Denison Secures Regional Consent Agreement for Wheeler River Project

• Denison Mines signed the Nuhenéné Benefit Agreement with seven Athabasca communities, providing consent and support for its Wheeler River project and three other regional uranium properties in northern Saskatchewan.
• The agreement follows engagement that began with an exploration agreement in 2022 between Denison and the Athabasca communities.
• Wheeler River is in the final stages of federal approval, with Canadian Nuclear Safety Commission hearings scheduled to conclude in December 2025 for the environmental assessment and construction licence.
• The agreement establishes environmental oversight roles for communities, including woodland caribou protection and water monitoring, alongside employment, training, business opportunities and financial compensation.
• The agreement covers four uranium properties: Wheeler River (95% Denison interest), Waterbury Lake (70.55%), Midwest (25.17%), and McClean Lake (22.5%).

Denison Mines Corp. (TSX:DML) is a uranium mining, development and exploration company focused on the Athabasca Basin region of northern Saskatchewan. The company holds a 95% effective interest in its Wheeler River Uranium Project, the largest undeveloped uranium project in the eastern portion of the Athabasca Basin. Denison also holds interests in the McClean Lake Joint Venture (22.5%), the Midwest deposits (25.17%), and the Waterbury Lake properties (70.55%).

Nuhenéné Benefit Agreement Signing with Athabasca Communities

The Nuhenéné Benefit Agreement is a regional mutual benefits arrangement between Denison and seven Athabasca communities: Hatchet Lake Denesułiné First Nation, Black Lake Denesułiné First Nation, Fond du Lac Denesułiné First Nation, and the northern municipalities of Stony Rapids, Uranium City, Wollaston Lake and Camsell Portage. The agreement was facilitated through the Ya'thi Néné Land and Resource Office, established in 2016 to represent the collective interests of these communities. Negotiations began following the signing of an exploration agreement between Denison and the Athabasca communities in 2022.

The agreement acknowledges that the projects are located within the Nuhenéné Traditional Land of the Athabasca Denesułiné and states it provides the Athabasca communities' consent to and support for the development and operation of Denison's projects in the region.

Chief Bart Tsannie of Hatchet Lake Denesųłiné First Nation stated:

"This agreement shows what we can achieve when we put our people and our land at the centre of every decision. We expect responsible development, and we expect real benefits for our communities. This agreement delivers on that."

Chief Coreen Sayazie of Black Lake Denesųłiné First Nation commented:

"YNLR led these negotiations with dedication, and we are proud of all who contributed to this work. Denison came to the table with honesty and integrity, and that helped us reach a fair and meaningful agreement. This agreement is the result of many voices working together for the Athabasca region, and it is a major achievement for all our communities."

Wheeler River and Regional Project Consent and Support

The agreement provides consent and support for four uranium projects comprising Denison's Saskatchewan portfolio. Wheeler River, where Denison holds a 95% interest, includes the Phoenix deposit planned as an in-situ recovery operation. A feasibility study for Phoenix was completed in mid-2023. The Province of Saskatchewan approved the project's environmental assessment in July 2025. Canadian Nuclear Safety Commission hearings for federal approval began in October 2025, with conclusion scheduled for the week of 8 December 2025.

David Cates, president and CEO of Denison, commented:

"The execution of the Nuhenéné Benefit Agreement marks another significant milestone for Denison and the Wheeler River Project, which is in the final stages of the Federal approval process for the Environmental Assessment and construction license for the planned Phoenix in-situ recovery uranium mine."

Community Benefits Including Environmental Oversight and Economic Opportunities

The agreement provides the Athabasca communities and their members a role in environmental oversight, with specific recognition and support for the protection of woodland caribou and for surface water monitoring. The agreement commits to the sharing of benefits from the operation of the projects, including community investment, business opportunities, employment and training opportunities, and financial compensation. The agreement defines the characteristics of what both parties describe as the positive legacy to be associated with the sustainable development of the projects.

Chairperson Terri Daniels of Wollaston Lake Post stated:

"This agreement creates real opportunities for our people - good jobs, strong training programs, and space for our local businesses to grow. These benefits will help our members participate fully in the northern economy."

Mayor Daniel Powder of Stony Rapids commented:

"This agreement reflects years of hard work to protect our rights, our land, and our way of life. It is a positive step that honours our values while creating opportunities for our people to benefit from activity in our territory."

Uranium City Chairperson Duane Larocque noted:

"Independent environmental monitoring has always been a priority for our communities. This agreement strengthens our role in overseeing the land, the water, and the wildlife. It gives us a clear role in making sure the activities are carried out with respect and transparency."

Mary Denechezhe, YNLR Board Chair, added:

"Our ongoing work with Denison has shown their readiness to listen, collaborate, and support the priorities of Athabasca residents. This agreement builds on that foundation and creates meaningful opportunities for our communities while supporting responsible development."

Next Steps and Project Milestones

Denison's immediate focus is on completing the federal approval process for Wheeler River. The Canadian Nuclear Safety Commission hearings scheduled to conclude during the week of 8 December 2025 will determine whether the project receives federal approval for its environmental assessment and construction licence. The company will also work to fulfil its commitments under the Nuhenéné Benefit Agreement as it advances project development. The agreement covers Denison's entire Saskatchewan portfolio, providing a framework for the relationship between the company and the seven Athabasca communities throughout the project lifecycle.

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