Phoenix Feasibility Study 2023

Tthe Heldeth Túé ("THT") ISR Operation: PEA (2020) shows potential for ISR to change uranium mining landscape in Canada (1) Uranium-Bearing Solution Storage Loading Station 1.6M lbs lbs U3O8 Reagent Solution Receiving/Storage ISR Well Field Monitoring Wells Average annual production over 6 years (100% basis) US$12.23 / lbs U308 average Cash Operating Costs (C$16.27/lb U30) C$265M estimated Pre-Tax NPV, (100% basis) US$65/lb U308 selling price (see note 3, 4) 8% i c$112M | estimated | Initial | CAPEX | (100% basis) US$24.93 /lbs U3O8 average All-in Cost(2) (C$33.16/lb U308) | 50.0% estimated Pre-Tax IRR | US$65/lb U308 selling price | (see note 3, 5) Lenison 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 ( Zone) Deposit, Waterbury Lake Property, Northern Saskatchewan, Canada" dated October 30, 2020. See PEA note on Slide 15. (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 U308 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). 18

View entire presentation