Denison Reports Financial and Operational Results for Q1 2026, Highlighted by Commencement of Site Preparation and Early Works for the Phoenix ISR Uranium Mine, and the Results of its Shareholder Meeting

Denison Mines Corp. (“Denison” or the “Firm”) (TSX: DML) (NYSE American: DNN) right now filed its Condensed Consolidated Monetary Statements and Administration’s Dialogue & Evaluation (‘MD&A’) for the quarter ended March 31, 2026. Each paperwork will probably be accessible on the Firm’s web site (at www.denisonmines.com), SEDAR+ (at www.sedarplus.ca) and EDGAR (at www.sec.govedgar). The highlights supplied under are derived from these paperwork and ought to be learn at the side of them. All quantities on this launch are in Canadian {dollars} except in any other case acknowledged. View PDF Model

David Cates, President and CEO of Denison commented, “In February, the Phoenix In-Situ Restoration (“ISR”) uranium mine (“Phoenix”) turned the primary large-scale Canadian uranium mining challenge in over 20 years to obtain all regulatory approvals required to begin building. Shortly after attaining this landmark allowing accomplishment, the Firm made its remaining funding resolution (“FID”) for Phoenix building and, by the tip of the primary quarter, our Denison-Wooden built-in challenge administration workforce mobilized to the Wheeler River property and started executing schedule-critical website preparation and early works building actions.

In lower than two months of on-site exercise, our devoted groups have accomplished (i) tree clearing actions throughout the first mine website space, (ii) set up of building administration services, (iii) building of our on-site helipad, (iv) civil works for the concrete batch plant pad, and (v) graduation of combination manufacturing at a close-by quarry. Civil actions proceed to advance on website, together with these mandatory to ascertain the longer term airstrip. Taken collectively, we’re on monitor to ramp up building staffing and actions to finish early works and begin full-scale building by the tip of the second quarter, which aligns with our goal to attain first uranium manufacturing in mid-2028. We’re, nevertheless, intently monitoring the widespread flooding that’s impacting a portion of the highway community in northern Saskatchewan. Whereas our personnel are capable of entry the Phoenix website by way of helicopter, our capability to mobilize further heavy tools and sure provides to website as deliberate could also be impacted if the flooding persists and/or key infrastructure stays impacted. We acknowledge the numerous efforts of the Province of Saskatchewan to quickly reply to this unprecedented scenario and are hopeful that situations will enhance within the coming days.

At our 22.5%-owned McClean Lake operation, mining actions on the McClean North SABRE mine had been minimal within the first quarter, with work centered on the completion of useful resource affirmation drilling upfront of the deliberate resumption of lively mining later within the second quarter. 

Denison’s distinctive mixture of bodily uranium holdings, lively mine manufacturing from McClean Lake, and large-scale anticipated future mine manufacturing from the Phoenix and Gryphon deposits has resonated positively with among the world’s largest nuclear energy utilities. That is mirrored by our continued success in rising our uranium gross sales e book – which now contains contracted gross sales commitments for almost 8 million kilos of U3O8 plus superior negotiations for an additional 8 million kilos of U3O8. Notably, our clients embrace main North American nuclear energy utilities collectively chargeable for over 50 reactors.

Within the first quarter, we entered near-term gross sales commitments with a mean realized value over US$99/lb U3O8 for deliveries inside a yr. These gross sales are a part of our Phoenix challenge financing efforts stemming from our bodily uranium buy from 2021, and display how our disciplined long-term technique has facilitated vital participation in a rising uranium value surroundings. Whereas the big majority of our business exercise is concentrated on market-related pricing, we now have additionally lately noticed base-escalated pricing above ranges reported in business value publications, together with costs on a gift worth foundation in extra of US$100/lb U3O8 We consider this and different constructive market alerts proceed to level to strong uranium market fundamentals, which align properly with Denison’s distinctive place as one of many few uranium suppliers globally that’s on monitor to carry a sizeable new supply of manufacturing to market earlier than the tip of the last decade.”

Highlights

Regulatory Approval Obtained and Last Funding Choice Made to Assemble the Phoenix Uranium Mine

In February 2026, the Firm introduced receipt of approval from the Canadian Nuclear Security Fee (“CNSC”) for the Environmental Evaluation (“EA”) and the Licence to Put together a Web site & Assemble (the “Building Licence”) for Phoenix. Phoenix is located on the Wheeler River property (“Wheeler River”) and is the primary uranium mine in Canada to obtain federal approval for building in over 20 years. With the EA having beforehand been authorised by the Province of Saskatchewan, and different provincial approvals essential to begin building already acquired, federal approval of the EA and the issuance of the Building Licence represented the ultimate regulatory approvals required to begin building of Phoenix.

Following the receipt of the CNSC approvals, Denison introduced approval by its Board of Administrators of the FID.

Vital Development of Phoenix Web site Preparation and Graduation of Early Works

Following the FID in late February 2026, the Built-in Challenge Administration Crew mobilized to the Phoenix website in early March and started overseeing the execution of website preparation actions and sure early works actions. 

By the tip of April 2026, vital progress was made on schedule-critical actions together with the completion of tree clearing actions throughout the first mine website space previous to the onset of the migratory chicken season. See Determine 1 for an annotated illustration of the positioning clearing actions accomplished to the tip of April 2026. Web site clearing and civil works had been additionally accomplished for the concrete batch plant pad, which can permit for the mobilization of the batch plant to website in Could 2026. Moreover, a rock crusher was mobilized to a close-by quarry, permitting for the graduation of combination manufacturing to help website civil actions.

Civil actions on the fundamental Phoenix website proceed to advance, together with the initiation of the development of entry roads and clearings mandatory to ascertain the longer term website airstrip. Previous to the completion of the airstrip, scheduled for later in 2026, nearly all of building personnel will probably be transported to website by way of an 18-passenger helicopter. Common air transport commenced in April 2026, following the completion of the positioning helipad.

As Phoenix is a greenfield mine growth challenge, vital website preparation actions and early works are required previous to the graduation of full-scale building. Based mostly on the early works accomplished to this point, the ramp up of building workers and actions to attain a full-scale fee of building is anticipated to happen earlier than the tip of the second quarter of 2026. As soon as building actions ramp up, it’s anticipated to take roughly two years to finish building at Phoenix. This execution timeline positions Denison as one of many few uranium suppliers globally that’s on monitor to offer a sizeable new supply of uranium manufacturing earlier than the tip of the last decade.

Uranium Advertising and marketing Efforts Translate into Rising Buyer Base and Provide Contracts

The proceeds from the sale of the Firm’s bodily uranium holdings and stock is a vital a part of the Firm’s challenge financing plans for Phoenix. Within the first quarter of 2026, Denison agreed to promote 550,000 kilos of U3O8 with deliveries between the second quarter of 2026 and the primary quarter of 2027 at a mean value of US$99.07 per pound. On the finish of the primary quarter of 2026, 1,350,000 kilos of U3O8 had been dedicated for deliveries between the second quarter of 2026 and the second quarter of 2027. The gross sales value has been mounted for the supply of 950,000 kilos U3O8 for gross proceeds of US$87.5 million (common value of US$92.05 per pound U3O8). The remaining 400,000 kilos U3O8 of dedicated near-term gross sales are topic to market-related pricing, and roughly 500,000 kilos U3O8 in bodily holdings and inventories stay uncommitted.

Together with near-term commitments, the Firm has contracted agency uranium gross sales commitments for almost 8 million kilos of U3O8 from its bodily uranium holdings and anticipated future uranium manufacturing, and is in superior negotiations for added gross sales commitments of roughly 8 million kilos of U3O8, leading to complete contracted and superior negotiation gross sales commitments of roughly 16 million kilos of U3O8. 

Clients embrace a number of main North American nuclear energy plant operators, collectively chargeable for over 50 nuclear reactors, in addition to a number of respected business intermediaries, which have every demonstrated vital curiosity in securing provide from Denison. Pricing mechanisms embrace a mixture of market-related with no flooring and ceilings, market-related with flooring and ceilings, and base-escalated pricing. The massive majority of commitments are on a market-related foundation with deliveries contemplated to happen throughout the anticipated mine lifetime of Phoenix.

Building Administration Contract Awarded for Phoenix

Additionally in February 2026, Denison introduced that, following a aggressive tender course of, it awarded Wooden Canada Restricted (“Wooden”), a world chief in consulting and engineering, with the development administration contract (the “CM Contract”) to supervise building of the Phoenix mine. The CM Contract at present contemplates procurement and building administration scopes, whereby Wooden will probably be chargeable for (i) building administration of the total processing plant scope, (ii) set up of sure website infrastructure, and (iii) built-in challenge controls, ongoing procurement help, on-site security oversight, in addition to sustaining reporting and efficiency administration requirements. Such companies will probably be supplied by Wooden in shut session with Denison, with sure members of Wooden’s workforce and Denison’s workforce holding complementary roles in an built-in challenge administration workforce.

Capital Price Replace for Phoenix

In January 2026, the Firm reported that, primarily based on the substantial completion of challenge engineering and execution of serious procurement actions because the efficient date of the 2023 feasibility research for Phoenix (the “Phoenix FS”), an up to date preliminary capital price estimate for the Challenge has been launched. Accounting for will increase in inflation, price will increase, and challenge refinements, the Firm estimated the entire post- FID preliminary capital estimate for the Challenge to be roughly $600 million.

2026 Annual Shareholders Assembly

Denison can also be happy to report the passing of all objects of enterprise introduced to shareholders on the Firm’s annual and particular shareholders assembly held in Toronto right now (the “Assembly”), as disclosed within the administration data round dated March 30, 2026. Detailed outcomes of the vote by proxy for the election of administrators are set out under.

The Firm has supplied extra particulars on the outcomes of all issues thought of on the Assembly in its Report of Voting Outcomes which has been filed underneath its profile on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov/edgar.

About Denison

Denison Mines Corp. was fashioned underneath the legal guidelines of Ontario and is a reporting issuer in all Canadian provinces and territories. Denison’s widespread shares are listed on the Toronto Inventory Alternate (the “TSX”) underneath the image ‘DML’ and on the NYSE American trade underneath the image ‘DNN’.

Denison is a uranium mining, exploration and growth firm with pursuits centered within the Athabasca Basin area of northern Saskatchewan, Canada. The Firm has an efficient 95% curiosity in its flagship Wheeler River Uranium Challenge, 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 FS was accomplished for the Phoenix ISR mining operation, and an replace to the 2018 Pre-Feasibility Research (“2018 PFS”) was accomplished for the Gryphon deposit as a traditional underground mining operation (the “Gryphon Replace”). Based mostly on the respective research, each deposits have the potential to be aggressive with the bottom price uranium mining operations on the earth.

Allowing efforts for Phoenix commenced in 2019 and the required permits have been obtained to begin building – together with the July 2025 approval of the challenge’s EA by the Province of Saskatchewan and the February 2026 federal approval of the EA and issuance of the Building Licence. This milestone supported the FID and the next graduation of early works actions on the Phoenix mine. Denison’s pursuits in Saskatchewan additionally embrace a 22.5% possession curiosity within the MLJV, which restarted mining with SABRE 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 Midwest Major and Midwest A deposits held by the Midwest Joint Enterprise (“MWJV”), and a 70.55% curiosity within the Tthe Heldeth Túé (“THT”) and Huskie deposits on the Waterbury Lake Property (“Waterbury”). The Midwest Major, Midwest A, THT and Huskie deposits are situated inside 20 kilometres of the McClean Lake mill. Taken collectively, the Firm has direct possession pursuits in properties masking ~457,000 hectares within the Athabasca Basin area.

Moreover, via its 50% possession of JCU (Canada) Exploration Firm, Restricted (“JCU”), Denison holds additional 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 celebrated its seventieth yr in uranium mining, exploration, and growth, which started in 1954 with Denison’s first acquisition of mining claims within the Elliot Lake area of northern Ontario.

Technical Disclosure and Certified Particular person

The technical data contained on this press launch has been reviewed and authorised by Chad Sorba, P.Geo., Denison’s Vice President Technical Companies & Challenge Analysis, who’s a Certified Individuals in accordance with the necessities of NI 43-101.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

Sure data contained on this press launch constitutes ‘forward-looking data’, 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. Typically, these forward-looking statements might be recognized by means of forward-looking terminology corresponding to ‘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 probably be taken’, ‘happen’, ‘be achieved’ or ‘has the potential to’.

Specifically, this press launch accommodates forward-looking data pertaining to the next: the outcomes of, and estimates and assumptions inside, the Phoenix FS and the Gryphon PFS Replace, together with the estimates of Denison’s mineral reserves and mineral sources, and statements concerning anticipated budgets, charges, expenditures and timelines; Denison’s outlook, plans and goals for 2026 and past; exploration, growth and building packages, plans and goals, together with expectations with respect to early works and graduation of building at Phoenix; statements concerning impacts of flooding together with its impacts on highway networks in northern Saskatchewan; statements concerning Denison’s EA and Building Licence approvals and different expectations with respect to Denison’s challenge licensing and allowing; expectations concerning uranium mining on the McClean Lake property, together with anticipated timing and budgets; Denison’s land place; expectations concerning Denison’s three way partnership possession pursuits and the continuity of its agreements with its companions; expectations concerning agreements with third events, together with Foremost, Cosa, and Skyharbour; and Denison’s plans with respect to its business actions, together with its bodily uranium holdings and different uranium gross sales transactions and the anticipated advantages thereof. Statements regarding ‘mineral reserves’ or ‘mineral sources’ are deemed to be forward-looking data, as they contain the implied evaluation, primarily based on sure estimates and assumptions that the mineral reserves and mineral sources described might be profitably produced sooner or later.

Ahead wanting statements are primarily based 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 elements 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 outcomes of the Denison’s research, together with the Phoenix FS, and subject work, will not be maintained after additional testing or be consultant of precise mining plans for the Phoenix deposit after additional design and research are accomplished. As well as, Denison might resolve or in any other case be required to discontinue early works and/or building at Phoenix or different exploration, testing, analysis and growth work at Wheeler River or different initiatives whether it is unable to keep up or in any other case safe the required sources (corresponding to testing services, capital funding, regulatory approvals, and many others.) or operations are in any other case affected by regulatory restrictions or necessities.

Denison believes that the expectations mirrored on this forward-looking data are affordable, however no assurance might be on condition that these expectations will show to be correct, and outcomes might differ materially from these anticipated on this forward-looking data. For a dialogue in respect of dangers and different elements that might affect forward-looking occasions, please discuss with the elements mentioned underneath the heading ‘Danger Elements’ within the Firm’s most up-to-date Annual Info Kind. These elements aren’t, and shouldn’t be construed as being, exhaustive. Accordingly, readers shouldn’t place undue reliance on forward-looking statements. The forward-looking data contained on this press launch is expressly certified by this cautionary assertion. Any forward-looking data and the assumptions made with respect thereto speaks solely as of the date of this press launch. Denison doesn’t undertake any obligation to publicly replace or revise any forward-looking data after the date of this press launch to evolve such data to precise outcomes or to adjustments in Denison’s expectations besides as in any other case required by relevant laws.

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SOURCE Denison Mines Corp.