Denison Mines Corp.

Investor Update

PDAC 2015

Uranium Session

March 2, 2015

Cautionary Statements

2

This presentation includes forward-looking information or forward-looking statements under Canadian and U.S. securities laws

that involve risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or

implied by such forward-looking statements.

Factors that could cause differences may include: the speculative nature of exploration and development projects, the failure of

Denison to realize benefits from transactions, Denison’s inability to expand and replace its mineral reserves and resources and

the imprecision of mineral reserves and resources estimates, the impact of volatility in uranium prices on the valuation of

mineral reserves and resources and the market price of Denison’s shares, unexpected development and operating risks, delays

in obtaining permits and licenses for development properties, reliance on other operators and uncertainty surrounding Denison’s

operations in foreign jurisdictions. In addition, we have made assumptions in drawing the conclusions contained in these

statements, including assumptions regarding future demand for uranium, production levels and costs, mining conditions and our

ability to continue our operations without any significant disruptions.

Additional information about the material factors that could cause the results to differ materially, and the material assumptions

we have made, are contained in our current Annual Information Form and our current annual MD&A, which are available on

SEDAR. Forward-looking information is designed to help you understand management’s current views of our near and longer-

term prospects, and it may not be appropriate for other purposes. We will not necessarily update this information unless we are

required to by securities laws.

This presentation may use the terms “measured", “indicated“, “inferred" and “historical” mineral resources. U.S. investors are

advised that, while such terms are recognized and required by Canadian regulations, the Securities and Exchange Commission

does not recognize them. “Inferred mineral resources" and “historical estimates” have a great amount of uncertainty as to their

existence and great uncertainty as to their economic feasibility. It cannot be assumed that all or any part of an inferred mineral

resource or a historical estimate will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral

resources may not form the basis of feasibility or other economic studies. Further, historical estimates are not recognized under

Canada’s NI 43-101. U.S. investors are cautioned not to assume that all or any part of measured or indicated mineral

resources will ever be converted to mineral reserves.

Denison’s Strategic Strengths

• Strong exploration portfolio in the Eastern portion of the Athabasca

Basin – near existing mining and milling infrastructure

• Exploration and development team led by Athabasca Basin veterans

• 22.5% strategic stake in McClean Lake uranium mill provides toll

milling revenue and access to uranium milling capacity for Athabasca

Basin development projects

• Manager of Uranium Participation

Corporation (U:TO)

• Fully funded for 2015 programs

• ~ US$31.0 M in cash & equivalents

at the end of Q3’2014

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4

Project Portfolio

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Project Portfolio

Mann Lake Project

• Denison 30%

• Cameco 52.5%

• AREVA 17.5%

• Cameco is the

operator

Wheeler River Project

• Denison 60%

• Cameco 30%

• JCU 10%

• Denison is the

operator

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Gryphon Discovery

• Discovery hole WR-556 during

Q1’2014 intersected 15.3 % U3O8

over 4.0 metres

• Focus of Summer 2014 program

• 3km NW of Phoenix Deposit

Phoenix

Phoenix

Deposit

• High-grade

expansion and

updated 43-101

Resource

Wheeler River – 2014 Successes

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All data from Public Sources. All Resource Categories have been combined

West Bear

Midwest A

Dawn Lake

J Zone

Raven

Tamarack

Horseshoe

McClean

Horseshoe/Raven

Eagle Point

Midwest

Roughrider

Phoenix

Millenium

Shea Creek

Triple R

Cigar Lake

McArthur River

M&I

Inf

* Mr. William E. Roscoe, Ph.D., P.Geo of RPA Inc., a Qualified Person as defined by NI 43-101,

was responsible for the technical report related to the mineral resource estimates above.

PHOENIX RESOURCE ESTIMATE*

CategoryTonnes

(100% Basis)

Grade(% U3O8)

Million Lbs. U3O8

(100% Basis)

Indicated Resources

166,400 19.13% 70.2

Inferred Resources

8,600 5.8% 1.1

DML deposits

Athabasca Basin Deposits (Contained M lbs U3O8)

Phoenix Amongst the Largest

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All data from Public Sources. All Resource Categories have been combined

0 2 4 6 8 10 12 14 16 18 20

Horseshoe/Raven

Eagle Point

West Bear

Midwest A

Shea Creek

J Zone

McClean

Triple R

Dawn Lake

Tamarack

Millennium

Midwest

Roughrider

McArthur River

Cigar Lake

Phoenix

% U3O8

Phoenix Deposit

• Highest grade deposit in

the Athabasca Basin

Athabasca Basin Deposits (Grade % U3O8)

Grade: Phoenix Leads the Pack

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Gryphon Discovery

• Basement hosted

• Multiple stacked lenses

• Several high grade

intersections

• Increasing in size from

350m x 60m at start of

2015 program

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Semi-massive foliation-controlled

pitchblende and hematitePseudo-breccia replacement (“worm-rock”)

Intermittent pitchblende-hematite

bands

Gryphon Discovery Potential

How big is it?

How big could

it be?

Impact on

development of

Phoenix?

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Phoenix

K North

O-Zone

DC-Resistivity

K South

Q Central

Phoenix

North

Wheeler River – 2015 Targets

Focus: Gryphon Zone & K North

• Together with other target areas:

• Drilling: 62 drill holes, 37,000 metres

• Geophysics: 126 kilometres

• Budget: Cdn $10M (Cdn $6M Denison share)

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High Grade at Mann Lake

• Located 5km NW of

Wheeler River and 20

km SW of McArthur

River mine

• Acquired 30% interest

in 2014

• Currently drilling

• 2015 Budget: Cdn$2.5M

(Cdn$750K Denison)

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High Grade at Mann Lake

2015 Program

• Following up on drill holes

MN-060 (2.94% over 4.8 metres)

and MN-065 (4.8% over 1.0 metres)

• 12 planned drill holes (8,000 m)

• MN-066-01 (9.8% over 3.5 metres)

• Represents best intersection to

date on the property

• Located 300 m along strike

from MN-060

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2015 Plan:• Approx. 71,000 m in drilling

• Focus on high priority properties

1. Wheeler River (60%) – 37,000 m

2. Mann Lake (30%) – 8,000 m

3. Waterbury (60%) – 3,350 m

4. Crawford Lake (100%) – 4,600 m

5. Moore Lake (100%) – 4,000 m

6. Wolly (22.5%) – 4,000 m

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McCLEAN LAKE MILL

(Saskatchewan)

• Denison owns 22.5%

• AREVA 70%, OURD 7.5%

Mill Expansion Continues

• 13M lbs to 24M lbs per year

• Fully funded by Cigar Lake

• Completion expected 2015

Toll Milling of Cigar Lake Ore

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Cash flow from toll milling begins!

• Cigar Lake ore processing began in

September 2014

• First packaged drums produced in

October 2014

• ~ 26,000 lbs U3O8 produced from

Denison’s share of McClean material used

to commission the mill

Rising Cash Flow from Toll Milling

$-

$1.0

$2.0

$3.0

$4.0

$5.0

$6.0

$7.0

$8.0

$9.0

0

2

4

6

8

10

12

14

16

18

20

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027

De

nis

on

To

ll M

illin

g R

eve

nu

e (

M $

)

*CLJ

V P

rod

uct

ion

(M

lbs

U3O

8)

CLJV Production Toll Milling Revenue

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2015 Plan:

• 6 to 8 million lbs U3O8

• Denison’s share of toll

milling revenue ~C$2.5M

*For illustrative purposes only

Mutanga

Africa: Diversified Portfolio

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2014 Update:

• Interests reorganized in preparation for spin-out or disposal transaction

• Waiting for market conditions

2015 Program:

• Focused on maintaining claims in good standing

• $2.3M budget: additional target generation at Mutanga & Falea

Africa: Diversified Portfolio

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Mutanga (Zambia)Exploration potential

Infrastructure

Low political risk

Metallurgy

Open pit mining

Falea (Mali)Exploration potential

Historic resource

Includes significant copper & silver component

US$85 Value/Tonne

Dome(Namibia)Exploration potential

Infrastructure

Uranium district

CategoryU3O8

(%)Lbs

U3O8

Measured & Indicated

0.03 7.8M

Inferred 0.03 41.4M

2015 Budget Summary

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-14.2

2.6

-0.6

-2.3

-0.7

-2.6

-0.5

-$16.0

-$14.0

-$12.0

-$10.0

-$8.0

-$6.0

-$4.0

-$2.0

$0.0

$2.0

$4.0

CanadianExploration

Canadian Dev't& Ops

DES Africa Mongolia Corp. Admin Other

2015 Consolidated Cash Flow by Segment (USD, Millions)

• ~ US$31.0 M in cash & equivalents at the end of Q3’2014

• Fully funded for 2015 programs

The Denison Advantage

• Canadian focused with key assets in the Eastern Athabasca Basin– 60% interest in high-grade Phoenix deposit on Wheeler River property

– Active portfolio of exploration properties with potential for future discoveries

– 22.5% strategic interest in high-grade McClean Lake uranium mill

– Proximity to mine and mill infrastructure

• Reduced Risk: Toll milling stream and UPC management revenues

• Valuation Upside: Discrete portfolio of African uranium assets – Ready for spin-out or disposal when market conditions improve

• Gryphon Discovery is one of the most prospective uranium discoveries

currently being drilled in the Athabasca Basin– Exciting results to date & focus of 2015 exploration program

– Potential for significant increase to Wheeler River resources

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Corporate Information

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Market Summary (Dec. 31, 2014)

Management & Directors

Exchanges TSX, NYSE - MKT Ron Hochstein (CEO, Director)

Shares Outstanding 505.9 M David Cates (President & CFO)

Warrants 1.1 M Steve Blower (V.P. Exploration)

Options 6.2 M Peter Longo (V.P. Project Development)

Fully Diluted 513.2 M Lukas Lundin (Chairman)

John Craig (Lead Director)

Market Cap. Bob Dengler (Director)

• Canada - $572 M Brian Edgar (Director)

• U.S. - $471 M Catherine Stefan (Director)

3 mos. Avg. Daily Volume Bill Rand (Director)

• Canada – 0.7 M shares

• U.S. – 0.7 M shares

Notes

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Denison Mines Corp.

Investor Update

Further Information

TSX: DML NYSE MKT:DNN

Phone: 416.979.1991 ext 366

Toll Free: 1.888.689.7842

Email: info@denisonmines.com

Web: www.denisonmines.com