Midwest

Midwest is a uranium project in the eastern Athabasca Basin, comprising 3 mineral claims over 1,426 ha. The Midwest Joint Venture (MWJV) operated by Orano Canada (Orano 74.83% / Denison 25.17%) hosts the Midwest Main and Midwest A deposits — both unconformity-associated egress-style polymetallic lenses. Reference report: Preliminary Economic Assessment for the Midwest Property (effective August 6, 2025) for ISR mining of the Midwest Main deposit, which the Company announced in August 2025. PEA highlights ISR has potential to extract significant uranium production from the high-grade Midwest Main deposit with low initial capital costs, a high rate of return, and rapid payback. In June 2025 an ISR field test program drilled 10 small-diameter boreholes within Midwest Main, validating concept-study assumptions. 2026 anticipated work includes (a) advancement of feasibility-level assessment for SABRE mining method, (b) EA updates for SABRE, (c) amendment of McClean Lake & Midwest CNSC licence to allow receipt of Midwest ore.