Wheeler River — uranium project

Denison's flagship project, 95%-owned and Denison-operated, comprising 19 contiguous mineral claims over 11,720 hectares in the eastern Athabasca Basin about 600 km north of Saskatoon and 35 km northeast of the Key Lake mill along Highway 914. It hosts the Phoenix ISR deposit and, about 3 km northwest, the Gryphon underground deposit. The property lies within Treaty 10, English River First Nation traditional territory and the Métis homeland, and is covered by impact-benefit type agreements signed with ERFN (2023), KML and Pinehouse (2024) and the Métis Parties and YNLR/Athabasca Communities (2025). Wheeler River is subject to Saskatchewan Crown mineral royalties and a 10% net profits interest held by the WRJV in proportion to participant interests, of which Denison is also a beneficiary; there are no back-in rights or third-party royalties.