Midwest — uranium project

25.17%-held JV in the eastern Athabasca Basin operated by Orano Canada, hosting the Midwest Main and Midwest A deposits. The site is under care and maintenance within the Orano-operated McClean and Midwest CNSC licence. In August 2025 Denison reported a Preliminary Economic Assessment for the MWJV assessing ISR mining of the high-grade Midwest Main deposit, which the AIF describes as technically sound and economically robust with low initial capital costs, a high rate of return and rapid payback; the AIF does not publish the PEA's NPV, IRR, capital or operating cost figures. Planned 2026 work includes a feasibility-level SABRE assessment, environmental studies, an EA update and a CNSC licence amendment permitting receipt of Midwest ore. Neither published Midwest subtotal reconciles to its two deposit rows: indicated shows 50,700 klb against 49,500 klb summed and inferred 18,200 klb against 19,400 klb, an offsetting 1,200 klb suggesting a transposition in the source. Denison's grand totals agree with the deposit rows, not the subtotals; both are carried exactly as disclosed.