Denison Signs Agreements with Métis Nation Saskatchewan for Wheeler River Project

• Signed Impact Benefit Agreement with Métis Nation Saskatchewan, MN-S Northern Region 1, MN-S Northern Region 3, and 13 Métis Locals confirming consent for Wheeler River Project development
• Agreement includes community investment initiatives, business development opportunities, employment pathways, financial participation, and environmental monitoring roles
• Separate Exploration Agreement covers Denison's majority owned exploration and evaluation projects within MN-S Northern Region 1 and MN-S Northern Region 3
• Negotiations between parties have been ongoing since 2019
• Agreements follow provincial environmental assessment approval in July 2025, with Canadian Nuclear Safety Commission hearings scheduled to conclude in December 2025

Denison Mines Corp. (TSX: DML, NYSE American: DNN) is a uranium exploration, development, and mining company focused on the Athabasca Basin region of northern Saskatchewan. The company holds a 95% effective interest in the Wheeler River Uranium Project, which includes the Phoenix and Gryphon deposits. Denison's interests also include a 22.5% ownership in the McClean Lake Joint Venture and properties covering approximately 384,000 hectares in the Athabasca Basin region.

Impact Benefit Agreement and Exploration Agreement Signing

The Impact Benefit Agreement was signed by Denison, the Métis Nation Saskatchewan, MN-S Northern Region 1, MN-S Northern Region 3, and 13 Métis Locals whose citizens live and practice traditional activities near the Wheeler River Project. The 13 Métis Locals are Uranium City Local 50, Stony Rapids Local 80, La Ronge Local 19, Weyakwin Local 16, Timber Bay Local 20, Patuanak Local 82, Île-à-la-Crosse Local 21, Canoe River Local 174, Jans Bay Local 38, Beauval Local 37, Cole Bay Local 41, Dore/Sled Lake Local 67, and Green Lake Local 5.

MN-S President Glen McCallum stated:

"Denison Mines recognised its duty to consult with MN-S Regions, MN-S Locals, and communities on the Wheeler River Project early in the planning stages. All parties have been negotiating since 2019. The MN-S commends Denison's commitment to environmental reclamation post-project and stability for citizens into the future. Today's IBA not only represents enormous economic opportunities for Métis families, but a milestone in our government's relationship with Denison and other industry partners."

The Exploration Agreement extends the relationship between Denison and the Métis Parties beyond Wheeler River, covering all of Denison's majority owned and operated exploration and evaluation projects within MN-S Northern Region 1 and MN-S Northern Region 3. Under this agreement, the Métis Parties consent to Denison's exploration and evaluation activities in the region, whilst Denison commits to support community development, benefits sharing, environmental protection and monitoring, and consultation and engagement processes.

Wheeler River Project Development Consent

The Impact Benefit Agreement acknowledges that the Wheeler River Project is located within the Métis Homeland and sets out a framework for a cooperative relationship addressing environmental stewardship and protection of surrounding lands, waters, and wildlife.

David Cates, President and CEO of Denison, commented:

"We extend our sincere appreciation to the leadership of the MN-S, MN-S NR-1, MN-S NR-3, and the 13 MN-S Locals for trusting Denison to advance the Wheeler River Project within the Métis Homeland. Since the beginning of our engagement with the MN-S, our team has remained deeply committed to building a long-lasting relationship grounded in trust, transparency, and mutual respect."

The Wheeler River Project received provincial environmental assessment approval in July 2025. The Canadian Nuclear Safety Commission hearing for federal approval of the environmental assessment and project construction licence is scheduled to conclude during the week of 8 December 2025.

Economic and Employment Commitments

The Impact Benefit Agreement includes commitments for sharing benefits generated by the Wheeler River Project. These provisions cover community investment initiatives, contracting and business development opportunities, training and employment pathways, designated forms of financial participation, and opportunities for the Métis Parties and their citizens to participate in environmental monitoring.

Laura Burnouf, Regional Director of MN-S Northern Region 1, said:

"Northern Saskatchewan is not only rich in natural resources, it is vibrant with the culture, tradition, and language of a distinct people. Denison's engagement with our Métis communities and its focus on local talent brings economic and employment opportunities to our Region and surrounding communities at a time when we face challenges with homelessness and addictions. The strong partnership between all of our impacted Métis Regions and Locals, MN-S, and Denison Mines is a reflection of how we believe in progress and are more than willing to collaborate with industry to better the outlook for our citizens."

The agreement establishes a framework through which Denison and the Métis Parties will work together on the Wheeler River Project. The commitments address community well-being whilst setting out joint responsibility for environmental protection. The Exploration Agreement applies similar principles to Denison's other exploration and evaluation activities in the region, with provisions for community development, benefits sharing, and environmental monitoring.

Conclusion

The Impact Benefit Agreement and Exploration Agreement formalise the relationship between Denison and Métis Nation Saskatchewan following six years of engagement. The agreements confirm consent for Wheeler River Project development and establish frameworks for benefit sharing and environmental protection. With provincial environmental assessment approval completed in July 2025, the Canadian Nuclear Safety Commission hearing scheduled to conclude in December 2025 represents the next regulatory milestone for the Wheeler River Project. The Exploration Agreement extends the partnership to cover Denison's regional exploration activities in MN-S Northern Region 1 and MN-S Northern Region 3.

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