Drilling Commences at Mkuju Uranium Mission

June 13, 2024

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Denison performed the Program in collaboration with Orano Canada Inc. (“Orano Canada”), as operator and proprietor of 74.83% of the Midwest Joint Undertaking (“MWJV”). Midwest is positioned roughly 25 kilometres, through current roads, from the Denison-Orano Canada owned McClean Lake Operation (see Determine 1), which is recently processing ore for the Cigar Lake mine beneath a toll milling settlement and has extra approved processing capability. Orano Canada is a part of the Orano Staff, which is known as a number one world operator within the discipline of nuclear fabrics, with actions together with uranium mining, conversion, enrichment, and different gasoline services and products.

David Cates , Denison’s President and Leader Government Officer, commented ” Denison wish to thank Orano Canada for its toughen and encouragement of our joint efforts to guage the Midwest Primary deposit for attainable long run extraction by the use of ISR mining. Orano has important 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 an excessively sturdy group to hold out and oversee this inaugural examine program.

The Program accomplished its deliberate goals, and the effects supply initial validation that the Midwest Primary deposit possesses the traits essential for a n ISR operation . Accordingly, additional analysis is warranted and , construction at the Idea Learn about and incorporating the information bought within the examine program, we’re continuing with a Initial Financial Evaluate (“PEA“) for ISR mining . Midwest constitute s Denison’s 3rd challenge evaluated for attainable ISR mining within the Athabasca Basin. ”

Highlights from the Program come with the next:

Verify ed Hydraulic Conductivity : Pump and injection exams validated hydraulic connectivity within the examine wells inside the mineralized zone and accomplished hydraulic conductivity values (a measure of permeability) in line with the Idea Learn about. Enough permeability inside the mineralized zone is a key criterion for the a hit deployment of the ISR mining way.
Demonstrat ed the Effectiveness of Permeability Enhancement : One way of permeability enhancement was once effectively deployed inside of two wells, demonstrating the suitability of the solution to the Midwest Primary deposit. Potency of permeability enhancement was once verified through comparability of pre- and post-permeability enhancement hydraulic checking out.
Metallurgical Samples Outlined and Gathered for Leaching Traits : Core samples consultant of the Midwest deposit have been gathered right through the Program to be used in long run metallurgical exams to decide the leaching traits.

202 4 ISR Box Check Program

The 2024 ISR discipline examine program was once designed to validate more than a few deposit-specific traits of the Midwest Primary deposit, and to gather a database of geotechnical, hydrogeological, and metallurgical knowledge to additional evaluation the ISR mining prerequisites provide on the deposit.

Ten small-diameter examine wells have been put in inside the Midwest Primary deposit right through the Program – together with a 4-well examine trend (the “Check Trend”) and six particular person wells to check particular spaces of the deposit for more than a few traits. The Check Trend integrated one injection properly, one extraction properly, a recharge properly, and a tracking properly equipped with a multi-channel vibrating cord piezometer. The six further wells have been drilled to their goal depths and, as appropriate, equipped with properly monitors and/or power tracking gadgets to facilitate hydrogeological checking out. All wells have been decommissioned at conclusion of the Program in line with regulatory commitments. See Figures 2 and 3 for a demonstration of the properly places inside the northeast portion of the Midwest Primary deposit.

Core gathered from the examine wells inside the mineralized zone could also be anticipated to be used to make sure and replace the present mineral useful resource estimate for the deposit and toughen long run wellfield design and mineral processing checks.

A success Finishing touch of Hydrogeologic Check Paintings

The Program integrated the finishing touch of more than a few pump, injection, and packer exams designed to evaluate the permeability of the Midwest Primary deposit.

The examine program measured power adjustments inside the mineralized zone, which supplies proof of the deposit’s hydraulic prerequisites and is indicative of the prospective for the motion of mining resolution in an ISR mining operation. Enough permeability inside the mineralized zone is a key criterion for the a hit deployment of the ISR mining way.

The effects from the hydrogeological checking out at Midwest Primary produced hydraulic conductivity values that are in line with the ones assumed within the Idea Learn about.

Further supportive examine paintings finished right through the Program integrated permeability and porosity exams carried out both downhole or on mineralized drill core recovered right through the examine program.

Demonstration of the Effectiveness of Permeability Enhancement Means

One way of permeability enhancement was once effectively evaluated on two examine wells inside the mineralized zone, with efficacy verified through the comparability of pre- and post-permeability enhancement hydraulic conductivity exams. Permeability enhancement has been demonstrated to extend and normalize hydraulic conductivity within the house proximal to the wellbore, taking into account larger touch of injected fluids inside the mineralized zone with a purpose to maximize uranium recoveries in an ISR mining atmosphere.

Choice of Different Supporting Datasets

Along with the exams described above, knowledge and samples have been gathered from the drill core recovered from the examine wells to facilitate: (1) the evaluate of matrix permeability, to tell an preliminary type of the hydrogeological diversifications of the deposit; (2) geotechnical reviews; (3) sediment research the usage of Same old Penetration Check (“SPT”) for measuring dust depths and the overburden under lake backside; and (4) checking out of compressive and tensile energy for incorporation into long run geotechnical checks.

About Midwest

Midwest is located in the jap portion of the Athabasca Basin area in northern Saskatchewan . The valuables is roughly one kilometre from the Issues North Touchdown airstrip and about 25 kilometres west, through current roads, from the McClean Lake M sick, which is collectively owned through Denison (22.5%) and Orano Canada (77.5%). Get right of entry to to Midwest is through each highway and air. Items are transported to the web page through truck over an all-weather highway connecting with the provincial freeway gadget. Air transportation is supplied throughout the Issues North airstrip (See Determine 1).

Preliminary exploration paintings at Midwest started in 1966, and Denison first was an proprietor of the challenge in 1987. In 2007, Orano Canada finished an interior find out about comparing the feasibility of mining the Midwest Primary deposit by the use of open pit mining strategies with processing of the ensuing ore on the McClean Lake M sick. The MWJV therefore complex the challenge throughout the environmental evaluate procedure as an open pit mine and the overall model of the Midwest Mission Environmental Affect Observation was once licensed in September 2012.

The MWJV is recently comparing the viability of quite a lot of attainable choices for the longer term building of the Midwest Primary deposit, together with ISR. Despite the fact that a mining way is chosen, any long run building through the MWJV shall be topic to more than a few overview and approval processes, together with MWJV approval processes, provincial and federal regulatory overview, and engagement.

About Denison

Denison is a uranium mining, exploration and building corporate with pursuits centered within the Athabasca Basin area of northern Saskatchewan, Canada . Denison has an efficient 95% pastime in its flagship Wheeler River Uranium Mission, which is the most important undeveloped uranium challenge within the infrastructure wealthy jap portion of the Athabasca Basin area of northern Saskatchewan . In mid-2023, the Phoenix Feasibility Learn about was once finished for the Phoenix deposit as an ISR mining operation, and an replace to the prior to now ready 2018 Pre-Feasibility Learn about was once finished for Wheeler River’s Gryphon deposit as a traditional underground mining operation. In line with the respective research, each deposits have the prospective to be aggressive with the bottom price uranium mining operations on the planet. Allowing efforts for the deliberate Phoenix ISR operation commenced in 2019 and feature complex considerably, with licensing in development and a draft Environmental Affect Learn about submitted for regulatory and public overview in October 2022 .

Denison’s pursuits in Saskatchewan additionally come with a 22.5% possession pastime within the McClean Lake Joint Undertaking (“MLJV”), which contains unmined uranium deposits (deliberate for extraction by the use of the MLJV’s SABRE mining way beginning in 2025) and the McClean Lake uranium mill (recently using a portion of its approved capability to procedure the ore from the Cigar Lake mine beneath a toll milling settlement), plus a 25.17% pastime within the MWJV’s Midwest Primary and Midwest A deposits, and a 69.35% pastime within the Tthe Heldeth Túé (“THT”) and Huskie deposits at the Waterbury Lake Belongings. The Midwest Primary, Midwest A, THT and Huskie deposits are positioned inside of 20 kilometres of the McClean Lake mill. Taken in combination, Denison has direct possession pursuits in homes protecting ~384,000 hectares within the Athabasca Basin area.

Moreover, via its 50% possession of JCU ( Canada ) Exploration Corporate, Restricted (“JCU”), Denison holds further pursuits in more than a few uranium challenge joint ventures in Canada , together with the Millennium challenge (JCU, 30.099%), the Kiggavik challenge (JCU, 33.8118%), and Christie Lake (JCU, 34.4508%).

In 2024, Denison is celebrating its seventieth yr in uranium mining, exploration, and building, 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 clinical or technical data contained on this unlock has been reviewed and licensed, as appropriate, through Mr. Chad Sorba, P.Geo., Denison’s Vice President, Technical Services and products & Mission Analysis or Mr. Andrew Yackulic, P. Geo., Denison’s Vice President, Exploration, who’re Certified Individuals in line with the necessities of NI 43-101.

Cautionary Observation Referring to Ahead-Taking a look Statements

Positive data contained on this information unlock constitutes ‘forward-looking data’, inside the that means of the appropriate United States and Canadian regulation, regarding the trade, operations and monetary efficiency and situation of Denison. Most often, those forward-looking statements may also be known by means of forward-looking terminology akin to ‘attainable’, ‘plans’, ‘expects’, ‘funds’, ‘scheduled’, ‘estimates’, ‘forecasts’, ‘intends’, ‘anticipates’, or ‘believes’, or the negatives and/or diversifications of such phrases and words, or state that positive movements, occasions or effects ‘would possibly’, ‘may’, ‘would’, ‘would possibly’ or ‘will ‘ ‘ be taken’, ‘happen’ or ‘be accomplished’.

Specifically, this information unlock comprises forward-looking data referring to the next: scope, goals and interpreted result of the ISR examine program ; long run plans and goals for Midwest , together with additional research, research and a possible long run useful resource estimate replace and PEA ; and expectancies relating to its three way partnership possession pursuits and the continuity of its agreements with its companions and 3rd events.

Ahead searching statements are in keeping with the critiques and estimates of control as of the date such statements are made, and they’re topic to recognized and unknown dangers, uncertainties and different elements that can purpose the real effects, degree of job, efficiency or achievements of Denison to be materially other from the ones expressed or implied through such forward-looking statements. As an example, the modelling and assumptions upon which the plans for Midwest are primarily based might not be maintained after additional paintings is finished. As well as, Denison would possibly make a decision or differently be required to discontinue checking out, analysis and different paintings whether it is not able to care for or differently protected the essential sources (akin to checking out amenities, capital investment, three way partnership app r ovals, regulatory approvals, and so on.). Denison believes that the expectancies mirrored on this forward-looking data are cheap however no assurance may also be for the reason that those expectancies will turn out to be correct and effects would possibly range materially from the ones expected on this forward-looking data. For a dialogue in recognize of dangers and different elements that would affect forward-looking occasions, please consult with the criteria mentioned in Denison’s Annual Knowledge Shape dated March 2 8 , 202 4 or next quarterly monetary reviews beneath the heading ‘Possibility Components’. Those elements don’t seem to be, and will have to now not be construed as being , exhaustive.

Accordingly, readers will have to now not position undue reliance on forward-looking statements. The forward-looking data contained on this information unlock is expressly certified through this cautionary remark. Any forward-looking data and the assumptions made with recognize thereto speaks simplest as of the date of this information unlock. Denison does now not adopt any legal responsibility to publicly replace or revise any forward-looking data after the date of this information unlock to adapt such data to exact effects or to adjustments in Denison’s expectancies with the exception of as differently required through appropriate regulation.