Denison Announces Filing of Annual Report on Form 40-F

Rhea-AI Summary

Denison Mines (NYSE American: DNN) filed its 2025 Annual Report on Form 40-F with the SEC on March 30, 2026, including audited financial statements, annual information form and MD&A. Key developments include federal EA approval and Construction Licence for the Phoenix ISR project (Feb 2026) and provincial EA approval (July 2025).

Denison holds a 95% interest in Wheeler River, a 22.5% interest in McClean Lake JV, and direct interests across ~457,000 hectares in the Athabasca Basin.

Positive

• Federal Environmental Assessment approval and Construction Licence issued for Phoenix (Feb 2026)
• Provincial Environmental Assessment approval for Phoenix (July 2025)
• 95% effective interest in Wheeler River uranium project
• McClean Lake JV restarted mining in 2025 (Denison 22.5%)
• Company filed complete Form 40-F including audited financials for 2025

Negative

• None.

News Market Reaction – DNN

+6.97%

+6.97% Session close to close

In the Mar 31 session, DNN gained 6.97%, reflecting a notable positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

The stock moved +7.0% in the session following this news. A strong positive reaction aligns with Den...

Analysis

The stock moved +7.0% in the session following this news. A strong positive reaction aligns with Denison’s position as an advanced uranium developer with a 95% effective interest in Wheeler River and recent construction approvals. However, past news shows mixed price follow‑through, with several positive project updates followed by divergences. Investors would have weighed the routine nature of a Form 40-F filing against broader uranium sector moves and existing financing and project commitments when assessing the sustainability of any outsized gain.

Key Figures

Wheeler River interest: 95% McClean Lake JV interest: 22.5% Midwest JV interest: 25.17% +5 more

8 metrics

Wheeler River interest 95% Effective interest in flagship Wheeler River Uranium Project

McClean Lake JV interest 22.5% Ownership interest in McClean Lake Joint Venture

Midwest JV interest 25.17% Interest in Midwest Main and Midwest A deposits via MWJV

THT & Huskie interest 70.55% Interest in THT and Huskie deposits on Waterbury Lake Property

Athabasca land package ~457,000 hectares Direct ownership interests in Athabasca Basin properties

JCU ownership 50% Ownership of JCU (Canada) Exploration Company, Limited

Mill proximity 20 kilometres Distance of Midwest and THT/Huskie deposits to McClean Lake mill

Company history 70 years Years in uranium mining, exploration, and development since 1954

Historical Context

5 past events · Latest: Mar 24 (Positive)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Mar 24	JV drill results	Positive	+2.3%	Reported anomalous radioactivity at Murphy Lake North JV with full core recovery.
Mar 10	Earnings & FID	Positive	-1.0%	Released 2025 results and approved final investment decision for Phoenix ISR mine.
Mar 03	JV expansions	Positive	-8.5%	Expanded Orion and joint venture claims with Denison retaining 30% interests.
Feb 24	Phoenix FID	Positive	-1.6%	Announced Final Investment Decision and two‑year construction plan for Phoenix ISR mine.
Feb 19	Federal approval	Positive	+4.3%	Received final federal EA approval and construction licence for Phoenix ISR project.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Recent history shows frequent divergences, with several positive uranium development updates followed by negative or muted price reactions.

Recent Company History

Over the last several months, Denison has focused on advancing its Phoenix ISR uranium mine and related joint ventures. Key milestones included final federal approvals and a final investment decision for Phoenix, plus multiple joint venture and exploration updates in early 2026. Price reactions have been mixed: some positive regulatory events saw gains, while other seemingly positive development and partnership announcements coincided with declines. Today’s Form 40-F filing fits into this ongoing cadence of regulatory and disclosure activity.

Key Terms

form 40-f, environmental assessment, construction licence, in-situ recovery, +1 more

5 terms

form 40-f regulatory

"it has filed its 2025 Annual Report on Form 40-F with the U.S. Securities"

A Form 40-F is a standardized annual filing used by certain Canadian companies that trade in U.S. markets to give U.S. regulators and investors the same core financial statements and key disclosures they file in Canada. Think of it as a translated, formally packaged annual report that lets investors in a different marketplace compare a company’s results, governance and risks more easily, which reduces uncertainty and helps investment decisions.

environmental assessment regulatory

"including the July 2025 approval of the project's Environmental Assessment ("EA")"

An environmental assessment is a process that evaluates how a project or activity might impact the natural surroundings, such as air, water, land, and wildlife. It helps identify potential environmental risks and ensures that any negative effects are managed or minimized. For investors, this assessment provides insight into the sustainability and long-term viability of projects, which can influence their financial decisions and risk management.

construction licence regulatory

"February 2026 federal approval of the EA and issuance of the Construction Licence."

A construction licence is an official government or municipal permit that authorizes a company to build, expand or alter a physical project, often with specific conditions, inspections and time limits. For investors it matters because the licence controls whether and when a project can proceed, affects costs and timelines, and creates legal risk—similar to needing a permit before starting a major renovation, without which the project can be delayed, fined or stopped.

in-situ recovery technical

"Phoenix feasibility study was completed for the Phoenix deposit as an ISR mining operation"

In-situ recovery is a mining method that extracts a valuable material by dissolving it underground and pumping the solution to the surface instead of digging or blasting rock. For investors, it matters because this approach often lowers upfront construction costs, shortens development time and reduces visible land disturbance, but it also brings regulatory, environmental and groundwater risks that can affect project timelines, operating costs and valuation.

pre-feasibility study technical

"an update to the previously prepared 2018 Pre-Feasibility Study ("PFS") was completed"

A pre-feasibility study is an initial assessment that evaluates whether a proposed project or investment idea is worth exploring further. It involves examining basic factors like costs, potential benefits, and possible challenges, similar to conducting a preliminary check before deciding to invest more time and resources. This helps investors determine if pursuing the project further is practical and likely to be successful.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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TORONTO, March 30, 2026 /PRNewswire/ - Denison Mines Corp. ("Denison" or the "Company") (TSX: DML) (NYSE American: DNN) is pleased to announce that it has filed its 2025 Annual Report on Form 40-F with the U.S. Securities and Exchange Commission ("SEC").  Denison's Form 40-F includes its annual information form, management discussion and analysis, and audited financial statements for the year ended December 31, 2025.  The Form 40-F will be available on Denison's website at www.denisonmines.com and on the SEC's website at www.sec.gov/edgar. View PDF version

Denison's annual information form has also been filed with Canadian regulatory authorities and will be available on Denison's website at www.denisonmines.com and under the Company's profile on SEDAR+ at www.sedarplus.ca.

Holders of Denison's securities may receive a free printed copy of the Company's most recent Annual Report on Form 40-F, including the audited financial statements, by sending an email request to info@denisonmines.com or by writing to Denison Mines Corp., 1100 - 40 University Avenue, Toronto, Ontario, Canada M5J 1T1.

About Denison

Denison is a leading uranium mining, development, and exploration company with interests focused in the Athabasca Basin region of northern Saskatchewan, Canada. Denison has an effective 95% 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. In mid-2023, the Phoenix feasibility study was completed for the Phoenix deposit as an ISR mining operation, and an update to the previously prepared 2018 Pre-Feasibility Study ("PFS") was completed for Wheeler River's Gryphon deposit as a conventional underground mining operation. Based on the respective studies, both deposits have the potential to be competitive with the lowest cost uranium mining operations in the world. Permitting efforts for Phoenix commenced in 2019 and the required permits have been obtained to commence construction – including the July 2025 approval of the project's Environmental Assessment ("EA") by the Province of Saskatchewan and the February 2026 federal approval of the EA and issuance of the Construction Licence.

Denison's interests in Saskatchewan also include a 22.5% ownership interest in the McClean Lake Joint Venture ("MLJV"), which restarted mining with SABRE in 2025) and the McClean Lake uranium mill (currently utilizing a portion of its licensed capacity to process the ore from the Cigar Lake mine under a toll milling agreement), plus a 25.17% interest in the Midwest Main and Midwest A deposits held by the Midwest Joint Venture ("MWJV"), and a 70.55% interest in the Tthe Heldeth Túé ("THT") and Huskie deposits on the Waterbury Lake Property. The Midwest Main, Midwest A, THT and Huskie deposits are located within 20 kilometres of the McClean Lake mill. Taken together, the Company has direct ownership interests in properties covering ~457,000 hectares in the Athabasca Basin region.

Additionally, through its 50% ownership of JCU (Canada) Exploration Company, Limited ('JCU'), Denison holds interests in various uranium project joint ventures in Canada, including the Millennium project (JCU, 30.099%), the Kiggavik project (JCU, 33.8118) and Christie Lake (JCU, 34.4508%).

In 2024, Denison celebrated its 70th year in uranium mining, exploration, and development, which began in 1954 with Denison's first acquisition of mining claims in the Elliot Lake region of northern Ontario.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

Certain information contained in this press release constitutes 'forward-looking information', within the meaning of the applicable United States and Canadian legislation concerning the business, operations and financial performance and condition of Denison. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as 'plans', 'expects', 'budget', 'scheduled', 'estimates', 'forecasts', 'intends', 'anticipates', or 'believes', or the negatives and/or variations of such words and phrases, or state that certain actions, events or results 'may', 'could', 'would', 'might' or 'will be taken', 'occur', 'be achieved' or 'has the potential to'.  In particular, this press release contains forward-looking information pertaining to the following: Denison's development plans for Wheeler River and the proposed ISR operation for the Phoenix deposit; expectations regarding Denison's joint venture ownership interests; and expectations regarding the objectives and continuity of its agreements with third parties.

Forward looking statements are based on the opinions and estimates of management as of the date such statements are made, and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Denison to be materially different from those expressed or implied by such forward-looking statements. In addition, Denison may decide or otherwise be required to discontinue development work if it is unable to maintain or otherwise secure the necessary approvals or resources.  Denison believes that the expectations reflected in this forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be accurate and results may differ materially from those anticipated in this forward-looking information. For a discussion in respect of risks and other factors that could influence forward-looking events, please refer to the factors discussed in the Company's annual information form for the year ended December 31, 2025 under the heading 'Risk Factors'. These factors are not, and should not be, construed as being exhaustive.

Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking information contained in this press release is expressly qualified by this cautionary statement. Any forward-looking information and the assumptions made with respect thereto speaks only as of the date of this press release. Denison does not undertake any obligation to publicly update or revise any forward-looking information after the date of this press release to conform such information to actual results or to changes in Denison's expectations except as otherwise required by applicable legislation.

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SOURCE Denison Mines Corp.

FAQ

What did Denison (DNN) file with the SEC on March 30, 2026?

Denison filed its 2025 Annual Report on Form 40-F with the SEC on March 30, 2026. According to the company, the filing includes the annual information form, MD&A, and audited financial statements for the year ended December 31, 2025.

What regulatory approvals for Phoenix did Denison (DNN) report in 2025–2026?

Denison reported provincial EA approval in July 2025 and federal EA approval plus a Construction Licence in Feb 2026. According to the company, these approvals allow the Phoenix ISR project to commence construction activities.

How much of Wheeler River does Denison (DNN) effectively own?

Denison has an effective 95% interest in the Wheeler River uranium project. According to the company, Wheeler River contains the Phoenix and Gryphon deposits and is the largest undeveloped project in the eastern Athabasca Basin.

What is Denison's involvement with McClean Lake and its 2025 operations?

Denison holds a 22.5% interest in the McClean Lake joint venture, which restarted mining with SABRE in 2025. According to the company, the McClean Lake mill also toll-processes Cigar Lake ore under an existing agreement.

Where can investors obtain Denison's 2025 Form 40-F and audited financial statements?

Investors can access the Form 40-F via Denison's website and the SEC EDGAR site, or request a free printed copy by email. According to the company, printed copies are available on request to info@denisonmines.com.

How large are Denison's land holdings in the Athabasca Basin reported in the 2025 filing?

Denison reports direct ownership interests covering approximately 457,000 hectares in the Athabasca Basin. According to the company, these holdings include multiple deposits within 20 kilometres of the McClean Lake mill.