Phoenix Feasibility Study 2023

67.41% owned Waterbury Lake project demonstrates potential for ISR to transform portfolio projects(1) McClean Lake Mill Access Deniso territo Power ISR im Area sion Line Mining Method Tthe Heldeth Túé (“THT”) deposit (formerly J Zone) designed as a low-cost In-Situ Recovery ("ISR") operation with freeze wall design Uranium Bearing Solutionst Project ("UBS") to be transported by enison truck to 22.5% Denison's owned McClean Lake mill for toll processing Minimal site infrastructure Successful 2023 ISR field test(3) 6-year Mine Life 9.7M lbs U308 (Rio Tinto) CAD$112M estimated Initial CAPEX (100% basis) NI 43-101 compliant projected Preliminary Economic Mine Production North Lan Assessment ("PEA") (100% basis) Airport and Lod completed in 2020(2) 12.8M lbs U308 @ 2.0% U308 (291,00 tonnes) in Indicated Mineral Resources estimated for THT (100% basis) Existing Powerline Located within the boundaries of Treaty 10 in Nuhenéné / Athabasca Denesųłiné traditional territory Aditiona and the homeland of the Métis the homeland of the Métis. Partnership with consortium led by state- owned nuclear company Korea Hydro Nuclear Power ("KHNP") 40,256 hectares of prospective ground over 13 claims Lenison PHOTO: Isometric schematic of ISR wellfield and freeze wall at depth of the THT deposit on Waterbury Lake property. LINKS: Waterbury Lake Project Video on Vimeo Waterbury Project Page on Denison Website NOTES: (1) Refer to the Waterbury Lake Technical Report titled "Preliminary Economic Assessment for McClean Lake the Tthe Heldeth Túé (Zone) Deposit, (Orano/Denis Waterbury Lake Property, Northern Saskatchewan, Canada" and dated October 30, 2020. (2) 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. There is no certainty that the results from the PEA will be realized. Mineral resources are not mineral reserves and do not have demonstrated economic viability. (3) See Denison's news release dated Nov. 6, 2023 17

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