TORONTO, May 12, 2026 /PRNewswire/ - Denison Mines Corp. ("Denison" or the "Company") (TSX: DML) (NYSE American: DNN) today filed its Condensed Consolidated Financial Statements and Management's Discussion & Analysis ('MD&A') for the quarter ended March 31, 2026. Both documents will be available on the Company's website (at www.denisonmines.com), SEDAR+ (at www.sedarplus.ca) and EDGAR (at www.sec.gov/edgar). The highlights provided below are derived from these documents and should be read in conjunction with them. All amounts in this release are in Canadian dollars unless otherwise stated. View PDF Version

David Cates, President and CEO of Denison commented, "In February, the Phoenix In-Situ Recovery ("ISR") uranium mine ("Phoenix") became the first large-scale Canadian uranium mining project in over 20 years to receive all regulatory approvals required to commence construction. Shortly after achieving this landmark permitting accomplishment, the Company made its final investment decision ("FID") for Phoenix construction and, by the end of the first quarter, our Denison-Wood integrated project management team mobilized to the Wheeler River property and began executing schedule-critical site preparation and early works construction activities.

In less than two months of on-site activity, our dedicated teams have completed (i) tree clearing activities across the primary mine site area, (ii) installation of construction management facilities, (iii) construction of our on-site helipad, (iv) civil works for the concrete batch plant pad, and (v) commencement of aggregate production at a nearby quarry. Civil activities continue to advance on site, including those necessary to establish the future airstrip. Taken together, we are on track to ramp up construction staffing and activities to complete early works and commence full-scale construction by the end of the second quarter, which aligns with our target to achieve first uranium production in mid-2028. We are, however, closely monitoring the widespread flooding that is impacting a portion of the road network in northern Saskatchewan. While our personnel are able to access the Phoenix site via helicopter, our ability to mobilize additional heavy equipment and certain supplies to site as planned may be impacted if the flooding persists and/or key infrastructure remains impacted. We recognize the significant efforts of the Province of Saskatchewan to rapidly respond to this unprecedented situation and are hopeful that conditions will improve in the coming days.

At our 22.5%-owned McClean Lake operation, mining activities at the McClean North SABRE mine were minimal in the first quarter, with work focused on the completion of resource confirmation drilling in advance of the planned resumption of active mining later in the second quarter.

Denison's unique combination of physical uranium holdings, active mine production from McClean Lake, and large-scale expected future mine production from the Phoenix and Gryphon deposits has resonated positively with some of the world's largest nuclear power utilities. This is reflected by our continued success in growing our uranium sales book -- which now includes contracted sales commitments for nearly 8 million pounds of U(3) O(8) plus advanced negotiations for a further 8 million pounds of U(3) O(8) . Notably, our customers include leading North American nuclear power utilities collectively responsible for over 50 reactors.

In the first quarter, we entered near-term sales commitments with an average realized price over US$99/lb U(3) O(8) for deliveries within a year. These sales are part of our Phoenix project financing efforts stemming from our physical uranium purchase from 2021, and demonstrate how our disciplined long-term strategy has facilitated significant participation in a rising uranium price environment. While the large majority of our commercial activity is focused on market-related pricing, we have also recently observed base-escalated pricing above levels reported in industry price publications, including prices on a present value basis in excess of US$100/lb U(3) O(8) We believe this and other positive market signals continue to point to robust uranium market fundamentals, which align well with Denison's unique position as one of the few uranium suppliers globally that is on track to bring a sizeable new source of production to market before the end of the decade."

Highlights

   -- Regulatory Approval Received and Final Investment Decision Made to 
      Construct the Phoenix Uranium Mine 

In February 2026, the Company announced receipt of approval from the Canadian Nuclear Safety Commission ("CNSC") for the Environmental Assessment ("EA") and the Licence to Prepare a Site & Construct (the "Construction Licence") for Phoenix. Phoenix is situated on the Wheeler River property ("Wheeler River") and is the first uranium mine in Canada to receive federal approval for construction in over 20 years. With the EA having previously been approved by the Province of Saskatchewan, and other provincial approvals necessary to commence construction already received, federal approval of the EA and the issuance of the Construction Licence represented the final regulatory approvals required to commence construction of Phoenix.

Following the receipt of the CNSC approvals, Denison announced approval by its Board of Directors of the FID.

   -- Significant Advancement of Phoenix Site Preparation and Commencement of 
      Early Works 

Following the FID in late February 2026, the Integrated Project Management Team mobilized to the Phoenix site in early March and began overseeing the execution of site preparation activities and certain early works activities.

By the end of April 2026, significant progress was made on schedule-critical activities including the completion of tree clearing activities across the primary mine site area prior to the onset of the migratory bird season. See Figure 1 for an annotated illustration of the site clearing activities completed to the end of April 2026. Site clearing and civil works were also completed for the concrete batch plant pad, which will allow for the mobilization of the batch plant to site in May 2026. Additionally, a rock crusher was mobilized to a nearby quarry, allowing for the commencement of aggregate production to support site civil activities.

Civil activities at the main Phoenix site continue to advance, including the initiation of the construction of access roads and clearings necessary to establish the future site airstrip. Prior to the completion of the airstrip, scheduled for later in 2026, the majority of construction personnel will be transported to site via an 18-passenger helicopter. Regular air transport commenced in April 2026, following the completion of the site helipad.

As Phoenix is a greenfield mine development project, significant site preparation activities and early works are required prior to the commencement of full-scale construction. Based on the early works completed to date, the ramp up of construction staff and activities to achieve a full-scale rate of construction is expected to occur before the end of the second quarter of 2026. Once construction activities ramp up, it is anticipated to take approximately two years to complete construction at Phoenix. This execution timeline positions Denison as one of the few uranium suppliers globally that is on track to provide a sizeable new source of uranium production before the end of the decade.

   -- Uranium Marketing Efforts Translate into Growing Customer Base and Supply 
      Contracts 

The proceeds from the sale of the Company's physical uranium holdings and inventory is an important part of the Company's project financing plans for Phoenix. In the first quarter of 2026, Denison agreed to sell 550,000 pounds of U(3) O(8) with deliveries between the second quarter of 2026 and the first quarter of 2027 at an average price of US$99.07 per pound. At the end of the first quarter of 2026, 1,350,000 pounds of U(3) O(8) were committed for deliveries between the second quarter of 2026 and the second quarter of 2027. The sales price has been fixed for the delivery of 950,000 pounds U(3) O(8) for gross proceeds of US$87.5 million (average price of US$92.05 per pound U(3) O(8) ). The remaining 400,000 pounds U(3) O(8) of committed near-term sales are subject to market-related pricing, and approximately 500,000 pounds U(3) O(8) in physical holdings and inventories remain uncommitted.

Including near-term commitments, the Company has contracted firm uranium sales commitments for nearly 8 million pounds of U(3) O(8) from its physical uranium holdings and expected future uranium production, and is in advanced negotiations for additional sales commitments of approximately 8 million pounds of U(3) O(8) , resulting in total contracted and advanced negotiation sales commitments of approximately 16 million pounds of U(3) O(8.)

Customers include several leading North American nuclear power plant operators, collectively responsible for over 50 nuclear reactors, as well as multiple reputable industry intermediaries, which have each demonstrated significant interest in securing supply from Denison. Pricing mechanisms include a mix of market-related with no floors and ceilings, market-related with floors and ceilings, and base-escalated pricing. The large majority of commitments are on a market-related basis with deliveries contemplated to occur during the expected mine life of Phoenix.

   -- Construction Management Contract Awarded for Phoenix 

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May 12, 2026 20:17 ET (00:17 GMT)