Phoenix Feasibility Study 2023
95% owned flagship Wheeler River
development project(1)(2)
Two
Low-cost
development assets
Phoenix - designed as a low-
cost In-Situ Recovery ("ISR")
operation with on-site processing
to finished yellow cake (U308)
Gryphon - contributes
additional low-cost production
via conventional underground
mining with assumed toll milling
at 22.5% Denison owned
McClean Lake mill
~16.5 years
Aggregate operating
Mine life(3)
106.4M lbs U308
combined
Proven & Probable
Reserves
(100% basis)
Atlas Copco
CAD$419M
Estimated (100% basis)
Initial CAPEX (Phoenix)
2023 Costing
in NI 43-101 compliant
Phoenix Feasibility Study
and Gryphon PFS Update
reflect current post-inflation
costing environment
Located within the boundaries of Treaty 10
in the traditional territory of English River First Nation, in the
homeland of the Métis, and within Nuhenéné
11,720
hectares of prospective
ground over 19 claims
49,000kg
Sa
Kerr
Lenison
PHOTO:
Installation of large-
diameter commercial
scale ISR test wells at
Phoenix during 2021.
LINKS:
Wheeler River Project
Page on Denison Website
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 June
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 August 3, 2021.
(3) Reflects 10-year mine
life estimated for Phoenix
and 6.5-year mine life
estimated for Gryphon.
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