Denison Mines Athabasca Portfolio

Denison Mines is a Canadian uranium developer focused on the Athabasca Basin of northern Saskatchewan. As at Dec 31, 2025 Denison holds direct interests in 39 mineral properties (256 claims covering approximately 457,000 hectares) and additional indirect interests through its 50% ownership of JCU (Canada) Exploration Company. Flagship is the Wheeler River Joint Venture (95% effective interest) hosting the high-grade Phoenix ISR and Gryphon underground deposits. Other interests include the 22.50% McClean Lake JV (mill + McClean North SABRE mine), 25.17% Midwest JV, 70.55% Waterbury Lake (THT / Huskie), indirect interests in Christie Lake, Millennium, Kiggavik, plus a 30% earn-in option on the Kindersley Lithium Project. In 2025, Denison's share of MLJV finished production from SABRE at McClean North was 145,926 lb U3O8 (100% basis: 648,558 lb U3O8 at ~CA$36/lb cash cost). FID for Phoenix taken February 2026; first production targeted 2028.