb U3O8)(1,2) 1.7Mlbs U3O8 acquired at average cost of USD$29.73/lb U3O8 (1) 146klbs U3O8 produced from McClean North at an average operating cost of USD$26/lb U3O8 (1) Long-term holding expected to support project financing for flagship Wheeler River Project(3) All material received and held in licenced North American storage facilities (Cameco + ConverDyn) Sales price fixed for 950 klbs U3O8 with deliveries through Q2 ‘27 at avg. price of US$92.05/lb U3O8 (proceeds of US$87.5M)(1) CAD$418M in cash and cash equivalents(1) CAD$33M investments in uranium equities and convertibles held by Denison(4) USD$345M issuance of 2031 convertible notes Capped call increases effective conversion premium to 100% of share price on the pricing date of the offering(5,6) Balance sheet position, relative to initial project capex for flagship construction asset (Phoenix), is strong among uranium development-stage peers NOTES: (1) As of Mar 31, 2026. For additional details see financial statements and MD&A for the period ended Mar. 31, 2026. (2) Includes 1.7Mlbs of purchased physical U3O8 and 146klbs of finished goods from Denison’s share of McClean North production. Current finished goods inventory from McClean North production valued using the prevailing market price as of Mar. 31,2026, which is the same basis as the purchased physical U3O8. The balance sheet carries finished goods inventory from McClean North production at cost. (3) See Denison’s news releases dated Mar. 15, 2021, Mar. 22, 2021, and Apr. 1, 2021. (4) As of Mar. 31, 2026, for additional details see financial statements and MD&A for the period ended Mar. 31, 2026; includes investments in uranium equities and convertible debentures held by Denison. (5) Gross proceeds of convertible note offering. For more details please see Denison’s press release dated Aug. 15, 2025. (6) The Company has no other debt drawn as of Mar 31, 2026; however, the Company has a letters of credit facility in place that is used to secure reclamation letters of credit, as more fully described in the financial statements and MD&A for the period ended Mar. 31, 2026.
Slide 8 — Two
8 95% owned flagship Wheeler River project(1)(2) Potential to deliver meaningful production when the market needs it Two premier and viable development assets Phoenix – In-Situ Recovery (“ISR”) operation with on-site processing to finished U3O8 Gryphon – contributes additional production via conventional underground mining with assumed toll milling at 22.5% Denison owned McClean Lake mill Phoenix: Site prep. underway(4) ✓Final Investment Decision (‘FID’) made, and site preparation and early works commenced in March 2026(4) ✓Expected ~2-year construction period for Phoenix prior to first production(4) ✓Mid-2028 targeted for first production(4) ✓Final regulatory approvals to commence construction received in February 2026(5,6) ✓Total engineering ~90% complete, and 95% of primary engineering deliverables issued for construction(7) ✓Rigorous multi-year technical de-risking ✓2022 Feasibility Field Test successfully recovered uranium bearing solution(8) CAD$600M Capex Estimated (100% basis) Post-FID (Phoenix)(9) Pre-FID Capex ~C$100M Estimated (100% basis)(9) Total Capex ~CAD$700M Estimated (100% basis)(9) 106.4M lbs U3O8 (combined, 100% basis)(1) Proven & Probable Reserves Gryphon: capex expected to be funded by future Phoenix cash flows Benefits from existing or planned Phoenix infrastructure ~16.5 years Aggregate operating Mine life(3) NOTES: (1) Refer to the Wheeler River Technical Report titled "NI 43-101 Technical Report on the Wheeler River Project, Athabasca Basin, Saskatchewan, Canada" dated Jun. 23, 2023. (2) Denison increased its effective interest in Wheeler River as part of the acquisition of 50% of JCU (Canada) Exploration Company, Limited. See Denison’s news release dated Aug. 3, 2021. (3) Reflects 10-year mine life estimated for Phoenix and 6.5-year mine life estimated for Gryphon. (4) Refer to Denison’s AIF dated Mar 30,2026 and MD&A for the period ended Mar. 31, 2026 for additional details. (5) See news release dated Feb 19, 2026. (6) See news release dated Aug. 5, 2025. (7) For additional details see financial statements and MD&A for the period ended Mar. 31, 2026. (8) See news releases dated Oct. 17, 2022 and Nov. 22, 2022. (9) Phoenix Capex. See Denison’s current AIF for details and MD&A for the period ended Mar. 31, 2026.
Slide 9 — Phoenix Project Execution Progressing
9 Phoenix Project Execution Progressing De-risking complete and site preparation in progress Significant De-risking and Engineering to Position for Execution ✓High-grade, low-cost project justified technical studies and extensive test work, detailed engineering, permitting + team building during period prior to improved uranium market ✓Total engineering ~90% complete, including most scopes planned for the first year of construction at 100% total engineering(1) ✓Grid power, with SaskPower line completed to Phoenix(2) ✓Construction management contract awarded to Wood Canada Limited(3) Leading Permitting & Community Engagement ✓Final Federal regulatory approval received to construct the Phoenix ISR Uranium Mine, with CNSC approval of the EA and Licence to Prepare Site and Construct a Mine and Mill(4) ✓Received Saskatchewan EA approval for Phoenix, harmonized with federal EA and Licence approval(5) ✓Multiple impact-benefit type agreements with Indigenous nations and northern communities, plus leading engagement practices(6) Procurement Advancing & Site Preparation Commenced ✓Site preparation and early works underway at Phoenix with construction management project team and initial work crews mobilized to site and remaining key contract awards expected by mid-2026(1) ✓Final Investment Decision completed shortly after receipt of final regulatory approvals for construction(7) ✓Project timeline on track for targeted first production for mid-2028 Robust Balance Sheet ✓Strong Balance Sheet to fund construction with ~CAD$670M in cash, physical uranium and investments(1,8) ✓Physical uranium holdings intended to support project financing and offer significant financial flexibility(1) Commercial Strategy Aligned with Project Financing Objectives and Asset Base ✓ Agreements in place to sell nearly 8Mlb U3O8 + advanced negotiations in progress for further sales of 8Mlb U3O8 (1) ✓ Multiple sources of supply is a differentiator: Physical U3O8, McClean Lake North production, & future Phoenix production PHOTO: View of new SaskPower 138kV Transmission Line to the site of the Future Phoenix Uranium Mine. NOTES: (1) For additional details see financial statements and MD&A for the period ended Mar. 31, 2026. (2) See news release dated Jan. 8 2026. (3) See news release dated Feb. 17, 2026 (4) See news release dated Feb. 19, 2026 (5) See news releases dated Aug. 5, 2025. (6) See news releases dated Sept. 27, 2023, Jul. 11, 2024, and Oct. 20, 2022, and MD&A for the period ended Dec. 31, 2022. (7) See news release dated Feb. 24, 2026. (8) For additional details see financial statements and MD&A for the period ended Mar. 31, 2026. Includes 1.7Mlbs of purchased physical U3O8 and 146klbs of finished goods from Denison’s share of McClean North production. Current finished goods inventory from McClean North production valued using the prevailing market price as of Mar. 31, 2026, the same value per pound as purchased physical U3O8. The balance sheet carries finished goods inventory from McClean North production at cost.
Slide 10 — Phoenix ISR Uranium Mine
Industrial Landfill Area Process Plant Area + Freeze Plant Area Wellfield Area (Phase 1-4 ) Site Power Substation Area Helipad Temporary Construction Management Facilities (Wellfield Phase 5) Phoenix ISR Uranium Mine Site preparation progress as of April 30, 2026 ** Shapes are approximate and intended for visual reference only ** Non-Process Site Facilities, including Access Road / Gatehouse and Permanent Camp Area Misc. Pads & Ponds Feasibility Field Test (FFT) Coverall
Slide 11 — Phoenix Project Execution Progressing
11 Phoenix Project Execution Progressing Construction teams and equipment have mobilized to site Helicopter Refueling at Phoenix Site: transport of personnel and supplies prior to completion of airstrip Willams Lake exploration camp: used for Phoenix early works and construction Komatsu HM400-5 articulated truck: civil works on site Site clearing: process plant area in foreground 18-Seat Helicopter: transport of personnel and supplies prior to completion of airstrip
Slide 12 — US$18.41
12 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 lbs U3O8 @ 11.4% U3O8 Measured & Indicated Mineral Resources (280,200 tonnes, 100% basis) One of the highest- grade undeveloped uranium deposits globally C$1.57B estimated Base-case post-tax NPV8% (100% basis)(4) C$600M Updated 2026 Post FID CAPEX(2)(6) (100% basis) 73% Estimated Base-case post-tax IRR(2,4) 2.6 to 1 Estimated Base-case post-tax NPV to initial capital cost ratio(2) Including… 56.3M lbs U3O8 @ 46.0% U3O8 M&I mineral resources for Zone A high-grade domain US$6.28 / lbs U3O8 average Cash Operating Costs (C$8.51/lb U3O8) US$18.41 / lbs U3O8 average All-in Cost(5) (C$24.92/lb U3O8) PHOTOS: Phoenix Feasibility Field Test (FFT) facilities during operations in 2022. NOTES: (1) See the Wheeler River Technical Report titled "NI 43- 101 Technical Report on the Wheeler River Project, Athabasca Basin, Saskatchewan, Canada" dated Jun. 23, 2023. (2) See Denison’s AIF dated Mar. 30, 2026 for details. (3) Mining Journal Project Pipeline Handbook 2025. (4) NPV and IRR are calculated to the start of construction activities for the Phoenix operation and excludes $100 million in pre-FID expenditures. Post-tax NPV, IRR and payback period are based on the “adjusted Post- tax” scenario, which includes the benefit of entity level tax attributes which are expected to be available and used to reduce taxable income from the Phoenix operation. See Denison’s AIF dated Mar. 30, 2026 for details. (5) All-in cost is estimated on a pre-tax basis and includes all project operating costs, capital costs post-FID, and decommissioning costs divided by the estimated number of pounds U3O8 to be produced. Includes updated initial capital costs (2026). See Wheeler River Technical Report and Denison’s AIF dated Mar. 30, 2026 for details. (6) Refer to slide 9 for further information regarding Phoenix Capital Expenditure Estimates. #1 Non-Precious Mining Development Project in the World (3)
Slide 13 — Optimized production profile based on detailed ISR mine planning efforts
13 Phoenix ISR Feasibility Study (2023) with 2026 Capex Update(1)(2): Optimized production profile based on detailed ISR mine planning efforts NOTES: (1) Refer to the Wheeler River Technical Report titled "NI 43-101 Technical Report on the Wheeler River Project, Athabasca Basin, Saskatchewan, Canada" dated Jun. 23, 2023; (2) Refer to Denison’s AIF dated Mar. 30, 2026; (3) See press release Feb. 24, 2026; (4) NPV and IRR are calculated to the start of construction activities for the Phoenix operation and excludes $100 million in pre-FID expenditures; (5) Payback period is stated as number of months to payback from the start of uranium production. Assumptions / Results(1,2) Base Case $100/lb Case(2) Selling price / lb U3O8 US$68.89- US$78.36 US$100.00 USD:CAD FX Rate 1.35 1.35 Post-tax NPV8% (2,4) (100%) $1.57 billion $2.35 billion Change from 2023 FS +1% +51% Post-tax payback period(2,5) ~12 months ~10 months Post-tax IRR(2,4) 73% 94% Robust economics 2026 Capex Update reflects inflation + construction ready project plans(2) First production targeted for mid 2028(3) Targeted ~2-year construction period 56.7 million lbs U3O8 in proven and probable reserves (219,000 tonnes at 11.7% U3O8)
Slide 14 — 61.9M
14 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 lbs U3O8 @ 1.7% U3O8 Indicated Mineral Resources (1,643,000 tonnes, 100% basis) Moderate grade allows low-cost conventional UG mining approach C$864M estimated Base-case after-tax NPV8% (100% basis)(2) C$737M estimated Initial CAPEX (100% basis) 37.6% estimated Base-case after-tax IRR(2) 2023 PFS Update Scope limited to cost update and minor schedule optimization Plus… 1.9M lbs U3O8 Inferred mineral resources (73,000 tonnes @ 1.2% U3O8, 100% basis) US$12.75 / lbs U3O8 average Cash Operating Costs (C$17.27/lb U3O8) US$25.47 / lbs U3O8 average All-in Cost(3) (C$34.50/lb U3O8) PHOTO: View inside the SX circuit at Denison’s 22.5% owned McClean Lake mill, which is assumed to toll mill production from the Gryphon UG operation. NOTES: (1) See the Wheeler River Technical Report titled "NI 43-101 Technical Report on the Wheeler River Project, Athabasca Basin, Saskatchewan, Canada" dated Jun. 23, 2023. (2) NPV and IRR are calculated to the start of pre-production activities for the Gryphon operation. (3) All-in cost is estimated on a pre-tax basis and includes all project operating costs, capital costs post-FID, and decommissioning costs divided by the estimated number of pounds U3O8 to be produced. See Wheeler River Technical Report and Denison’s news release dated Jun. 26, 2023 for details.
Slide 15 — Gryphon UG Pre-Feasibility Study Update (2023)(1):
15 Gryphon UG Pre-Feasibility Study Update (2023)(1): Capital and operating costs updated from 2018 PFS + minor scheduling optimizations Assumptions / Results(1) Base Case Selling price / lb U3O8 US$75 USD:CAD FX Rate 1.35 Pre-tax NPV8% (2)(4) (100%) $1.43 billion Change from 2018 PFS +148% Pre-tax payback period(3)(5) ~20 months Pre-tax IRR(2)(6) 41.4% Benefits from existing or planned local infrastructure Payback period under 2-years for pre- and post- tax base-case scenarios 49.7 million lbs U3O8 in probable reserves (1,275,000 tonnes at 1.8% U3O8) NOTES: (1) Refer to the Wheeler River Technical Report titled "NI 43-101 Technical Report on the Wheeler River Project, Athabasca Basin, Saskatchewan, Canada" dated Jun. 23, 2023; (2) NPV and IRR are calculated to the start of construction activities for the Gryphon operation, and excludes $56.5 million in pre-FID expenditures; (3) Payback period is stated as number of months to payback from the start of uranium production; (4) Post-tax NPV is estimated to be $864.2 million in the Base Case; (5) Post-tax payback period is estimated to be 23 months in the Base-Case; (6) Post-tax IRR is estimated to be 37.6% in the Base Case.
Slide 16 — ~11%
16 22.5% Denison-owned McClean Lake Mill: Strategic asset uniquely positioned to support new sources of supply from JV owners ~11% of global uranium production(1) 2025 operating production of 19.1M lbs U3O8 from Cigar Lake under toll milling agreement(3) 24M lbs U3O8 Licensed annual mill capacity(2) 6M lbs U3O8 Excess licensed mill capacity 10-Year CNSC Operating License(2) Renewed in 2017 for operations up to June 30, 2027 Orano Canada Inc. French nuclear giant serves as site operator and is owner of 77.5% interest 750km north of Saskatoon(4) Accessible by road over all-weather highways and by air via Points North +50M lbs U3O8 Historic uranium production from mined McClean Lake deposits (JEB + Sue A, B, C, & E)(4) TMF Expansion Approved(2) CNSC approval obtained to increase tailings capacity PHOTO: Aerial view of Denison’s 22.5% owned McClean Lake mill facility. NOTES: (1) Per UxC’s Q1’ 2026 Uranium Market Outlook and Cameco’s management’s discussion and analysis dated Feb. 13, 2026. (2) See Denison’s news release dated Jan. 19, 2022. (3) Denison monetized its share of tolling revenues from the Cigar Lake toll milling agreement. See Denison’s news releases dated Feb. 1, 2017 and Feb. 13, 2017. Please also refer to Denison’s current Annual Information Form and Financial Statements and Management, Discussion and Analysis for additional details related to the toll milling agreement. (4) See Denison’s current Annual Information Form for additional details regarding the McClean Lake mill facility.
Slide 17 — 648,600lb U3O8
17 22.5% Denison-owned McClean Lake Mine: Mining restart achieved via SABRE mining method at McClean North deposit 648,600lb U3O8 Production in 2025 McClean Lake JV production (100% basis)(1) ~US$26/lb Operating Cash Costs 2025 MLJV production (100% basis)(1) SABRE Patented & Operating Successful 5-year test mining program for “Surface Access Borehole Resource Extraction” (SABRE) mining method SABRE is property of McClean Lake JV (MLJV) with patent issued in 2016 17.8M lbs U3O8 Indicated Mineral Resources(2) (100% basis) Combined 374,900 tonnes @ 2.2% U3O8 7.6M lbs U3O8 Inferred Mineral Resources(2) (100% basis) Combined 510,900 tonnes @ 0.68% U3O8 Orano Canada Inc. French nuclear giant serves as project operator and is owner of 77.5% interest 8.67% U3O8 over 13.5 metres Discovered “new” mineralization at McClean South(3) in 2021 + expanded footprint in 2022 and 2025(4) PHOTO: 2021 SABRE test mining program in action, with view of specialized mining pipes in inset photo. NOTES: (1) As of Dec. 31, 2025, 100% basis. See Denison's financial statements and MD&A for the year ended Dec. 31, 2025 for details. (2) See Denison’s current AIF for additional details regarding the McClean Lake deposits and SABRE mining method. (3) See Denison’s current AIF for additional details. (4) See Denison’s news releases dated Sept. 8, 2022 and Jul. 21, 2025.
Slide 18 — 38.7M
18 38.7M lbs U3O8 @ 3.4% U3O8 Indicated Mineral Resources (100% basis, 510,000 tonnes) Plus… 12.7M lbs U3O8 Inferred mineral resources (100% basis, 905,000 tonnes @ 0.54% U3O8) C$965M estimated Base-case after-tax NPV8% (100% basis)(3) C$254M estimated Initial CAPEX (100% basis) 82.7% estimated Base-case after-tax IRR(3) 3.8 to 1 Base-case post-tax NPV to initial capital cost ratio Approved EIS as Open Pit with processing at McClean Lake CNSC approved final EIS in 2012(2) US$11.69 / lbs U3O8 average Cash Operating Costs (C$15.78/lb U3O8) US$25.78 / lbs U3O8 average All-in Cost(4) (C$34.80/lb U3O8) PHOTO: Aerial view of Midwest Project. NOTES: (1) See Denison’s news release dated Aug. 6, 2025. (2) See Denison’s current Annual Information Form for additional details regarding the Midwest project. (3) NPV and IRR are calculated to the start of construction activities for the Midwest project and excludes the C$16.8M in pre-FID expenditures. (4) All-in cost is estimated on a pre-tax basis and includes all project operating costs, capital costs post-FID, and decommissioning costs divided by the estimated number of pounds U3O8 to be produced. 25.17% Denison-owned Midwest Property: In-Situ Recovery PEA for Midwest Main leverages high-grades & proximity to McClean mill(1)
Slide 19 — Midwest ISR Preliminary Economic Assessment (2025)(1):
19 6.1M 6.1M 6.1M 6.1M 6.1M 6.1M 0.8M - 1,000,000 2,000,000 3,000,000 4,000,000 5,000,000 6,000,000 7,000,000 1 2 3 4 5 6 7 Pounds U3O8 per year Calendar Years Midwest mine production per year Production lbs U3O8 Midwest ISR Preliminary Economic Assessment (2025)(1): Demonstrates economic and technical potential at the Midwest Main deposit Assumptions / Results(1) Base Case Selling price / lb U3O8 US$80 USD:CAD FX Rate 1.35 Pre-tax NPV8% (2)(4) (100%) $1.62 billion Pre-tax payback period(3)(5) ~6 months Pre-tax IRR(2)(6) 111.1% Payback period under 1 year for pre- and post-tax base-case scenarios Evaluation of MLJV’s SABRE mining method also being advanced in parallel 37.4 million lbs U3O8 in potentially mineable resources (650,000 tonnes at 2.6% U3O8) NOTES: (1) Refer to Denison’s news release dated Aug. 6, 2025; (2) NPV and IRR are calculated to the start of construction activities for the Midwest project and excludes $16.8 million in pre-FID expenditures; (3) Payback period is stated as number of months to payback from the start of uranium production; (4) Post-tax NPV is estimated to be $964.7 million in the Base Case; (5) Post-tax payback period is estimated to be ~9 months in the Base-Case; (6) Post-tax IRR is estimated to be 82.7% in the Base Case.
Slide 20 — US$12.23
20 ISR Mining Method Tthe Heldeth Túé (“THT”) deposit (formerly J Zone) designed as a low-cost ISR operation with freeze wall design Uranium Bearing Solution (“UBS”) to be transported by truck to McClean Lake mill for toll processing Minimal site infrastructure Successful 2023 ISR field test(2) 1.6M lbs lbs U3O8 Average annual production over 6 years (100% basis) C$112M estimated Initial CAPEX (100% basis) US$12.23 / lbs U3O8 average Cash Operating Costs (C$16.27/lb U3O8) US$24.93 / lbs U3O8 average All-in Cost(3) (C$33.16/lb U3O8) Partnership with consortium led by state-owned nuclear company Korea Hydro Nuclear Power (“KHNP”) C$265M estimated Pre-Tax NPV8% (100% basis) US$65/lb U3O8 selling price (see note 4, 5) 50.0% estimated Pre-Tax IRR US$65/lb U3O8 selling price (see note 4, 6) 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 operation NOTES: (1) Refer to the Waterbury Lake Technical Report titled “Preliminary Economic Assessment for the Tthe Heldeth Túé (J Zone) Deposit, Waterbury Lake Property, Northern Saskatchewan, Canada” dated Oct. 30, 2020. (2) See Denison’s news release dated Nov. 6, 2023 (2) All-in cost is estimated on a pre-tax basis and includes all project operating costs and capital costs divided by the estimated number of finished pounds U3O8 produced. (3) NPV and IRR are calculated based on assessed “high-case” uranium price, to the start of pre-production activities. (4) Post-tax NPV attributable to Denison’s then 66.90% interest is estimated to be between $72 million (base-case) and $109 million ($65/lb high-case). (5) Post-tax IRR attributable to Denison’s then 66.90% interest is estimated to be between 30.4% (base-case) and 38.9% ($65/lb high-case).
Slide 21 — Team Denison
21 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 70% of Murphy Lake North, Darby and Packrat + requirement to spend C$6.5M on exploration on these properties ❑Cosa has a proven exploration + management team, involved in multiple discoveries, including IsoEnergy’s Hurricane Deposit ❑180,000 hectares in the Athabasca Basin, including 10 wholly-owned properties + 3 joint ventures with Denison ❑Denison owns ~18% of Cosa’s shares outstanding as of March 31, 2026(9) (1) See Denison’s news release dated Nov. 27, 2024. (2) For more information, see Cosa news release dated Jan. 14, 2025. More information: cosaresources.ca ❑In December 2025, Denison and Skyharbour formed four joint ventures from Skyharbour’s Russell Lake Uranium Project ➢Large Russell Lake property situated directly adjacent to Wheeler River(3) ➢New JVs (Denison’s initial interest): Wheeler Inliers (70%), Wheeler North (49%), Getty East (30%), Russell Lake (RL) (20%) ➢Denison and Skyharbour also entered into earn-in option agreements under which Denison can increase ownership in both the Wheeler North and Getty East JVs up to 70%. ❑Strengthens Denison’s foothold immediately east and north of its flagship Wheeler River Property ❑Denison owns ~9% of Skyharbour’s shares outstanding as of March 31, 2026(9) (3) See Denison’s news releases dated Nov. 17, 2025 and Dec. 17, 2025. More information: skyharbourltd.com ❑In September 2024, Denison and Foremost announced an option agreement(4), resulting in: ➢Option to acquire up a 70% interest in 10 properties in the Athabasca Basin from Denison, which cover >330,000 ha ➢Foremost is required to spend C$20.0m in exploration to earn the full interest in the properties ❑Using Dahrouge Geological Consulting, a premier exploration and discovery consultant, to conduct exploration programs ❑Denison owns ~15% of Foremost’s shares outstanding as of March 31, 2026(9) (4) See Denison’s news release dated Sept. 24, 2024. More information: foremostcleanenergy.com ❑ In 2023, Denison completed a C$15m strategic investment in F3 uranium with unsecured convertible debentures(5) ❑ F3 owns Patterson Lake North (“PLN”), Minto and Broach projects located in the Western Athabasca Basin ❑ The PLN property includes the JR Zone deposit, estimated to contain 11.8M lbs U3O8 at 4.39% U3O8 Indicated Resources(6) ➢PLN property also host to the uranium mineralized Tetra Zone(7) ❑ In 2024, F3 spun out a portfolio of 16 early-stage assets to create F4 Uranium(8) ➢Denison to receive one-tenth ( 1/10th ) of a common share of F4 for every share of F3 if convert is exercised (5) See Denison’s news release dated Oct. 6, 2023. (6) See F3’s news release dated Dec. 22, 2025 (7) See F3 news release dated Dec. 15, 2025 (8) See F3 news release dated Aug. 16, 2024 More information: f3uranium.com TSX-V: COSA TSX-V: SYH Nasdaq: FMST CSE: FAT TSX-V: FUU (9) As of March 31, 2026. See Denison’s MD&A for the three months ended March 31, 2026 for more information.
Slide 22 — Comprehensive
22 Comprehensive ESG Reporting Designed to address GRI, SASB, TCFD + other global frameworks Top 115 in Canada Leading Governance Practices Denison recognized by Globe & Mail “Board Games” as top uranium emerging producer / developer for corporate governance practices & disclosure in its assessment of leading companies and trusts included in Canada’s benchmark S&P/TSX Composite Index(2, 3) Board approved Indigenous Peoples Policy First-in-sector policy reflecting Denison’s commitment to take action towards advancing reconciliation with Indigenous peoples in Canada(1) Multiple Indigenous Agreements Shared Prosperity Agreement with English River First Nation(4) Mutual Benefits and Community Benefit Agreements with Kineepik Métis Local #9, and the Village of Pinehouse(5) Regional Mutual Benefits Agreement with the Ya'thi Néné Land and Resource Office and the Regional Athabasca Communities(6)** Impact Benefit Agreement and Exploration Agreement with Métis Nation – Saskatchewan(7) Authentic Social Programs Denison’s community / social investment program targets community-based initiatives Strong EHS&S Culture & Results Zero lost time injuries across all operations and no significant environmental events for 2025(8) Environmental, Social, Governance & Indigenous (ESG+I) Fundamental considerations driving Denison’s operations PHOTO: Highlights of the Elders of Sakitawak’s market garden in Ile a la Crosse, a community-based initiative sponsored by Denison. NOTES: (1) See news release dated Dec. 2, 2021. (2) For more information: https://www.theglobeand mail.com/business/career s/management/board- games/article-canada- corporate-boards-ranking- 2025/ (3) See Denison’s news release dated Mar. 15, 2021. (4) See news release dated Sep. 27, 2023. (5) See news release dated Jul. 11, 2024. (6) See news release dated Dec. 1,2025. (7) See news release dated Dec. 4 2025. (8) See Denison’s AIF for additional details. **includes the Hatchet Lake Denesułiné First Nation, Black Lake Denesułiné First Nation, Fond du Lac Denesułiné First Nation, the Northern Hamlet of Stony Rapids, the Northern Settlement of Uranium City, the Northern Settlement of Wollaston Lake, and the Northern Settlement of Camsell Portage
Slide 23 — Growing supply deficit → higher prices required to incent new supply
23 0 50 100 150 200 250 300 350 400 Existing Production Planned Production Secondary Supplies Uranium Demand Expected Uranium Demand High, Base, Low The Uranium Investment Thesis: Growing supply deficit → higher prices required to incent new supply NOTES: (1) Data in this slide has been derived from UxC’s Uranium Market Outlook dated Q1’2026, Data including supply & demand estimates, and market balance figures. (2) Data derived from TradeTech Historical Monthly U3O8 Price Data. (3) Inflation adjusted for base month of March 1, 2026, based on PPI by commodity: Metals and Metal Products; Federal Reserve Bank of St. Louis. Growing Anticipated Supply Deficit… (million pounds U3O8 - per UxC Q1’2026)(1) …Leading to Steady Uranium Price Increases (US$/lb U3O8 - per TradeTech Historical Monthly Price Data)(2) $0 $20 $40 $60 $80 $100 $120 $140 $160 Spot Price Term Price Prior spot peak of US$260/lb in 2026 dollars (3) Prior peak of ~US$180/lb in 2026 dollars (3)
Slide 24 — Mineral Reserves & Resources as of December 31, 2025
24 Mineral Reserves & Resources as of December 31, 2025 Mineral Reserves (see Notes 1, 2, 3, 4, 8, 9) 100% Basis Denison Share(6) Project/Deposit Tonnes Grade % U3O8 Lbs U3O8 (,000) Lbs U3O8 (,000) McClean - Ore Stockpile (Proven) 92,000 0.41 800 200 Wheeler River - Phoenix (Proven) 6,300 24.5 3,400 3,200 Wheeler River - Phoenix (Probable) 212,700 11.4 53,300 50,600 Wheeler River - Gryphon (Probable) 1,257,000 1.8 49,700 47,200 Total Proven & Probable Reserves 1,568,000 107,200 101,200 Measured & Indicated Mineral Resources (see Notes 1, 5, 8, 9) 100% Basis Denison Share(6) Project/Deposit Tonnes Grade % U3O8 Lbs U3O8 (,000) Lbs U3O8 (,000) Wheeler River - Phoenix(5) (Measured) 64,200 21.8 30,900 29,400 Wheeler River - Phoenix(5) (Indicated) 216,000 8.3 39,700 37,700 Wheeler River - Gryphon(5) (Indicated) 1,643,000 1.7 61,900 58,800 McClean – Sue D (Indicated) 122,800 1.1 2,800 600 McClean – Sue F (Indicated) 47,800 2.6 2,800 600 McClean - McClean North (Indicated) 204,300 2.8 12,200 2,700 Midwest - Midwest Main (Indicated) 510,000 3.4 38,700 9,700 Midwest - Midwest A (Indicated) 566,000 0.87 10,800 2,700 Waterbury – THT (Indicated) 291,000 2.0 12,800 9,000 Total Measured & Indicated Resources 3,665,100 212,600 151,200 NOTES: (1) See AIF for details, including cut-off grades used for mineral reserve and mineral resource estimates. CIM Standards were followed for classification of mineral reserves and mineral resources. Mineral resources are not mineral reserves and do not have demonstrated economic viability. (2) Mineral reserves are estimated at a cut-off grade of 0.5% U3O8 based on the ISR mining method, using a long-term uranium price of US$50/lb U3O8 and a CA$/US$ exchange rate of 1.33. The mineral reserves are based on a mine operating cost of $0.78/lb U3O8, process operating cost of $5.20/lb U3O8, and process recovery of 99%. The effective date of the mineral reserve estimate is June 23, 2023. A mine recovery of 80.6% has been applied to convert the mineral resources to mineral reserves. Recoverable U3O8 refers to ISR recoverable and does not account for process losses. (3) The effective date of the mineral reserves is September 1, 2018. Mineral reserves for the Gryphon deposit are estimated at a cut-off grade of 0.58% U3O8 based on longhole mining using a long-term uranium price of US$50/lb and a US$/CA$ exchange rate of 0.8. The mineral reserves are based on a mine operating cost of $150/t, mill operating cost of $275/t, G&A cost of $99/t, transportation cost of $50/t, milling recovery of 97%, and 7.25% fee for Saskatchewan royalties. Mineral reserves include for diluting material and mining losses.(4) Mineral reserves are stated at a processing plant feed reference point and include diluting material and mining losses. (5) Measured & Indicated mineral resources for Phoenix and Gryphon deposits are inclusive of mineral reserves. (6) As at December 31, 2025, pursuant to the terms of the agreements with its applicable joint venture partners, the Company had an effective 95.00% interest in the Wheeler River project, a 22.50% interest in the McClean Lake property; a 25.17% interest in the Midwest project; and a 70.32% interest in the Waterbury Lake property. (7) Denison’s share has been calculated as 50% of the product of JCU’s percentage interest in the applicable project multiplied by the estimated mineral resources on a 100% basis. (8) Numbers may not add due to rounding. (9) See AIF for all details of mineral reserves and mineral resources, including historical estimates. Inferred Mineral Resources (see Notes 1, 8, 9) 100% Basis Denison Share(6) Project/Deposit Tonnes Grade % U3O8 Lbs U3O8 (,000) Lbs U3O8 (,000) Wheeler River - Phoenix(5) 5,600 2.6 300 300 Wheeler River - Gryphon(5) 73,000 1.2 1,900 1,800 McClean - Sue D 24,200 0.39 200 0 McClean - Sue E 483,400 0.69 7,300 1,600 McClean - McClean North 3,300 0.79 100 0 Midwest - Midwest Main 905,000 0.54 12,700 3,100 Midwest - Midwest A 53,000 5.8 6,700 1,700 Waterbury - Huskie 268,000 0.96 5,700 4,000 Christie Lake 588,000 1.57 20,400 3,500 Total Inferred Resources 2,403,500 55,300 16,000 Historic Mineral Resources (see Notes 8, 9) 100% Basis Denison Share(7) Project/Deposit Tonnes Grade % U3O8 Lbs U3O8 (,000) Lbs U3O8 (,000) Millennium (Indicated) 1,442,600 2.39 75,900 11,400 Kiggavik (Indicated) 10,418,000 0.55 127,300 21,500 Tot. Historic Indicated Resources 11,860,600 203,200 32,900 Millennium (Inferred) 412,400 3.19 29,000 4,400 Kiggavik (Inferred) 733,000 0.33 5,400 900 Tot. Historic Inferred Resources 1,145,400 34,400 5,300
Slide 25 — Capital Structure & Corporate Information
25 Analyst Coverage(4) ATB Cormark (Nicolas Dion) BMO (Alexander Pearce) Canaccord Genuity (Katie Lachapelle) Cantor Fitzgerald (Mike Kozak) CIBC (Anita Soni) Desjardins (Bryce Adams) Haywood (Marcus Giannini) National Bank (Mohamed Sidibé) Paradigm Capital (Gordon Lawson) Raymond James (Brian MacArthur) Roth (Joe Reagor) Scotiabank (Orest Wowkodaw) TD Cowen (Craig Hutchison) Shareholders(5) Capital Structure & Corporate Information Market Summary(1) Exchanges Shares Outstanding 905M Share Purchase Warrants - Share Units 8.2 M Options 5.3M Fully Diluted Shares 918.5M DML (TSX) Market Cap @ C$5.20/share(2) CAD $4.7B Daily Trading Volume(3) 7.2M Shares DNN (NYSE American) Market Cap @ US$3.83/share(2) USD $3.5B Daily Trading Volume(3) 39M Shares Website: www.denisonmines.com X (formerly Twitter): @DenisonMinesCo Email: [email protected] NOTES: (1) Share capital information as of May 12, 2026 (MD&A for the period ended Mar. 31, 2026). (2) Based on basic shares outstanding at May 12, 2026 (MD&A for the period ended Mar. 31, 2026) and DML/DNN share prices as of the end of Apr 2026. (3) Average daily trading volume over previous 3 months as of the end of Apr. 2026. Canadian trading includes all Canadian exchanges. (4) As of April 30, 2026. (5) Shareholder information is estimated as of Dec. 31, 2025. Information is provided for indicative purposes only. Institutional holdings are estimated based on information available on S&P Global. Insider holdings are estimated based on applicable filings and includes estimated holdings from entities entitled to appoint a nominee to the Board of Directors. Other holdings are determined as shares outstanding less those reported as institutional and insider holdings. Share ownership is subject to change. Management David Cates (President & CEO, Director) Elizabeth Sidle (VP Finance & CFO) David Bronkhorst (Interim VP Operations) Geoff Smith (VP Corp. Dev. & Commercial) Mary Jo Smith (VP Human Resources & Admin.) Chad Sorba (VP Tech. Services & Project Eval.) Janna Switzer (VP Env., Sustainability & Regulatory) Amanda Willett (VP Legal & Corp. Sec.) Board of Directors Jennifer Traub (Non-Executive Chair) David Cates (President & CEO, Director) Jinsu Baik (KHNP Nominee) Wes Carson Ken Hartwick David Neuburger Laurie Sterritt Patricia Volker Ron Hochstein (Board Advisor) 61% 7% 32% Institutional Insiders Other