Denison Reports Financial and Operational Results for 2022, Including Significant De-Risking and Regulatory Milestones.

TORONTO: Denison Mines Corp. ('Denison' or the 'Company') (TSX: DML) (NYSE American: DNN) today filed its Condensed Consolidated Financial Statements and Management's Discussion & Analysis ('MD&A') for the year ended December 31, 2022. Both documents will be available on the Company's website at www.denisonmines.com, SEDAR (at www.sedar.com) and EDGAR (at www.sec.gov/edgar.shtml). The highlights provided below are derived from these documents and should be read in conjunction with them. All amounts in this release are in Canadian dollars unless otherwise stated. View PDF version.

David Cates, President and CEO of Denison commented, "Our results from 2022 reflect an incredibly successful year highlighted by significant de-risking and regulatory milestones supporting the continued advancement of our flagship Wheeler River project.

We made history with the successful permitting, procurement, construction, commissioning and operation of the Feasibility Field Test ('FFT') facilities at the high-grade Phoenix uranium deposit ('Phoenix') - where we achieved the first known recovery of uranium bearing solution via in-situ recovery ('ISR') mining in Saskatchewan's prolific Athabasca Basin region. The FFT was accomplished through the tireless efforts of our Saskatoon-based technical team over the past four years to systematically de-risk the use of ISR mining through extensive field and laboratory testing programs. The highly successful results of the FFT clearly demonstrate that the Phoenix deposit is amenable to ISR mining and that the Company can move confidently ahead with its plans to complete a feasibility study for the project during the first half of 2023.

In parallel to our technical de-risking efforts, we achieved a notable milestone in the permitting process for the planned Phoenix ISR project with the submission of a draft Environmental Impact Statement ('EIS'), which follows from several years of baseline environmental data collection, technical assessments, and extensive engagement and consultation with Indigenous and non-Indigenous interested parties. The draft EIS demonstrates that the project can be constructed, operated, and decommissioned in a manner that has fewer residual effects remaining after mitigation than conventional open pit or underground mining and milling operations - potentially achieving a superior standard of environmental sustainability and re-shaping the future of uranium mining in Saskatchewan.

I'm proud of the exceptional efforts of our growing and highly motivated team to challenge the norm and achieve what others may have previously considered impossible - with the result positioning Denison as an industry leader on the cusp of deploying the world's lowest cost uranium mining method at one of the world's highest grade uranium deposits. Our timing is excellent, as our success comes while we are observing sustained improvements in both global sentiment towards nuclear energy's necessity in the battle against climate change and the underlying uranium market."

Highlights

Successfully completed 2022 ISR field work, including permitting, constructing, and completing the leaching and neutralization phases of the Feasibility Field Test at Phoenix

The Company's ambitious 2022 evaluation plan for the Wheeler River project ('Wheeler River' or the 'Project') was designed to further de-risk the technical elements of...