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DML.CA   $0.70 -0.05    DNN   $0.52 -0.03

Exploration &
Development

Current Activities

Wheeler River (60%)The 2017 work program for Wheeler River includes approximately 46,000 metres of infill and exploration drilling designed to confirm and expand uranium mineralization at or near the Gryphon deposit, ahead of the completion of a Pre-Feasibility Study ("PFS") for the project. Wheeler River (60%)Denison Mines Corp. reports increased grades with the receipt of uranium assay results from the summer 2016 exploration drilling program. As with previous assays, the assay results represent an overall increase in grade compared with previously reported radiometric equivalent U3O8 ("eU3O8") results derived from a calibrated down-hole gamma probe. Wheeler River (60%)On October 13, 2016 Denison Mines Corp. announced that it has executed a definitive agreement with ALX Uranium Corp. ("ALX") (AL:TSX-V) to acquire an immediate 80% ownership of the entire Hook-Carter property (the "Property") in exchange for the issuance of 7.5 million common shares of Denison (the "Agreement"). Under the terms of the Agreement, ALX will retain a 20% interest in the Property and Denison agrees to fund ALX's share of the first CAD$12M in expenditures. Wheeler River (60%)Project development related field activities commenced at Wheeler River in June 2016, running in parallel to the Company's highly successful summer exploration program. In addition to initial infill drilling completed at Gryphon during the summer, project development field work completed during 2016 has been focused on initiating the environmental and engineering data collection programs required for the PFS and Environmental Assessment process. Wheeler River (60%)Denison Mines Corp. reports the completion of a safe and highly successful summer 2016 drilling program on the Company's 60% owned Wheeler River project, located in the infrastructure rich eastern portion of the Athabasca Basin region in northern Saskatchewan. The summer program included 37 drill holes for a total of 23,622 metres, which were focused on expanding the mineralization in the vicinity of the Gryphon deposit and completing an initial set of infill and delineation holes. The program's objectives were exceeded, demonstrating the Gryphon deposit is part of a large and robust mineralizing system that remains open in numerous directions. Wheeler River (60%)On September 22, 2016 the Company reported the expansion of the high-grade A and B series lenses both down-dip and up-dip on the southwestern portion of the Gryphon deposit, located on the Company's 60% owned Wheeler River project in the infrastructure rich eastern portion of the Athabasca Basin region in northern Saskatchewan. A further four exploration drill holes have been completed at the Gryphon deposit, with each hole returning significant uranium intersections outside of the existing mineralized extent of the current mineral resources estimated for the Gryphon deposit. Wheeler River (60%)On September 7, 2016 Denison Mines announced that results from an additional 13 exploration drill holes, targeting the D series mineralized lenses, have successfully expanded the strike length of the lenses immediately north and northwest of the Gryphon uranium deposit, on the 60% owned Wheeler River property, which is located in the infrastructure rich eastern portion of the Athabasca Basin region in northern Saskatchewan. Wheeler River (60%)Initial results from the ongoing summer 2016 drilling program have included multiple new mineralized intercepts of the recently discovered D-series lenses, located immediately north of the main Gryphon deposit, and have extended the collective length of the lenses to over 200 metres along plunge. Wheeler River (60%)On July 19, 2016 Denison Mines Corp. announced the initiation of a Pre-Feasibility Study ("PFS") for its 60% owned Wheeler River property, located in the infrastructure rich eastern portion of the Athabasca Basin region in northern Saskatchewan, and the results from its first infill drill hole at the basement-hosted Gryphon deposit. Drill hole WR-668 intersected 0.93% eU3O8 over 14.1 metres (including 2.1% eU3O8 over 3.7 metres and 1.4% eU3O8 over 1.3 metres) and 2.4% eU3O8 over 7.3 meters (including 3.7% eU3O8 over 4.5 metres), which reinforces the high grade results previously reported for the Gryphon deposit. Hook-CarterOn November 7, 2016 Denison Mines Corp. announced that it has completed the acquisition of an immediate 80% ownership of the Hook-Carter property ("Hook Carter"), from ALX Uranium Corp. ("ALX") (AL:TSX-V), in exchange for the issuance of 7.5 million common shares of Denison (the "Consideration Shares"). Under the terms of the acquisition, ALX retains a 20% interest in Hook Carter, and Denison agrees to fund ALX's share of the first CAD$12M in expenditures on the property. Hatchet Lake (64.36%)At Hatchet Lake 2,040 metres of drilling was completed including five widely-spaced holes at the Hatchet South target area and a single hole at the Tuning Fork target area. No significant results were obtained. In addition, a land-based radon and soil sampling program was completed over the southeastern extension of the Richardson Lake Trend in an effort to identify zones of elevated radon and soil geochemical concentrations potentially related to an underlying bedrock source to assist with target generation for future drilling programs in the area. Waterbury (63.01%)Denison identified the new and highly prospective Hamilton Lake trend, located on the western side of the property (see Denison's Press Release dated November 3, 2016). A winter drill program of approximately 10 holes (4,600 metres) is planned to test priority resistivity targets along this extensive trend. The Hamilton Lake trend has an interpreted minimum strike length of 4.5 kilometres to the south of the two holes completed in 2016 and appears to continue for a further 9 kilometres to the north. No drilling has been conducted along this trend outside of the two holes completed in 2016. Moore Lake (100%)On August 16, 2016 Denison Mines Corp. announced that Skyharbour Resources Ltd. has issued 4,500,000 common shares to Denison, further to Denison's press release on July 14, 2016 announcing the execution of an agreement with Skyharbour granting Skyharbour an option to acquire a 100% interest in Denison's wholly owned Moore Lake uranium exploration property ("Transaction"). The common shares of Skyharbour received by Denison under the Transaction have an approximate value of $1,620,000 (or $0.36 per share) based on the closing price of Skyharbour's common shares on August 15, 2016 Moore Lake (100%)On July 14, 2016 Denison Mines Corp. announced that it has executed an agreement with Skyharbour Resources Ltd. that grants Skyharbour an option to acquire a 100% interest in Denison's wholly owned Moore Lake uranium exploration property ("Option Agreement") in exchange for cash and stock. Moore Lake (100%)2,667 metres (7 drill holes) were drilled in 2015. Bell Lake (100%)Of the four drill holes completed during the winter program, two intersected favourable sandstone structure and alteration, and one intersected significant structure in the basement. Elevated radioactivity was intersected at or immediately above the sub-Athabasca unconformity in all four drill holes. McClean Lake Mill (22.5%)The McClean Lake mill packaged approximately 8.6 million pounds U3O8 during the first half of 2016, for the Cigar Lake Joint Venture ("CLJV"), generating toll milling revenues for Denison of $2.4 million. The Cigar Lake mine's expected annual production for 2016 is 16 million pounds. McClean Lake Mill (22.5%)Denison Mines Corp. reports that its 22.5% owned McClean Lake mill has obtained authorization from the Canadian Nuclear Safety Commission ("CNSC") to increase its annual production capacity of uranium ("U3O8") from 13 million to 24 million pounds per year. Midwest Deposit (25.17%)The project has remained on care and maintenance and will continue to do so in 2016. Wolly & McClean Lake (22.5%)At McClean Lake, a project operated by AREVA Resources Canada a total of seven drill holes were completed for a total of 2,850 metres. The objective of the program was to test for basement-hosted mineralization occurring down-dip or down-plunge of the previously mined Sue deposits. Localized weak basement mineralization was reported with highlight results including hand-held scintillometer probe peaks of 4,558 cps at 364.8 m in drill hole S-835 and 24,052 cps at 186.2 m in drill hole S-836. Mann Lake (30%)A three hole program was completed. One hole intersected weak uranium mineralization. The other two holes intersected significant structure and alteration in the lower sandstone associated with an unconformity offset related to the GC fault. The winter 2016 drilling program was focused on testing the underexplored southern extent of the GC fault, which is interpreted to extend approximately 2.4 kilometres to the southern property boundary away from the mineralized zone. Two holes were completed at 1.2 kilometers and 2.1 kilometres, respectively, to the south of the existing zone of mineralization and aimed at the extension of the GC fault. Murphy Lake (78.94%)Exploration drilling during 2016 extended the strike length of mineralization and strong sandstone alteration, originally encountered during the winter of 2015, from 200 to 850 metres. As outlined in Denison's Press Release dated April 21, 2016, highlight mineralized drill intercepts include 0.25% U3O8 over 6.0 metres (drill hole MP-15-03), 0.13% U3O8 over 14.5 metres (drill hole MP-16-11) and 0.19% eU3O8 over 2.9 metres drill hole (MP-16-08). The mineralization occurs at, or immediately above, the sub-Athabasca unconformity (similar to other Athabasca unconformity-hosted deposits) and is open along strike both to the east and to the west. A drilling program consisting of a total of eight drill holes (3,200 metres) is planned for the winter of 2017 and is expected to test high-priority geophysical and geological targets along strike of the mineralized zone.

Murphy Lake Summary Map, Winter 2016 Crawford Lake & Moon Lake SouthDenison continues to receive encouraging results from the CR-3 conductive trend located on the Crawford Lake property (100% Denison) and the Moon Lake South property (Denison earn-in option, currently 100% owned by CanAlaska Uranium Ltd). The CR-3 trend is located approximately 2 kilometres west of the K-Trend -- a highly prospective trend which hosts the Gryphon deposit on Denison's adjacent Wheeler River property. Drilling during 2015 and 2016 at Crawford Lake identified strong alteration and significant structure along the CR-3 trend, both within the Athabasca sandstone and underlying graphitic basement rocks. An initial hole drilled at Moon Lake South in 2016 (MS-16-01) on the CR-3 trend intersected 0.1% U3O8 over 0.5 metres at the sub-Athabasca unconformity, and was encompassed by a significant sandstone alteration and geochemical halo (see Denison's Press Release dated April 21, 2016). The CR-3 trend has been interpreted over a distance of approximately nine kilometres with only six drill holes completed to date. The trend is completely untested to the northeast of drill hole MS-16-01 on the Moon Lake South property. Work planned for 2017 along the CR-3 conductive trend includes a resistivity survey at Moon Lake South during the winter and a four-hole summer drill program (2,300 metres) to test priority targets at both Crawford Lake and Moon Lake South. Other ActivitiesAt Turkey Lake, three holes were drilled to test a soil uranium anomaly and coincident electromagnetic conductors. As expected, no Athabasca sandstone was encountered and basement lithologies comprised predominantly granites or pelitic gneisses. The highly anomalous soil uranium results were attributed to pegmatites with highly elevated radioactivity. An additional hole intersected favourable graphitic faults in the basement, but lacked alteration and radioactivity. Follow-up along strike may be warranted.