Drilling Commences at Mkuju Uranium Venture

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June 13, 2024

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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 positioned roughly 25 kilometres, by present roads, from the Denison-Orano Canada owned McClean Lake Operation (see Determine 1), which is at present 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 gasoline companies.

David Cates , Denison’s President and Chief Government Officer, commented ” Denison wish to thank Orano Canada for its help and encouragement of our joint efforts to guage the Midwest Principal deposit for potential future extraction by way 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 a really robust group to hold out and oversee this inaugural take a look at program.

The Program achieved its deliberate goals, and the outcomes present preliminary validation that the Midwest Principal deposit possesses the traits needed for a n ISR operation . Accordingly, additional analysis is warranted and , constructing on the Idea Research and incorporating the info 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 challenge evaluated for potential ISR mining within the Athabasca Basin. ”

Highlights from the Program embody the next:

Affirm ed Hydraulic Conductivity : Pump and injection checks validated hydraulic connectivity within the take a look at wells inside the mineralized zone and achieved hydraulic conductivity values (a measure of permeability) according to the Idea Research. Ample permeability inside the mineralized zone is a key criterion for the profitable deployment of the ISR mining technique.
Demonstrat ed the Effectiveness of Permeability Enhancement : One technique of permeability enhancement was efficiently deployed inside two wells, demonstrating the suitability of the tactic to the Midwest Principal 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 checks to find out the leaching traits.

202 4 ISR Discipline Take a look at Program

The 2024 ISR discipline take a look at program was designed to validate numerous deposit-specific traits of the Midwest Principal 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 Principal deposit in the course of the Program – together with a 4-well take a look at sample (the “Take a look at Sample”) and 6 particular person wells to check particular areas of the deposit for numerous traits. The Take a look at Sample included one injection effectively, one extraction effectively, a recharge effectively, and a monitoring effectively outfitted with a multi-channel vibrating wire piezometer. The six further wells have been drilled to their goal depths and, as relevant, outfitted with effectively screens and/or stress monitoring gadgets to facilitate hydrogeological testing. All wells have been decommissioned at conclusion of the Program according to regulatory commitments. See Figures 2 and 3 for an illustration of the effectively places inside the northeast portion of the Midwest Principal 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 help future wellfield design and mineral processing assessments.

Profitable Completion of Hydrogeologic Take a look at Work

The Program included the completion of assorted pump, injection, and packer checks designed to evaluate the permeability of the Midwest Principal 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 resolution in an ISR mining operation. Ample permeability inside the mineralized zone is a key criterion for the profitable deployment of the ISR mining technique.

The outcomes from the hydrogeological testing at Midwest Principal produced hydraulic conductivity values that are according to these assumed within the Idea Research.

Further supportive take a look at work accomplished in the course of the Program included permeability and porosity checks 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 Methodology

One technique 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 checks. 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 to be able to maximize uranium recoveries in an ISR mining atmosphere.

Assortment of Different Supporting Datasets

Along with the checks 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 Normal Penetration Take a look at (“SPT”) for measuring mud depths and the overburden beneath lake backside; and (4) testing of compressive and tensile energy for incorporation into future geotechnical assessments.

About Midwest

Midwest is located in the japanese 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 unwell, 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 positioning by truck over an all-weather street connecting with the provincial freeway system. Air transportation is supplied via the Factors North airstrip (See Determine 1).

Preliminary exploration work at Midwest started in 1966, and Denison first turned an proprietor of the challenge in 1987. In 2007, Orano Canada accomplished an inside research evaluating the feasibility of mining the Midwest Principal deposit by way of open pit mining strategies with processing of the ensuing ore on the McClean Lake M unwell. The MWJV subsequently superior the challenge via the environmental evaluation course of as an open pit mine and the ultimate model of the Midwest Venture Environmental Affect Assertion was authorised in September 2012.

The MWJV is at present evaluating the viability of a lot of potential choices for the longer term improvement of the Midwest Principal deposit, together with ISR. Even when a mining technique is chosen, any future improvement by the MWJV can 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 targeted within the Athabasca Basin area of northern Saskatchewan, Canada . Denison has an efficient 95% curiosity in its flagship Wheeler River Uranium Venture, which is the most important undeveloped uranium challenge within the infrastructure wealthy japanese portion of the Athabasca Basin area of northern Saskatchewan . In mid-2023, the Phoenix Feasibility Research was accomplished for the Phoenix deposit as an ISR mining operation, and an replace to the beforehand ready 2018 Pre-Feasibility Research was accomplished for Wheeler River’s Gryphon deposit as a traditional underground mining operation. Based mostly 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 Affect Research 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 by way of the MLJV’s SABRE mining technique beginning in 2025) and the McClean Lake uranium mill (at present 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 Principal 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 Principal, Midwest A, THT and Huskie deposits are positioned inside 20 kilometres of the McClean Lake mill. Taken collectively, Denison has direct possession pursuits in properties overlaying ~384,000 hectares within the Athabasca Basin area.

Moreover, via its 50% possession of JCU ( Canada ) Exploration Firm, Restricted (“JCU”), Denison holds further pursuits in numerous 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 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 authorised, as relevant, by Mr. Chad Sorba, P.Geo., Denison’s Vice President, Technical Providers & Venture 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-Wanting Statements

Sure info contained on this information launch constitutes ‘forward-looking info’, inside the that means of the relevant United States and Canadian laws, in regards to the enterprise, operations and monetary efficiency and situation of Denison. Usually, these forward-looking statements may be recognized by means of forward-looking terminology equivalent to ‘potential’, ‘plans’, ‘expects’, ‘funds’, ‘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’, ‘might’, ‘would’, ‘may’ or ‘will ‘ ‘ be taken’, ‘happen’ or ‘be achieved’.

Specifically, this information launch incorporates forward-looking info pertaining to the next: scope, goals and interpreted outcomes of the ISR take a look at program ; future plans and goals for Midwest , together with additional research, evaluation and a possible future useful resource estimate replace and PEA ; and expectations relating to 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 recognized and unknown dangers, uncertainties and different components that will trigger the precise outcomes, stage of exercise, efficiency or achievements of Denison to be materially totally 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 determine 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 (equivalent to testing amenities, capital funding, three way partnership app r ovals, regulatory approvals, and many others.). Denison believes that the expectations mirrored on this forward-looking info are affordable however no assurance may 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 would affect forward-looking occasions, please discuss with the components mentioned in Denison’s Annual Data Kind dated March 2 8 , 202 4 or subsequent quarterly monetary stories underneath the heading ‘Danger 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.