Denison Mines Corp.

Denison Mines Corp. is a mid-tier uranium development company headquartered in Toronto, Canada, operating primarily in Canada. The company's portfolio consists of 4 projects, comprising 1 development and 3 exploration projects, in addition to several early-stage exploration prospects. Key assets include Wheeler River. The business model integrates exploration, development, and participation in processing operations, including through toll-milling arrangements. A core operational characteristic is the advancement of novel, low-impact extraction technologies, such as in-situ recovery (ISR) and surface access borehole resource extraction (SABRE), which are designed to enhance safety, reduce surface disturbance, and lower capital and operating costs compared to conventional methods. The company functions as both an operator for its primary development asset and as a non-operating partner in various joint arrangements, leveraging the expertise of its partners in established production environments. A key component of its financial strategy involves holding a physical inventory of its primary commodity, providing flexibility to fund development activities and manage market volatility. The organization also leverages its internal technical expertise to create value in adjacent sectors through strategic investments and earn-in agreements, diversifying its growth opportunities beyond its core focus.

Strategic priorities are centered on de-risking and advancing the primary development asset towards a production decision through a disciplined, phased approach involving rigorous technical studies, field tests, and detailed engineering. Capital allocation is managed through a multi-faceted approach that includes raising equity for long-lead items, monetizing a strategic physical commodity inventory, and optimizing the asset portfolio by divesting non-core properties through option and sale agreements with junior explorers. This portfolio management strategy allows the company to retain exposure to exploration success across a broad land package while focusing its own capital on its most advanced asset. The enterprise also makes strategic investments in other exploration companies, including through convertible debentures, to gain exposure to new discoveries. For future production, management intends to implement a balanced contracting strategy, combining fixed-price, base-escalated, and market-related contracts to mitigate price volatility while retaining upside exposure.

Governance is overseen by a 7-member Board of Directors, which includes the President & CEO and a nominee from the company's largest shareholder. The Board operates through 5 standing committees: Audit; Corporate Governance and Nominating; Compensation; Environment, Health, Safety & Sustainability; and Technical. The Audit Committee consists of 3 independent, financially literate members who are responsible for overseeing financial reporting, internal controls, and auditor engagement. Executive leadership is guided by a President & CEO with over 15 years of tenure at the company, including serving in the chief executive role since 2015. The governance framework is designed to comply with Canadian securities regulations and utilizes home country practice exemptions available to foreign private issuers under its U.S. listing. The Board maintains direct oversight of principal business risks, with specific risk categories delegated to the relevant committees for detailed review and management reporting.

A cornerstone of the sustainability program is a comprehensive Indigenous relations strategy, formalized through an Indigenous Peoples Policy and a Reconciliation Action Plan. This is supported by legally binding agreements, including Exploration Agreements, a Shared Prosperity Agreement (SPA), a Mutual Benefits Agreement (MBA), and a Community Benefit Agreement (CBA), which establish frameworks for consent, environmental co-monitoring, and the sharing of economic benefits. Environmental stewardship is demonstrated through the advancement of projects via rigorous, multi-year federal and provincial Environmental Assessment (EA) processes, culminating in the submission of a detailed Environmental Impact Statement (EIS). The operational strategy prioritizes lower-impact extraction methods to minimize surface disturbance and waste generation. The company maintains a strong safety culture, tracked via metrics like the Total Recordable Injury Rate (TRIR), with its closed-mines group achieving over 15 years of continuous operation without a lost-time injury. Decommissioning liabilities for historical sites are fully funded through a dedicated Reclamation Trust.

The corporate structure is characterized by a combination of directly-held assets and indirect interests held through joint ventures and a 50% ownership stake in JCU (Canada) Exploration Company, Ltd., which itself is a participant in multiple exploration joint ventures. The company acts as operator of the Wheeler River Joint Venture with partner JCU, and is a non-operating partner in the McClean Lake and Midwest joint ventures, which are operated by Orano Canada. A key strategic relationship is maintained with its largest shareholder, Korea Electric Power Corporation (KEPCO) and its subsidiary Korea Hydro & Nuclear Power (KHNP), through a Strategic Relationship Agreement that grants KHNP a board nomination right and a right of first offer on certain asset sales. Portfolio optimization is actively pursued through transactions with other exploration companies, including option agreements with Foremost Clean Energy Ltd. (2024) and an asset sale to Cosa Resources Corp. (2024) for non-core properties. The structure also includes a material financing arrangement with Ecora Resources PLC (2017) involving a long-term loan and stream against future toll-milling revenues.