Well Positioned to Advance Toward Full-Scale Construction by End of Q2/26

Research evidence excerpt

Well Positioned to Advance Toward Full-Scale Construction by End of Q2/26

Metals & Minerals

Denison Mines Corp.

TD SECURITIES INC. - CANADA QUICK TAKE: EARNINGS UPDATE

May 13, 2026

Price: C$5.08 (05/12/2026) Well Positioned to Advance Toward Full-Scale

Price Target: C$6.50 Construction by End of Q2/26

BUY (1)

ESG SCORE: 60/100

Craig Hutchison, P. Eng^ THE TD COWEN INSIGHT

416 982 3474

DML reported Q1/26 results, and agreed to sell 550klbs of U3O8 from Q2/26 to Q2/27 at an

craig.hutchison@tdsecurities.com

average price of ~US$99/lb, well above the current spot price of ~US$86. The company is also

Dennis Zhang^ working toward full-scale construction by the end of Q2/26, and maintain its target for first

416 965 6012 production by mid-2028, but flagged access risks due to flooding in northern Saskatchewan.

dennis.zhang@tdsecurities.com

Key Data Impact: NEUTRAL

Symbol TSX: DML-T

Phoenix remains on track for first production by mid-2028. The company has completed (i)

Market Cap C$4.6B

tree clearing across the primary mine site area, (ii) installation of construction management

facilities, (iii) construction of an on-site helipad, (iv) civil works for the concrete batch plant

pad, and (v) initial aggregate production at a nearby quarry over the past two months, and

expects to commence full-scale construction before the end of Q2/26.

Management noted that personnel can still access the project site by helicopter despite

widespread flooding in northern Saskatchewan; however, the ability to mobilize additional

heavy equipment and supplies may be impacted if flooding persists or key infrastructure

remains affected. The Ministry of Highways is currently repairing culverts, deploying pumps,

fixing road surfaces, and installing temporary bridges. Management maintains its target for