Denison Mineral Reserves and Resources — uranium project

Canadian uranium developer and producer whose interests are concentrated in the eastern Athabasca Basin of northern Saskatchewan: direct interests in 39 mineral properties comprising 256 claims over approximately 457,000 hectares, plus indirect interests through a 50% ownership of JCU. The flagship is the 95%-owned Wheeler River project hosting the Phoenix ISR deposit and the Gryphon underground deposit. Denison also holds 22.50% of McClean Lake, where SABRE mining restarted in July 2025 and which owns the McClean Lake mill, 25.17% of Midwest, and 70.55% of Waterbury Lake. Reserves and resources follow CIM definitions under NI 43-101 and are stated at December 31, 2025 on both a 100% basis and a Denison-share basis. At year end Denison held 1,700,000 lb U3O8 of physical uranium investments plus 145,926 lb of concentrate inventory from its share of McClean Lake production, and had sales commitments for 550,000 lb in 2026 and 250,000 lb in 2027.