Drilling Commences at Mkuju Uranium Undertaking

Denison carried out the Program in collaboration with Orano Canada Inc. (“Orano Canada”), as operator and proprietor of 74.83% of the Midwest Joint Enterprise (“MWJV”). Midwest is situated roughly 25 kilometres, by present roads, from the Denison-Orano Canada owned McClean Lake Operation (see Determine 1), which is presently processing ore for the Cigar Lake mine underneath a toll milling settlement and has extra licensed processing capability. Orano Canada is a part of the Orano Group, which is acknowledged as a number one worldwide operator within the discipline of nuclear supplies, with actions together with uranium mining, conversion, enrichment, and different gas companies.

David Cates , Denison’s President and Chief Government Officer, commented ” Denison want to thank Orano Canada for its assist and encouragement of our joint efforts to guage the Midwest Important deposit for potential future extraction through ISR mining. Orano has vital international experience in ISR mining and Denison brings business management within the development of ISR mining within the Athabasca Basin area – permitting the three way partnership to assembl e a really sturdy staff to hold out and oversee this inaugural take a look at program.

The Program achieved its deliberate aims, and the outcomes present preliminary validation that the Midwest Important deposit possesses the traits obligatory for a n ISR operation . Accordingly, additional analysis is warranted and , constructing on the Idea Examine and incorporating the information acquired within the take a look at program, we’re continuing with a Preliminary Financial Evaluation (“PEA“) for ISR mining . Midwest signify s Denison’s third undertaking evaluated for potential ISR mining within the Athabasca Basin. ”

Highlights from the Program embody the next:

Verify ed Hydraulic Conductivity : Pump and injection assessments validated hydraulic connectivity within the take a look at wells inside the mineralized zone and achieved hydraulic conductivity values (a measure of permeability) per the Idea Examine. Adequate permeability inside the mineralized zone is a key criterion for the profitable deployment of the ISR mining methodology.
Demonstrat ed the Effectiveness of Permeability Enhancement : One methodology of permeability enhancement was efficiently deployed inside two wells, demonstrating the suitability of the tactic to the Midwest Important deposit. Effectivity of permeability enhancement was verified by comparability of pre- and post-permeability enhancement hydraulic testing.
Metallurgical Samples Outlined and Collected for Leaching Traits : Core samples consultant of the Midwest deposit have been collected in the course of the Program to be used in future metallurgical assessments to find out the leaching traits.

202 4 ISR Area Check Program

The 2024 ISR discipline take a look at program was designed to validate varied deposit-specific traits of the Midwest Important deposit, and to gather a database of geotechnical, hydrogeological, and metallurgical knowledge to additional consider the ISR mining circumstances current on the deposit.

Ten small-diameter take a look at wells have been put in inside the Midwest Important deposit in the course of the Program – together with a 4-well take a look at sample (the “Check Sample”) and 6 particular person wells to check particular areas of the deposit for varied traits. The Check Sample included one injection properly, one extraction properly, a recharge properly, and a monitoring properly outfitted with a multi-channel vibrating wire piezometer. The six extra wells have been drilled to their goal depths and, as relevant, outfitted with properly screens and/or stress monitoring gadgets to facilitate hydrogeological testing. All wells have been decommissioned at conclusion of the Program per regulatory commitments. See Figures 2 and 3 for an illustration of the properly areas inside the northeast portion of the Midwest Important deposit.

Core collected from the take a look at wells inside the mineralized zone can be anticipated to be used to confirm and replace the present mineral useful resource estimate for the deposit and assist future wellfield design and mineral processing assessments.

Profitable Completion of Hydrogeologic Check Work

The Program included the completion of varied pump, injection, and packer assessments designed to evaluate the permeability of the Midwest Important deposit.

The take a look at program measured stress adjustments inside the mineralized zone, which gives proof of the deposit’s hydraulic circumstances and is indicative of the potential for the motion of mining answer in an ISR mining operation. Adequate permeability inside the mineralized zone is a key criterion for the profitable deployment of the ISR mining methodology.

The outcomes from the hydrogeological testing at Midwest Important produced hydraulic conductivity values that are per these assumed within the Idea Examine.

Further supportive take a look at work accomplished in the course of the Program included permeability and porosity assessments carried out both downhole or on mineralized drill core recovered in the course of the take a look at program.

Demonstration of the Effectiveness of Permeability Enhancement Technique

One methodology of permeability enhancement was efficiently evaluated on two take a look at wells inside the mineralized zone, with efficacy verified by the comparability of pre- and post-permeability enhancement hydraulic conductivity assessments. Permeability enhancement has been demonstrated to extend and normalize hydraulic conductivity within the space proximal to the wellbore, permitting for elevated contact of injected fluids inside the mineralized zone so as to maximize uranium recoveries in an ISR mining setting.

Assortment of Different Supporting Datasets

Along with the assessments described above, knowledge and samples have been collected from the drill core recovered from the take a look at wells to facilitate: (1) the evaluation of matrix permeability, to tell an preliminary mannequin of the hydrogeological variations of the deposit; (2) geotechnical evaluations; (3) sediment evaluation utilizing Commonplace Penetration Check (“SPT”) for measuring mud depths and the overburden under lake backside; and (4) testing of compressive and tensile power for incorporation into future geotechnical assessments.

About Midwest

Midwest is located in the jap portion of the Athabasca Basin area in northern Saskatchewan . The property is roughly one kilometre from the Factors North Touchdown airstrip and about 25 kilometres west, by present roads, from the McClean Lake M ailing, which is collectively owned by Denison (22.5%) and Orano Canada (77.5%). Entry to Midwest is by each street and air. Items are transported to the location by truck over an all-weather street connecting with the provincial freeway system. Air transportation is offered by the Factors North airstrip (See Determine 1).

Preliminary exploration work at Midwest started in 1966, and Denison first grew to become an proprietor of the undertaking in 1987. In 2007, Orano Canada accomplished an inside research evaluating the feasibility of mining the Midwest Important deposit through open pit mining strategies with processing of the ensuing ore on the McClean Lake M ailing. The MWJV subsequently superior the undertaking by the environmental evaluation course of as an open pit mine and the ultimate model of the Midwest Undertaking Environmental Influence Assertion was authorized in September 2012.

The MWJV is presently evaluating the viability of various potential choices for the longer term improvement of the Midwest Important deposit, together with ISR. Even when a mining methodology is chosen, any future improvement by the MWJV will probably be topic to numerous evaluate and approval processes, together with MWJV approval processes, provincial and federal regulatory evaluate, and engagement.

About Denison

Denison is a uranium mining, exploration and improvement firm with pursuits centered within the Athabasca Basin area of northern Saskatchewan, Canada . Denison has an efficient 95% curiosity in its flagship Wheeler River Uranium Undertaking, which is the biggest undeveloped uranium undertaking within the infrastructure wealthy jap portion of the Athabasca Basin area of northern Saskatchewan . In mid-2023, the Phoenix Feasibility Examine was accomplished for the Phoenix deposit as an ISR mining operation, and an replace to the beforehand ready 2018 Pre-Feasibility Examine was accomplished for Wheeler River’s Gryphon deposit as a traditional underground mining operation. Primarily based on the respective research, each deposits have the potential to be aggressive with the bottom value uranium mining operations on the planet. Allowing efforts for the deliberate Phoenix ISR operation commenced in 2019 and have superior considerably, with licensing in progress and a draft Environmental Influence Examine submitted for regulatory and public evaluate in October 2022 .

Denison’s pursuits in Saskatchewan additionally embody a 22.5% possession curiosity within the McClean Lake Joint Enterprise (“MLJV”), which incorporates unmined uranium deposits (deliberate for extraction through the MLJV’s SABRE mining methodology beginning in 2025) and the McClean Lake uranium mill (presently using a portion of its licensed capability to course of the ore from the Cigar Lake mine underneath a toll milling settlement), plus a 25.17% curiosity within the MWJV’s Midwest Important and Midwest A deposits, and a 69.35% curiosity within the Tthe Heldeth Túé (“THT”) and Huskie deposits on the Waterbury Lake Property. The Midwest Important, Midwest A, THT and Huskie deposits are situated inside 20 kilometres of the McClean Lake mill. Taken collectively, Denison has direct possession pursuits in properties masking ~384,000 hectares within the Athabasca Basin area.

Moreover, by its 50% possession of JCU ( Canada ) Exploration Firm, Restricted (“JCU”), Denison holds extra pursuits in varied uranium undertaking joint ventures in Canada , together with the Millennium undertaking (JCU, 30.099%), the Kiggavik undertaking (JCU, 33.8118%), and Christie Lake (JCU, 34.4508%).

In 2024, Denison is celebrating its seventieth 12 months in uranium mining, exploration, and improvement, which started in 1954 with Denison’s first acquisition of mining claims within the Elliot Lake area of northern Ontario .

Certified Individuals

The disclosure of scientific or technical info contained on this launch has been reviewed and authorized, as relevant, by Mr. Chad Sorba, P.Geo., Denison’s Vice President, Technical Companies & Undertaking Analysis or Mr. Andrew Yackulic, P. Geo., Denison’s Vice President, Exploration, who’re Certified Individuals in accordance with the necessities of NI 43-101.

Cautionary Assertion Relating to Ahead-Trying Statements

Sure info contained on this information launch constitutes ‘forward-looking info’, inside the that means of the relevant United States and Canadian laws, regarding the enterprise, operations and monetary efficiency and situation of Denison. Typically, these forward-looking statements will be recognized by way of forward-looking terminology reminiscent of ‘potential’, ‘plans’, ‘expects’, ‘price range’, ‘scheduled’, ‘estimates’, ‘forecasts’, ‘intends’, ‘anticipates’, or ‘believes’, or the negatives and/or variations of such phrases and phrases, or state that sure actions, occasions or outcomes ‘might’, ‘may’, ‘would’, ‘may’ or ‘will ‘ ‘ be taken’, ‘happen’ or ‘be achieved’.

Specifically, this information launch incorporates forward-looking info pertaining to the next: scope, aims and interpreted outcomes of the ISR take a look at program ; future plans and aims for Midwest , together with additional research, evaluation and a possible future useful resource estimate replace and PEA ; and expectations concerning its three way partnership possession pursuits and the continuity of its agreements with its companions and third events.

Ahead trying statements are based mostly on the opinions and estimates of administration as of the date such statements are made, and they’re topic to identified and unknown dangers, uncertainties and different components which will trigger the precise outcomes, degree of exercise, efficiency or achievements of Denison to be materially completely different from these expressed or implied by such forward-looking statements. For instance, the modelling and assumptions upon which the plans for Midwest are based mostly is probably not maintained after additional work is accomplished. As well as, Denison might resolve or in any other case be required to discontinue testing, analysis and different work whether it is unable to take care of or in any other case safe the mandatory sources (reminiscent of testing services, capital funding, three way partnership app r ovals, regulatory approvals, and so on.). Denison believes that the expectations mirrored on this forward-looking info are affordable however no assurance will be provided that these expectations will show to be correct and outcomes might differ materially from these anticipated on this forward-looking info. For a dialogue in respect of dangers and different components that might affect forward-looking occasions, please confer with the components mentioned in Denison’s Annual Info Kind dated March 2 8 , 202 4 or subsequent quarterly monetary stories underneath the heading ‘Threat Elements’. These components will not be, and shouldn’t be construed as being , exhaustive.

Accordingly, readers mustn’t place undue reliance on forward-looking statements. The forward-looking info contained on this information launch is expressly certified by this cautionary assertion. Any forward-looking info and the assumptions made with respect thereto speaks solely as of the date of this information launch. Denison doesn’t undertake any obligation to publicly replace or revise any forward-looking info after the date of this information launch to evolve such info to precise outcomes or to adjustments in Denison’s expectations besides as in any other case required by relevant laws.