Denison Announces Additional High-Grade Uranium Mineralization Discovered at McClean South
Denison Mines Corp.
1100 – 40 University Ave
Toronto, ON M5J 1T1
www.denisonmines.com
PRESS RELEASE
Denison Announces Additional High-Grade
Uranium Mineralization Discovered at McClean South
Toronto, On – July 21, 2025. Denison Mines Corp. (“Denison” or the “Company”) (DML:TSX, DNN: NYSE
American) is pleased to announce that several significant new intercepts of shallow high-grade uranium
mineralization have been discovered at the McClean South zone (“McClean South”), which is part of the
Company’s 22.5% -owned McClean Lake Joint Venture (“McClean Lake” or “MLJV”) in northern
Saskatchewan (see Figure 1).
Orano Canada Inc. (“Orano Canada”), the 77.5% owner and operator of the MLJV , completed a 6,400 -
metre exploration drilling program at McClean South during the first half of 2025. The drill program was
highlighted by multiple notable high-grade intersections at the 8C mineralized pod:
• MCS-77 intersected 7.51% eU3O8 over 5.4 metres from 165.7 to 171.1 metres (including 10.88%
eU3O8 over 3.7 metres),
• MCS-80 intersected 3.5% eU3O8 over 11.2 metres from 156.7 to 167.9 metres (including 5.81%
eU3O8 over 6.5 metres), and
• MCS-84 intersected 1.72% eU3O8 over 20.6 metres from 150.6 to 170.7 metres (including 4.43%
eU3O8 over 4.0 metres)
In total, fourteen of twenty-four completed drill holes from the program encountered significant intercepts
of uranium mineralization and the results are interpreted to have confirmed and expanded the mineralized
footprint of the 8C and 8W pods (see Figure 2 and 3).
McClean South is located approximately 600 metres to the south of the McClean North deposit, where the
MLJV recently commenced commercial mining using the joint venture’s patented SABRE mining method.
Chad Sorba, P.Geo., Denison’s Vice President of Technical Services and Project Evaluation, commented
“Earlier this year, in its effort to follow up on the discovery of the 8C pod at McClean South since
the last drill program in 2022, Orano Canada carried out a successful exploration program that
returned several meaningful additional high-grade intercept s, which are interpreted to have
expanded the mineralized footprint of the 8C and 8W pods.”
David Cates, Denison’s President & CEO, added “ We congratulate and thank Orano Canada for its
efforts to successfully advance the delineation and expansion of the high-grade mineralization at
McClean South. With the nearby McClean North deposit recently entering production using the
joint venture’s SABRE mining method and Denison having made significant advancements in the
de-risking of the In-Situ Recovery (‘ISR’) mining method in recent years, there is great potential for
the MLJV to advance McClean South to potentially emerge as an economic new source of future
feed to the McClean Lake mill.”
2025 McClean South Exploration Highlights
The objective of the exploration program at McClean South was to expand the existing footprint of high-
grade mineralization with a focus on further assessing the 8C and 8W Pods.
With uranium mineralization measuring greater than 0.05% eU (0.06% eU3O8) intersected in 14 of 24 drill
holes completed during the program, the results successfully expanded the footprint of the 8W and 8C pods
and confirmed the continuity of mineralization.
Results from the 8W pod were highlighted by the following:
• MCS-61 and MCS-64 confirmed mineralization in the sandstone near surface along the western
edge of the 8W pod. MCS-61 intersected 0.15% eU3O8 over 2.2 metres from 40.3 to 42.5 metres
and MCS-64 intersected 0.21% eU3O8 over 1.2 metres from 57.6 to 58.8 metres.
The results of the holes discussed above and the balance of t he mineralized intersections from the 2025
drill program are summarized in Table 1 below.
Table 1 – 2025 McClean Lake Exploration Drilling – Mineralized Intersections
Drill Hole Target
area
Orientation
(azi/dip)
From
(m)
To
(m)
Length
(m)(1) % eU3O8(2)
MCS-61 8W 345°/-75° 40.3 42.5 2.2 0.15
MCS-62 8C 345°/-77° 173.9 176.9 3.0 0.52
including - - 175.6 176.0 0.4 1.71
MCS-63 8W 330°/-75° 174.3 175.6 1.3 0.31
MCS-64 8W 330°/-75° 57.6 58.8 1.2 0.21
MCS-67A 8C 340°/-70° 172.0 174.9 2.9 0.28
MCS-67A - - 175.9 183.2 7.3 0.29
MCS-67A - - 183.7 187.3 3.6 0.62
including - - 185.6 186.8 1.2 1.58
MCS-71 8C 348°/-80° 168.5 169.7 1.2 0.18
MCS-74 8C 345°/-80° 153.8 156.3 2.5 0.14
MCS-74 8C - 157.2 164.7 7.5 0.24
MCS-74 8C - 165.7 168.5 2.8 0.31
MCS-76 8C 349°/-80° 173.8 175.2 1.4 0.15
MCS-77 8C 345°/-80° 165.7 171.1 5.4 7.51
including - - 166.5 170.2 3.7 10.88
MCS-78 8C 345°/-83° 164.4 166.4 2.0 0.41
including - - 165.5 166.0 0.5 1.08
MCS-79 8C 345°/-78° 164.2 170.1 5.9 0.75
including - - 167.2 168.8 1.6 1.51
MCS-80 8C 346°/-80° 156.7 167.9 11.2 3.50
including - - 158.6 165.1 6.5 5.81
MCS-81 8C 345°/-77° 168.2 169.8 1.6 0.32
MCS-84 8C 345°/-90° 150.1 170.7 20.6 1.72
including - - 153.9 157.9 4.0 2.70
including - - 166.0 170.0 4.0 4.43
Notes:
(1) Lengths indicated represent the down-hole length of mineralized intersections;
(2) Interval is composited above a cut-off grade of 0.05% eU, which corresponds to 0.06% eU3O8
Radiometric Equivalent Grades, Sampling, Analysis and Data Verification
Following the completion of a drill hole, the hole is radiometrically logged using a downhole slimline gamma
probe, which collects continuous readings of radioactivity along the length of the drill hole. Probe results
are then calibrated using an algorithm calculated from the comparison of probe results against geochemical
analyses in the area. The gamma -log results provide an immediate radiometric equivalent uranium value
(eU%, then converted to eU 3O8%) for the hole, which, except in very high- grade zones, is reasonably
accurate. The Company typically reports eU3O8, as a preliminary result and subsequently reports definitive
assay grades following sampling and chemical analysis of the mineralized drill core. Assay sample intervals
are generally 50 centimetres long, except where higher or lower grade mineralization boundaries fall within
the interval. In that case, two 25-centimetre samples are collected. Flank samples of 1.0 metre are collected
where mineralization is located. Systematic geochemistry samples are collected every 10 metres down the
hole. All assayed core is split in half, with one half retained and the other sent to the SRC Geoanalytical
Laboratory in Saskatoon for analysis. Control samples are routinely assayed with each batch of core
samples analyzed.
About McClean South 8C, 8E and 8W Pods
The McClean South trend is located parallel to and approximately 600 metres south of the McClean North
trend in the southwestern portion of the property (see Figure 1). The McClean South zone has been the
subject of historic exploration drilling, resulting in the discovery and subsequent delineation of the 8W, 8C,
and 8E pods, which are situated along a N70° to 80° trend near the McClean Lake granitic dome to the
south (see Figure 2 and 3).
Mineralization within the 8W , 8C and 8E pods is currently understood to be primarily hosted within the
sandstone; however, it has been locally encountered within the basement of the 8W and 8C pods. The
mineralization within the sandstone can extend upwards of 50 meters above the unconformity and has been
identified near surface at the western edge of the 8W pod.
No current resource estimate, prepared in accordance with NI 43-101, exists for the mineralization identified
to date at the McClean South pods.
About McClean Lake
The McClean Lake property is located on the eastern edge of the Athabasca Basin in northern
Saskatchewan, approximately 750 kilometres north of Saskatoon. Denison holds a 22.5% ownership
interest in the MLJV and the McClean Lake uranium mill, one of the world’s largest uranium processing
facilities. The mill has licensed annual production capacity of 24.0 million pounds U3O8 and is currently
operating under a 10-year license expiring in 2027. The mill is contracted to process the ore from the Cigar
Lake mine under a toll milling agreement (up to 18.0 million pounds U3O8 per year). The MLJV is an
unincorporated contractual arrangement between Orano Canada with a 77.5% interest and Denison with a
22.5% interest. Orano Canada is the operator of the project.
McClean Lake consists of nine known uranium deposits: JEB; Sue A, B, C, D, E and F; McClean North;
and McClean South. In 1995, the development of the McClean Lake project began. Mill construction
commenced in 1995, and ore processing activities reached commercial production in November 1999.
Mining operations commenced in 1996, and the following deposits have been mined out to date: JEB (1996
to 1997), Sue C (1997 to 2002), Sue A (2005 to 2006), Sue E (2005 to 2008) and Sue B (2007 to 2008).
Production from the McClean North deposit, using the MLJV ’s patented SABRE mining method,
commenced in 2025.
About Denison
Denison is a leading uranium mining, development, and exploration company with interests focused in the
Athabasca Basin region of northern Saskatchewan, Canada. Denison has an effective 95% interest in its
flagship Wheeler River Uranium Project, which is the largest undeveloped uranium project in the
infrastructure rich eastern portion of the Athabasca Basin region of northern Saskatchewan. In mid-2023,
the Phoenix feasibility study was completed for the Phoenix deposit as an ISR mining operation, and an
update to the previously prepared 2018 Pre-Feasibility Study ('PFS') was completed for Wheeler River's
Gryphon deposit as a conventional underground mining operation. Based on the respective studies, both
deposits have the potential to be competitive with the lowest cost uranium mining operations in the world.
Permitting efforts for the planned Phoenix ISR operation commenced in 2019 and several notable
milestones were achieved in 2024 with the submission of federal licensing documents and the acceptance
of the final form of the project's Environmental Impact Statement by the Province of Saskatchewan and the
Canadian Nuclear Safety Commission.
Denison's interests in Saskatchewan also include a 22.5% ownership interest in the MLJV, which includes
unmined uranium deposits (with mining at the McClean North deposit via the MLJV's SABRE mining
method having commenced in 2025) and the McClean Lake uranium mill (currently utilizing a portion of its
licensed capacity to process the ore from the Cigar Lake mine under a toll milling agreement), plus a 25.17%
interest in the Midwest Joint Venture Midwest Main and Midwest A deposits, and a 70.55% interest in the
Tthe Heldeth Túé ('THT') and Huskie deposits on the Waterbury Lake Property. The Midwest Main, Midwest
A, THT and Huskie deposits are located within 20 kilometres of the McClean Lake mill. Taken together,
Denison has direct ownership interests in properties covering ~384,000 hectares in the Athabasca Basin
region.
Additionally, through its 50% ownership of JCU (Canada) Exploration Company, Limited ('JCU'), Denison
holds interests in various uranium project joint ventures in Canada, including the Millennium project (JCU,
30.099%), the Kiggavik project (JCU, 33.8118) and Christie Lake (JCU, 34.4508%).
In 2024, Denison celebrated its 70th year in uranium mining, exploration, and development, which began
in 1954 with Denison's first acquisition of mining claims in the Elliot Lake region of northern Ontario.
For more information, please contact
David Cates (416) 979-1991 ext. 362
President and Chief Executive Officer
Geoff Smith (416) 979-1991 ext. 358
Vice President Corporate Development & Commercial
Follow Denison on X (formerly Twitter) @DenisonMinesCo
Qualified Persons
The technical information contained in this press release has been reviewed and approved by Chad Sorba,
P.Geo., Denison’s Vice President Technical Services & Project Evaluation, who is a Qualified Person in
accordance with the requirements of NI 43-101.
Cautionary Statement Regarding Forward-Looking Statements
Certain information contained in this news release constitutes ‘forward-looking information’, within the meaning of the applicable United
States and Canadian legislation, concerning the business, operations and financial performance and condition of Denison. Generally,
these forward-looking statements can be identified by the use of forward -looking terminology such as ‘plans’, ‘expects’, ‘budget’,
‘scheduled’, ‘estimates’, ‘forecasts’, ‘intends’, ‘anticipates’, or ‘believes’, or the negatives and/or variations of such words and phrases,
or state that certain actions, events or results ‘may’, ‘could’, ‘would’, ‘might’ or ‘will be taken’, ‘occur’, ‘be achieved’ or ‘has the potential
to’.
In particular, this news release contains forward-looking information pertaining to the following: the interpretation of exploration results
and expectations with respect thereto, including the interpretation of the results from the McClean Lake JV exploration program
undertaken by Orano Canada, underlying assumptions and the McClean Lake JV’s intentions with respect thereto; exploration plans
and objectives; plans and objectives for ISR and SABRE mining by Denison and/or Orano Canada; and expectations rega rding its
joint venture ownership interests and the continuity of its agreements with its partners and third parties. Statements relating to 'mineral
reserves' or 'mineral resources' are deemed to be forward- looking information, as they involve the implied assessment, based on
certain estimates and assumptions that the mineral reserves and mineral resources described can be profitably produced in the future.
Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made, and
they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of acti vity,
performance or achievements of Denison to be materially different from those expressed or implied by such forward- looking
statements. For example, the modelling and assumptions upon which the interpretation of results are based may not be maintained
after further testing or be representative of actual conditions. Denison believes that the expec tations reflected in this forward-looking
information are reasonable but no assurance can be given that these expectations will prove to be accurate and results may di ffer
materially from those anticipated in this forward -looking information. For a discuss ion in respect of risks and other factors that could
influence forward-looking events, please refer to the factors discussed in Denison’s Annual Information Form dated March 28, 202 5
or subsequent quarterly financial reports under the heading ‘Risk Factors ’. These factors are not, and should not be construed as
being exhaustive.
Accordingly, readers should not place undue reliance on forward- looking statements. The forward- looking information contained in
this news release is expressly qualified by this cautionary statement. Any forward-looking information and the assumptions made with
respect thereto speaks only as of the date of this news release. Denison does not undertake any obligation to publicly update or revise
any forward-looking information after the date of this news release to conform such information to actual results or to changes in
Denison's expectations except as otherwise required by applicable legislation.
Figure 1 – McClean Lake Project Claims
Figure 2 – McClean Lake South 8C and 8E Pod – 2025 Drilling
Figure 3 – McClean Lake South 8W Pod – 2025 Drilling