Phoenix Feasibility Study 2023

$70.00 $60.00 $50.00 $40.00 All-in / Full Costs - USD$/lb U308 $30.00 $20.00 $10.00 $0.00 ISR Denison's development portfolio projects: Positioned amongst the lowest all-in cost assets of UxC's First Tier Lenison Sample of Global Production Costs - August 2023 (1)(2)(3) Planned and Producing Operations (with Mining Method) UxC's "First Tier" (includes lowest-cost projects with full costs up to ~US$33/lb U₂Og) US$25.47 US$24.93 (2023) (2020) US$16.04 (2023) Akbastau Inkai ISR Phoenix/Wheeler ISR Kharasan ISR Arrow UG UG THT/Waterbury ISR Gryphon/Wheeler UG Olympic Dam Denison/Canada Canada Kazakhstan UG "Third/Fourth Tier" (up to US$92/lb U308) "Second Tier" (up to ~US$48/lb U3O8 McArthur River Cigar Lake UG UG Dasa Honeymoon Australia ISR UG Rabbit Lake U.S.A. Rössing OP OP Husab Goliad Imouaren ISR Africa OP 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 August 2023. (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 June 23, 2023. (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 October 30, 2020. 5

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