Denison Mines Corp.

2023 Denison ESG Report

Published on April 11, 2024

Denison is a uranium exploration and development company with interests focused in the Athabasca Basin region of northern Saskatchewan, Canada.

Denison is also engaged in closed mine care and maintenance for Denison's reclaimed mine sites in Elliot Lake, Ontario, Canada.

Disclaimer and Forward Looking Statements

Company Profile

Organizational Profile

Name

Denison Mines Corp.

Describe nature of activities, brands, products and services

The Company has an effective 95% interest in
its flagship Wheeler River Uranium Project,
which is the largest undeveloped uranium
project in the infrastructure-rich eastern
portion of the Athabasca Basin region of
northern Saskatchewan.

Denison's interests in Saskatchewan also
include a 22.5% ownership interest in the
McClean Lake joint venture, which includes
several uranium deposits and the McClean
Lake uranium mill, contracted to process the
ore from the Cigar Lake mine under a toll
milling agreement, plus a 25.17% interest in the
Midwest Main and Midwest A deposits, and a
69.35% interest in the Tthe Heldeth Túé
("THT," formerly J Zone) and Huskie deposits
on the Waterbury Lake property. Each of
Midwest Main, Midwest A, THT and Huskie are
located within 20 kilometres of the McClean
Lake mill.

In aggregate, the Company has direct
ownership interests in properties covering
~385,000 hectares in the Athabasca Basin
region.

Through its 50% ownership of JCU, Denison
holds additional interests in various uranium
project joint ventures in Canada, including the
Millennium project (JCU 30.099%), the
Kiggavik project (JCU 33.8118%) and Christie
Lake (JCU 34.4508%).

Link to Corporate Website

https://www.denisonmines.com/

Industry Classification

NAICS:
2131 Support activities for mining, and oil and
gas extraction

Market Capitalization

$1 Billion USD up to $5 Billion USD

Type of Operations

Exclusively non-producing operations

Company Headquarters

Toronto, Canada

ESG Accountability

Role and Name of highest authority within company for Environment, Social and Governance strategy, programs and performance

David Cates, President & CEO

IFRS Sustainability Disclosure Standards Reporting Requirements

Choose the statement of compliance

The organization has not fully complied with all
IFRS Sustainability Disclosure Standards

GRI Reporting Requirements

Choose the statement as to how the organization has aligned their reporting utilizing GRI Standards

The organization has reported with reference
to the GRI Standards for the period defined
below

ESG Reporting Period

Unless otherwise noted, all data contained in this report covers the following period

From

2023-01-01

2023-12-31

Denison's fiscal year end is December 31.

External Assurance

Describe your company's policy and practice for seeking external assurance, including whether and how the highest governance body and senior executives are involved

At this time, Denison is determining the best
path forward for seeking external assurance
and integrating ESG practices into internal
corporate practices, which may include,
without limitation, implementation of tracking
and reporting software systems, designation
and creation of ESG-specific roles and
mandates, Company-wide training for ESG
reporting and accountability, and enhancement
of committee mandates to support ESG
initiatives.

Has the report been externally assured

Financial Reporting Period

Does the financial reporting period align with the sustainability reporting period (eg. calendar vs fiscal)

Yes

Geographic Scope of Report

Unless otherwise noted, the data in this report covers sustainability matters related to the following locations of operations

Canada

Identify notable exclusions of the geographical and/or business scope of the report, and reference of any existing or planned reports that do or will address these (e.g., assets recently divested or acquired, non-managed joint ventures, specific exploration activities, recently closed sites, etc.)

This report does not have any notable
geographical exclusions.

This report includes information from
Denison's 31 directly operated properties
located in the provinces of Saskatchewan and
Ontario, including its 29 operated exploration
and evaluation projects in Saskatchewan and its
2 closed mine sites in Elliot Lake, Ontario.

Denison's disclosure centers on the exploration
programs conducted in 2023, its evaluation
efforts for its flagship Wheeler River Project,
and its Closed Mines operations in Ontario.

Reporting Practice

Provide the full contact details (name, title, address, email and/or phone number) for an individual responsible to address questions regarding the report or its contents

Amanda Willett, Vice President Legal and
Corporate Secretary
1100 – 40 University Avenue, Toronto, ON,
Canada, M5J 1T1
t: 416-979-1991 x225
f: 416-979-5893
e: info@denisonmines.com

Currency

Unless otherwise noted, all financial figures referenced in this report are in the following currency

CAD

Scale of the Organization

Report the total number of operations

This is defined as Denison's (1) project
exploration and evaluation operations in
Saskatchewan, (2) its Closed Mines operations
in Elliot Lake, Ontario and (3) its head office in
Toronto, Ontario.

Report the quantity of products or services provided during the reporting period and provide description (e.g. number of units produced, amount of primary commodity produced, number of services provided, etc.)

Denison had no production during the 2023
calendar year.

In 2023, Denison provided care and
maintenance services for third-party closed
uranium mines in Ontario, which practice has
been discontinued as of August 2023 and no
longer forms part of Denison's business
portfolio.

Denison also provided limited consulting
services to a joint venture in Saskatchewan for
the sole purpose of assisting the joint venture
in reviewing the possible deployment of In-Situ
Recovery methods. These services do not form
part of Denison's standard business model.

Fragile and Conflict-Affected Situations

Identify all of the entity's countries of operations that align with the World Bank's list of "Fragile and Conflict-Affected Situations"

None

Mineral Resource Types in Scope

Which of the following mineral resource types are covered by this report

• Inferred
• Indicated
• Measured

For further information on Denison's mineral
resources, please review the following
information:

Denison Mines Corp. - Mineral Reserves

Mineral Reserve Types in Scope

Which of the following mineral reserve types are covered by this report

• Probable
• Proven

For further information on Denison's mineral
resources, please review the following
information:

Denison Mines Corp. - Mineral Reserves

Strategy

Link to company's statements of: Purpose, Vision, Mission and Values; Sustainability/ESG strategy (URL)

https://denisonmines.com/about-us/corporate-
governance/

Provide a statement from the highest governance body or most senior executive of the organization (i.e., CEO, chair, or equivalent senior position) about the relevance of sustainable development to the organization and its strategy for contributing to sustainable development. (CEO's message for this report)

In assessing the potential paths to reduce
carbon emissions, many nations, policymakers,
and interest groups have recognized the critical
role that reliable baseload nuclear power (and
the uranium supply for that power) must play to
achieve decarbonization objectives for a “clean
energy transition”.

Aligned with its focus on becoming Canada's
next uranium producer, Denison has committed
to principles of transparency on ESG-related
matters, externally and internally, and
anticipates this commitment will provide a
competitive advantage.

Please refer to the attached document.

Message from Denison's President & CEO

President & CEO - David Cates

Material Topics

Governance of Material Topics

Describe the process followed to determine the organization's material topics, including:

How did the organization identify the material topics

• Environmental impact assessment
• Other external sources, please list
• Materiality Assessment

Denison is privileged to have many experienced
and passionate members of its team, focused on
matters related to the identification of actual
and potential impacts of and opportunities for
its operations.

Management has identified strategic and
operational risks and opportunities through its
Enterprise Risk Management program. The
ERM program is informed by all aspects of
Denison's operations, including drawing from
Denison's feasibility studies, land use studies,
environmental baseline studies and ongoing
monitoring.

In 2023, Denison continued several formal
processes to identify potential impacts of its
operations, including:
• The environmental assessment process for
the Wheeler River Project; and
• Direct consultation with local and
Indigenous communities.

Denison had also previously completed a
decommissioning environmental assessment
process for Denison's closed mine sites,
pursuant to which it monitors its ongoing post-
closure mine care and maintenance.

How did the organization prioritize the impacts based on their significance

Denison's Board is responsible for identifying
the principal risks of Denison's business,
ensuring management’s implementation and
assessment of appropriate risk management
systems and overseeing the reporting of
material risks.

Management has assessed and prioritized
strategic and operational risks for reporting to
the Board and relevant committees, through its
Enterprise Risk Management program.

An additional top-down assessment of risk and
materiality is performed annually as part of
planning and scoping for Denison’s internal
controls compliance program.

Risk is also identified and assessed
operationally, with business process owners
responsible for assessing, managing and
regularly reporting on risks relevant to the
operations they oversee and ensuring
significant risks are brought to the attention of
senior management as needed and/or through
the Enterprise Risk Management program.

Denison Risk Management & Oversight

Specify the stakeholders and experts whose views have informed the process of determining its material topics and provide details

• Business partners
• Employees and other workers
• Governments
• Local communities
• Shareholders and other capital providers

Denison endeavours to maintain open lines of
communication with stakeholders to enable it
to understand stakeholder concerns and
incorporate those matters into its operational
and risk management systems. This includes
operational stakeholders (such as local
communities and interested parties with
respect to Denison's projects) and strategic
stakeholders (such as shareholders, with an
interest in Denison's performance and
governance). Denison also actively engages
experts, such as financial advisors with respect
to financial opportunities and risks and
compensation consultants with respect to
executive and director compensation
benchmarking and risks, to inform Denison's
decision-making and risk identification and
management.

List the organization's material topics

• Economic Performance
• Market Presence
• Indirect Economic Impacts
• Compliance
• Overall environmental
• Environmental Assessment
• Occupational Health and Safety
• Indigenous Rights
• Local Communities
• Public Policy
• Permitting
• Procurement Practices
• Employment

List the organization's non-material topics

• Materials
• Energy
• Water
• Biodiversity
• Emissions
• Effluents and Waste
• Products and Services
• Transport
• Supplier
• Environmental Grievances
• Labor/Management Relations
• Training and Education
• Diversity and Equal Opportunity
• Equal Remuneration for Women and Men
• Human Rights Investment
• Non-discrimination
• Freedom of Association and Collective
Bargaining
• Supplier Human Rights Assessment
• Human Rights Grievance Mechanisms
• Anti-corruption
• Anti-competitive Behavior
• Supplier Assessment for Impacts on Society
• Grievance Mechanisms for Impacts on
Society
• Emergency Preparedness
• Closure Planning
• Marketing
• Communications
• Materials Stewardship

Provide reasons for considering such topics not material, provide details

Other, please specify

Owing to Denison’s current stage of
development, many of these considerations are
relevant but not yet applicable to current
operations. The Company addresses such
matters through principled policies to ensure it
is culturally and procedurally well-positioned
for when the Company progresses to a stage
where certain of these items may become
material.

Other items are not expected to be applicable
to Denison’s business in the near or long-term
given the nature of Denison's planned
operations and the stable and democratic
jurisdiction in which Denison operates, with
comprehensive protections for the
environment, human rights, labour and
employment practices, worker safety, anti-
bribery and anti-corruption, and other matters.

Report changes to the list of material topics compared to the previous reporting period

Procurement Practices has moved from a non-
material topic to a material topic as Denison
prepares and refines its procurement
processes, strategies, and requirements for the
future planned development of the Wheeler
River Project.

Additionally, Employment has become a
material topic as competition for employees in
the markets in which Denison operates has
been increasing significantly.

For the top 5 material topics, the reporting organization shall report the following information:

Topic #1

Permitting

An explanation of why the topic is material; describe the actual and potential, negative and positive impacts on the economy, environment, and people, including impacts on their human rights

In addition to the environmental assessment
process, Denison will be required to obtain
construction and operations permits from the
Saskatchewan Ministry of Environment and
licences from the Canadian Nuclear Safety
Commission. While some overlap between the
environmental assessment process and
licensing/permitting is possible, generally,
licensing and permitting are expected to be
completed following the environmental
assessment process.

Similar to the environmental assessment
process, the licensing process applies a level of
rigour intended to minimize the risk of negative
impacts of the Company’s plans, including to
the environment and people.

Where the impacts occur

There are no perceived impacts of permitting
on third parties.

The organization’s involvement with the impacts. e.g., whether the organization has caused or contributed to the impacts, or is directly linked to the impacts through its business relationships

Impacts are expected to be limited to Denison’s
operations focused on mine permitting,
construction, and operations.

Report whether the organization is involved with the negative impacts through its activities or as a result of its business relationships, and describe the activities or business relationships

Activities

Denison is internally managing the process of
permitting. Obtaining applicable federal and
provincial permitting is required for Denison to
achieve its direct operational objectives.

Describe/provide a link to the corporate policies or commitments regarding the topic

The Company has an Environmental, Health,
Safety & Sustainability Policy (the “EHSS
Policy”) that affirms Denison’s commitment to
prioritize the safety of its workers, its
contractors, its community, and the
environment as well as the principles of
sustainable development. Under the EHSS
Policy, the Company has committed to run its
operations in compliance with applicable
legislation, in a manner that minimizes the
impact on local ecosystems.

Denison Mines Corp. - Environmental, Health,
Safety & Sustainability Policy

Explain how the organization manages the topic and actions to prevent or mitigate potential negative impacts

Denison’s direct involvement in the planning
and execution of its operations allows Denison
to control and implement mitigation measures
to reduce regulatory and permitting risks.

Describe actions to address actual negative impacts, including actions to provide for or cooperate in their remediation

Denison has identified key risks through its
licensing and environmental assessment
processes and regularly monitors its activities
to ensure compliance with legal and regulatory
requirements.

Describe actions to manage actual and potential positive impacts

Positive impacts of receiving applicable
regulatory approvals and achieving production
at the Wheeler River Project to Denison, its
stakeholders, and to the local communities and
economy are assumed. The achievement of
these goals is expressed in the Company’s
objectives and outlook.

Report the processes used to track the effectiveness of the actions;

• Impact assessments
• Stakeholder feedback

Report the goals, targets, and indicators used to evaluate progress;

Denison is currently targeting regulatory
approvals from federal and provincial
regulators in support of plans and the objective
to achieve first production at the Company’s
Wheeler River Project in 2027 or 2028.

Report the effectiveness of the actions, including progress toward the goals and targets; any related adjustments

Denison has achieved notable milestones in
2023, including the submission of extensive
project documentation in support of federal
and provincial permitting.

Lessons learned and how these have been incorporated into the organization’s operational policies and procedures

Lessons have been learned in the areas of
planning, systems, and procedures required as
conditions to licensing.

Describe how engagement with stakeholders has informed the actions taken and how it has informed whether the actions have been effective

Topic #2

Indigenous Rights

An explanation of why the topic is material; describe the actual and potential, negative and positive impacts on the economy, environment, and people, including impacts on their human rights

Denison respectfully acknowledges that its
business operates in Canada on lands that are
in the traditional territory of Indigenous
peoples. Denison’s current and planned
operations could have impacts on the land and
people living in proximity to such operations.

Where the impacts occur

Impacts are expected to be limited to Denison’s
operations in the Athabasca Basin region of
Northern Saskatchewan and in Elliot Lake,
Ontario.

The organization’s involvement with the impacts. e.g., whether the organization has caused or contributed to the impacts, or is directly linked to the impacts through its business relationships

Impacts are expected to be limited to Denison’s
operations focused on mine permitting,
construction, and operations.

Report whether the organization is involved with the negative impacts through its activities or as a result of its business relationships, and describe the activities or business relationships

Both activities and business relationships

Denison is committed to collaborating with
Indigenous peoples and communities to build
long-term, respectful, trusting, and mutually
beneficial relationships and aspires to avoid any
adverse impacts of Denison’s activities and
operations.

Describe/provide a link to the corporate policies or commitments regarding the topic

Denison has an Indigenous Peoples Policy (the
“IPP”), which reflects the Company’s
recognition of the important role of Canadian
business in the process of reconciliation with
Indigenous peoples in Canada and outlines the
Company’s commitment to take action towards
advancing reconciliation.

Denison Mines Corp. - Indigenous Peoples
Policy

Explain how the organization manages the topic and actions to prevent or mitigate potential negative impacts

The IPP identifies 5 key areas of action of
Denison’s continuously evolving Reconciliation
Action Plan: Engagement; Empowerment;
Environment; Employment; and Education.

Through the Reconciliation Action Plan,
Denison is striving to interweave the principles
of reconciliation throughout all areas of the
company’s operations.

Describe actions to address actual negative impacts, including actions to provide for or cooperate in their remediation

Denison has been focused on strengthening
many long-term relationships, and building new
relationships, with Indigenous and non-
Indigenous communities who have a strong
connection to the land on which the Wheeler
River Project is located.

Describe actions to manage actual and potential positive impacts

Denison has created an environment which
encourages participation, and provides
supporting resources, with respect to
Indigenous environmental monitoring,
employment, training, and other educational
initiatives.

Report the processes used to track the effectiveness of the actions;

• Stakeholder feedback
• Other, please specify

Denison conducts internal surveys and has
regular Indigenous engagement.

Report the goals, targets, and indicators used to evaluate progress;

The goals are tracked according to the
elements of the Reconciliation Action Plan.

Report the effectiveness of the actions, including progress toward the goals and targets; any related adjustments

Denison has achieved notable milestones in
2023, including the signing of the Shared
Prosperity Agreement with English River First
Nation. The signing follows years of active
engagement, including a four-month-long
English River First Nation-led community
consultation process ahead of the ratification
vote, and represents a significant milestone in
the history of both Denison’s relationship with
English River First Nation and the Wheeler
River Project.

Lessons learned and how these have been incorporated into the organization’s operational policies and procedures

Lessons have been learned in the areas of
engagement which have been reflected back
into the Company’s processes.

Describe how engagement with stakeholders has informed the actions taken and how it has informed whether the actions have been effective

Engagement with stakeholders has informed all
elements of its processes and procedures for
consultation and engagement with Indigenous
Peoples, including the development of the IPP.

Denison’s desire is to conduct and advance its
exploration activities in a progressive and
sustainable manner that advances
reconciliation with Indigenous peoples and
provides economic opportunities and other
benefits to the communities near where it
operates in an authentic, cooperative, and
respectful way.

Through its engagement commitments and
processes, Denison is able to identify key
concerns from Interested Parties and develop
plans to respond to and/or to resolve them.

Topic #3

Employment

An explanation of why the topic is material; describe the actual and potential, negative and positive impacts on the economy, environment, and people, including impacts on their human rights

Denison’s success depends on the availability of
and its competitiveness for qualified and
experienced employees to work in Denison’s
operations and Denison’s ability to attract and
retain such employees.

Where the impacts occur

There are potential impacts to all aspects of
Denison’s business and operations.

The organization’s involvement with the impacts. e.g., whether the organization has caused or contributed to the impacts, or is directly linked to the impacts through its business relationships

To meet the Company’s objectives, Denison has
been and will continue to increase its staffing
levels to ensure it has suitable and sufficient
organizational structures, staffing and
competencies in place to effectively and
reliably carry out its activities.

Report whether the organization is involved with the negative impacts through its activities or as a result of its business relationships, and describe the activities or business relationships

Both activities and business relationships

Denison’s needs are in competition with the
needs of other companies in the same
jurisdictions, which increases the potential
impact of staffing risks.

Describe/provide a link to the corporate policies or commitments regarding the topic

In addition to internal policies and procedures,
Denison is committed to certain standards and
principles for its employees and the conduct of
its hiring practices, as set out in its Code of
Ethics, Workplace Violence & Harassment
Policy, and Indigenous Peoples Policy.

Denison Mines Corp. - Code of Ethics

Denison Mines Corp. - Workplace Violence &
Harassment Policy

Denison Mines Corp. - Indigenous Peoples
Policy

Explain how the organization manages the topic and actions to prevent or mitigate potential negative impacts

Effective staffing is about having the right
numbers of the right people in the right place at
the right time with the suitable knowledge, skill
and experience to operate safely and
effectively and to maintain compliance with
internal controls, procedures and policies.

Describe actions to address actual negative impacts, including actions to provide for or cooperate in their remediation

Denison has various internal human resources
related policies and procedures. Denison has an
iterative workforce planning strategy to
anticipate employment challenges.

Describe actions to manage actual and potential positive impacts

In Saskatchewan, Denison has developed hiring
practices and processes that provide early
notice to Indigenous communities as part of
Denison’s commitment to employment of
Indigenous people.

Report the processes used to track the effectiveness of the actions;

Other, please specify

Denison continuously monitors employee and
contractor demographics and turnover rate.

Report the goals, targets, and indicators used to evaluate progress;

Denison conducts internal surveys of employee
satisfaction, monitors turnover, and collects
and assesses demographic information.

Report the effectiveness of the actions, including progress toward the goals and targets; any related adjustments

Lessons have been learned in the areas of
recruitment, retention, compensation, benefits,
and engagement.

Lessons learned and how these have been incorporated into the organization’s operational policies and procedures

Lessons have been learned in the areas of
recruitment, retention, compensation, benefits,
and engagement.

Describe how engagement with stakeholders has informed the actions taken and how it has informed whether the actions have been effective

In Saskatchewan, Denison has developed hiring
practices and processes that provide early
notice to Indigenous communities as part of
Denison’s commitment to employment of
Indigenous people.

Topic #4

Procurement Practices

An explanation of why the topic is material; describe the actual and potential, negative and positive impacts on the economy, environment, and people, including impacts on their human rights

Denison is developing its procurement
processes, strategies, and requirements to
meet the needs for the future planned
development of the Wheeler River
Project. Without proper foresight, a company’s
procurement practices could result in negative
financial, local economic, environmental and/or
human rights impacts.

Where the impacts occur

Impacts are expected to be limited to Denison’s
operations in Saskatchewan, particularly in the
Athabasca Basin region of Northern
Saskatchewan.

The organization’s involvement with the impacts. e.g., whether the organization has caused or contributed to the impacts, or is directly linked to the impacts through its business relationships

Impacts are expected to be limited to Denison’s
operations focused on mine permitting,
procurement, construction, and operations.

Report whether the organization is involved with the negative impacts through its activities or as a result of its business relationships, and describe the activities or business relationships

Both activities and business relationships

Denison will have both direct involvement with,
and third-party support for, the execution and
further development of its procurement
practices and procedures and with its
procurement activities.

Describe/provide a link to the corporate policies or commitments regarding the topic

Denison has implemented a Supplier Code of
Conduct and an Indigenous Peoples Policy to
inform its procurement practices.

Denison Mines Corp. - Supplier Code of
Conduct

Denison Mines Corp. - Indigenous Peoples
Policy

Explain how the organization manages the topic and actions to prevent or mitigate potential negative impacts

Denison’s procurement practices and
procedures have been developed in
collaboration by the finance and operations
teams and in keeping with the principles set
forth in its Supplier Code of Conduct. Denison
aspires to avoid any adverse impacts of its
activities and operations.

Denison is also committed to collaborating with
local and Indigenous suppliers to build long-
term, respectful, trusting, and mutually
beneficial relationships.

Describe actions to address actual negative impacts, including actions to provide for or cooperate in their remediation

Denison’s procurement practices are being
developed to address potential negative
impacts. For example, Denison’s procurement
practices include detailed assessments and due
diligence of prospective vendors and require
vendors to contractually accept the principles
expressed in Denison’s Supplier Code of
Conduct.

Describe actions to manage actual and potential positive impacts

In Saskatchewan, Denison has strong
procurement processes in place that ensure
decision-making includes consideration of
Indigenous-owned businesses. In 2023,
Denison continued to expend a significant
portion of Saskatchewan evaluation and
exploration expenditures with Indigenous or
northern Saskatchewan vendors.

Report the processes used to track the effectiveness of the actions;

Other, please specify

Denison has procurement approval and
tracking processes in place.

Report the goals, targets, and indicators used to evaluate progress;

Denison is focused on meeting its contractual
commitments with certain objectives for
expenditures with Indigenous or northern
Saskatchewan vendors.

Report the effectiveness of the actions, including progress toward the goals and targets; any related adjustments

Policies, controls, procedures and
commitments are all considered in the
contracting process.

Lessons learned and how these have been incorporated into the organization’s operational policies and procedures

Lessons have been learned in the areas of
procurement which have been reflected back
into the Company’s processes.

Describe how engagement with stakeholders has informed the actions taken and how it has informed whether the actions have been effective

Engagement with stakeholders has informed
the development of procurement policies, goals
and commitments.

Denison’s desire is to conduct and advance its
exploration activities in a progressive and
sustainable manner that provides economic
opportunities and other benefits to the
communities near where it operates in an
authentic, cooperative, and respectful way.

Through its engagement commitments and
processes, Denison is able to identify key
concerns from Interested Parties and develop
plans to respond to and/or to resolve them.

Topic #5

Overall environmental

An explanation of why the topic is material; describe the actual and potential, negative and positive impacts on the economy, environment, and people, including impacts on their human rights

Mining operations, such as those planned for
Denison’s Wheeler River Project, inevitably
have the potential to impact the local
environment.

Regulatory acceptance of an environmental
assessment of the Company’s mining plan and
its expected impacts is a pre-condition to
development of a uranium mining operation.

The environmental assessment process informs
Denison’s project designs to support the
Company’s aspiration of achieving a superior
standard of environmental stewardship that
exceeds the anticipated environmental
expectations of regulators and aligns with the
interests of local Indigenous rights holders and
communities.

Where the impacts occur

The environmental assessment process has no
direct impact on third parties.

Impacts of planned operations being assessed
through the environmental assessment process
are expected to be limited to the immediate
area of Denison’s operations, with a focus on
deploying novel technologies and methods to
minimize the scale and duration of
environmental impacts.

The organization’s involvement with the impacts. e.g., whether the organization has caused or contributed to the impacts, or is directly linked to the impacts through its business relationships

Based on the information and related
evaluation and assessment of effects, results of
the environmental assessment show that the
ISR operation planned for the Phoenix deposit
at Wheeler River can be constructed, operated,
and decommissioned in a manner that is not
likely to cause significant residual adverse
effects to the biophysical or human
environments, on its own or cumulatively with
existing and reasonably foreseeable
developments.

Report whether the organization is involved with the negative impacts through its activities or as a result of its business relationships, and describe the activities or business relationships

Both activities and business relationships

Denison is internally managing the
environmental assessment
process. Completion and acceptance of an
environmental assessment are required for
Denison to achieve its direct operational
objectives.

Describe/provide a link to the corporate policies or commitments regarding the topic

The Company's EHSS Policy affirms Denison’s
commitment to prioritize the safety of its
workers, its contractors, its community and the
environment as well as the principles of
sustainable development. Under the EHSS
Policy, the Company has committed to run its
operations in compliance with applicable
legislation and in a manner that minimizes the
impact on local ecosystems.

Denison Mines Corp. - Environmental, Health,
Safety & Sustainability Policy

Explain how the organization manages the topic and actions to prevent or mitigate potential negative impacts

Denison’s direct involvement in the planning
and execution of its operations allows Denison
to control and implement mitigation measures
to reduce or eliminate actual and potential
impacts to the environment.

Denison operates within the Canadian
provinces of Saskatchewan and Ontario and is
subject to both provincial and federal
regulatory regimes, which involve rigorous
environmental assessment and continuous
monitoring and reporting to ensure Denison’s
activities are conducted in accordance with
legal and regulatory requirements and industry
best practices.

Importantly, the Phoenix Feasibility
Study designs and plans incorporate learnings
and mitigation measures identified through the
environmental assessment process.

Describe actions to address actual negative impacts, including actions to provide for or cooperate in their remediation

Denison has identified key risks through its
licensing and environmental assessment
processes and regularly monitors its activities
to ensure compliance with legal and regulatory
requirements.

Denison’s commitment to the environment
includes long-term planning for site
management, site remediation and
decommissioning. Denison works in
conjunction with Indigenous rights holders and
local communities to communicate project
developments and receive input and guidance
on environment management practices.

Describe actions to manage actual and potential positive impacts

Report the processes used to track the effectiveness of the actions;

• Impact assessments
• Stakeholder feedback

Report the goals, targets, and indicators used to evaluate progress;

Denison is currently targeting the completion
of the Environmental Impact Statement with
federal and provincial regulators in support of
plans and the objective to achieve first
production at the Company’s Wheeler River
Project in 2027 or 2028.

Report the effectiveness of the actions, including progress toward the goals and targets; any related adjustments

Denison has achieved notable milestones in
2023, including confirmation from the
Saskatchewan Ministry of Environment that it
is satisfied with Denison’s comment responses
and proposed updates to the Environmental
Impact Statement to address feedback from the
Ministry of Environment, and that the
Company may proceed to finalize the
Environmental Impact Statement for provincial
approval.

Lessons learned and how these have been incorporated into the organization’s operational policies and procedures

Lessons have been learned in the areas of
consultation, engagement, and communication,
which have informed current practices.

Describe how engagement with stakeholders has informed the actions taken and how it has informed whether the actions have been effective

Denison understands the importance of
protecting the area in which it is working,
including the land, water, animals, air and
culture. Denison welcomes input from all
interested parties through regulatory
engagement and consultation.

All sections of the draft Environmental Impact
Statement were informed by the results of
Denison’s extensive engagement and
consultation with Indigenous and non-
Indigenous interested parties.

Supply Chain

Provide a description of the organization’s supply chain, including the types of suppliers (e.g., equipment, consumables, logistics, brokers, contractors, wholesalers, etc.)

Denison regularly engages contractors and
suppliers to supplement its internal workforce
in the conduct of its exploration activities in
Saskatchewan and the management of its
closed mine sites in Ontario. Examples of types
of contractors include drilling companies, line
cutting and geological surveys, engineering
works, and miscellaneous trade
contractors. Denison also engages scientific
consultants to conduct mineral assays and
other laboratory-based work.

The types of activities related to the organization’s products and services carried out by its suppliers (e.g., manufacturing, providing consulting services)

• Manufacturing
• Consultancy Services
• IT Services
• Food and hospitality
• Spare Parts
• Construction materials
• Chemicals
• Transporation Services
• Mobile Equipment

What is the nature of its business relationships with its suppliers

Project-based

The sector-specific characteristics of its supply chain

Geographically dispersed

The geographic location of its suppliers

• Canada
• United States of America

Environment

Climate Change - Stewardship

Strategy

Have climate-related risks and opportunities influenced your organization’s strategy and/or financial planning

Yes

Uranium mined in Canada is used exclusively
for the production of nuclear energy, which is a
reliable and low-cost source of carbon-free
electricity.

Energy consumption around the world is
increasing rapidly. The Intergovernmental
Panel on Climate Change (an
intergovernmental body of the United Nations),
in its four principle decarbonization pathways,
calls for an increase in nuclear power by
between 98% and 501% to produce carbon-
free electricity and avoid catastrophic climate
impacts. This demand for nuclear energy
requires significant supply of uranium to create
that energy.

Despite years of low uranium prices, Denison
was able to advance its assets in Canada and is
positioned to meet future demands for uranium
with the development of its uranium projects in
Saskatchewan.

Denison is striving to become a low-cost
producer of uranium, with methods that will
meet the highest regulatory standards, to
become a significant source of supply for
critical nuclear power generation.

Successfully executing this strategy,
particularly with a significant strengthening in
uranium prices in 2023, has the potential to
have a substantive financial benefit for Denison
and its shareholders.

Does your organization have a process for identifying, assessing, and responding to climate-related risks and opportunities

Yes

Risk Assessments

Have you identified any inherent climate-related risks with the potential to have a substantive financial or strategic impact on your business

Yes

The Company has identified that forest fires
(the likelihood and scope of which may be
impacted by climate change) could have a
substantive financial or strategic impact on its
operations, due to the location and remoteness
of Denison's exploration and Closed Mines
operational sites. In addition, extreme water
levels caused by climate change could
negatively impact Closed Mines care and
maintenance operations, and weather and
climate trends resulting in warmer and shorter
winters that slow down and shorten the
freezing of the ground and water bodies could
have significant financial or strategic impacts
on winter exploration operations in
Saskatchewan, Canada.

The evaluation of other climate-related risks
remains ongoing.

Risk 1 - Provide details of the most material (financial or strategic) climate-related risks to your operations:

Where in the value chain does the risk driver occur

Direct operations

Risk classification

• Acute Physical - Increased likelihood and
severity of wildfires
• Acute Physical - Increased severity and
frequency of extreme weather events, such as
storms, cyclones and floods
• Chronic Physical - Changes in precipitation
patterns and extreme variability in weather
patterns
• Acute Physical - Other, please specify

Acute Physical - Other: Weather and climate
trends resulting in warmer and shorter winters
that slow down and shorten the freezing of the
ground and water bodies could have significant
financial or strategic impacts on winter
exploration operations in Saskatchewan,
Canada.

Time horizon of risk

Short-term

Likelihood of impact

About as likely as not

Magnitude of impact

Medium-low

Primary potential financial impact

• Increased direct costs
• Increased indirect (operating) costs
• Increased capital expenditures
• Increased insurance claims liability
• Decreased asset value or asset useful life
leading to write-offs, asset impairment or early
retirement of existing assets

The methods used to manage the risk

Not Applicable

Opportunity Assessments

Have you identified any climate-related opportunities with the potential to have a substantive financial or strategic impact on your business

Other, please specify

Denison has identified the most significant
opportunity for Denison's business being the
potential to become a uranium producer during
a period of strong increased support globally
for nuclear energy's role in a clean energy
transition.

Greenhouse Gas Emissions

Scope 1

Disclose the entity's absolute gross greenhouse gas (GHGs) emissions generated during the reporting period, expressed as metric tonnes of CO2 equivalent (tonne CO₂-e)

Fuel related (CH₄) (tonne)

0.041

Fuel related (N₂O) (tonne)

0.008

Carbon dioxide (CO₂) (tonne CO₂-e)

1,166.384

Methane (CH₄) (tonne CO₂-e)

1.025

Nitrous oxide (N₂O) (tonne CO₂-e)

2.384

Hydrofluorocarbon-23 (CHF₃) (tonne CO₂-e)

0.000

Hydrofluorocarbon-32 (CH₂F₂) (tonne CO₂-e)

0.000

Sulphur hexafluoride (SF₆) (tonne CO₂-e)

0.000

Nitrogen trifluoride (NF₃) (tonne CO₂-e)

0.000

Perfluoro methane (CF₄) (tonne CO₂-e)

0.000

Perfluoro ethane (C₂F₆) (tonne CO₂-e)

0.000

Perfluoro butane (C₄F₁₀) (tonne CO₂-e)

0.000

Perfluoro hexane (C₆F₁₄) (tonne CO₂-e)

0.000

The total amount of gross global Scope 1 GHG emissions (CO₂-e) (tonne)

1,169.793

The percentage of its gross global Scope 1 GHG emissions that are covered under an emissions-limiting regulation or program that is intended to directly limit or reduce emissions, such as cap-and-trade schemes, carbon tax/fee systems, and other emissions control (e.g., command-and-control approach) and permit-based mechanisms

100.0000%

Canada's federal carbon pricing system is used
in several provinces, including Saskatchewan
and Ontario. Pursuant to Canada's Greenhouse
Gas Pollution Pricing Act, most fuels are subject
to a fuel charge, the rates of which reflect a
carbon pollution price per tonne of CO2e. This
is determined based on global warming
potential factors and emission factors used by
Environment and Climate Change Canada to
report Canada's emissions to the United
Nations Framework Convention on Climate
Change.

Discuss any change in its Scope 1 emissions from the previous reporting period, including whether the change was due to emissions reductions, divestment, acquisition, mergers, changes in output, and/or changes in calculation methodology (i.e. any changes the entity made to the measurement approach, inputs and assumptions during the reporting period and the reasons for those changes, if any)

Denison's consumption of gasoline, diesel, and
propane in 2023 remained generally consistent
with its levels in 2022.

The entity may, where relevant, provide a breakdown of its emissions per resource produced or business unit

The majority of Denison's fuel consumption
relates to its field operations in Saskatchewan,
representing approximately 95% of its total
energy consumption and its closed mines sites
in Ontario representing the remaining 5%.

No energy consumption breakdown is available
for Denison's Toronto office, as the space is
leased within an office building and Denison
pays common area maintenance costs for its
proportionate share of the total energy
consumed in the building.

Discuss short-term, medium-term and long-term strategy or plan to manage its Scope 1 greenhouse gas (GHG) emissions

Denison is planning to monitor and evaluate its
GHG footprint and analyze strategies to set
GHG targets in the coming years, as its
operations grow.

Denison is investing in the research and
development of the ISR mining method for
uranium extraction as part of the feasibility
assessment for its Wheeler River Project. If
successful in achieving production at Wheeler
River, the scope of the Company's operations
(and energy usage) may increase significantly
due to the change in scope attributable to the
transition from evaluation activities to
construction and production. While the
Company's energy usage may increase
significantly, an increase in GHG emissions may
be partly offset by use of alternative sources of
energy currently scoped for the project, such as
grid electricity.

Overall, the ISR project plan as currently
scoped is intended to have a lower GHG project
footprint than other conventional mining
methods. Additionally, in scoping its project
evaluation and exploration plans, Denison is
taking into account opportunities for
investment in technologies and equipment to
reduce potential GHG emissions in future
operations.

Scope 2

If company specific calculations are not available, disclose the gross location-based energy indirect (Scope 2) global greenhouse gas (GHG) emissions to the atmosphere (tonne CO₂-e):

Does the company purchase externally supplied energy (grid electricity)

Yes

Report the total electricity purchased from external suppliers for the reporting year in gigajoules (GJ)

1,158.170

In what jurisdiction is the source of energy (utility) located

Canada

Denison's closed mine operations in Elliot Lake,
Ontario, Canada are connected to grid
electricity. The Company's Saskatchewan field
operations do not have grid electricity available
due to the remote nature of the worksites.

Conversion factor (see Guidance):

0.030

Total amount of Scope 2 GHG emissions from purchased electricity (CO₂-e) (tonne)

9.651

Does the company purchase externally supplied heat

Does the company purchase externally supplied steam

Does the company purchase externally supplied cooling

The total amount of gross global Scope 2 GHG emissions (CO₂-e) (tonne)

9.651

Total amount of Scope 2 GHG emissions (CO₂-e) that are covered under emissions-limiting regulations (tonne) for the jurisdiction in which the company is working.

9.651

Percentage of its gross global Scope 2 GHG emissions that are covered under an emissions-limiting regulation or program that is intended to directly limit or reduce emissions, i.e., cap-and-trade schemes, carbon tax/fee systems, and other emissions control (e.g., command-and-control approach) and permit-based mechanisms

100.0000%

Discuss long-term and short-term strategy or plan to manage Scope 2 emissions, emissions reduction targets, and an analysis of performance against those targets

Scope 3

Is the Organization disclosing gross "other indirect" global Scope 3 greenhouse gas (GHG) emissions to the atmosphere of the seven GHGs covered under the Kyoto Protocol (tonne CO₂-e)? These emissions are not included in Scope 2 and occur outside of the organization including both upstream and downstream emissions, e.g., transporting fuel to market, or transporting fuel to the plant or site to create your product, or transporting your product to market

Energy

Energy Consumption

Total energy consumption within the organization (gigajoules, GJ)

17,226.230

in Gigajoules

Report the energy owned and controlled by the organization consumed in gigajoules for the following

17,226.230

Electricity purchased/generated for consumption (gigajoules, GJ)

1,158.170

Heating purchased/generated for consumption (gigajoules, GJ)

0.000

Cooling purchased/generated for consumption (gigajoules, GJ)

0.000

Steam purchased/generated for consumption (gigajoules, GJ)

0.000

Non-renewable fuel consumed (gigajoules, GJ)

16,068.060

Renewable fuel consumed (gigajoules, GJ)

0.000

Energy Management

Total energy consumed in aggregate, in gigajoules (GJ) (hydrocarbons and electricity) including the fuel types used (e.g., biomass, hydro-electric power or bioenergy)

17,226.230

Percentage energy consumed that was supplied by grid electricity

6.7233%

Percentage of energy consumed that is renewable energy (does not include purchased grid-mix)

0.0000%

Water Management - Stewardship

Quality and Quantity Dependency

Rate the importance (current and future) of freshwater quality and quantity to the success of your business

Direct use importance rating

Not very important

Indirect use importance rating

Not important at all

Rate the importance (current and future) of sufficient quantity of recycled, brackish and/or produced water for the success of your business

Direct use importance rating

Have not evaluated

Indirect use importance rating

Have not evaluated

Risk Assessments

Does your organization undertake a water-related risk assessment

Yes, water-related risks are assessed

For example, our Closed Mines team conducts
on-going environmental monitoring, including
monitoring of surface water, groundwater,
pond water, sediment, seepage, and benthic
invertebrates. Monitoring results are reported
annually to regulators and are publicly
available.

Have you identified any inherent water-related risks with the potential to have a substantive financial or strategic impact on operations

Opportunity Assessments

Have you identified any water-related opportunities with the potential to have a substantive financial or strategic impact on your business

Responsibility

Provide the highest management-level position(s) or committee(s) with responsibility for water-related issues

Other Committee, please specify

The Environment, Heath, Safety and
Sustainability Committee of the Board
oversees material matters related to the
environment, which include water-related
issues as applicable.

Policy

Does your organization have a documented water policy

Denison does not operate in water-stressed
areas or with methods that consume material
volumes of water.

Select the options that best describe the scope and content of your organizations' water policy

None

Reporting

Frequency of reporting to the board on water-related issues

As important matters arise

Incentives

Do you provide incentives to C-suite employees or board members for the management of water-related issues

Yes

The Company’s incentives around health and
safety performance capture matters related to
environmental impacts of operations, including
water-related issues as applicable.

Strategy

Are water-related issues integrated into any aspects of your long-term strategic business plan

Yes, water-related issues are integrated

If water-related issues are integrated into any aspects of your long-term strategic business plan, please describe further

Water-related issues are a component of the
environmental assessment for Denison's
flagship Wheeler River Project. The potential
development of the Wheeler River Project is
the principal focus of Denison's current
operations and medium to long-term strategic
business plan, and the environmental
assessment is an integral component of the
project evaluation efforts.

In addition, water-related matters, including
monitoring and water treatment, are integral to
Denison's Closed Mines operations.

If water-related issues are integrated into any aspects of your long-term strategic business plan, identify the associated long-term time horizon

5-10 years

Water

Water Management

Analyse and list all operations for water risks and identify activities that withdraw and consume water in locations with High (40–80%) or Extremely High (>80%) Baseline Water Stress as classified by the World Resources Institute’s (WRI) Water Risk Atlas tool, Aqueduct

Denison does not operate in any areas of High
or Extremely High Baseline Water Stress.

Disclose the freshwater withdrawn in locations with High or Extremely High Baseline Water Stress as a percentage of the total water withdrawn

Does Not Apply

Denison does not withdraw water from
locations with High or Extremely High Baseline
Water Stress.

Disclose freshwater consumed in locations with High or Extremely High Baseline Water Stress as a percentage of the total water consumed

Does Not Apply

Was your organization subject to any fines, enforcement orders, and/or other penalties for water-related regulatory violations

Total number of incidents of non-compliance associated with water quality permits, standards, and regulations, including violations of a technology-based standard and exceedances of quality-based standards (note: only those that resulted in a formal enforcement action(s))

Violations - continuous discharges, limitations, standards, and prohibitions that are generally expressed as maximum daily, weekly average, and monthly average (regardless of their measurement methodology or frequency)

Violations - non-continuous discharges and limitations that are generally expressed in terms of frequency, total mass, maximum rate of discharge, and mass or concentration of specified pollutants (regardless of their measurement methodology or frequency)

Violations - other, please specify

Waste Management

Tailings Storage Facilities Management

Does your company manage Tailings Storage Facilities

Yes

Denison's Closed Mines operations operate
tailings storage facilities for Denison's closed
mines in Elliot Lake, Ontario.

Provide an inventory of all tailings storage facilities (TSFs)

TSF #1: (1) Facility name

TMA-1

TSF #1: (2) Location

Canada

TSF #1: (3) Ownership status

Operator

TSF #1: (4) Operational status

Closed

TSF #1: (5) Construction method

Downstream

TSF #1: (6) Maximum permitted storage capacity (tonnes)

59,700,000.000

TMA-1 holds tailings from a decommissioned
mining operation, and no further tailings will be
added.

TSF #1: (7) Current amount of tailings stored (tonnes)

59,700,000.000

TSF #1: (8) Consequence classification

Low

TSF #1: (9) Date of most recent independent technical review

2023-10-04

TSF #1: (10) Material findings

TSF #1: (11) Mitigation measures

Not applicable.

TSF #2: (1) Facility name

TMA-2

TSF #2: (2) Location

Canada

TSF #2: (3) Ownership status

Operator

TSF #2: (4) Operational status

Closed

TSF #2: (5) Construction method

Downstream

TSF #2: (6) Maximum permitted storage capacity (tonnes)

3,300,000.000

TMA-2 holds tailings from a decommissioned
mining operation, and no further tailings will be
added.

TSF #2: (7) Current amount of tailings stored (tonnes)

3,300,000.000

TSF #2: (8) Consequence classification

Low

TSF #2: (9) Date of most recent independent technical review

2023-10-04

TSF #2: (10) Material findings

TSF #2: (11) Mitigation measures

Not applicable.

TSF #3: (1) Facility name

Stanrock TMA

TSF #3: (2) Location

Canada

TSF #3: (3) Ownership status

Operator

TSF #3: (4) Operational status

Closed

TSF #3: (5) Construction method

Downstream

TSF #3: (6) Maximum permitted storage capacity (tonnes)

5,700,000.000

Stanrock TMA holds tailings from a
decommissioned mining operation, and no
further tailings will be added.

TSF #3: (7) Current amount of tailings stored (tonnes)

5,700,000.000

TSF #3: (8) Consequence classification

Low

TSF #3: (9) Date of most recent independent technical review

2023-10-04

TSF #3: (10) Material findings

TSF #3: (11) Mitigation measures

Not applicable.

Provide a summary of the tailings management systems used to monitor and maintain the structural integrity of tailings facilities and to minimize the risk of a catastrophic failure

The inspection of the tailings facilities by an
engineer of record ('EOR') is carried out
annually as part of a care, maintenance, and
surveillance program to ensure the safety and
physical stability of the sites. The annual
inspection includes a visual inspection of each
tailings facility and a review of instrumentation
data and maintenance work.

Innovation

Spending on Research, Development, and Technologies for waste management compliance and improvement ($Millions)

$140,025

Describe nature of spending on Research, Development and Technologies for waste management compliance and improvement

In Ontario, Denison's Closed Mines team is
conducting research at Denison TMA-1 on
groundwater flow modeling and radium
removal studies for effective treatment
methods for tailings-impacted water.

In Saskatchewan, Denison's team has
undertaken in-depth scoping studies with
respect to the use of, and effective waste
management for, the ISR mining method
proposed for Wheeler River. As these efforts
are being carried out as part of integrated
evaluation studies for the project, the R&D
spending on this cannot be reliably captured on
its own.

Biodiversity

Management Plan

Describe the environmental and biodiversity management plan(s) implemented at active sites

Denison has completed an Environmental
Assessment ('EA') for the Wheeler River
Project in accordance with the requirements of
both the Canadian Environmental Assessment
Act, 2012 and the Saskatchewan
Environmental Assessment Act.

An EA is a planning and decision-making tool,
which involves predicting potential
environmental effects through each phase of
the project being assessed. The EA will be
utilized to further develop biodiversity
management and monitoring plans as the
Project progresses through the approval
process. For example, for the Wheeler River
Project, Denison undertook baseline data
studies to determine biodiversity.

As of December 2023, Denison operates 29
exploration projects in the Athabasca Basin
region of northern Saskatchewan. Denison's
investment in environmental monitoring for the
Wheeler River Project will inform similar
undertakings for the exploration and
development of Denison's other properties in
the region.

In addition, Denison has entered into
exploration agreements with local communities
in the areas of Saskatchewan in which it
operates, pursuant to which Denison has
committed to engage an independent
contractor, with knowledge of the land and the
exercise of applicable Indigenous and/or treaty
rights thereon, to observe Denison’s activities
and report on any impacts or potential impacts
of such activities to Denison and the applicable
community. Monitors, selected by leadership
of applicable northern Saskatchewan
Indigenous communities, have conducted site
inspections and reported findings or
recommendations to Denison and their home
community.

For its Closed Mines operations in Elliot Lake,
Ontario, decommissioning and restoration of
Denison's historic mine sites has been
completed, and the Company is engaged in
long-term monitoring. All activities and
monitoring results are reviewed regularly by
the Canadian Nuclear Safety Commission and
the Elliot Lake Joint Regulatory Group, which
consists of federal and provincial regulators.
See the link below for a report on Denison's
Closed Mines operations.

2023 Closed Mines Annual Report

Boreal Shield Habitat Study

Canada jay (Perisoreus canadensis), a common bird found in the Northern Saskatchewan boreal forest

Stream gauging as part of the Wheeler River Project baseline studies

Closed Mines Reclamation & Biodiversity

A red fox (Vulpes vulpes), a frequent visitor at the Wheeler River camp

1.1 Lifecycle stages to which the plan(s) apply

• Exploration and appraisal
• Site development
• Restoration

1.2 The topics addressed by the plan(s)

• Ecological and biodiversity impacts
• Waste generation
• Noise impacts
• Discharges to water
• Natural resource consumption
• Hazardous chemical usage

1.3 The underlying references for its plan(s), including whether they are codes, guidelines, standards, or regulations; whether they were developed by the entity, an industry organization, a third-party organization (e.g., a non-governmental organization, a governmental agency, or some combination of these groups)

Denison's management programs and
procedures are in compliance with applicable
provincial regulations on biodiversity
management.

For the Wheeler River Project, the EA was
completed in accordance with the
requirements of both the Canadian
Environmental Assessment Act, 2012 and the
Saskatchewan Environmental Assessment Act.

The Closed Mines operations are operating in
compliance with federal and provincial licenses,
which reflect the 1995 Decommissioning
Environmental Impact Assessment of the
Denison and Stanrock Mining Areas in Elliot
Lake, Ontario.

Impacts

Does access to the site involve traversing a protected area

None of the 29 mineral exploration and
development properties Denison operates in
Saskatchewan, nor the Closed Mines
operations, require traversing a protected area.

Do any of the entities concessions share a watershed with a protected area

Provide context and description of site access involving traversing protected areas, and/or watersheds shared with a protected area. Include reference to measures in place to assure access, any proactive programs to support the biodiversity of the protected area, and any formal complaints or compliance issues and related steps to resolve

Access to Denison-operated projects in
Saskatchewan are by road or air from
Saskatoon. Vehicle access is primarily through
the provincial highway system which is
connected to the projects through access roads
that do not traverse protected areas or critical
habitats.

Denison's Closed Mines operations are in close
proximity to the town of Elliot Lake, Ontario
and direct access to the sites does not traverse
protected areas or critical habitats.

Denison's Operations are Outside Saskatchewan Protected Areas

Percentage of proved reserves in sites with protected conservation status or in areas of endangered species habitat

0.0000%

Percentage of probable reserves in sites with protected conservation status or in areas of endangered species habitat

0.0000%

Social

Scale of the Organization

Direct Employee Information

Total number of full-time employees

Full-time - Male

Full-time - Female

Full-time - Non-binary

Full-time - Gender not disclosed

Total number of part-time employees

Part-time - Male

Part-time - Female

Part-time - Non-binary

Part-time - Gender not disclosed

Total number of permanent employees (full-time & part-time)

Permanent employees - Male

Permanent employees - Female

Permanent employees -Non-binary

Permanent employees - Gender not disclosed

Total number of temporary employees

Temporary employees - Male

Temporary employees - Female

Temporary employees - Non-binary

Temporary employees - Gender not disclosed

Total number of direct employees (includes full-time, part-time, temporary; exclude workers who are not employees)

Direct employees - Male

Direct employees - Female

Direct employees - Non-binary

Direct employees - Gender not disclosed

Describe the methodologies and assumptions used to compile the data

Employee data is collected from information
collected during the hiring process, voluntary
internal surveys, and our internal organization
systems.

Are the numbers reported in head count, full-time equivalent (FTE), or using another methodology

Employee numbers are reported by head count.

Are the numbers reported at the end of the reporting period, as an average across the reporting period, or using another methodology

The numbers provided for the employee counts
in this report are reported as at a "point-in-
time" reference at the end of the Company's
reporting period, December 31, 2023.

Provide contextual information necessary to understand the direct employment information provided

The majority of the Company's employees are
employed on a full-time, permanent basis. Part-
time positions are engaged for various reasons,
such as the seasonal nature of a position, an
employee's own preferences, or other
circumstances surrounding the nature of the
position or the employee.

Describe significant fluctuations, if any, in the number of direct employees during the reporting period and between reporting periods

The Company hires seasonal employees and
engages in seasonal contracts to support active
field operations for its exploration and
evaluation activities. These will fluctuate by
season and by year, based upon the scope of
the Company's activities.

Workers Who are Not Employees

Total number of workers who are not employees and whose work is controlled by the organization (e.g., suppliers, customers, or other business partners, such as in joint ventures)

Denison engages contractors who perform
defined scopes of work to fulfill its service
needs. Exact information on the number of
individual persons who worked for the
contractors to fulfill the terms of the service
contracts is not available.

Total Workforce

Total workforce (includes direct employees and workers who are not employees)

Total female workforce

Female workforce as percentage of total employed workforce

42.1875%

Total male workforce

Male workforce as percentage of total employed workforce

57.8125%

Total non-binary workforce

Non-binary workforce as percentage of total employed workforce

0.0000%

Total workforce with gender not disclosed

Workforce with gender not disclosed as percentage of total employed workforce

0.0000%

Turnover & Gender Breakdown

Female direct employees

Total number of turnover (the number of females that left during the period)

Rate of turnover, females

23.0769%

The turnover rate captures only those
employees who voluntarily resigned or retired
from their positions at the Company during the
reporting period. Expiring fixed-term contracts
(including seasonal employees) are not included
in the turnover rate calculations.

Male direct employees

Total number of turnover (the number of males that left during the period)

Rate of turnover, males

21.4286%

Report the total number and rate of turnover for all Direct Employees

Total number of turnover (the number that left during the period)

The rate of turnover in 2023 was largely driven
by the permanent reduction of activities
carried out by Denison's Closed Mines
group. Denison no longer provides closed
uranium mine care and maintenance services to
third-party owners and, accordingly, the Closed
Mines group now operates solely to provide
care and maintenance for Denison's own sites.

Rate of turnover - direct employees

22.0588%

Turnover & Age Breakdown

Direct Employees aged 30 years old and under

Total number of turnover (the number that left during the period)

Direct Employees aged between 30 and 50 years old

Total number of turnover (the number that left during the period)

Direct Employees over 50 years old

Total number of turnover (the number that left during the period)

Identify types of employees captured in the turnover rate calculations

Other, please specify

The turnover rate for 2023 reflects the
permanent reduction of activities carried out
by Denison's Closed Mines group.

Average age of direct employees

Diversity and Equal Opportunity

Diversity of Governance Bodies

Report the percentage of the diversity categories for the highest governance body and the total workforce per employee type

Board of Directors

Total Board of Directors

As at December 31, 2023.

For the persons nominated for election by
shareholders to Denison's Board of Directors
at Denison's 2024 Annual General Meeting,
please see the Management Information
Circular dated March 28, 2024.

Percent Male

62.5000%

Percent Female

37.5000%

Percent Non-Binary

0.0000%

Percent Gender not disclosed

0.0000%

Percent under 30 years of age

0.0000%

Percent between 30 and 50 years of age

25.0000%

Percent over 50 years of age

75.0000%

Percent minority or vulnerable group individuals in the "Board of Directors" category

12.5000%

Diversity of Direct Employees

Senior Management

Total Senior Managers

As at December 31, 2023.

For the current composition of Denison's
management team, please see our website
("Management", under the "About Us" section).

Percent Male

60.0000%

Percent Female

40.0000%

Percent Non-Binary

0.0000%

Percent of gender not disclosed

0.0000%

Percent under 30 years of age

0.0000%

Percent between 30 and 50 years of age

80.0000%

Percent over 50 years of age

20.0000%

Percent of minority or vulnerable group individuals in the "Senior Management Employee" category

0.0000%

Salaried (excluding Senior Management)

Total Salaried (excluding Senior Management)

Percent Male

56.8627%

Percent Female

43.1373%

Percent Non-Binary

0.0000%

Percent Gender not disclosed

0.0000%

Percent under 30 years of age

13.7255%

Percent between 30 and 50 years of age

64.7059%

Percent over 50 years of age

21.5686%

Percent of minority or vulnerable group individuals in the "Salaried Employee" category

23.5294%

Technical Employees (skilled hourly)

Total Technical Employees

Percent Male

66.6667%

Percent Female

33.3333%

Percent Non-Binary

0.0000%

Percent Gender not disclosed

0.0000%

Percent under 30 years of age

50.0000%

Percent between 30 and 50 years of age

33.3333%

Percent over 50 years of age

16.6667%

Percent of minority or vulnerable group individuals in the "Technical employee" category

50.0000%

Production Employees (unskilled hourly)

Total Production Employees

Percent Male

50.0000%

Percent Female

50.0000%

Percent Non-Binary

0.0000%

Percent Gender not disclosed

0.0000%

Percent under 30 years of age

0.0000%

Percent between 30 and 50 years of age

0.0000%

Percent over 50 years of age

100.0000%

Percent of minority or vulnerable group individual in the "Production employee" category

50.0000%

Labour Relations

Collective Bargaining Agreements

Percentage of total direct employees covered by collective bargaining agreements

0.0000%

Occupational Health and Safety

Work-related Injuries

Injuries - For the total workforce

Number of fatalities as a result of work-related injury

Rate of fatalities resulting from work-related injury. Note: calculating per 200,000 hours worked

0.000

Number of high-consequence work-related injuries (excluding fatalities)

Rate of high-consequence work-related injuries (excluding fatalities)

0.000

Number of recordable work-related injuries

Rate of recordable work-related injuries

1.251

Main types of work-related injury, e.g., confined space, trips, falls, etc

The main types of work-related injuries consist
of chemical exposure, lacerations, and
sprains/strains.

Number of hours worked

159,906

The total number of hours worked includes
services conducted by Denison employees on
third-party owned sites in 2023.

Lost Time Injuries (LTIs)

Lost Time Injury Rate (LTIR)

0.000

Injuries - workers who are not employees, but whose work and/or workplace is controlled by the organization

Number of fatalities as a result of work-related injury

Rate of fatalities resulting from work-related injury. Note: calculating per 200,000 hours worked

0.000

Number of high-consequence work-related injuries (excluding fatalities)

Rate of high-consequence work-related injuries (excluding fatalities)

0.000

Number of recordable work-related injuries

Rate of recordable work-related injuries

0.000

Main types of work-related injury, e.g., confined space, trips, falls, etc

The main types of work-related injuries consist
of chemical exposure, lacerations, and
sprains/strains.

Number of hours worked

52,836

Lost Time Injuries (LTIs)

Lost Time Injury Rate (LTIR)

0.000

Combined (Employees and non-employees, but controlled by the organization):

Total Hours Worked

212,742

Total number of all work-related injuries

Rate of work-related injuries

0.940

Total Lost Time Injuries (LTIs)

Lost Time Injury Rate (LTIR)

0.000

Report the work-related hazards that pose a risk of high-consequence injury, including

Work-related hazards associated with
Denison's activities are typical for the uranium
mineral exploration industry, including, without
limitation, risks associated with the use of
drilling and other industrial equipment,
working with radiological materials, and
working in remote areas. Risk management is
applied equally to all employees and
contractors and there are no discrepancies in
the application of safety standards with respect
to any particular groups or individuals,
worksites, or types of identical or substantially
similar activities.

How have these hazards been determined

Denison has identified the following activities
as potentially high-consequence in its
operations:

1. Working alone
2. Loading equipment onto trucks and trailers
3. Working with, or in the vicinity of, heavy
equipment
4. Radiation exposure
5. Highway driving
6. Working with chemicals
7. Working with explosive devices, as
applicable

Which of these hazards have caused or contributed to high-consequence injuries during the reporting period

None of the aforementioned hazards
contributed to an injury in this reporting period.

Actions taken or underway to eliminate these hazards and minimize risks using the hierarchy of controls

Denison has successfully implemented safety
training and procedures to minimize the risks of
the identified hazards.

Denison has an implemented a Radiation
Protection Plan that has been approved by the
Canadian Nuclear Safety Commission.

Report on actions taken or underway to eliminate other work-related hazards and minimize risks using the hierarchy of controls

Operational policies are constantly reviewed
by Denison's Health & Safety Manager and the
Company's health and safety committees, with
a goal of eliminating work-related hazards,
formalizing PPE requirements, and conducting
competency assurance, hazard assessments,
and Hazard and Operability Studies.

Whether and, if so, why any workers have been excluded from this disclosure, including the types of worker excluded, e.g., short-term contractors

Denison did not track incidents by short-term
contractors, as these individuals in most cases
were not directly supervised by Denison or able
to participate in Denison's health and safety
training and reporting practices.

Disclose any contextual information necessary to understand how the data have been compiled, i.e., any standards, methodologies, and assumptions used

Denison's health and safety incident tracking
and reporting is aligned with applicable OSHA
standards.

Safety Training

Describe any occupational health and safety training provided to workers, including generic training, as well as training on specific work-related hazards, hazardous activities, or hazardous situations

Denison provides training through a
combination of on-site and pre-arrival in-
person training and online courses approved by
the Canadian Centre for Occupational Health
and Safety (CCOHS). The CCOHS courses
cover a wide range of topics and includes topics
applicable to the Company as a whole (i.e.
mental health, workplace safety), office
personnel (i.e. office ergonomics), and field
personnel (i.e. WHMIS, Wilderness Awareness,
Defensive Driving).

Disclose the average number of training hours provided to its workforce for health, safety, and emergency management training

Average hours of health, safety, and emergency response training for (a) full-time/direct employees

11.98

Training hours are not specifically tracked and
are based on an average time to complete. Most
training is web-based training and is at the
student's pace to ensure understanding of the
material. Training hours disclosed here to do
not include training hours administered to
contractors or site visitors.

Denison's tracking of training hours does not
distinguish between full-time, part-time, or
temporary employees, as training requirements
are dictated by the nature of the work and site
conditions as opposed to employment
status. Accordingly, the total number of hours
of health, safety, and emergency response
training presented here is an estimate derived
from the ratio of Denison full-time personnel to
total personnel employed by Denison over the
course of the year, as applied to the total
training hours completed by all Denison
personnel during 2023.

Security, Human Rights and Rights of Indigenous People

Describe the nature of any social risks, for all operating countries, that could have a material impact on the operations

Denison’s relationships with communities of
interest are critical to ensure the future success
of its existing operations and the construction
and development of its projects. Managing
relations with the local First Nations and Métis
communities is a matter of paramount
importance to Denison.

Engagement with, and consideration of other
rights of, potentially affected Indigenous
peoples may require accommodations,
including undertakings regarding funding,
contracting, environmental practices,
employment and other matters and could affect
the timetable and costs of exploration,
evaluation and development of Denison’s
projects.

Percentage of proved reserves that are located in or near areas of active conflict

0.0000%

The total amount of proved reserves

3,200,000.000

Denison's share of pounds of U3O8 (~6,000
tonnes U3O8 at an average grade of 24.5%) on
Denison-operated projects.

Please refer to the "NI 43-101 Technical
Report on the Wheeler River Project,
Athabasca Basin, Saskatchewan, Canada” dated
August 2023 and Denison's Annual Information
Form dated March 28, 2024 for more
information.

Denison Mines Corp. - Wheeler River Project
Technical Report

Denison Mines Corp. - 2023 Annual
Information Form

Percentage of probable reserves that are located in or near areas of active conflict

0.0000%

The total amount of probable reserves

97,800,000.000

Denison's share of pounds of U3O8 at Wheeler
River (~202,000 tonnes U3O8 at an average
grade of 11.4% at the Phoenix deposit and ~1,
194,000 tonnes U3O8 at an average grade of
1.8% at the Gryphon deposit).

Please refer to the "NI 43-101 Technical
Report on the Wheeler River Project,
Athabasca Basin, Saskatchewan, Canada” dated
August 2023 and Denison's Annual Information
Form dated March 28, 2024 for more
information.

Denison Mines Corp. - Wheeler River Project
Technical Report

Denison Mines Corp. - 2023 Annual
Information Form

Percentage of proved reserves that are located in or near areas that are considered to be indigenous peoples’ land

100.0000%

Denison respectfully acknowledges that our
business operates in Canada on lands that are
in the traditional territory of Indigenous
peoples. Denison’s exploration and evaluation
operations in Saskatchewan, including its office
in Saskatoon and various project interests in
northern Saskatchewan, are located in regions
covered by Treaty 6, Treaty 8 and Treaty 10,
which encompass the traditional lands of the
Cree, Dakota, Déne, Lakota, Nakota, Saulteaux,
within the homeland of the Métis and within
Nuhenéné. Denison’s Closed Mines operations
in the Elliot Lake region of northern Ontario are
located within the boundaries of the Robinson
Huron Treaty of 1850, signatories to which
include the Serpent River First Nation.

The total amount of proved reserves

3,200,000.000

Grade of proved reserves locate in or near areas that are considered to be indigenous peoples’ land

Nuclear Fuel

Uranium (U₃O₈) (% per tonne)

24.500

Percentage of probable reserves that are located in or near areas that are considered to be indigenous peoples’ land

100.0000%

The total amount of probable reserves

97,800,000.000

Grade of probable reserves located in or near areas that are considered to be indigenous peoples’ land

Please see the attached link for a summary of
Denison's Mineral Reserves and Resources and
their corresponding grades.

Denison Mines Corp. - Reserves and Resources

Which indigenous rights of communities in which the entity operates or intends to operate are respected, provide a description of the entity's due diligence practices and procedures in the details.

Denison follows best practices for early
engagement with Indigenous communities
regarding regulatory and permit applications,
ensuring that Denison is informed of any
questions or concerns related to the rights and
interests of Indigenous communities prior to
project commencement. Denison has been
identified as "best in class" in relation to
engagement with communities by the Province
of Saskatchewan.

Denison's process includes ensuring Indigenous
communities have the capacity to meaningfully
participate. Denison's intentions are expressed
in its Indigenous Peoples Policy, which reflects
Denison's recognitions of the important role of
Canadian business in the process of
reconciliation with Indigenous peoples in
Canada and outlines the Company's
commitment to taking action toward advancing
reconciliation.

Denison’s approach has also been formalized
through various agreements for both the
exploration and development project stages. In
addition to agreements signed in previous
years, in 2023 Denison signed the Shared
Prosperity Agreement with the English River
First Nation ("ERFN"), considered to be a
landmark agreement by ERFN. The Shared
Prosperity Agreement provides a framework
for matters considered important to ERFN,
including meaningful benefits sharing,
environmental protection and employment and
training opportunities. Through this process,
Denison has also obtained ERFN’s consent to
the advancement of Wheeler River. Denison
continues to actively negotiate Impact Benefit
type agreements and similar arrangements
with additional groups that have a meaningful
connection to the Wheeler River project.

Even where there is no formalized agreement
with an Indigenous community, Denison offers
a proactive process with capacity support to
encourage participation.

Denison Mines Corp. - Indigenous Peoples
Policy

Discuss the practices and procedures while operating in areas of conflict, describing the approach according to the Five-Step Framework outlined in the OECD Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk Areas

Denison does not operate in areas of conflict.

Community Relations

Artisanal and Small-Scale Mining

Number of company operating sites where artisanal and small-scale mining (ASM) takes place on, or adjacent to, the site (not controlled by company/unauthorized)

Percentage of company operating sites where artisanal and small-scale mining (ASM) takes place on, or adjacent to, the site

Does Not Apply

Report the associated risks and the actions taken to manage and mitigate these risks

Denison does not have operations in or
adjacent to artisanal and small-scale mining
operations.

Discuss the processes, procedures, and practices to manage risks and opportunities associated with the rights and interests of communities in areas where it conducts business

Denison’s focus on community relations
programs is to ensure open communication and
information sharing as well as the support of
community-led initiatives.

A foundational element of Denison’s
Indigenous relations strategy is the execution
of agreements with local communities in the
areas of Saskatchewan in which it operates.

At a high level, such agreements establish a
framework for a cooperative and mutually
beneficial relationship between the parties,
which respects and is informed by the rights
and interests of the Indigenous nations and
communities who are parties to the
agreements, with an emphasis on sharing
benefits, while supporting Denison’s activities
in the applicable areas.

With respect to its Closed Mines operations,
Denison prepares annual newsletters for the
community, to ensure transparency.

Denison Mines Corp. - Closed Mines Reports &
Presentations

Programs

Report on community relations programs, objectives and achievements in the past 3 years

Denison’s focus on community relations
programs is to ensure open communication and
information sharing as well as the support of
community-led initiatives that focus on
community wellness.

The program is commensurate with the size
and scale of Denison, with the intention to scale
up over time as Denison grows.

See the attached "Denison Corporate Social
Responsibility" for details of our programs and
2023 activities.

Denison staff wearing orange shirts in recognition of the historic and ongoing legacy of the residential school system in Canada. September 30, 2023 - Canada’s National Day for Truth and Reconciliation.

Denison Corporate Social Responsibility

Promoting communication and connectivity by supporting upgrades to English River First Nation’s local radio station in Patuanak, Saskatchewan..

English River First Nation and Denison Mines celebrating the signing of the Shared Prosperity Agreement Signing. September 26, 2023.

Risks and Opportunities

Disclose the total number of site shutdowns or project delays due to non-technical factors

Disclose the total aggregate duration (in days) of site shutdowns or project delays due to non-technical factors

Governance

Governance structure and composition

Describe the governance structure, including committees of the highest governance body (e.g. the Board of Directors, the Executives, the Board Environment Committee, Board Safety Committee, the Advisory Committee, etc.)

The Board of Directors of Denison is
responsible for the stewardship of
the Company, oversight of the management of
the business and affairs of the Company and
performing such duties as may be required by
applicable legislation and regulations.

In 2023, the Board consisted of 8 members and
had 5 committees:
• Audit
• Compensation
• Corporate Governance & Nominating
• Environment, Health, Safety &
Sustainability
• Technical

For more information on Governance, please
refer to Denison's website and to the attached
2023 organizational chart.

Denison Mines Corp. - Corporate Governance

Board & Management Organizational Chart 2023

Identify and list the committees of the highest governance body that are responsible for decision making and overseeing the management of the organization’s impacts on the economy, environment and people including the oversight of sustainability-related risks and opportunities (e.g. Board level Environment Committee, Safety Committee, ESG Committee, Advisory Committee, etc.)

The Board has delegated primary oversight to
its Committees, who then report to the
Board. For example, the Audit Committee
reviews certain financial and economic matters;
the Environment, Health, Safety &
Sustainability Committee oversees
management of environmental, sustainability
and other social topics; and the Corporate
Governance & Nominating Committee
oversees most governance matters.

Delegation of responsibility for managing impacts

Describe whether the highest governance body has appointed any senior executives with responsibility for the management of organization’s impacts on the economy, environment and people (e.g., is it part of the Governance structure of the company, CEO's role, CFO's role, Sustanability Executive, etc.)

Denison's President & CEO has been appointed
with the overall responsibility for the
management of the organization's impacts on
the economy, environment, and
people. Certain duties have been delegated to
the Chief Financial Officer and Vice-Presidents,
with the President & CEO retaining overall
responsibility for all delegated matters.

Denison's President & CEO, David Cates is
ultimately responsible for economic,
environmental and social topics related to
Denison, as supported by the rest of the
management team.

Describe whether the highest governance body has delegated responsibility for the management of impacts to other employees

Denison's President & CEO regularly reports
on material matters to the Board, in quarterly
updates and otherwise as deemed appropriate.

The management team reports to the President
& CEO and, where appropriate, directly to the
Committees of the Board responsible for
oversight of ESG-related matters (such as the
CFO reporting to the Audit Committee and the
Vice President Legal reporting to the
Corporate Governance & Nominating
Committee).

Climate-related disclosures

Management's role

Provide the highest management-level position(s) or committee(s) with responsibility for climate-related policies, strategies and issues

Risk committee

Denison's Risk Committee was established to
oversee risk reporting to the Board and its
Committees. The Risk Committee is comprised
of Denison's Vice President Finance & Chief
Financial Officer, its Vice President Legal, and
its Director Internal Audit and Risk.

Nature of primary responsibility

Other, please specify

Denison's Risk Committee both assess and
manages risks and opportunities for the
Company as a whole, including climate-related
risks and opportunities.

Policy commitments

Provide a description of the organization’s policy commitments for responsible business conduct

Denison is committed to strong corporate
governance and good corporate citizenship.

Denison strives for meaningful consultation
with rights holders, communities of interest
and others who may be impacted by its
exploration and development
activities. Denison adopted its Indigenous
Peoples Policy, which reflects the Company's
recognition of the important role of Canadian
business in the process of reconciliation with
Indigenous peoples in Canada and outlines the
Company’s commitment to take action towards
advancing reconciliation.

Denison also adheres to its comprehensive
Code of Ethics, Anti-Bribery Policy, Workplace,
Violence and Harassment Policy and
Environment, Health, Safety & Sustainability
Policy.

Further, Denison has adopted a Supplier Code
of Conduct, setting forth its expectations with
respect to responsible business conduct in its
supply chain.

Please see links below.

Denison Mines Corp. - Indigenous Peoples
Policy

Denison Mines Corp. - Code of Ethics

Denison Mines Corp. - Anti-Bribery Policy

Denison Mines Corp. - Workplace Violence and
Harassment Policy

Denison Mines Corp. - Environment, Health,
Safety & Sustainability Policy

Denison Mines Corp. - Supplier Code of
Conduct

What are (if any) the authoritative intergovernmental instruments that the commitments reference

In expressing its intentions in its Indigenous
Peoples Policy, Denison has carefully
considered the standards and principles
articulated by The United Nations Declaration
on the Rights of Indigenous Peoples ('UNDRIP')
and Call to Action 92 from Canada’s Truth and
Reconciliation Commission ('Call to Action 92').

Do the commitments stipulate applying the Precautionary Principle or Approach (see instructions).

Yes

Denison's principal policies are approved by the
Company's Board of Directors. As part of the
Board's oversight responsibilities and exercise
of the Precautionary Approach, and in
connection with Denison's Enterprise Risk
Management program, Denison established a
Risk Committee tasked with identifying and
mitigating the risks to, and the potential
impacts of, the Company's activities. The Risk
Committee reports to the Board of Directors
and the Committees of the Board at least twice
per year.

Do the commitments stipulate respecting human rights

Yes

Describe the specific policy commitment to respect human rights

As articulated in its Code of Ethics and Supplier
Code of Conduct, Denison operates in
jurisdictions known for their commitments to,
and enshrined protections for, fundamental
human rights. Denison requires adherence to
all applicable federal, provincial and state
employment and human rights laws.

In addition, Denison is determined to operate in
a socially responsible way that respects human
rights and manages human rights impacts in its
operations. Further, Denison respectfully
acknowledges that its business operates in
Canada on lands that are in the traditional
territory of Indigenous peoples.

What are (if any) the internationally recognized human rights that the commitment covers

Denison's commitments are broad, and include
the rights of Indigenous peoples and
prohibitions against discrimination on the basis
of race, colour, ethnicity, national origin,
religion, gender, sexual orientation, disability or
age.

What are the categories of stakeholders, including at-risk or vulnerable groups, that the organization gives particular attention to in the commitment

Denison adopted an Indigenous Peoples Policy
(the “IPP”) in 2021, to reflect Denison’s
recognition of the important role of Canadian
business in the process of reconciliation with
Indigenous peoples in Canada and outlines the
Company's commitment to take action towards
advancing reconciliation.

In accordance with the IPP, Denison intends to
promote reconciliation through a continuously
evolving Reconciliation Action Plan based upon
the following principles: Engagement,
Empowerment, Environment, Employment and
Education. The Reconciliation Action Plan, in
part, reflects Denison’s aim to be a leader in
engagement with Indigenous people and
communities.

Provide links to the policy commitments, if publicly available, or, if the policy commitments are not publicly available, explain the reason for this

Denison's corporate policies are available at
the attached link, under the "Corporate
Policies" section.

Denison Mines Corp. - Corporate Governance

Report the level at which each policy commitment was approved within the organization, including whether this is the most senior level

The Code of Ethics and Indigenous Peoples
Policy commitments were approved by
Denison's Board of Directors. The Supplier
Code of Conduct was approved by the
Company's Chief Financial Officer, who
oversees the Company's procurement
practices and procedures.

The policies have all been made available to its
employees, business partners, and others
directly and/or through Denison's website.

Denison Mines Corp. - Corporate Governance

To what extent the policy commitments apply to the organization’s activities and to its business relationships

The policy commitments apply to all of the
Company's activities and supply chain
relationships.

Describe how the policy commitments are communicated to employees, business partners, and other relevant parties

All members of the Company's Board of
Directors and all employees of the Company
are required to review and affirm their
understanding of the Company's policies on an
annual basis.

The policies are also made available to business
partners and other relevant parties in the
course of contracting.

Embedding policy commitments

Describe how the organization embeds each of its policy commitments for responsible business conduct throughout its activities and business relationships

Denison's policy commitments apply to all of its
operations, including its project exploration
and evaluation activities, regulatory activities
including environmental assessments and
project permitting, and human resource
management.

How are responsibilities allocated in order to implement the commitments across different levels within the organization

Subject to the oversight of the Board, Denison's
CEO is responsible for the management of the
Company’s business, providing leadership and
vision, developing and recommending
significant corporate strategies and objectives
for approval by the Board, overseeing the
development and implementation of, and
compliance with, key corporate policies and
practices regarding corporate governance,
ESG, climate and sustainability, risk
identification and management and financial
reporting, as well as compliance with applicable
legal and regulatory requirements and
developing and recommending to the Board
annual operating and strategic objectives and
budgets.

To assist the Board of Directors with its
oversight responsibilities, the Board has five
standing committees (the Audit Committee, the
Compensation Committee, the Corporate
Governance and Nominating Committee, the
Environment, Health, Safety & Sustainability
Committee, and the Technical Committee).

How are the commitments integrated into organizational strategies, operational policies, and operational procedures

The commitments are integrated into, and
sometimes the focus of, elements of its
strategic outlook and planning processes,
procurement processes, and enterprise risk
management program and is overseen by all
levels of management.

What implementation training does the organization provide

Periodic Company-wide training is offered on
certain corporate policies, including Denison's
Code of Ethics and Supplier Code of Conduct,
and on certain corporate procedures, including
the enterprise risk management program.

Governance structure and composition

Describe the composition of the highest governance body and its committees by:

Number of executive members (non-independent)

Number of non-executive members (non-independent)

Number of independent members

Less than 3 years of tenure of members on the governance body

3-6 years of tenure of members on the governance body

6-9 years of tenure of members on the governance body

More than 10 years of tenure of members on the governance body

Number of other significant positions and commitments held by each member, and the nature of the commitments

As of December 31, 2023, the Board was
comprised of 8 members: Mses. Sterritt, Traub
and Volker and Messrs. Cates, Edgar,
Hochstein, An, and Neuburger.

Effective March 12, 2024, Mr. An resigned from
the Board and Mr. Hong was appointed
effective March 27, 2024 to fill his
vacancy. See attached excerpt of certain
profile details as at March 28, 2024 for
Denison's current directors: Mses. Sterritt,
Traub and Volker and Messrs. Cates, Edgar,
Hochstein, Hong and Neuburger.

Director Profiles

Number of Male governance body members

Number of Female governance body members

Number of Non-Binary governance body members

Number of Gender not disclosed governance body members

Number of members from under-represented social groups

Ms. Sterritt is Indigenous, a member of the
Kispiox Band of the Gitxsan Nation in British
Columbia.

Description of competencies relating to economic, environmental, and social topics

The Corporate Governance & Nominating
Committee of the Board ("CGN Committee")
maintains a competency matrix, reviewed
annually, to assess composition of the Board
and its committees and ensure it has an
appropriate mix of skills and experience to
govern effectively and be a strategic resource
for the Company.

Please refer to the attached Skills Matrix for
further details of the 2023 skills assessment.

Director Skills Assessment

Description of stakeholder representation

Denison is a party to a strategic relationship
agreement with KHNP Canada Energy Ltd.,
which sets forth the terms of a long-term
collaborative business relationship first
established in 2009. So long as KHNP Canada
or an affiliate holds more than 5% of Denison's
outstanding common shares, the Board must
nominate one person designated by KHNP
Canada or its affiliate for election as a director
at any shareholder meeting where directors are
to be elected.

In 2023, Mr. Byeong Min An was designated by
KHNP Canada as its nominee. Effective March
12, 2024, Mr. An resigned from the Board and
Mr. Jongho Hong was appointed to fill his
vacancy as KHNP Canada's nominee.

Highest Governance Body

Describe the nomination and selection processes for the highest governance body and its committees

The Board has adopted Guidelines for the
Composition of the Board of Directors, setting
forth its minimum expectations with respect to
the assessment of potential candidates to the
Board. Such expectations include
consideration of appropriate skills,
experiences, and diversity to ensure the Board
is comprised of members best suited for the
long-term best interests of Denison and its
shareholders.

The CGN Committee's mandate is to find and
assess appropriate candidates for the Board, in
keeping with the expectations expressed in the
Board's Guidelines. Each nominee is asked to
complete a detailed candidacy questionnaire
and participate in interviews with the Chair of
the CGN Committee as well as other members
of the Board, as appropriate. The CGN
Committee will assess the candidates'
qualifications and make its recommendations
to the Board for its approval of any director
nominations and/or appointments.

Do you have a diversity policy and if so, provide details, link to the policy or attach the file

Denison values diversity across its operations,
and diversity is always a consideration for
director nominees and employee candidates
throughout the organization. The Company
also has commitments, including those
expressed in the Indigenous Peoples Policy, to
providing equitable access to jobs and training
and creating a work environment that
promotes inclusivity and diversity, such that all
are welcome and employees have an
opportunity to contribute to reconciliation.

Denison's Diversity Policy is attached for
reference.

Diversity Policy

Report the criteria used for nominating and selecting highest governance body members

Discuss whether and how views of the stakeholders (including shareholders) are involved

Candidates are assessed for their reputation
within their industry and experience with
applicable stakeholders.

Discuss whether and how diversity is considered

The Company has not set specific objectives for
persons with disabilities, Indigenous peoples
and members of visible minorities on the Board
or within the organization. However, the
Company ensures its recruitment methods
seek diversity amongst its candidates
whenever possible, to ensure Denison’s team is
comprised of the best candidates without
exclusion of candidates based on age, gender,
sexual orientation, national origin, race, creed,
ethnicity, or disability.

Discuss whether and how independence is considered

Each candidate is assessed for their
independence, which is valued highly in the
assessment process.

Discuss whether and how competencies relevant to the impacts of the organization are considered

The Board's Guidelines for the Composition of
the Board of Directors includes an assessment
of each candidate's experience in operations
and industry relevant to Denison as well as
their sustainability knowledge, including
environmental impacts and management,
climate change risks and opportunities, and
stakeholder engagement.

Chair of the highest governance body

Is the chair of the highest governance body also a senior executive in the organization (non-independent)

Conflicts of Interest

Describe the processes for the highest governance body to ensure that conflicts of interest are prevented and mitigated

The Board takes steps to ensure directors
exercise independent judgment in considering
transactions and agreements in respect of
which a director or executive officer may have
a material interest.

Such steps have included the adoption of the
Code of Ethics, which provides examples of
conflicts of interests and outlines the
procedure to be followed in situations that
present an actual or potential conflict of
interest (including reporting such conflict or
potential conflict to the Chair of Denison’s
Audit Committee).

Denison Mines Corp. - Code of Ethics

Denison's Approach to Management of Conflicts of Interest

Are conflicts of interest disclosed to stakeholders

Yes

If there were instances of conflicts of interest in
material transactions, such matters would be
disclosed as appropriate.

Are there conflicts of interest related to: cross-board membership

Are there conflicts of interest related to: cross-shareholding with suppliers and other stakeholders

Are there conflicts of interest related to: existence of controlling shareholder

Are there conflicts of interest related to: related parties, their relationships, transactions, and outstanding balances

The interests of KHNP Canada Energy Ltd. as
indirect shareholder may not always be
consistent with the interests of Denison and/or
other shareholders, and KHNP Canada Energy
Ltd.'s director nominee to Denison's Board of
Directors may give special attention to its
interests as indirect shareholder. No actual
conflicts of interest were identified in 2023.

Collective knowledge of highest governance body

Report measures taken to advance the collective knowledge, skills and experience of the highest governance body on sustainable development. (e.g. board training)

The Board engages in regular director
education.

In 2023, all of the directors were in attendance
for a director education presentation by
representatives of Blake, Cassels & Graydon
LLP on the topic of shareholder rights plans.

The Board also encourages directors and senior
management to participate in appropriate
professional and personal development
activities, courses and programs, and supports
management’s commitment to the training and
development of all permanent employees.

Evaluation of Highest Governance Body

Describe actions taken in response to the evaluations, including changes to the composition of the highest governance body and organizational practices

The CGN Committee is responsible for
overseeing the evaluation of the Board,
committees of the Board and the contribution
of individual directors, including their
performance with respect to governance of
economic, environmental, and social topics.

In response to external evaluations, the CGN
Committee and the Board have championed
changes to Denison's governance practices,
such as increased Board diversity and
enhanced transparency in its corporate filings.

Transparency

Describe the role of the highest governance body and of senior executives in developing, approving and updating the organization’s purpose, value or mission statements, strategies, policies and goals related to sustainable development

The Board is ultimately responsible for the
strategic plan for Denison, taking into account
its purpose, opportunities and risks.

The President & CEO has been empowered to,
among other things: (i) provide leadership and
vision for Denison for it to grow in a sustainable
manner; (ii) develop a strategic plan for the
Board’s approval, and ensuring implementation
of that plan; and (iii) oversee the development
and implementation of, and compliance with,
key corporate policies and practices, regarding
corporate governance, ESG, climate and
sustainability, risk identification and
management and financial reporting, as well as
compliance with applicable legal and regulatory
requirements.

Describe the role of the highest governance body in overseeing the organization’s due diligence and other processes to identify and manage the organization’s impacts on the economy, environment and people

The Board oversees Denison’s approach to risk
management which is designed to support the
achievement of organizational objectives, to
improve long‐term performance and enhance
value.

Denison’s Board is responsible for overseeing
the Company’s risk identification, management
and mitigation strategies and the risk
assessment process.

The Board has delegated greater oversight
responsibilities to appropriate Board
committees, as reflected in updated Board and
committee mandates. Each of the committees
oversees material risks within their functional
area and reports to the Board on these matters
and associated mitigation strategies on a
periodic, and at least annual, basis.

Describe whether and how the highest governance body engages with stakeholders to support these processes

Yes; Denison endeavours to maintain open
lines of communication with stakeholders, to
enable it to understand stakeholder concerns
and incorporate that into its strategy and
operations. See "Material Topics" section for
more details.

Ethics

Ethics and Integrity

Describe how individuals can seek advice on implementing the organization’s policies and practices for responsible business conduct

The Company's Vice President Legal is directly
accessible by any employees, contractors or
others who may have questions or concerns
about the Company's policies and practices.

Describe the mechanisms for individuals to raise concerns about the organization’s business conduct

Individuals are encouraged directly, and
through the mechanisms expressed in the
Company's Code of Ethics and its
Whistleblower Policy, to raise any and all
concerns about business conduct.

Denison Mines Corp. - Whistleblower Policy

Denison Mines Corp. - Code of Ethics

Compliance with laws and regulations

Report the total number of significant instances of non-compliance with laws and regulations that occurred during the reporting period and a breakdown of this total by

Number of instances for which fines were incurred

Number of instances for which non-monetary sanctions were incurred

Report the total number of fines for instances of non-compliance with laws and regulations that were paid during the reporting period

Report the monetary value of fines for instances of noncompliance with laws and regulations that were paid during the reporting period ($)

Total number of fines paid for instances of non-compliance with laws and regulations that occurred in the current reporting period

Total monetary value of fines for instances of non-compliance with laws and regulations that occurred in the current reporting period ($)

Total number of fines paid for instances of non-compliance with laws and regulations that occurred in previous reporting periods

Total monetary value of fines for instances of non-compliance with laws and regulations that occurred in previous reporting periods ($Million)

Describe the significant instances of non-compliance

There have been no significant instances of
non-compliance.

Across Denison's varied operations, the
Company focuses on and maintains compliance
with environmental laws and regulations.

Describe the management system and due diligence procedures for assessing and managing corruption and bribery risks internally and associated with business partners in its value chain

Denison's operations are located in
Canada. Companies in Canada are subject to a
variety of local and international anti-bribery
and anti-corruption laws, including but not
limited to the Canadian Corruption of Foreign
Public Officials Act and the Foreign Corrupt
Practices Act of 1977, as amended, in the
United States.

Denison is committed to interacting with
government officials, business partners, third
parties and interested parties with integrity
and in compliance with all applicable anti-
bribery and anti-corruption laws.

All Company directors, officers and employees
are required to annually affirm their
understanding of, and compliance with,
Denison’s Anti-Bribery Policy.

For more information, please refer to Denison’s
Anti-Bribery Policy.

Denison Mines Corp. - Anti-Bribery Policy

Anti-Corruption

Confirmed Incidents and Response

Total number and nature of confirmed incidents of corruption

Total number of Bribery cases

Total number of Lobbying cases

Total number of Extortion cases

Total number of Cronyism cases

Total number of Nepotism cases

Total number of Parochialism cases

Total number of Patronage cases

Total number of Influence peddling cases

Total number of Graft cases

Total number of Embezzlement cases

Total number of confirmed incidents in which employees were dismissed or disciplined for corruption

Total number of contracts terminated or not renewed with business partners due to corruption related violations

Communication and Training

Total number of governance body members that the organization's anti-corruption policies and procedures have been communicated to

Total percentage of governance body members that have been communicated to on anti-corruption

100.0000%

Anti-corruption policies and procedures communication to direct employees by type:

Total number of the direct employees that have been communicated to on anti-corruption

Communication of Denison's anti-bribery
policies and procedures is a standard part of
the Company's onboarding process for all new
hires. Additionally, all employees, officers, and
directors sign annual affirmations confirming
that they have reviewed the Company's
policies, including the anti-bribery policy.

Total percentage of the direct employees that have been communicated to on anti-corruption

100.0000%

Total number of governance body members that have received training on anti-corruption

Total percentage of governance body members that have received training on anti-corruption, broken down by region

62.5000%

Total number and percentage of direct employees that has received training on anti-corruption, broken down by employee category and region

Total number of direct employees that received training on anti-corruption

One individual was noted as having not
completed the mandatory anti-corruption
training module during the data collection
process for this ESG report. The individual was
notified of the deficiency and the training was
successfully completed in March of 2024.

Total percentage of direct employees that received training on anti-corruption

98.4375%

Denison's Code of Ethics and Anti-Bribery
Policy are reviewed and affirmed by employees
each year.

In addition, Denison conducts periodic anti-
corruption and anti-bribery training, to
enhance familiarity with the principles set forth
in the Company's Anti-Bribery Policy and
relevant matters within its Code of
Ethics. Denison last completed such training in
2022.

Denison's operates solely within Canada. The
Corruption Perceptions Index (CPI), by
Transparency International, ranks countries
around the world, based on how corrupt their
public sectors are perceived to be and ranks
Canada as having a relatively "clean" public
sector. However, Denison does not see that as
diminishing the importance of conducting its
business in accordance with all applicable laws,
rules and regulations and the highest ethical
standards, with commitments embodied in
Denison’s Code of Ethics and Anti-Bribery
Policy.

Remuneration

Report which of the following remuneration policies apply to the highest governance body and senior executives:

Fixed pay

Yes

Variable pay

Yes

Performance-based pay

Yes

Equity-based pay

Yes

Bonuses

Yes

Deferred and vested shares

Yes

Sign-on bonuses

Yes

Recruitment incentive payments

Termination payments

Yes

Clawbacks

Yes

Retirement benefits, including the difference between benefit schemes and contribution rates for the highest governance body, senior executives and all other employees

Yes

Denison has a retirement savings benefit for all
salaried employees, which is a percentage of
gross pay, determined based on age and tenure
of the employee irrespective of seniority or
position.

Describe how the remuneration policies for members of the highest governance body and senior executives relate to their objectives and performance in relation to the management of the organization’s impacts on the economy, environment and people

The Compensation Committee is responsible
for the Company’s executive compensation
policy and determines the general
compensation structure, policies and programs
of the Company for recommendation to the
Board.

When determining an executive’s
compensation package, the Compensation
Committee seeks to balance: (a) annual
performance incentives, which are awarded
based on success against pre-established short-
term corporate and individual goals (including
health & safety performance), with (b) long-
term incentive payments focused on longer
term performance of the Company.

For further details of Denison's director and
executive compensation for 2023, see
Denison's management information circular
dated March 28, 2024.

Denison Mines Corp. - Management
Information Circular - March 2024

Do you provide incentives for the management of climate-related issues, including the attainment of targets

Other, please specify

Denison's program for assessing and managing
climate-related risks and opportunities is
focused on matters likely to impact its
operations and industry, commensurate for the
stage of its operations. As Denison is primarily
engaged in exploration and development in the
Athabasca Basin of northern Saskatchewan,
with no steady-state production or other
material operations, the Company’s most
significant climate-related issues are largely
related to the operation of remote camp sites in
areas susceptible to forest fires (which can be
adversely impacted by climate change
phenomenon). The Company’s incentives
around health and safety performance capture
this type of climate-related risk and set targets
for safe operation of sites (including forest fire
preparedness).

Describe the process for designing its remuneration policies and for determining remuneration

The Compensation Committee is responsible
for the Company’s executive compensation
policy and determines the general
compensation structure, policies and programs
of the Company for recommendation to the
Board.

For further details of Denison's director and
executive compensation for 2023, see
Denison's management information circular
dated March 28, 2024.

Denison Mines Corp. - Management
Information Circular - March 2024

Are independent members of the highest governance body or an independent remuneration committee overseeing the remuneration process

Yes

How the views of stakeholders (including shareholders) regarding remuneration are sought and taken into consideration

The Board has adopted an annual practice of
soliciting a non-binding shareholder advisory
vote on Denison’s approach to executive
compensation at its annual general meeting of
shareholders. This is a formal opportunity for
shareholders to provide their views on
Denison's approach to executive
compensation.

The Compensation Committee, and the Board,
will take the results of the vote into account, as
appropriate, when considering future
compensation policies, procedures and
decisions.

Other stakeholder views are handled on a case-
by-case basis as questions are raised.

Describe whether remuneration consultants are involved in determining remuneration and, if so, whether they are independent of the organization, its highest governance body and senior executives

Not Applicable

Report the results of votes of stakeholders (including shareholders) on remuneration policies and proposals, if applicable

In 2023, the advisory vote on Denison's
approach to executive compensation was
approved by 97.72% of the votes received at
the meeting.

Stakeholder Engagement

Provide a list of stakeholder groups engaged by the organization

• Permanent or Full-time Employees
• Investors
• Local communities
• Local government bodies
• National government bodies
• Regulatory authorities

Tax

Describe the approach to stakeholder engagement and management of stakeholder concerns related to tax, including

The approach to engagement with tax authorities

Denison endeavours to comply with all tax laws
applicable to its operations and works
professionally and collaboratively with tax
authorities in Canada to respond to any
inquiries or audit requests.

Denison does not have a formal tax policy or
regular engagement with tax authorities.

The approach to public policy advocacy on tax

Denison does not directly engage in public
policy advocacy on taxes. As members of
mining industry groups, Denison may support
industry positions on tax policies.

The processes for collecting and considering the views and concerns of stakeholders, including external stakeholders

Denison's commitment to high standards of
ethical behaviour and business integrity, and
responsiveness to stakeholders, includes
transparency into its corporate taxation.

Denison makes annual public filings of (1) its
consolidated tax position through the financial
statement process, in accordance with
International Financial Reporting Standards
('IFRS'), and (2) payments to governments, as
required by the Canada’s Extractive Sector
Transparency Measures Act ('ESTMA').



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