Phoenix Feasibility Study 2023
Reserves & Resources as of June 26, 2023.
Mineral Reserves
Denison
Share(9)
Denison
Share(9)
Lbs U308
(,000)
100% Basis
(see Notes 1, 2, 3, 4, 14, 15)
Inferred Mineral Resources
(see Notes 1, 6, 15)
100% Basis
Project/Deposit
Tonnes
Grade Lbs U308
% U308
(,000)
Lbs U308
(,000)
Project/Deposit
Tonnes
Grade
% U308
Lbs U308
(,000)
McClean Ore Stockpile (Proven)
Wheeler River - Phoenix (Proven)
Wheeler River - Phoenix (Probable)
Wheeler River - Gryphon (Probable)
Total Proven & Probable Reserves
90,000
0.37
700
6,300
212,700
1,257,000
1,566,000
24.5
3,400
11.4
53,300
200
3,200
50,600
Wheeler River - Phoenix(7)
5,600
2.6
300
300
Wheeler River - Gryphon (7)
73,000
1.2
1,900
1,800
McClean
Caribou
24,200
0.39
200
0
1.8
49,700
47,200
McClean Sue D
483,400
0.69
7,300
1,600
107,100
101,200
McClean McClean North
3,300
0.79
100
0
Midwest - Midwest Main
793,000
0.66
11,500
2,900
Measured & Indicated Mineral
Resources (see Notes 1, 5, 15)
Project/Deposit
Denison
100% Basis
Midwest Midwest A
53,000
5.8
6,700
1,700
Share (9)
Waterbury - Huskie
268,000
0.96
5,700
3,800
Tonnes
Grade
% U308
Lbs U308
(,000)
Lbs U308
Christie Lake(13)
(,000)
Total Inferred Resources
588,000
2,291,500
1.57
20,400
3,500
54,100
15,600
Wheeler River - Phoenix(7) (Measured)
Wheeler River - Phoenix (7) (Indicated)
Wheeler River - Gryphon (7) (Indicated)
64,200
21.8
30,900
29,400
216,000
8.3
39,700
37,700
100% Basis
1,643,000
1.7
61,900
58,800
(see Notes 15, 16)
McClean Caribou (Indicated)
McClean Sue D (Indicated)
47,800
2.6
2,800
600
Project/Deposit
Tonnes
Grade
% U308
Lbs U308
(,000)
(,000)
122,800
1.1
2,800
600
Millennium
Indicated (11)
McClean McClean North (Indicated)
204,300
2.8
12,200
2,700
Kiggavik - Indicated (12)
1,442,600
10,418,000
2.39
75,900
11,400
0.47
127,300
21,500
Midwest Midwest Main (Indicated)
453,000
4.0
39,900
10,100
Tot. Historic Indicated Resources
Midwest Midwest A (Indicated)
Waterbury - THT (Indicated)
Total Measured & Indicated
566,000
291,000
3,608,100
0.87
10,800
2,700
Millennium - Inferred (11)
2.0
12,800
213,800
8,600
Kiggavik - Inferred (12)
11,860,600
412,400
731,000
3.19
0.28
203,200
29,000
5,400
32,900
4,400
900
151,200
Resources
Tot. Historic Inferred Resources
1,143,400
34,400
5,300
Historic Mineral Resources
Denison
Share(10)
Lbs U308
Notes cont'd: (6) See AIF or June 26, 2023 news release, as applicable, for details of the cut-off grades used for the inferred mineral resources. (7) Measured & Indicated mineral resources for Phoenix and Gryphon deposits are inclusive of mineral reserves. (8) The operator conducted
confirmatory drilling on a portion of the Sue E mineral resources outside the designated pit and late in 2006 submitted a preliminary analysis detailing an inferred mineral resource of approximately 2 million pounds on a 100% basis in this area, as compared to the 7.3 million pounds that
Scott Wilson Roscoe Postle Associates Inc. ("Scott Wilson RPA", succeeded by Roscoe Postle Associates Inc. ("RPA") and then acquired by SLR Consulting Limited, "SLR"), estimated in its February 2006 technical report. The mineral resource has not been re-estimated using the new drill
information. (9) Reflects 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 67.41% interest in the Waterbury Lake property pursuant to the terms of the agreements with its applicable
joint venture partners. (10) 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. (11) Millennium mineral resources as reported by Cameco on their website at
https://www.cameco.com/businesses/uranium-projects/millennium/reserves-resources. Cut-off grades and other assumptions, parameters and methods used to estimate resources are unknown. (12) Kiggavik mineral resources as reported by Orano in their 2020 Activities Report
available on their website at https://www.orano.group/docs/default-source/orano-doc/groupe/publications-reference/publication-groupe/orano_annual-activity-report_2020_online.pdf?sfvrsn=b8263a0d_27 and converted from tonnes U to pounds U308 and from %U to %U308. Cut-off
grades and other assumptions, parameters and methods used to estimate resources are unknown. (13) Christie Lake mineral resources, and relevant assumptions, parameters and methods used for estimating, are documented in the "Technical Report for the Christie Lake Uranium
Project, Saskatchewan, Canada" with an effective date of December 31, 2021 and filed under the Company's profile on SEDAR and EDGAR on March 27, 2023. The Christie Lake mineral resources were estimated at a cut-off grade of 0.2% U308. (14) The summary information on Denison's
proven mineral reserve estimates for McClean Lake was prepared from the year-end stockpile survey reported by Orano Canada, the MLJV operator. (15) Numbers may not add due to rounding. (16) A qualified person has not done sufficient work to verify and classify these
historical estimates as current mineral resources for the Company or confirm their reporting of resources is in accordance with NI 43-101 categories. See AIF for details.
Lenison
SOURCE:
For Wheeler River, 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.
For all other projects, see
Denison's Annual Information
Form dated March 27, 2023
NOTES:
(1) CIM definitions 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 for the Phoenix
deposit are estimated at a cut-off
grade of 0.5% U308 based on the
ISR mining method, using a long-
term uranium price of USD$50/lb
U308 and a USD$/CAD$ exchange
rate of 1.33. The mineral reserves
are based on a mine operating cost
of $0.78/lb U308, process
operating cost of $5.20/lb U308,
and process recovery of 99%.
(3) Mineral Reserves for the
Gryphon deposit are estimated at a
cut-off grade of 0.58% U308 based
on longhole mining using a long-
term uranium price of USD$50/lb
and a USD$/CA$ exchange rate of
0.80. 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 estimates account 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) See AIF or June 26, 2023 news
release, as applicable, for details of
the various cut-off grades used for
measured & indicated mineral
resources.
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