Mr. David Cates reports

DENISON RECEIVES $20.45 MILLION FROM UEX TO SETTLE LOAN FROM JCU TRANSACTION

UEX Corp. has repaid the interest-free 90-day term loan provided to UEX by Denison Mines Corp. in connection with UEX's purchase of JCU (Canada) Exploration Company Ltd. (see Denison's news release from Aug. 3, 2021). On the transfer of 50 per cent of the shares in JCU from UEX to Denison, completed on Aug. 3, 2021, $20.5-million of the amount drawn under the term loan was deemed repaid by UEX. The balance of the term loan, of $20.45-million, was repaid in cash by UEX today.

David Cates, president and chief executive officer of Denison, commented: "Denison congratulates UEX on their recent financing and repayment of the term loan. We are looking forward to working with UEX on Denison's flagship Wheeler River project and the various other projects that make up JCU's unique and valuable portfolio of strategic Canadian uranium interests."

In connection with the repayment, Denison has agreed to release its security for the term loan, including the pledge of all of the shares of JCU owned by UEX.

About Denison Mines Corp.

Denison is a uranium exploration and development company with interests focused in the Athabasca basin region of Northern Saskatchewan, Canada. The company has an effective 95-per-cent interest in its flagship Wheeler River uranium project, which is the largest undeveloped uranium project in the infrastructure-rich eastern portion of the Athabasca basin region of Northern Saskatchewan. Denison's interests in Saskatchewan also include a 22.5-per-cent ownership interest in the McClean Lake joint venture (MLJV), which includes several uranium deposits and the McClean Lake uranium mill, which is contracted to process the ore from the Cigar Lake mine under a toll milling agreement, plus a 25.17-per-cent interest in the Midwest Main and Midwest A deposits, and a 66.90-per-cent interest in the Tthe Heldeth Tue (THT, formerly J zone) and Huskie deposits on the Waterbury Lake property. Midwest Main, Midwest A, THT and Huskie are each located within 20 kilometres of the McClean Lake mill.

Through its 50-per-cent ownership of JCU, Denison also holds interests in various uranium project joint ventures in Canada, including the Millennium project (JCU, 30.099 per cent), the Kiggavik project (JCU, 33.8123 per cent) and Christie Lake (JCU, 34.4508 per cent).

Denison is also engaged in mine decommissioning and environmental services through its Closed Mines group (formerly Denison Environmental Services), which manages Denison's Elliot Lake reclamation projects and provides postclosure mine care and maintenance services to a variety of industry and government clients.

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