TORONTO, June 26, 2023 /CNW/ - Denison Mines Corp. ("Denison" or the "Company") (TSX: DML) (NYSE American: DNN) is pleased to report the results of (i) the Feasibility Study ("Phoenix FS") completed for In-Situ Recovery ("ISR") mining of the high-grade Phoenix uranium deposit ("Phoenix") and (ii) a cost update ("Gryphon Update") to the 2018 Pre-Feasibility Study ("2018 PFS") for conventional underground mining of the basement-hosted Gryphon uranium deposit ("Gryphon"). With the successful completion of the Phoenix FS, Denison has advanced the planned Phoenix ISR project through the technical de-risking process and has already commenced the first phases of project execution. View PDF version

Phoenix and Gryphon are part of the Wheeler River Uranium Project ("Wheeler River" or the "Project"), which is the largest undeveloped uranium mining project in the infrastructure-rich eastern portion of the Athabasca Basin region in northern Saskatchewan, Canada. Denison has an effective 95% ownership interest in Wheeler River and is the project operator.

David Cates, Denison's President & CEO commented, "The Phoenix FS and Gryphon Update confirm the robust economics of the two projects situated within the Company's flagship Wheeler River property, producing base-case after-tax net present values of $1.6 billion and $0.9 billion, respectively.

After 4.5 years of rigorous technical de-risking and independent third-party validation, Phoenix has cemented its position as one of the lowest-cost uranium development projects in the world. Notably, despite the considerable capital cost pressures experienced by the global mining industry over the last two years, the economics of a Phoenix ISR mining operation remain exceptionally robust – producing an improvement in projections of NPV and IRR, when compared to the 2018 PFS, as a result of favourable design changes and optimizations. While most contemporary uranium development projects have not yet been tested against current cost inflation, the results of the Phoenix FS and Gryphon Update demonstrate that Denison continues to be uniquely positioned to become a meaningful uranium producer with multiple low-cost development assets.

With the highly positive results of the Phoenix FS, our team has already shifted focus to advancing front-end engineering and design efforts, with a target of transitioning into detailed design before the end of the year."

This press release constitutes a "designated news release" for the purposes of the Company's prospectus supplement dated September
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