Denison Reports Results from Q2 2018
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Denison Mines Corp.
1100 – 40 University Ave
Toronto, ON M5J 1T1
www.denisonmines.com
PRESS RELEASE
DENISON REPORTS RESULTS FROM Q2 2018
Toronto, ON – August 9, 2018. Denison Mines Corp. (“Denison” or the “Company”) (DML: TSX, DNN: NYSE MKT)
today filed its Consolidated Financial Statements a nd Management’s Discussion & Analysis (“MD&A”) for the quarter
ended June 30, 2018. Both documents can be found o n the Company’s website at www.denisonmines.com or on
SEDAR (at www.sedar.com ) and EDGAR (at www.sec.gov/edgar.shtml ). The highlights provided below are derived
from these documents and should be read in conjunct ion with them. All amounts in this release are in Canadian
dollars unless otherwise stated.
David Cates, President and CEO of Denison commented, “The recently announced indefinite suspension of operations
at Cameco’s McArthur River mine and Key Lake mill complex remind us of just how challenging the curren t uranium
market is for producers. Denison made a strategic d ecision in 2012 to divest from its former producing assets in the
United States and reduce staff levels, and has spent the last several years positioning our business for the future with
a focus on minimizing dilution to shareholders. Our strategy is ambitious and involves the advancement of our flagship
Wheeler River project towards development and produ ction – intending to claim the “pole position” as t he next new
uranium mine to be built in Canada. The project is already the largest undeveloped uranium project in the infrastructure
rich Eastern portion of the Athabasca Basin, and we are nearing the completion of a Pre-Feasibility St udy following
over two years of both exploration and project development successes.
Our exploration team delivered with an 88% increase in estimated indicated mineral resources for Wheeler River earlier
this year, and our project development team has bee n diligently working away at optimizing operating c osts, capital
costs, and timelines to production, from our previo usly released Preliminary Economic Assessment. A ne w mining
method has been selected for the Phoenix deposit, i ntending to unlock the value of what is the world’s highest grade
undeveloped uranium deposit, and additional mineral resources are being incorporated into our plans for the Gryphon
deposit.
With the market beginning to recognize that current uranium prices are both cyclically and irrationall y low, we are
delighted with the prospect of being able to showca se the economic potential of the Wheeler River proj ect with the
planned release of the PFS in September.”
PERFORMANCE HIGHLIGHTS
Wheeler River Pre-Feasibility Study (‘PFS’) remains on track for completion during the third quarter of 2018
Engineering designs, laboratory analyses, cost esti mation and economic modelling, environmental baseli ne data
collection and modelling, as well as community consultation relating to the Wheeler River project PFS are continuing
on schedule. The Company has completed an extensive analysis of different mining methods for the Phoenix deposit,
including the completion of a trade-off study of th e final two options, and has selected the mining me thod to be
included in the PFS. It is expected that the PFS will be completed in the third quarter of 2018.
Wheeler River assay results from winter 2018 exploration confirms the potential for further resource growth
Assay results received during the second quarter of 2018 returned high-grade uranium intercepts from
reconnaissance drill holes completed to the northeast of the Gryphon deposit, and on 50 to 100 metre step outs from
the currently defined boundaries of the Gryphon deposit.
Results from reconnaissance drill holes targeting the sub-Athabasca unconformity to the northeast of Gryphon, along
the K-North trend, were highlighted by assays from drill hole WR-704, which included 1.4% U 3O8 over 5.5 metres,
located 600 metres northeast of Gryphon and drill h ole WR-710D1, which included 1.1% U 3O8 over 3.0 metres,
located 1 kilometre northeast of Gryphon. The resul ts confirm the continuation of the Gryphon minerali zing system
to the northeast, and highlight the potential for t he discovery of an additional high-grade uranium de posit within the
basement, or at the unconformity, along strike of Gryphon.
Results from step-out drilling on 50 to 100 metre c entres, immediately along strike to the northeast o f the Gryphon
deposit, were highlighted by assays from drill holes WR-696 (2.9% U 3O8 over 1.5 metres) and WR-709 (1.2% U 3O8
over 1.5 metres). These results occur in the upper basement and are interpreted to extend the mineral ization from
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the E series lenses to the northeast. Additionally, drill hole WR-698 successfully intercepted high-gr ade
mineralization (0.85% U 3O8 over 5.0 metres, including 2.6% U 3O8 over 1.0 metre) to the northeast of the previous
down-plunge extent of A series mineralization of th e Gryphon deposit. The results confirm the potentia l for further
expansion of the estimated mineral resources for the Gryphon deposit.
New target areas developed on exploration pipeline properties
At Hook-Carter, Denison completed its summer 2018 drilling program in late June 2018. The inaugural 2018 drilling
programs at Hook-Carter, which included a winter pr ogram (four holes) and summer program (five holes), were
designed to test an initial set of geophysical targets on a regional scale along 7.5 kilometres of the 15 kilometres of
Patterson Corridor strike length at Hook-Carter. The nine reconnaissance holes completed to date have successfully
identified multiple prospective trends with geologi cal features commonly associated with Athabasca Bas in uranium
deposits, including hydrothermal alteration in both the sandstone and the basement lithologies associa ted with
graphitic basement structures. The drill holes completed to date are widely-spaced and future drilling will likely include
follow-up in areas of hydrothermal alteration and/or geochemical anomalism, as well as the testing of additional high-
priority geophysical targets.
At Waterbury Lake, results from the winter 2018 dri lling program at the Huskie zone suggest the high-g rade
basement-hosted mineralization is controlled by nor theast striking faults, which are interpreted to be part of the
regional Midwest structure. The summer 2018 drillin g program, which commenced in late July 2018, will focus on
additional step-out drilling at the Huskie zone, and testing of high-priority targets, approximately 2.5 kilometres to the
northeast, where the regionally interpreted Midwest structure is projected to intersect the geological ly favourable
Oban trend. The Oban trend has produced previous drill intercepts of uranium mineralization, but has not previously
been tested at the interpreted intersection of the Midwest regional structure. The summer program is e xpected to
include approximately 3,400 metres of diamond drilling in 7 holes.
CHANGE IN PRESENTATION CURRENCY
Effective January 1, 2018, Denison changed its pres entation currency to Canadian dollars (‘CAD’) from US dollars
(‘USD’). This change in presentation currency was made to better reflect the Company’s business activi ties, which,
following the divestiture of the Mongolian and Afri can mining divisions in 2015 and 2016, are now sole ly focused in
Canada, with the majority of the Company’s entities, including all of its operating entities, having t he Canadian dollar
as their functional currency. The consolidated fina ncial statements, for all periods presented, are sh own in the new
presentation currency.
SELECTED QUARTERLY FINANCIAL INFORMATION
(in thousands, except for per share amounts) Q2 2018 Q2 2017
Total revenues $ 4,104 $ 4,043
Net loss $ (5,583) $ (8,870)
Basic and diluted loss per share $ (0.01) $ (0.02)
(in thousands)
As at
June 30,
201 8
As at
December 31,
201 7
Financial Position:
Cash and cash equivalents $ 29,539 $ 3,636
Investments in debt instruments (GICs) $ - $ 37,807
Cash, cash equivalents and GIC’s $ 29,539 $ 41,443
Working capital $ 27,731 $ 38,065
Property, plant and equipment $ 247,828 $ 249,002
Total assets $ 309,120 $ 326,300
Total long-term liabilities (1) $ 81,757 $ 84,252
(1) Predominantly comprised of the non-current porti on of deferred revenue, non-current reclamation obli gations, and deferred income taxes.
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RESULTS OF CONTINUING OPERATIONS
Revenues
On February 13, 2017, Denison closed an arrangement with Anglo Pacific Group PLC and one of its wholly owned
subsidiaries (the ‘APG Transaction’) under which Denison received an upfront payment of $43,500,000 in exchange
for its right to receive future toll milling cash r eceipts from the MLJV under the current toll millin g agreement with the
Cigar Lake Joint Venture (‘CLJV’) from July 1, 2016 onwards. The APG Transaction represents a contractual obligation
of Denison to forward to APG any cash proceeds of t oll milling revenue earned by the Company, after Ju ly 1, 2016,
related to the processing of specified Cigar Lake ore through the McClean Lake mill, and as such, the upfront payment
has been accounted for as deferred revenue.
Effective January 1, 2018, upon adoption of IFRS 15 , the accounting policy applicable to the toll mill ing deferred
revenue arrangement has changed and the comparative period has been restated to reflect this change. R efer to the
Company’s unaudited interim consolidated financial statements and related notes for more details on th e accounting
for the APG Transaction related revenue.
During Q2 2018, the McClean Lake mill processed 5.8 million pounds U 3O8 for the CLJV. The Company recorded toll
milling revenue of $1,465,000 and related accretion expense of $828,000.
Revenue from the Company’s DES division was $2,140,000 and revenue from the Company’s management contract
with UPC was $499,000 during Q2 2018.
Operating expenses
Operating expenses in the Canadian mining segment i nclude depreciation, mining and other development c osts, as
well as adjustments, where applicable, to the estimates of future reclamation costs in relation to the companies mining
properties. Operating expenses during Q2 2018 were $1,989,000, including $1,027,000 of depreciation f rom the
McClean Lake mill, which is associated with the processing and packaging of U3O8 for the CLJV.
Operating expenses at DES during Q2 2018 totaled $1 ,896,000 and relate primarily to care and maintenan ce, and
environmental consulting services provided to clients, and includes labour and other costs.
Exploration and evaluation
During Q2 2018, the Company continued to focus on i ts highest priority projects in the Athabasca Basin region in
Saskatchewan. Denison’s share of exploration and e valuation expenditures in the quarter was $3,870,00 0. The
Company’s Athabasca land package increased during the first quarter from 353,007 hectares (270 claims) to 356,713
hectares (305 claims) owing to selective staking contiguous with Denison’s Hook-Carter claims.
Wheeler River
Project Highlights:
Updated resource estimate confirms Wheeler River as the largest undeveloped high-grade uranium project
in the eastern Athabasca
On January 31, 2018, Denison announced an updated mineral resource estimate for the Gryphon deposit following
drilling results from a further 144 drill holes com pleted during 2016 and 2017. The updated mineral re source
estimate for Gryphon, above a cut-off grade of 0.2% U3O8, includes 61.9 million pounds of U3O8 (1,643,000 tonnes
at 1.71% U3O8) in Indicated Mineral Resources, and 1.9 million pounds of U3O8 (73,000 tonnes at 1.18% U3O8) in
Inferred Mineral Resources.
The Phoenix deposit, located approximately three ki lometres southeast of Gryphon, is estimated to incl ude
Indicated Mineral Resources of 70.2 million pounds of U3O8 above a cut-off grade of 0.8% U 3O8 (166,000 tonnes
at 19.1% U3O8). The mineral resource estimates are, as disclosed in the Technical Report with an Updated Mineral
Resource Estimate for the Wheeler River Property, N orthern Saskatchewan, Canada with an effective date of
March 9, 2018 and prepared by Mark Mathisen, C.P.G. of Rosco Postle Associates Inc. and Ken Reipas, P. Eng
of SRK Consulting (Canada) Inc. (‘SRK Consulting’) (the ‘Wheeler Technical Report’).
With the update to the Gryphon deposit resource est imate, the combined Indicated Mineral Resources estimated
for Wheeler River have increased by 88% to 132.1 million pounds U3O8.
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PFS in progress with expected completion in September 2018
The project team is progressing with the PFS, which will include the updated resource estimates for the Gryphon
deposit and the incorporation of an alternative mining method for the Phoenix deposit.
In Q2 2018, engineering designs, laboratory analysi s, trade off studies, cost estimation and economic modelling,
and environmental baseline data collection and mode lling as well as community consultation activities continued
to progress the PFS, which is expected to be finalized in September 2018.
Proximal to existing uranium mining and milling infrastructure
The property is located in the infrastructure rich eastern portion of the Athabasca Basin, which is ho st to existing
uranium mining and milling infrastructure, includin g the 22.5% Denison owned McClean Lake mill. The Wh eeler
River property lies alongside provincial highway 914 and a provincial powerline.
Increasing Denison ownership
As previously announced on January 10, 2017, Deniso n entered into an agreement with its Wheeler River Joint
Venture partners, Cameco Corp (‘Cameco’) and JCU (Canada) Exploration Company, Limited (‘JCU’), to fund 75%
of Joint Venture expenses in 2017 and 2018 (ordinar ily 60%) in exchange for an increase in Denison's i nterest in
the project up to approximately 66%. Under the term s of the agreement, Cameco is funding 50% of its or dinary
30% share in 2017 and 2018, and JCU continues to fund based on its 10% interest in the project. On January 31,
2018, Denison announced it had increased its interest in the Wheeler River project during 2017 from 60% to 63.3%,
in accordance with this agreement.
Significant potential for resource growth
The Gryphon deposit is a growing, high-grade uraniu m deposit that belongs to a select group of large b asement-
hosted uranium deposits in the eastern Athabasca Ba sin, which includes Cameco’s Eagle Point mine and
Millennium deposit, and Rio Tinto's Roughrider depo sit. The Gryphon deposit remains open in numerous a reas
with significant potential for future resource growth. Priority target areas include down plunge of the A and B series
lenses, and within the currently defined D series lenses, where additional high-grade shoots may exist.
In addition, very little regional exploration has t aken place on the property in recent years, with dr illing efforts
focussed on Phoenix and Gryphon, which were discovered in 2008 and 2014 respectively. The property is host to
numerous uranium-bearing lithostructural corridors, which are under- or unexplored and have the potent ial for
additional large, high-grade unconformity or baseme nt hosted deposits. Exploration drilling is warrant ed along
these corridors to follow-up on previous mineralized drill results, or to test geophysical targets identified from past
surveys.
Evaluation Program:
During Q2 2018, Denison’s share of evaluation costs at Wheeler River amounted to $943,000, which relat ed to work
on PFS engineering and environmental activities.
PFS activities include:
• The advancement of engineering activities, including: design of Wheeler surface facilities; Phoenix mine
design; Gryphon mine design; radiological assessmen ts; water treatment plant design; and metallurgical
analysis and milling capacity assessment.
• The continuation of environmental and sustainability activities: including the community consultation and
engagement process; data collection and assessment of aquatic environment, terrestrial environment and
atmospheric environment; and waste rock geochemical testing.
Exploration Program:
Denison’s share of exploration costs at Wheeler Riv er amounted to $1,434,000 during Q2 2018. The summe r 2018
diamond drilling program for Wheeler River commence d in early June 2018 and is expected to include app roximately
20,500 metres in 28 drill holes.
The 2018 summer drilling program is planned to focus on the following target areas:
• K-North: follow-up of high-grade uranium mineralization dis covered during the winter 2018 drilling program
at 600 metres and 1 kilometre to the northeast of the Gryphon uranium deposit;
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• High-priority regional targets: testing of high-priority targets along known fertile trends (Q Central, K-West)
and reconnaissance exploration of high-priority targets generated from previous ground geophysical surveys
(K-South and Q South); and
• Gryphon unconformity: testing of targets immediately along strike of the Gryphon deposit at the sub-
Athabasca unconformity, including extensions of the E series lenses to the northeast and the up-plunge
extents of the D series lenses to the southwest.
During the second quarter of 2018, chemical assay ( ‘U 3O8’) results were received for the Wheeler River winter 2018
drilling program, which included 21,153 metres of drilling in 29 diamond drill holes. The program was focused on step-
out drilling from the Gryphon deposit and regional exploration along the K-North and K-West trend. Highlights from the
winter 2018 drilling program were reported in Denison’s press release dated June 6, 2018
Exploration Pipeline Properties
While spending on exploration pipeline projects has been reduced from prior year levels, exploration activities continue
to deliver encouraging results generally warranting follow-up.
At Hook Carter (Denison 80% interest and operator), the summer 2018 program consisted of 3,898 metres of diamond
drilling in five completed holes, for a cumulative 2018 total of 6,960 metres in nine holes. The summer drilling program
was a continuation of the Company’s winter 2018 dri lling program, and focused on continued testing of high-priority
geophysical targets identified from the resistivity and moving loop EM surveys carried out in 2017. Th e nine
reconnaissance holes completed to date have success fully identified multiple prospective trends with g eological
features commonly associated with Athabasca Basin u ranium deposits, including hydrothermal alteration in both the
sandstone and the basement lithologies associated w ith graphitic basement structures. Drill data coll ected from the
2018 drilling programs will be used to refine geolo gical interpretation and to establish any geochemic al and
hydrothermal alteration vectors toward mineralization.
At South Dufferin, a summer 2018 diamond drilling p rogram was completed in mid-July 2018, which includ ed 1,331
metres of diamond drilling in nine holes. The recon naissance program was designed to test targets developed across
the property from recent soil geochemical and ground electromagnetic surveys. The drill holes successfully intersected
graphitic rocks, often associated with faulting, however no radioactivity was encountered and only minor hydrothermal
alteration was noted in two of the holes.
At Waterbury Lake (Denison 65.45% interest and operator), the summer drilling program is in progress and is expected
to include approximately 3,400 metres of diamond drilling in 7 holes, and commenced in late July 2018.
At McClean Lake, operated by Orano Canada (22.5% Denison), a DCIP resistivity survey is expected to be completed
by mid-August. The survey, comprising six lines (30 kilometres), is designed to define basement targets primarily along
the Tent-Seal Fault which is known to host uranium mineralization. A diamond drilling program, compris ed of
approximately 2,650 metres in six to eight holes, i s planned as follow-up to the resistivity survey wi th a tentative start
date in mid-September 2018.
General and administrative expenses
Total general and administrative expenses were $1,8 89,000 during Q2 2018. These costs are mainly comp rised of
head office salaries and benefits, office costs in multiple regions, audit and regulatory costs, legal fees, investor
relations expenses, project costs, and all other costs related to operating a public company with listings in Canada and
the United States, as well as non-recurring project or legal costs.
Other income and expenses
During Q2 2018, the Company recognized a gain of $1 38,000 in other income. The gain is predominantly d ue to net
gains on investments carried at fair value.
Equity share of income from associates
During Q2 2018, the Company recognized a gain of $4 33,000 from its 16.84% equity share of its associat e GoviEx
Uranium Inc. (“GoviEx”), owing largely to a dilution gain recognized following a recent equity financi ng by GoviEx in
which the Company did not participate.
Liquidity and capital resources
Cash and cash equivalents were $29,539,000 at June 30, 2018.
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Outlook for 2018
Refer to the Company’s annual MD&A for the year ended December 31, 2017 for a detailed discussion of the previously
disclosed 2018 budget.
During the current quarter, the Company has decreased its 2018 outlook for mineral property exploration and evaluation
expense by $560,000, primarily because of a reduction in the summer exploration drilling program at the South Dufferin
project as well as the cancellation of the summer e xploration program at the Hatchet Lake project. The Company
increased its 2018 outlook for management services fees from UPC by $460,000 in order to reflect incre ased
commissions earned as well as to reflect increased variable fees due to increased uranium spot prices. Finally, the
Company has reduced the net cost of corporate administration and other, in its 2018 outlook, by $350,000. The change
to the outlook for corporate administration and oth er is due an increase in expected interest income e arned on cash
and cash equivalents, offset by an increase in legal fees related to ongoing disputes.
(in thousands) 2018 Budget CURRENT 2018
OUTLOOK
Actual to
June 30, 2018 (2)
Canada
Development & Operations (5,230) (5,230) (1,988)
Mineral Property Exploration & Evaluation (16,760) (16,200) (10,841)
(21,990) (21,430) (12,829)
Other
UPC Management Services 1,230 1,690 757
DES Environmental Services 1,330 1,330 688
Corporate Administration & Other (4,760) (4,410) ( 2,351)
(2,220) (1,390) (906)
Total (1) $ (24,190) $ (22,820) $ (13,735)
(1) Only material operations shown.
(2) The Company budgets on a cash basis and as a re sult, actual amounts represent a non-GAAP measure. C ompared to segment loss as
presented in the Company’s unaudited interim consol idated financial statements for the three and six m onths ended June 30, 2018, actual
amounts reported above includes $953,000 in capital additions and excludes and excludes $883,000 net im pact of non-cash items and other
adjustments.
ABOUT DENISON
Denison was formed under the laws of Ontario and is a reporting issuer in all Canadian provinces. Denison’s common
shares are listed on the Toronto Stock Exchange (th e ‘TSX’) under the symbol ‘DML’ and on the NYSE American
exchange (formerly ‘NYSE MKT’) under the symbol ‘DNN’.
Denison is a uranium exploration and development co mpany with interests focused in the Athabasca Basin region of
northern Saskatchewan, Canada. In addition to its 6 3.3% owned Wheeler River project, which hosts the h igh grade
Phoenix and Gryphon uranium deposits, Denison's exp loration portfolio consists of numerous projects co vering
approximately 357,000 hectares in the Athabasca Bas in region, including 332,000 hectares in the infras tructure rich
eastern portion of the Athabasca Basin. Denison's interests in Saskatchewan also include a 22.5% ownership interest
in the McClean Lake joint venture (‘MLJV’), which includes several uranium deposits and the McClean La ke uranium
mill, which is currently processing ore from the Cigar Lake mine under a toll milling agreement, plus a 25.17% interest
in the Midwest deposit and a 65.45% interest in the J Zone deposit and newly discovered Huskie zone on the Waterbury
Lake property. Both the Midwest and J Zone deposits , as well as the Huskie zone, are located within 20 kilometres of
the McClean Lake mill.
Denison is engaged in mine decommissioning and environmental services through its Denison Environmental Services
(‘DES’) division, which manages Denison’s Elliot Lake reclamation projects and provides post-closure m ine care and
maintenance services as well as environmental consulting services to a variety of industry and government clients.
Denison is also the manager of Uranium Participation Corporation (‘UPC’), a publicly traded company listed on the TSX
under the symbol ‘U’, which invests in uranium oxide in concentrates (‘U 3O8’) and uranium hexafluoride (‘UF 6’).
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For more information, please contact
David Cates (416) 979 – 1991 ext 362
President and Chief Executive Officer
Sophia Shane (604) 689 - 7842
Investor Relations
Follow Denison on Twitter @DenisonMinesCo
AUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
Certain information contained in this news release constitutes ‘forward-looking information’, within the meaning of the United States
Private Securities Litigation Reform Act of 1995 an d similar Canadian legislation concerning the busin ess, operations and financial
performance and condition of Denison.
Generally, these forward-looking statements can be identified by the use of forward-looking terminolog y such as ‘plans’, ‘expects’,
‘budget’, ‘target’, ‘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’.
In particular, this news release contains forward-l ooking information pertaining to the following: exp loration, development and
expansion plans and objectives, including the results of the PEA, the work being performed in connection with, and the completion of
the PFS, and the anticipated results and conclusions therefrom; the estimates of Denison's mineral reserves and mineral resources;
statements regarding anticipated budgets, fees and expenditures; capital expenditure programs and reclamation costs and Denison’s
share of same; expectations regarding Denison’s joint venture ownership and other contractual interests in its properties and projects
and the continuity of its agreements with its partners and other counterparties; expectations regarding adding to its mineral reserves
and resources through acquisitions and exploration; expectations regarding the toll milling of Cigar Lake ores; expectations regarding
revenues and expenditures from operations at DES; e xpectations regarding revenues from the UPC managem ent contract;
expectations regarding the uranium market and the actions of other market participants; and expectations of the impacts of changes
in accounting policies. 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, uncert ainties and other factors that may cause the actual results, level of activity,
performance or achievements of Denison to be materi ally different from those expressed or implied by s uch forward-looking
statements. Denison believes that the expectations reflected in this forward-looking information are reasonable but no assurance can
be given that these expectations will prove to be a ccurate and may differ materially from those antici pated in this forward looking
information. For a discussion in respect of risks a nd other factors that could influence forward-looki ng events, please refer to the
factors discussed in Denison’s Annual Information Form dated March 27, 2018 under the heading ‘Risk Factors’. These factors are
not, and should not be construed as being exhaustive.
Accordingly, readers should not place undue relianc e on forward-looking statements. This cautionary st atement expressly qualifies
the forward-looking information contained in this n ews release. Any forward-looking information and th e 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 t his news release to conform such information to act ual results or to changes in
Denison's expectations except as otherwise required by applicable legislation.
Cautionary Note to United States Investors Concerni ng Estimates of Measured, Indicated and Inferred Mi neral Resources:
This news release may use the terms ‘measured’, ‘indicated’ and ‘inferred’ mineral resources. United States investors are advised
that while such terms are recognized and required by Canadian regulations, the United States Securities and Exchange Commission
does not recognize them. ‘Inferred mineral resource s’ have a great amount of uncertainty as to their e xistence, and as to their
economic and legal feasibility. It cannot be assume d that all or any part of an inferred mineral resou rce will ever be upgraded to a
higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or other economic
studies. United States investors are cautioned not to assume that all or any part of measured or indicated mineral resources
will ever be converted into mineral reserves. United States investors are also cautioned not to assume that all or any part of
an inferred mineral resource exists, or is economically or legally mineable.