Denison Mines Awards Construction Management Contract to Wood Canada for Phoenix Uranium Mine

• Denison Mines Corp. selected Wood Canada Limited through a competitive tender process to serve as construction manager for the Phoenix uranium mine.
• Wood Canada's scope covers full processing plant construction management, site infrastructure installation, and integrated project controls including procurement support, safety oversight, and performance reporting.
• Wood Canada co-authored the 2023 Feasibility Study for Phoenix and has led detailed design engineering for the project over the past two years.
• Construction is estimated to take approximately 24 months once all required federal permits are in place.
• Denison cites a strong balance sheet and advanced state of engineering, construction planning, and procurement as it prepares for a Final Investment Decision upon receipt of federal approvals.

Denison Mines Corp. (TSX: DML / NYSE American: DNN) is a Canada-based uranium mining, development, and exploration company with interests concentrated in the Athabasca Basin of northern Saskatchewan. The company holds an effective 95% interest in its flagship Wheeler River Project, which hosts the Phoenix and Gryphon uranium deposits. Denison also holds a 22.5% interest in the McClean Lake Joint Venture, which includes the McClean Lake uranium mill and the McClean North mine, where production commenced in 2025, as well as interests in several other regional deposits across approximately 457,000 hectares. Through its 50% ownership of JCU (Canada) Exploration Company, Denison holds indirect interests in additional Canadian uranium projects including Millennium, Kiggavik, and Christie Lake.

Appointing the Construction Manager

Following a competitive tender, Denison has awarded a construction management contract to Wood Canada Limited, the Canadian arm of Wood, a global engineering and consulting firm operating across 60 countries. Under the contract, Wood Canada will be responsible for managing construction of the full processing plant, overseeing installation of key site infrastructure, and delivering integrated project controls that encompass procurement support, on-site safety oversight, and performance reporting.

Wood Canada's involvement with the Wheeler River Project predates this appointment. The firm co-authored the 2023 Feasibility Study for Phoenix and has carried out detailed design engineering for the project over the past two years. Selecting the same firm across both phases is intended to provide continuity between engineering and execution, supporting reliable delivery of the project within the estimated 24-month construction period.

President and Chief Executive Officer David Cates said:

"In anticipation of receiving our Federal permits to prepare the site and construct the Wheeler River project, we are pleased to announce the award of the construction management contract to our trusted partners at Wood. The selection of Wood for construction management allows us to leverage our long-standing relationship with Wood's Canadian team, which began with co-authoring the 2023 Feasibility Study for Phoenix and continued with the detailed design engineering for the Project over the last two years."

Project Structure and Scope

The Wheeler River Project is the largest undeveloped uranium project in the eastern Athabasca Basin region of northern Saskatchewan. It hosts two deposits: Phoenix, planned for development using in-situ recovery (ISR) mining, and Gryphon, which is being evaluated for conventional underground mining. ISR is a method that dissolves uranium underground using an injected solution, which is then pumped to surface for processing, without traditional excavation. Denison holds a 90% operating interest in the Wheeler River Joint Venture and has entered into the construction management contract as the project operator.

Under the contract structure, Wood Canada and Denison personnel will hold complementary roles within an integrated project management team, working in close consultation across construction management, procurement, safety, and reporting functions.

John Day, President of Projects Western Hemisphere at Wood, commented:

"We value Denison's continued trust in our team and look forward to working together to lead the Wheeler River project through the construction phase. Having supported Phoenix from the feasibility stage through detailed design, we understand the technical and execution requirements of this project. Our priority is to enable a safe and seamless transition into execution, maintaining continuity of personnel, applying disciplined project management, and ensuring a predictable path to first production for this landmark project in the Canadian uranium industry."

Regulatory Status and Next Steps

Saskatchewan's provincial environmental assessment for the Wheeler River Project was approved in July 2025. The Canadian Nuclear Safety Commission (CNSC) concluded its public hearing for the federal environmental approval and the licence to prepare the site and construct the mine and mill in December 2025. A final federal decision remains pending.

Denison has confirmed that grid power is available at the Phoenix site following the completion of a SaskPower transmission line. The company is actively onboarding key construction personnel in preparation for site mobilisation upon receipt of all required permits.

President and Chief Executive Officer David Cates stated:

"Given Denison's strong balance sheet, and advanced state of project engineering, construction planning, and procurement, we stand ready to make a Final Investment Decision and commence construction shortly after securing Federal approval of the Environmental Assessment and Licence to Prepare the Site for & Construct a Mine and Mill."

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