Denison Announces Signing of Impact Benefit Agreement and Exploration Agreement with Metis Nation-Saskatchewan, MN-S NR-1, and MN-S NR-3

On December 4, 2025, Denison Mines Corp. announced the signing of an Impact Benefit Agreement (IBA) and a separate Exploration Agreement with the Métis Nation–Saskatchewan (MN–S) and its relevant regional and local bodies. The IBA confirms the consent and support from the MN-S for the development and operation of Denison's flagship Wheeler River Project. The agreement establishes a long-term framework for cooperation, environmental stewardship, and the sharing of benefits, including community investment, contracting, employment, and financial participation. The Exploration Agreement covers Denison's exploration activities in the region, providing similar consent and benefit-sharing commitments.

This news is highly material and positive, representing a critical de-risking milestone for Denison's flagship Wheeler River Project. The timing is particularly significant, as the announcement comes just as the Canadian Nuclear Safety Commission (CNSC) hearings for the Federal Environmental Assessment (EA) and construction license are scheduled to conclude in the week of December 8, 2025.

Reviewing the historical context of the past year reveals a systematic progression toward this point: - Early 2025: The company focused on setting the stage, confirming CNSC hearing dates (Feb 27), and advancing engineering for the Phoenix project to over 75% completion by the end of Q1. - Mid-2025: Momentum built with several key operational successes. Denison and its partner Orano commenced SABRE mining at the McClean Lake JV in June/July, marking Denison's return to producer status. Positive exploration results were released for the Gryphon deposit (July 16) and McClean South (July 21). Crucially, the company received Provincial EA approval for Wheeler River on August 5. This was followed by a strategic US$345 million convertible debt offering, successfully closed on August 15, which fully funds the anticipated construction of the Phoenix mine. - Late 2025: The final permitting push has been the central theme. A key risk emerged on November 4 when the Peter Ballantyne Cree Nation filed for a judicial review of the provincial EA approval, citing a breach in the duty to consult. This created uncertainty. However, Denison has since countered this narrative of opposition with two powerful announcements of Indigenous support. The first was the Nuhenéné Benefit Agreement with three First Nations and four municipalities on December 1. The second is this most recent IBA with the Métis Nation–Saskatchewan on December 4.

These two comprehensive agreements demonstrate broad-based Indigenous consent and partnership, which is a vital component for securing the final federal permits. They significantly strengthen Denison's position going into the final CNSC decision and serve to isolate the legal challenge from the Peter Ballantyne Cree Nation as an outlier rather than a representation of widespread opposition. By securing social license from key regional Indigenous governments, Denison has addressed one of the most significant non-technical risks to the project's development. This materially increases the probability of receiving the federal EA approval and construction license in early 2026.

Denison Mines Corp. is a Canadian uranium exploration and development company with a portfolio of projects concentrated in the Athabasca Basin region of northern Saskatchewan.

The company's flagship asset is the Wheeler River Project, the largest undeveloped uranium project in the eastern Athabasca Basin, in which Denison holds a 90% interest. The project hosts two high-grade uranium deposits: - Phoenix: Planned to be developed as a low-cost In-Situ Recovery (ISR) mine. If successful, it would be the first ISR operation in the Athabasca Basin. The project is in the final stages of the environmental assessment and licensing process. - Gryphon: A basement-hosted deposit being evaluated for conventional underground mining.

Denison also holds a 22.5% ownership interest in the McClean Lake Joint Venture, which includes the McClean Lake uranium mill (one of the world's largest) and the recently restarted McClean North uranium mine.