<SEC-DOCUMENT>0001062993-15-001205.txt : 20150306
<SEC-HEADER>0001062993-15-001205.hdr.sgml : 20150306
<ACCEPTANCE-DATETIME>20150306132003
ACCESSION NUMBER:		0001062993-15-001205
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		10
CONFORMED PERIOD OF REPORT:	20150306
FILED AS OF DATE:		20150306
DATE AS OF CHANGE:		20150306

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DENISON MINES CORP.
		CENTRAL INDEX KEY:			0001063259
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS METAL ORES [1090]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A6
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33414
		FILM NUMBER:		15680667

	BUSINESS ADDRESS:	
		STREET 1:		595 BAY STREET, SUITE 402
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5G 2C2
		BUSINESS PHONE:		(416) 979-1991

	MAIL ADDRESS:	
		STREET 1:		595 BAY STREET, SUITE 402
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5G 2C2

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INTERNATIONAL URANIUM CORP
		DATE OF NAME CHANGE:	19980603
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>form6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML>
<HEAD>
   <TITLE>Denison Mines Corp. - EForm 6-K-  Filed by newsfilecorp.com</TITLE>
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<P align=center><B><FONT size=5>UNITED STATES </FONT></B><BR><B><FONT
size=5>SECURITIES AND EXCHANGE COMMISSION </FONT></B><BR>Washington, D.C. 20549
</P>
<P align=center><B><FONT size=5>FORM 6-K </FONT></B></P>
<P align=center><B>Report of Foreign Private Issuer </B><BR><B>Pursuant to Rule
13a-16 or 15d-16 </B><BR><B>of the Securities Exchange Act of 1934 </B></P>
<P align=center>Date<B>: </B><B><U>March 6, 2015 </U></B></P>
<P align=center>Commission File Number:<B> </B><B><U>001-33414 </U></B></P>
<P align=center><B><U><FONT size=5>DENISON MINES CORP.
</FONT></U></B><BR>(Translation of registrant&#146;s name into English) </P>
<P align=center><B><U>Atrium on Bay, 595 Bay Street, Suite 402, Toronto,
Ontario M5G 2C2 </U></B><BR>(Address of principal executive offices) </P>
<P align=justify>Indicate by check mark whether the registrant files or will
file annual reports under cover Form 20-F or Form 40-F. </P>
<P align=justify>Form 20-F[&nbsp;&nbsp;
]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Form 40-F[X] </P>
<P align=justify>Indicate by check mark if the registrant is submitting the Form
6-K in paper as permitted by Regulation S-T Rule 101(b)(1):[&nbsp;&nbsp; ] </P>
<P align=justify>Indicate by check mark if the registrant is submitting the Form
6-K in paper as permitted by Regulation S-T Rule 101(b)(7):[&nbsp; &nbsp;] </P>
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<P align=center><B>Signatures</B> </P>
<P align=justify>Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%"><B>Denison Mines Corp.</B> </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%"><I>/s/
      Sheila Colman</I> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Date: March 6, 2015 </TD>
    <TD align=left width="50%">Sheila Colman </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">General Counsel and Corporate Secretary
  </TD></TR></TABLE><BR>
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<P align=center>EXHIBIT INDEX </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=center><B>Exhibit Number</B> </TD>
    <TD align=left width="85%" ><B>Description</B> </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="85%" >&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><a href="exhibit99-1.htm">99.1 </a></TD>
    <TD align=left width="85%" bgColor=#eeeeee ><a href="exhibit99-1.htm">Press Release
      dated March 5, 2015 </a></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><a href="exhibit99-2.htm">99.2 </a></TD>
    <TD align=left width="85%" ><a href="exhibit99-2.htm">Audited Financial Statements for
      the financial year ended December 31, 2014 </a></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><a href="exhibit99-3.htm">99.3 </a></TD>
    <TD align=left width="85%" bgColor=#eeeeee ><a href="exhibit99-3.htm">Management&#146;s
  Discussion and Analysis for the financial year ended December 31, 2014 </a></TD></TR></TABLE>
<BR>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
   <TITLE>Denison Mines Corp. - Exhibit 99.1 - Filed by newsfilecorp.com</TITLE>
</HEAD>

<BODY style="font-size:10pt;">

<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A><BR>
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  <TR vAlign=top>
    <TD align=left>Denison Mines Corp. <BR>Atrium on Bay, 595 Bay Street,
      Suite 402 <BR>Toronto, ON M5G 2C2 <BR>Ph. 416-979-1991 &#149; Fx. 416-979-5893
      &#149; <BR>www.denisonmines.com </TD>
    <TD align=right width="50%">
    <IMG src="exhibit99-1x1x1.jpg" border=0 width="157" height="72">
</TD></TR></TABLE><BR>
<P align=justify><B><FONT size=6>PRESS RELEASE</FONT></B><B> </B></P>
<P align=center><B><U>DENISON MINES CORP. REPORTS 2014 RESULTS</U></B><B>
</B></P>
<P align=justify><B>Toronto, ON &#150; March 5, 2015&#133; Denison Mines Corp.
</B>(&#147;Denison&#148; or the &#147;Company&#148;) (DML: TSX, DNN: NYSE MKT) today reported its
results for the three months and year ended December 31, 2014. All amounts in
this release are in U.S. dollars unless otherwise stated. </P>
<P align=justify><B>2014 Highlights </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>&#149; </TD>
    <TD align=left width="95%">
      <P align=justify><I>Discovery of a new area of high-grade uranium
      mineralization on the Wheeler River Property </I>&#150; Located three
      kilometres northwest of the Phoenix Deposit, on the Company&#146;s 60% owned
      Wheeler River property, the Gryphon Zone was discovered in early 2014 with
      drill hole WR-556 intersecting high grade basement hosted uranium
      mineralization returning 15.3% U<sub>3</sub>O<sub>8</sub>  over 4.0 metres. Drill hole WR-560
      followed up on the discovery, intersecting 21.2% U<sub>3</sub>O<sub>8</sub>  over 4.5 metres.
      Further follow up from the summer drilling program was highlighted by
      drill hole WR-569A intersecting a wide zone of alteration and
      mineralization with several high grade intervals (including 13.2% U<sub>3</sub>O<sub>8</sub>      over 3.5 metres), drill hole WR-573D1 intersecting 22.2% U<sub>3</sub>O<sub>8</sub>  over 2.5
  metres, and drill hole WR-574 intersecting 14.6% U<sub>3</sub>O<sub>8</sub>  over 2.0 metres.    </P></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="95%">&nbsp;    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&#149; </TD>
    <TD align=left width="95%">
      <P align=justify><I>Expansion of the Phoenix uranium deposit </I>&#150; In June
      2014, the Company updated its mineral resource estimate for the high grade
      Phoenix uranium deposit on the Wheeler River property. After reporting
      several high grade intersections during the winter exploration program,
      including drill hole WR-548 that returned an assay of 36.8% U<sub>3</sub>O<sub>8</sub>  over 6.5
      metres, the Company was able to increase the quantity of indicated pounds
      U<sub>3</sub>O<sub>8</sub>  by 34% over the previous mineral resource estimate completed in 2012.
      The updated resource estimate includes an indicated mineral resource of
      70.2 million pounds U3O8 (Denison&#146;s share, 42.1 million pounds U<sub>3</sub>O<sub>8</sub> ) based
      on 166,400 tonnes at an average grade of 19.1% U<sub>3</sub>O<sub>8</sub> , and an inferred
      mineral resource of 1.1 million pounds U<sub>3</sub>O<sub>8</sub>  (Denison&#146;s share, 0.6 million
  pounds) based on 8,600 tonnes with an average grade of 5.8% U<sub>3</sub>O<sub>8</sub> .  </P></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="95%">&nbsp;    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&#149; </TD>
    <TD align=left width="95%">
      <P align=justify><I>Acquisition of 30% interest in the Mann Lake
      exploration property </I>&#150; In June 2014, the Company acquired all of the
      issued and outstanding common shares of International Enexco Limited
      (&#147;IEC&#148;) by way of a plan of arrangement, and as a result, acquired IEC&#146;s
      uranium exploration assets consisting of a 30% interest in the Mann Lake
      property, located 25 kilometres southwest of the McArthur River mine, and
      a 20% interest in Denison&#146;s Bachman Lake property. Exploration activity at
      Mann Lake during early 2015 has produced the best result to date on the
      property with drill hole MN-066-01 intersecting 9.8% eU<sub>3</sub>O<sub>8</sub>  over 3.5
      metres. Partners in the Mann Lake project include Cameco Corp. (&#147;Cameco&#148;)
  (52.5%) as the operator and AREVA Resources Canada Inc. (&#147;AREVA&#148;) (17.5%).      </P></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="95%">&nbsp;    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&#149; </TD>
    <TD align=left width="95%">
      <P align=justify><I>Obtained financing for 2015 Canadian exploration
      activities &#150; </I>In August 2014, the Company completed a CAD$15.0 million
      ($13.7 million) &#147;bought deal&#148; private placement for the issuance of
      9,257,500 flow-through common shares at a price of CAD$1.62 per share. The
      proceeds are planned to fund Canadian exploration activities through to
      the end of 2015. </P></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="95%">&nbsp;    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&#149; </TD>
    <TD align=left width="95%">
      <P align=justify><I>Toll milling of first ore from Cigar Lake at the
      McClean Lake uranium mill &#150; </I>During the year, modifications to the
      leach circuit were completed and construction continued as part of the
      expansion of the McClean Lake mill to an annual capacity of 24 million
      pounds U<sub>3</sub>O<sub>8</sub> . In September 2014, the McClean Lake mill officially restarted
      producing the first packaged uranium from the Cigar Lake Joint Venture
      (&#147;CLJV&#148;) in October. Production for 2014 amounted to approximately 344,000
      pounds U<sub>3</sub>O<sub>8</sub>  for the CLJV and approximately 112,000 pounds
      U<sub>3</sub>O<sub>8</sub>&nbsp; (Denison&#146;s
  share, 25,000 pounds U<sub>3</sub>O<sub>8</sub> ) for the McClean Lake joint venture (&#147;MLJV&#148;).      </P></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="95%">&nbsp;    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&#149; </TD>
    <TD align=left width="95%">
      <P align=justify><I>Completed the acquisition of Rockgate Capital Corp.
      (&#147;Rockgate&#148;) </I>&#150; In January 2014, pursuant to a plan of arrangement, the
      Company acquired the remaining 10.28% non-controlling interest in Rockgate
      that it had not previously acquired under its takeover bid in 2013. The
      takeover of Rockgate added $15.3 million in cash and investments, and
      bolstered the Company&#146;s African portfolio by adding the 100% owned Falea
      project in Mali. </P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<A name=page_2></A>
<P align=justify><B>Financial Results</B> </P>
<P align=justify>The Company recorded a net loss from operations of $4,652,000
($0.01 per share) and $31,703,000 ($0.06 per share) for the three months and
year ended December 31, 2014 compared with a net loss of $30,459,000 ($0.06 per
share) and $83,835,000 ($0.19 per share) for the three months and year ended
December 31, 2013.</P>
<P align=justify>The net loss from operations, for the year ended December 31,
2013, included a non-cash impairment charge of $47,099,000 to reduce the
carrying value of the Company&#146;s mineral properties, primarily the Company&#146;s
Mutanga project in Zambia, to the estimated recoverable amount. The net loss for
2013 also included a one-time non-cash deferred tax expense of $18,410,000 as a
result of the substantive enactment of changes to the Crown Mineral Royalty
Regulations in Saskatchewan.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="12%">Three
      Months </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="12%">Three
      Months </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="12%">Year
</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="12%">Year
</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%">Ended </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%">Ended </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%">Ended </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%">Ended </TD>
    <TD align=center width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>(in thousands, except </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%">December 31, </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%">December 31, </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%">December 31, </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%">December 31, </TD>
    <TD align=center width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>per share amounts)
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">2014
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">2013
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">2014
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">2013
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Results of Operations:</B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Total revenues </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;2,736 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;2,413 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;9,619 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;10,407 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Net income (loss) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(4,652</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(30,459</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(31,703</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(83,835</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;&nbsp; Basic and diluted earnings
      (loss) per share </TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff style="border-bottom-style: solid; border-bottom-width: 1">(0.01</TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-bottom-style: solid; border-bottom-width: 1">) </TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff style="border-bottom-style: solid; border-bottom-width: 1">(0.06</TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-bottom-style: solid; border-bottom-width: 1">) </TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff style="border-bottom-style: solid; border-bottom-width: 1">(0.06</TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-bottom-style: solid; border-bottom-width: 1">) </TD>
    <TD align=left width="1%"  bgColor=#e6efff style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff style="border-bottom-style: solid; border-bottom-width: 1">(0.19</TD>
    <TD align=left width="2%"  bgColor=#e6efff style="border-bottom-style: solid; border-bottom-width: 1">)
</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%">As at </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%">As at </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%">December 31, </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%">December 31, </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(in thousands) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">2014
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">2013
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Financial Position:</B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Cash and cash equivalents </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;18,640 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;21,786 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Short-term investments </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">4,381 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">10,040 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Long-term investments </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>954 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>5,901 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Cash, equivalents and investments </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">23,975 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">37,727 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Working capital </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">22,542 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">29,391 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Property, plant and equipment
    </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>270,388 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>281,010 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Total assets </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">311,330 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">330,969 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>&nbsp; &nbsp;Total long-term liabilities </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;42,291 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;41,283 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify><B>Revenue </B></P>
<P align=justify>The Company&#146;s share of toll milling revenues from processing
Cigar Lake ore at the McClean Lake mill during the fourth quarter of 2014
totaled $111,000. The first drums of CLJV uranium were packaged in early October
2014. There was no production in 2013. </P>
<P align=justify>Revenue from the environmental services division (&#147;DES&#148;) in
2014 was $7,327,000, compared to $8,763,000 in 2013. The decrease in revenue in
2014 was due to a reduction in activity on certain care and maintenance
projects, and an unfavourable fluctuation in foreign exchange rates applicable
on the translation of Canadian dollar revenues. </P>
<P align=justify>Revenue from the Company&#146;s management contract with UPC was
$2,181,000 in 2014, compared to $1,644,000 in 2013. Revenue increased during
2014 mainly due to commissions earned during the year on UPC&#146;s purchases of
uranium, partly offset by an unfavourable fluctuation in foreign exchange rates
applicable on the translation of Canadian dollar revenues. </P>
<P align=justify><B>Operating Expenses </B></P>
<P align=justify>In Canada at the McClean Lake mill, construction and
commissioning of the Hydrogen Mitigation modifications were completed during the
third quarter of 2014. In September 2014, the McClean Lake mill was officially
restarted with leaching of McClean Lake ore using the newly commissioned
modified leach circuit. High grade ore from the CLJV was introduced into the
mill circuit towards the end of September, and the first drums of CLJV uranium
were packaged in early October. A total of approximately 344,000 pounds U<sub>3</sub>O<sub>8</sub>  was
produced for the CLJV and approximately 112,000 pounds U<sub>3</sub>O<sub>8</sub>  was produced for the
MLJV. Denison&#146;s share of uranium production from MLJV ore was approximately
25,000 pounds U<sub>3</sub>O<sub>8</sub>, at a production cost of CAD$19.71 per pound U<sub>3</sub>O<sub>8</sub>, and is
planned to be available for sale in 2015. Production costs include
stockpile depletion, the cost of milling and depreciation of mill capital
assets.</P>
<P align=center>- 2 - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_3></A>
<P align=justify>Operating costs in Canada include development and standby
activities at the MLJV, with Denison&#146;s share of costs during the year amounting
to $541,000, compared to $958,000 in 2013. Operating costs decreased in 2014
primarily due to reductions in expenditures on the Surface Access Borehole
Resource Extraction (&#147;SABRE&#148;) program, which is not part of the stand-by costs
paid by the CLJV.</P>
<P align=justify>Certain adjustments to the Company&#146;s future reclamation
liabilities for asset decommissioning and site restoration costs, as well as the
costs of DES are also included in operating costs. During the fourth quarter of
2014, an expense of $2,086,000 was recorded for reclamation liability
adjustments, as compared to a recovery of $1,645,000 in the fourth quarter of
2013. The adjustments relate primarily to the impact of changing discount rates
on the reclamation liability at Elliot Lake. Costs relating to DES totaled
$6,917,000 in 2014, compared to $8,077,000 for the year ended December 31,
2013.</P>
<P align=justify>In Africa, the Company&#146;s operating expenses relate primarily to
costs incurred on the Falea project in Mali. Engineering studies, a
metallurgical test work program and environmental programs, originally initiated
by Rockgate, continued during the fourth quarter of 2013 and were completed in
the first half of 2014. The Company&#146;s expenditures in Mali during 2014 and 2013
totaled $1,287,000 and $431,000, respectively </P>
<P align=justify><B>Mineral Property Exploration </B></P>
<P align=justify>Denison is engaged in uranium exploration and/or development in
Canada, Zambia, Mali, Namibia and Mongolia. While the Company has material
interests in uranium projects in Asia and Africa, the Company is focused
primarily on the eastern Athabasca Basin, in Saskatchewan, Canada, with numerous
projects covering over 467,000 hectares. Global exploration expenditures were
$14,795,000 in 2014, with 91% of exploration expenditures being incurred in
Canada during the year, compared to global exploration expenditures of
$13,682,000 in 2013. The increase in global exploration expenditures in 2014 is
due to an increase in exploration activity in Canada. </P>
<P align=justify><B><I>Canada </I></B></P>
<P align=justify>In the Athabasca Basin region, Denison is engaged in uranium
exploration as part of the AREVA operated McClean and Midwest joint ventures,
the Cameco operated Mann Lake project, and numerous other exploration properties
including the Company&#146;s 60% owned Wheeler River project. Taken together,
Denison&#146;s share of exploration spending on its Canadian properties was
$13,488,000 during 2014, as compared to $12,019,000 in 2013. </P>
<P align=justify>At Wheeler River, Denison&#146;s share of exploration costs amounted
to $4,543,000 during 2014, compared to $3,981,000 in 2013. Work on Wheeler River
during 2014 was split between expanding the zone of higher grade mineralization
at the Phoenix deposit and the discovery and subsequent follow up of the Gryphon
zone of high grade mineralization. </P>
<P align=justify>The Gryphon zone, located approximately three kilometres
northwest of the Phoenix deposit, was discovered as a result of drilling
activity targeting the K-North trend on the Wheeler River property as part of
the 2014 winter exploration program. The discovery drill hole, WR-556,
intersected 15.3% U<sub>3</sub>O<sub>8</sub>  over 4.0 metres, and was followed up by drill hole
WR-560, intersecting 21.2% U<sub>3</sub>O<sub>8</sub>  over 4.5 metres. The 2014 summer drilling
program at Wheeler River focused on further follow up at Gryphon with a total of
14,937 metres completed in 20 drill holes. Highlights from the summer program
included drill holes WR-569A, WR-573D1 and WR-574. As the drill holes are angled
steeply to the northwest and the mineralization is interpreted to dip moderately
to the southeast, the true thickness is expected to be approximately 75% of the
intersection length. </P>
<P align=center><B>Gryphon Zone - 2014 Drilling Highlights </B></P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=3 width="60%" border=0>

  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=center align=center>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=center align=center width="20%">&nbsp; </TD>
    <TD colspan="2" align=center
    vAlign=center style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid">Chemical Assay </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=center align=center width="20%">&nbsp; </TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=center align=center>Hole <BR>Number </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center
    width="20%">From (m) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center
    width="20%">To (m) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center
    width="20%">Length (m) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center
    width="20%">U<SUB>3</SUB>O<SUB>8 </SUB>(%) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=center align=center
    bgColor=#e6efff>WR-556 </TD>
    <TD vAlign=center align=center width="20%" bgColor=#e6efff>697.5 </TD>
    <TD vAlign=center align=center width="20%" bgColor=#e6efff>701.5 </TD>
    <TD vAlign=center align=center width="20%" bgColor=#e6efff>4.0 </TD>
    <TD vAlign=center align=center width="20%" bgColor=#e6efff>&nbsp;
      &nbsp;15.3 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=center
      align=center>WR-560 </TD>
    <TD vAlign=center align=center width="20%">759.0 </TD>
    <TD vAlign=center align=center width="20%">763.5 </TD>
    <TD vAlign=center align=center width="20%">4.5 </TD>
    <TD vAlign=center align=center width="20%">&nbsp; &nbsp;21.2 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=center align=center
    bgColor=#e6efff>WR-569A </TD>
    <TD vAlign=center align=center width="20%" bgColor=#e6efff>680.0 </TD>
    <TD vAlign=center align=center width="20%" bgColor=#e6efff>683.5 </TD>
    <TD vAlign=center align=center width="20%" bgColor=#e6efff>3.5 </TD>
    <TD vAlign=center align=center width="20%" bgColor=#e6efff>&nbsp;
      &nbsp;13.2 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=center align=center>and    </TD>
    <TD vAlign=center align=center width="20%">693.0 </TD>
    <TD vAlign=center align=center width="20%">694.0 </TD>
    <TD vAlign=center align=center width="20%">1.0 </TD>
    <TD vAlign=center align=center width="20%">&nbsp; &nbsp;12.4 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=center align=center
    bgColor=#e6efff>WR-573D1 </TD>
    <TD vAlign=center align=center width="20%" bgColor=#e6efff>768.0 </TD>
    <TD vAlign=center align=center width="20%" bgColor=#e6efff>770.5 </TD>
    <TD vAlign=center align=center width="20%" bgColor=#e6efff>2.5 </TD>
    <TD vAlign=center align=center width="20%" bgColor=#e6efff>&nbsp;
      &nbsp;22.2 </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=center align=center>WR-574 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="20%">696.5 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="20%">698.5 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="20%">2.0 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="20%">&nbsp; &nbsp;14.6 </TD></TR></TABLE>
</DIV>
<P align=center>- 3 -</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_4></A>
<P align=justify>The Gryphon discovery is believed to consist of multiple
stacked lenses with variable thicknesses that plunge to the northeast. It is
considered a highly prospective uranium discovery and has the potential to
significantly increase the resource base at Wheeler River. Mineralization at
Gryphon is hosted in basement gneisses and occurs from 100 to 250 metres below
the sub-Athabasca unconformity. The zone is 350 metres long (along the plunge)
by 60 metres wide (across the plunge) at the end of 2014, and remains open in
both plunge directions. </P>
<P align=justify>At the Phoenix deposit, a total of 11 drill holes were
completed at Zone A during the winter 2014 exploration program, which focused on
expanding the zone of higher grade mineralization. The program was successful
and was highlighted by drill hole WR-548 intersecting 36.83% U<sub>3</sub>O<sub>8</sub>  over 6.5
metres. Since all the drill holes were vertical and the mineralization is
approximately horizontal, the intersection lengths are generally equal to the
true thickness. Selected drilling highlights are shown below. </P>
<P align=center><B>Phoenix Deposit Zone A - 2014 Drilling Highlights </B></P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=3 width="60%" border=0>

  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 2px double; BORDER-BOTTOM: #000000 2px solid"
    vAlign=center align=center>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px double; BORDER-BOTTOM: #000000 2px solid"
    vAlign=center align=center width="20%">&nbsp; </TD>
    <TD colspan="2" align=center
    vAlign=center style="BORDER-TOP: #000000 2px double; BORDER-BOTTOM: #000000 2px solid">Chemical Assay </TD>
    <TD style="BORDER-TOP: #000000 2px double; BORDER-BOTTOM: #000000 2px solid"
    vAlign=center align=center width="20%">&nbsp; </TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=center align=center>Hole <BR>Number </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center
    width="20%">From (m) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center
    width="20%">To (m) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center
    width="20%">Length (m) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center
    width="20%">U<SUB>3</SUB>O<SUB>8 </SUB>(%) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=center align=center
    bgColor=#e6efff>WR-539 </TD>
    <TD vAlign=center align=center width="20%" bgColor=#e6efff>400.0 </TD>
    <TD vAlign=center align=center width="20%" bgColor=#e6efff>405.0 </TD>
    <TD vAlign=center align=center width="20%" bgColor=#e6efff>5.0 </TD>
    <TD vAlign=center align=center width="20%" bgColor=#e6efff>13.12 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=center
      align=center>WR-545 </TD>
    <TD vAlign=center align=center width="20%">401.7 </TD>
    <TD vAlign=center align=center width="20%">405.2 </TD>
    <TD vAlign=center align=center width="20%">3.5 </TD>
    <TD vAlign=center align=center width="20%">24.47 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=center align=center
    bgColor=#e6efff>WR-548 </TD>
    <TD vAlign=center align=center width="20%" bgColor=#e6efff>406.8 </TD>
    <TD vAlign=center align=center width="20%" bgColor=#e6efff>413.3 </TD>
    <TD vAlign=center align=center width="20%" bgColor=#e6efff>6.5 </TD>
    <TD vAlign=center align=center width="20%" bgColor=#e6efff>36.83 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=center
      align=center>WR-550 </TD>
    <TD vAlign=center align=center width="20%">406.2 </TD>
    <TD vAlign=center align=center width="20%">410.2 </TD>
    <TD vAlign=center align=center width="20%">4.0 </TD>
    <TD vAlign=center align=center width="20%">29.32 </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=center align=center bgColor=#e6efff>WR-555 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="20%" bgColor=#e6efff>404.5 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="20%" bgColor=#e6efff>407.5 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="20%" bgColor=#e6efff>3.0 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="20%" bgColor=#e6efff>15.99 </TD></TR></TABLE>
</DIV>
<P align=justify>An updated mineral resource estimate was completed in June
2014. Since the previous mineral resource estimate in 2012, the Company
completed 25 drill holes at Phoenix to convert inferred mineral resources to
indicated, and to extend higher grade portions of the deposit. The Company
reported an indicated mineral resource estimate for the Phoenix deposit of 70.2
million pounds U<sub>3</sub>O<sub>8</sub>, representing a 34% increase in indicated pounds U<sub>3</sub>O<sub>8</sub>  over
the last estimate completed in 2012. Additionally, the total inferred mineral
resource is now estimated to contain 1.1 million pounds U<sub>3</sub>O<sub>8</sub>. The following
table summarizes the mineral resource estimate by classification. </P>
<P align=center><B>2014 Phoenix Mineral Resource Estimate Summary
</B><SUP>(1)</SUP></P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=3 width="90%" border=0>

  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=center align=center>Category </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=center align=center width="20%">Tonnes </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=center align=center width="20%">Grade (%U<SUB>3</SUB>O<SUB>8</SUB>)
    </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=center align=center width="20%">Million lbs
      U<SUB>3</SUB>O<SUB>8</SUB><BR>(100% Basis) </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=center align=center width="20%">Million lbs
      U<SUB>3</SUB>O<SUB>8</SUB><BR>(Denison&#146;s Share) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center
      bgColor=#e6efff>Indicated </TD>
    <TD align=center width="20%" bgColor=#e6efff>166,400 </TD>
    <TD align=center width="20%" bgColor=#e6efff>19.13 </TD>
    <TD align=center width="20%" bgColor=#e6efff>70.2 </TD>
    <TD align=center width="20%" bgColor=#e6efff>42.1 </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center>Inferred </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="20%">8,600 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="20%">5.80
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="20%">1.1
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="20%">0.6
    </TD></TR></TABLE></DIV><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>Denison&#146;s &#147;Technical Report on a Mineral Resource
      Estimate Update for the Phoenix Uranium Deposit, Wheeler River Project,
      Eastern Athabasca Basin, Northern Saskatchewan, Canada&#148; dated June 17,
      2014, in accordance with the requirements of NI 43-101, was prepared by
      William E. Roscoe, Ph.D. P. Eng. of Roscoe Postle Associates Inc., who is
      an independent &#147;Qualified Person&#148; as defined by NI 43-101 and is
      responsible for the mineral resource estimate.</P></TD></TR></TABLE>
<P align=justify>In 2014, the Company also carried out a metallurgical test
program on samples from the Phoenix deposit. The results were positive and
indicated high rates of uranium recovery with low acid consumption.</P>
<P align=justify>In addition to Wheeler River, the Company managed or
participated in 17 other exploration programs in the Athabasca Basin (14
operated by Denison), including 12 drilling programs (9 operated by Denison).
During the year, Denison enhanced its project portfolio by adding a 30% interest
in the Mann Lake project through the acquisition of IEC. The Mann Lake project
is a joint venture with Cameco (52.5% interest, and operator) and AREVA (17.5%
interest) and is located 25 kilometres southwest of the McArthur River mine and
on trend between the Wheeler River project and Cameco&#146;s Read Lake project in the
eastern Athabasca Basin. The 2014 drilling program at Mann Lake was largely
carried out before Denison&#146;s acquisition of IEC. As a result, Denison&#146;s share of
exploration expenses at Mann Lake during 2014 was only $19,000. The 2014 program
at Mann Lake, however, successfully intersected high grade uranium
mineralization at the sub-Athabasca unconformity. The highlights of the 2014
program include 2.94% U<sub>3</sub>O<sub>8</sub>  over 4.8 metres in drill hole MN-060 and 4.8% U<sub>3</sub>O<sub>8</sub> over 1.0 metres in drill hole MN-065. As the drill holes are oriented steeply
and the mineralization is approximately horizontal, the true thickness is
expected to be at least 80% of the intersection lengths. </P>
<P align=center>- 4 - </P>
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<P align=justify><B><I>International </I></B></P>
<P align=justify>After completing the acquisition of Rockgate in early 2014, the
Company carried out an internal reorganization of its interests to consolidate
its African holdings under a single wholly owned Canadian subsidiary. The
reorganization simplifies the Company's intercompany relationships in
preparation for a spin-out or disposal transaction of the African portfolio,
which will be pursued when market conditions permit.</P>
<P align=justify>In Zambia, exploration expenditures of $559,000 during 2014
related to geological mapping, geochemical sampling and excavator trenching
programs. The Company plans to continue such activities through 2015, with a
focus on generating additional exploration targets. During 2013, exploration
expenditures totaled $1,066,000, in which soil geochemical surveying, radon
sampling programs, and a 1,900 kilometre line-helicopter-borne electromagnetic
geophysical survey were completed. </P>
<P align=justify>In Mali, Exploration expenditures of $269,000 were incurred in
2014, with activity being limited to a modest field program consisting of
geological mapping and surficial geochemistry orientation surveys. These
programs were completed during the second quarter of the year. During the fourth
quarter of 2013, minimal exploration expenditures of $39,000 were spent on Falea
after acquiring the property from Rockgate. In early 2015, the Company submitted
an application for a new exploration license to the authorities in Mali to allow
exploration activity to continue at Falea.</P>
<P align=justify>In Namibia, Rio Tinto Mining and Exploration Limited (&#147;Rio&#148;)
terminated its option to earn an interest in the Dome project under the
provisions of an earn-in agreement between the parties. Rio discontinued
activities at the site at the end of February 2014. The Company assumed
operatorship and continues to evaluate options for moving forward.</P>
<P align=justify>In Mongolia, exploration expenditures on the Gurvan Saihan
joint venture (&#147;GSJV&#148;) properties totaled $394,000 in 2014, compared to $550,000
in 2013. Expenditures during the year primarily relate to annual license
payments required to maintain the GSJV properties in good standing, while the
Company continues to explore strategic alternatives regarding its ownership
interest in the GSJV. In 2013, the Company focused on completing field programs
and studies necessary to convert the Company&#146;s exploration licences to mining
licences.</P>
<P align=justify><B>Impairment &#150; Mineral Properties </B></P>
<P align=justify>In 2014, the Company recognized mineral property impairment
charges of $1,745,000, including impairment charges of $1,658,000 associated
with the Company&#146;s release of its Black Lake land holdings in Canada during the
first quarter, and $87,000 associated with the Company&#146;s surrender of its Telwa
Gada land holdings in Niger during the fourth quarter.</P>
<P align=justify>In 2013, the Company recognized mineral property impairment
charges of $47,099,000. The Company reduced the carrying value of the Mutanga
project in Zambia to its estimated recoverable amount by recognizing impairments
charges of $35,655,000 and $10,510,000 in the third and fourth quarters,
respectively. The Company also recognized an impairment charge of $934,000,
during the fourth quarter of 2013, in respect of the Company&#146;s decision to
release its Riou Lake land holdings in Canada. </P>
<P align=justify><B>Other Income and Expenses</B></P>
<P align=justify>The Company recognized other expenses of $7,558,000 during
2014, compared to $529,000 during 2013. The increase in other expenses is
primarily due to an increase in foreign exchange losses due to unfavourable
fluctuations in foreign exchange rates, partially offset by the gain on sale of
land holdings related to the Way Lake and Yurchison Lake properties of $202,000,
and a payment received of $229,000 from Strateco Resources Inc. in accordance
with the option agreement that entitles the optionee to earn up to a 60%
interest in Denison&#146;s Jasper Lake property (the &#147;Jasper Option Agreement&#148;).
During the year, the Jasper Option Agreement was assigned to SeqUr Exploration
Inc. (&#147;SeqUr&#148;). In February 2015, SeqUr notified the Company that it intends to
terminate its option to earn an interest in the Jasper Lake property. </P>
<P align=justify><B>Liquidity &amp; Capital Resources </B></P>
<P align=justify>Cash and cash equivalents were $18,640,000 at December 31, 2014
compared with $21,786,000 at December 31, 2013. The decrease of $3,146,000 was
primarily due to net cash used in operations of $23,500,000 and a net foreign
exchange loss of $2,001,000 on the translation of currency balances at period
end, offset in part by net cash provided by investing and financing activities
of $8,212,000 and $14,143,000, respectively.</P>
<P align=justify>Net cash used in operating activities of $23,500,000 during
2014 is comprised of a net loss for the period adjusted for non-cash items and
changes in working capital items.</P>
<P align=center>- 5 - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_6></A>
<P align=justify>Net cash provided by investing activities of $8,212,000
consists primarily of cash provided by the maturity of investments in debt
instruments accounting for $9,529,000, partly offset by $859,000 in cash spent
on property, plant and equipment.</P>
<P align=justify>Net cash provided by financing activities of $14,143,000
consists primarily of net proceeds received on the issuance of 9,257,500 common
shares on a flow-through basis, pursuant to a private placement at a price of
CAD$1.62 per share.</P>
<P align=justify>Cash, equivalents and investments declined by $7,834,000 during
the fourth quarter of 2014. The decrease in the quarter was amplified by a
reduction of $4,909,000 in the Company&#146;s share of cash held in the MLJV as part
of regular working capital movements, and a reduction of $764,000 due to
unfavourable movement in exchange rates on instruments denominated in foreign
currencies. As the large majority of the Company&#146;s future expenditures are
expected to be incurred in foreign currencies, the foreign exchange movement is
not expected to have a material impact on the Company&#146;s financial position.</P>
<P align=justify>On January 31, 2014, the Company entered into a revolving term
credit facility (the &#147;2014 Credit Facility&#148;) with the Bank of Nova Scotia for
CAD$15,000,000. The use of the 2014 Credit Facility was restricted to the
issuance of non-financial letters of credit. As at December 31, 2014, the
Company was in compliance with the covenants of the 2014 Credit Facility, and
CAD$9,698,000 of the 2014 Credit Facility was being used as collateral for
certain letters of credit.<B> </B></P>
<P align=justify><B>Subsequent Events </B></P>
<P align=justify>On January 30, 2015, the Company entered into an agreement (the
&#147;2015 Credit Facility&#148;) with the Bank of Nova Scotia to amend the terms of the
2014 Credit Facility and extend the maturity date to January 31, 2016. Under the
2015 Credit Facility, the Company has access to credit of up to CAD$24,000,000.
Use of the facility remains restricted to non-financial letters of credit in
support of reclamation obligations. The 2015 Credit Facility contains a covenant
to maintain a level of tangible net worth greater than or equal to the sum of
$150,000,000 and a covenant to maintain a minimum balance of cash and
equivalents of CAD$5,000,000 on deposit with the Bank of Nova Scotia.</P>
<P align=justify>In January 2015, David Cates was appointed as President and
Chief Financial Officer of the Company, while Ron Hochstein continued to serve
as Chief Executive Officer. Mr. Kim, who was KEPCO&#146;s representative on the Board
of Directors, resigned in January and was subsequently replaced by Mr. Joo Soo
Park.</P>
<P align=justify><B>Outstanding Share Data </B></P>
<P align=justify>At March 5, 2015, there were 506,438,669 common shares issued
and outstanding, stock options exercisable for 6,095,849 Denison common shares,
and warrants exercisable for 517,127 Denison common shares for a total of
513,051,645 common shares on a fully-diluted basis.</P>
<P align=center>- 6 - </P>
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<A name=page_7></A>
<P align=justify><B>Outlook for 2015</B></P>
<P align=justify>During 2015, Denison and its joint venture partners are
planning to drill approximately 70,000 metres on the Company's properties in the
Athabasca Basin. The Company will focus on expanding the Gryphon Zone discovery
on the Company's flagship 60% owned Wheeler River property and exploring other
high priority properties with the potential for additional new discoveries. The
Company expects to benefit from a stream of cash flow generated from its
interest in the McClean Lake mill by the processing of Cigar Lake ore.</P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="60%" border=0>

  <TR vAlign=bottom>
    <TD colspan="3"
    align=center style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"><B>DENISON&#146;S 2015 BUDGET </B><SUP>(1)</SUP> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="22%" >&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(in thousands) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="22%"
    >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Canada </B><SUP>(2)</SUP> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="22%" >&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Mineral Sales &amp; Toll Milling Revenue</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="22%" bgColor=#e6efff >&nbsp;3,410 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Mineral Property Exploration </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="22%" >(14,210</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Development &amp; Operations </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="22%"
    bgColor=#e6efff >(1,770</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="22%" >(12,570</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Africa</B> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="22%" bgColor=#e6efff >&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Zambia &amp; Mali    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="22%"
    >(2,340</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="22%" bgColor=#e6efff >(2,340</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Asia</B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="22%" >&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Mongolia </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="22%"
    bgColor=#e6efff >(725</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="22%" >(725</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Other Activities </B><SUP>(2)</SUP> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="22%" bgColor=#e6efff >&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>UPC Management </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="22%" >1,850 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>DES Environmental Services </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="22%" bgColor=#e6efff >170 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Corporate General
      &amp; Administration </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="22%"
    >(4,570</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="22%"
    bgColor=#e6efff >(2,550</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="22%" >&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff><B>Total</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="22%"
    bgColor=#e6efff >&nbsp;(18,185</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR></TABLE>
</DIV><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="20%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>Only material operations are shown.</P></TD></TR>
  <TR>
    <TD width="20%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>Budget figures have been converted using a US$ to CAD$
      exchange rate of 1.12.</P></TD></TR></TABLE>
<P align=justify><U>Canada</U> </P>
<P align=justify><B><I>Exploration </I></B></P>
<P align=justify>Denison will manage or participate in a total of 19 exploration
programs (including 14 drilling programs), of which Wheeler River will continue
to be the primary focus. The total budget for these programs is CAD$23.1 million
of which Denison's share is CAD$15.8 million. The 2015 exploration program is
funded by the Company&#146;s flow-through share offering completed in August 2014,
which raised CAD$15.0 million. </P>
<P align=justify>The Wheeler River exploration program includes diamond
drilling, ground geophysics and line cutting at a total cost of CAD$10.0 million
(Denison's share, CAD$6.0 million). A 37,000 metre, 62 drill hole winter and
summer program is planned at Gryphon, Phoenix North and other target areas of
interest. The winter drilling program will focus on the Gryphon discovery with
approximately 22 drill holes planned. Ground geophysics in 2015 will consist
primarily of line cutting and DC-resistivity surveying that will extend coverage
to the south end of the property.</P>
<P align=justify>The highlight of the 2015 winter program at Wheeler River, to
date, is drill hole WR-584B, which extended the zone of mineralization at
Gryphon 50 metres up plunge, with an intersection of 9.0% eU<sub>3</sub>O<sub>8</sub> over 4.6 metres.
Two other drill holes targeting the down-plunge extension of the mineralized
zone were also completed, extending the Gryphon zone approximately 50 metres
down-plunge.</P>
<P align=justify>In addition to the Wheeler River project, other significant
drill programs are also planned or underway for Mann Lake (8,000 metres),
Crawford Lake (4,600 metres), Waterbury Lake (3,300 metres), and Wolly (4,000
metres). Wolly is operated by AREVA and Denison&#146;s interest is 22.5% .
Exploration work including drilling or geophysical programs will also be carried
out on the Moore Lake, Bell Lake, Hatchet Lake, and Murphy Lake properties in
addition to several others. </P>
<P align=justify>Exploration activity at Mann Lake, during early 2015, has
produced the best result of Denison&#146;s activity on other projects in the Basin
and the best result, to date, on the property with drill hole MN-066-01
intersecting 9.8% eU<sub>3</sub>O<sub>8</sub> over 3.5 metres. </P>
<P align=center>- 7 - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_8></A>
<P align=justify><B><I>Mineral Sales, Toll Milling Revenue, Development &amp;
Operations </I></B></P>
<P align=justify>At McClean Lake, the expansion of the mill from 13 to 24
million pounds annual U<sub>3</sub>O<sub>8</sub>  production capacity is anticipated to be completed by
the end of 2015 and remains fully funded by the CLJV. The 2015 production plan
calls for between six million and eight million pounds U<sub>3</sub>O<sub>8</sub>  to be packaged
during the year. Production is expected to be primarily from Cigar Lake ore,
with supplemental ore from the McClean Lake joint venture stockpiles. Denison&#146;s
share of operating and capital expenditures at McClean Lake in 2015 is estimated
at CAD$500,000. Denison&#146;s expenditures are expected to be offset by toll milling
fees and revenue from the sale of approximately 26,000 pounds U<sub>3</sub>O<sub>8</sub>, recovered
from McClean Lake ores. Denison&#146;s total revenue from operations is projected to
be CAD$3.8 million.</P>
<P align=justify>Given the current forecasts for the price of uranium, the SABRE
program will be kept on care and maintenance and the McClean North and Midwest
projects will remain on stand-by in 2015. Total expenditures on SABRE are
planned to be CAD$900,000 (Denison&#146;s share, CAD$203,000), and total expenditures
on McClean North and Midwest are planned to be CAD$375,000 (Denison&#146;s share,
CAD$94,000). </P>
<P align=justify>Reclamation expenditures at Elliot Lake are projected to be
CAD$819,000. </P>
<P align=justify><U>International</U> </P>
<P align=justify>In Africa, the Company has budgeted spending approximately $2.3
million during 2015 to maintain its projects in good standing, while the Company
waits for market conditions that will permit a spin-out or disposal of its
African portfolio. On its wholly owned Mutanga project in Zambia, activities
will focus on generating additional exploration targets through soil and radon
sampling, excavator trenching and geological mapping. In Mali, activities will
focus on an expansion of previous airborne geophysical surveying and renewing
the exploration license for the Falea project. </P>
<P align=justify>In Mongolia, the Company continues its efforts to pursue
strategic alternatives for its 85% interest in the GSJV. Further guidance
regarding the Company&#146;s interest in the GSJV will be provided in the first half
of 2015. The budget for Mongolia is estimated to be $725,000 for 2015. </P>
<P align=justify><B><I>Other Activities </I></B></P>
<P align=justify>Management fees generated from Denison&#146;s management services
agreement with UPC are budgeted to net CAD$2.1 million in 2015. </P>
<P align=justify>At DES, revenue from operations is budgeted at CAD$7.4 million
and operating and capital expenses are forecast to be CAD$7.2 million.</P>
<P align=justify>Corporate general and administration expenses are forecast to
be CAD$4.9 million in 2015 and include all head office wages and benefits,
office costs, audit and regulatory costs, legal fees, investor relations
expenses and all other costs related to operating a public company with listings
in Canada and the United States. </P>
<P align=justify><B>Qualified Person </B></P>
<P align=justify>The disclosure of scientific and technical information
regarding Denison&#146;s properties in this press release was prepared by or reviewed
by Steve Blower, P. Geo., the Company&#146;s Vice President, Exploration, and Terry
Wetz, P.E., the Executive Director of the GSJV, who are Qualified Persons in
accordance with the requirements of NI 43-101. </P>
<P align=justify><B>Additional Information </B></P>
<P align=justify>Denison&#146;s consolidated financial statements for the year ended
December 31, 2014 and related management&#146;s discussion and analysis are available
on Denison&#146;s website at www.denisonmines.com or under its profile on SEDAR at
www.sedar.com and on EDGAR at www.sec.gov/edgar.shtml. </P>
<P align=justify><B>About Denison </B></P>
<P align=justify><I>Denison is a uranium exploration and development company
with interests in exploration and development projects in Canada, Zambia, Mali,
Namibia and Mongolia. Including its 60% owned Wheeler project, which hosts the
high grade Phoenix uranium deposit, Denison&#146;s exploration project portfolio
consists of numerous projects covering over 467,000 hectares in the eastern
Athabasca Basin region of Saskatchewan. Denison&#146;s interests in Saskatchewan also
include a 22.5% ownership interest in the McClean Lake joint venture, which
includes several uranium deposits and the McClean Lake uranium mill, which is
currently processing ore from the Cigar Lake mine under a toll milling
agreement, plus a 25.17% interest in the Midwest deposit and a 60% interest in
the J Zone deposit on the Waterbury Lake property. Both the Midwest and J Zone
deposits are located within 20 kilometres of the McClean Lake mill.
Internationally, Denison owns 100% of the conventional heap leach Mutanga
project in Zambia, 100% of the uranium/copper/silver Falea project in Mali, a 90% interest
in the Dome project in Namibia, and an 85% interest in the in-situ recovery
projects held by the Gurvan Saihan joint venture (&#147;GSJV&#148;) in Mongolia. </I></P>
<P align=center>- 8 - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_9></A>
<P align=justify><I>Denison is also engaged in mine decommissioning and
environmental services through its DES division and is the manager of UPC, a
publicly traded company which invests in uranium oxide and uranium hexafluoride.
</I></P>
<P align=justify><B>For more information, please contact </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>Ron Hochstein </TD>
    <TD align=right width="50%">(416) 979 &#150; 1991 ext 232 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Chief Executive Officer </TD>
    <TD align=left width="50%">&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>David Cates </TD>
    <TD align=right width="50%">(416) 979 &#150; 1991 ext 362 </TD></TR>
  <TR vAlign=top>
    <TD align=left>President and Chief Financial Officer </TD>
    <TD align=left width="50%">&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Sophia Shane </TD>
    <TD align=right width="50%">(604) 689 - 7842 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Investor Relations </TD>
    <TD align=left width="50%">&nbsp; </TD></TR></TABLE>
<P align=justify><B>Cautionary Statements <BR></B>Certain information contained
in this press release constitutes &#147;forward-looking information", within the
meaning of the United States Private Securities Litigation Reform Act of 1995
and similar Canadian legislation concerning the business, operations and
financial performance and condition of Denison. </P>
<P align=justify>Generally, these forward-looking statements can be identified
by the use of forward-looking terminology such as "plans", "expects" or "does
not expect", "is expected", "budget", "scheduled", "estimates", &#147;forecasts",
"intends", "anticipates" or "does not anticipate", or "believes", 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
&#147;has the potential to&#148;. </P>
<P align=justify>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. 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 correct and such forward-looking
information included in this press release should not be unduly relied upon.
This information speaks only as of the date of this press release. In
particular, this press release may contain forward-looking information
pertaining to the following: the likelihood of completing and benefits to be
derived from corporate transactions; the estimates of Denison's mineral reserves
and mineral resources; expectations regarding the toll milling of Cigar Lake
ores; capital expenditure programs, estimated exploration and development
expenditures and reclamation costs; expectations of market prices and costs;
supply and demand for uranium (&#147;U<sub>3</sub>O<sub>8</sub>&#148;); possible impacts of litigation and
regulatory actions on Denison; exploration, development and expansion plans and
objectives; expectations regarding adding to its mineral reserves and resources
through acquisitions and exploration; and receipt of regulatory approvals,
permits and licences under governmental regulatory regimes. </P>
<P align=justify>There can be no assurance that such statements will prove to be
accurate, as Denison's actual results and future events could differ materially
from those anticipated in this forward-looking information as a result of the
factors discussed in the &#147;Risk Factors&#148; section in Denison&#146;s Management
Discussion and Analysis, for the year ended December 31, 2014, available at
http://www.sedar.com, and at http://www.sec.gov/edgar.shtml. </P>
<P align=justify>Accordingly, readers should not place undue reliance on
forward-looking statements. These factors are not, and should not be construed
as being, exhaustive. Statements relating to "mineral reserves" or "mineral
resources" are deemed to be forward-looking information, as they involve the
implied assessment, based on certain estimates and assumptions that the mineral
reserves and mineral resources described can be profitably produced in the
future. The forward-looking information contained in this press release is
expressly qualified by this cautionary statement. 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. </P>
<P align=justify><B>Cautionary Note to United States Investors Concerning
Estimates of Measured, Indicated and Inferred Mineral Resources:</B> This press
release may use the terms &#147;measured&#148;, &#147;indicated&#148; and &#147;inferred&#148; mineral
resources. United States investors are advised that while such terms are
recognized and required by Canadian regulations, the United States Securities
and Exchange Commission does not recognize them. &#147;inferred mineral resources&#148;
have a great amount of uncertainty as to their existence, and as to their
economic and legal feasibility. It cannot be assumed that all or any part of an
inferred mineral resource 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. <B>United States investors are
cautioned not to assume that all or any part of measured or indicated mineral
resources will ever be converted into mineral reserves. United States investors
are also cautioned not to assume that all or any part of an inferred mineral
resource exists, or is economically or legally mineable. </B></P>
<P align=center>- 9 - </P>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>exhibit99-2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
<HTML>
<HEAD>
   <TITLE>Denison Mines Corp. - Exhibit 99.2 - Filed by newsfilecorp.com</TITLE>
</HEAD>

<BODY style="font-size:10pt;">

<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A>
<P align=center>&nbsp;</P>
<P align=center>&nbsp;</P>
<P align=center>&nbsp;</P>
<P align=center>&nbsp;</P>
<P align=center>&nbsp;</P>
<P align=center>
<IMG
src="exhibit99-2x1x1.jpg"
border=0 width="267" height="101"></P> <BR>
<P align=center>DENISON MINES CORP. </P>
<P align=center>&nbsp;</P>
<P align=center>Financial Statements <BR>for the years ended <BR>December 31,
2014 and 2013 <BR></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_2></A>
<P align=justify><B><FONT size=4>Responsibility for Financial Statements
</FONT></B></P>
<P align=justify>The Company&#146;s management is responsible for the integrity and
fairness of presentation of these consolidated financial statements. The
consolidated financial statements have been prepared by management, in
accordance with International Financial Reporting Standards as issued by the
International Accounting Standards Board, for review by the Audit Committee and
approval by the Board of Directors. </P>
<P align=justify>The preparation of financial statements requires the selection
of appropriate accounting policies in accordance with International Financial
Reporting Standards and the use of estimates and judgements by management to
present fairly and consistently the consolidated financial position of the
Company. Estimates are necessary when transactions affecting the current period
cannot be finalized with certainty until future information becomes available.
In making certain material estimates, the Company&#146;s management has relied on the
judgement of independent specialists.</P>
<P align=justify>The Company&#146;s management has developed and maintains a system
of internal accounting controls to ensure, on a reasonable and cost-effective
basis, that the financial information is timely reported and is accurate and
reliable in all material respects and that the Company&#146;s assets are
appropriately accounted for and adequately safeguarded.</P>
<P align=justify>The consolidated financial statements have been audited by
PricewaterhouseCoopers LLP, our independent auditor. Its report outlines the
scope of its examination and expresses its opinions on the consolidated
financial statements and internal control over financial reporting. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>&nbsp;Original signed by <I>&#147;Ron F. Hochstein&#148; </I></TD>
    <TD align=left width="50%">&nbsp;Original signed by <I>&#147;David D. Cates&#148;
      </I></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Ron F. Hochstein </TD>
    <TD align=left width="50%">David D. Cates </TD></TR>
  <TR vAlign=top>
    <TD align=left>Chief Executive Officer </TD>
    <TD align=left width="50%">President and Chief Financial Officer </TD></TR>
  <TR vAlign=top>
    <TD align=left>March 5, 2015 </TD>
    <TD align=left width="50%">&nbsp; </TD></TR></TABLE>
<P align=justify><B><FONT size=4>Management&#146;s Report on Internal Control over
Financial Reporting </FONT></B></P>
<P align=justify>The Company&#146;s management is responsible for establishing and
maintaining an adequate system of internal control over financial reporting.
Management conducted an evaluation of the effectiveness of internal control over
financial reporting based on the <I>Internal Control &#150; Integrated Framework,
2013 </I>issued by the Committee of Sponsoring Organizations of the Treadway
Commission. Based on this evaluation, management concluded that the Company&#146;s
internal control over financial reporting was effective as of December 31,
2014.</P>
<P align=justify>The effectiveness of the Company&#146;s internal control over
financial reporting as at December 31, 2014 has been audited by
PricewaterhouseCoopers LLP, our independent auditor, as stated in its report
which appears herein.</P>
<P align=justify><B><FONT size=4>Changes to Internal Control over Financial
Reporting </FONT></B></P>
<P align=justify>There has not been any change in the Company&#146;s internal control
over financial reporting that occurred during 2014 that has materially affected,
or is reasonably likely to materially affect, the Company&#146;s internal control
over financial reporting. </P>
<P align=center>ii </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_3></A>
<P align=justify>March 5, 2015 </P>
<P align=justify>&nbsp;</P>
<P align=justify>&nbsp;</P>
<P align=justify><B><FONT size=4>Independent Auditor&#146;s Report </FONT></B></P>
<P align=justify><B>To the Shareholders of</B><BR><B>Denison Mines Corp.
</B><BR></P>
<P align=justify>We have completed integrated audits of Denison Mines Corp. and
its subsidiaries&#146; current year and prior year consolidated financial statements
and their internal control over financial reporting as at December 31, 2014. Our
opinions, based on our audits are presented below. </P>
<P align=justify><B>Report on the consolidated financial statements <BR></B>We
have audited the accompanying consolidated financial statements of Denison Mines
Corp. and its subsidiaries, which comprise the consolidated statements of
financial position as at December 31, 2014 and 2013 and the consolidated
statements of income (loss) and comprehensive income (loss), changes in equity
and cash flow for the years then ended, and the related notes, which comprise a
summary of significant accounting policies and other explanatory information.
</P>
<P align=justify><B>Management&#146;s responsibility for the consolidated financial
statements <BR></B>Management is responsible for the preparation and fair
presentation of these consolidated financial statements in accordance with
International Financial Reporting Standards (IFRS) as issued by the
International Accounting Standards Board (IASB) and for such internal control as
management determines is necessary to enable the preparation of consolidated
financial statements that are free from material misstatement, whether due to
fraud or error. </P>
<P align=justify><B>Auditor&#146;s responsibility <BR></B>Our responsibility is to
express an opinion on these consolidated financial statements based on our
audits. We conducted our audits in accordance with Canadian generally accepted
auditing standards and the standards of the Public Company Accounting Oversight
Board (United States). Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the consolidated financial
statements are free from material misstatement. Canadian generally accepted
auditing standards also require that we comply with ethical requirements. </P>
<P align=justify>An audit involves performing procedures to obtain audit
evidence, on a test basis, about the amounts and disclosures in the consolidated
financial statements. The procedures selected depend on the auditor&#146;s judgment,
including the assessment of the risks of material misstatement of the
consolidated financial statements, whether due to fraud or error. In making
those risk assessments, the auditor considers internal control relevant to the
Company&#146;s preparation and fair presentation of the consolidated financial
statements in order to design audit procedures that are appropriate in the
circumstances. An audit also includes evaluating the appropriateness of
accounting principles and policies used and the reasonableness of accounting
estimates made by management, as well as evaluating the overall presentation of
the consolidated financial statements. </P>
<P align=justify>We believe that the audit evidence we have obtained in our
audits is sufficient and appropriate to provide a basis for our audit opinion on
the consolidated financial statements. </P>
<P align=justify><B>Opinion <BR></B>In our opinion, the consolidated financial
statements present fairly, in all material respects, the financial position of
Denison Mines Corp. and its subsidiaries as at December 31, 2014 and 2013 and
their financial performance and their cash flows for the years then ended in
accordance with IFRS as issued by the IASB. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_4></A>
<P align=justify><B>Report on internal control over financial reporting
<BR></B>We have also audited Denison Mines Corp. and its subsidiaries&#146; internal
control over financial reporting as at December 31, 2014, based on criteria
established in Internal Control - Integrated Framework (2013), issued by the
Committee of Sponsoring Organizations of the Treadway Commission (COSO). </P>
<P align=justify><B>Management&#146;s responsibility for internal control over
financial reporting <BR></B>Management is responsible for maintaining effective
internal control over financial reporting and for its assessment of the
effectiveness of internal control over financial reporting included in the
accompanying Management&#146;s Report on Internal control over Financial Reporting.
</P>
<P align=justify><B>Auditor&#146;s responsibility <BR></B>Our responsibility is to
express an opinion on the Company&#146;s internal control over financial reporting
based on our audit. We conducted our audit of internal control over financial
reporting in accordance with the standards of the Public Company Accounting
Oversight Board (United States). Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether effective
internal control over financial reporting was maintained in all material
respects. </P>
<P align=justify>An audit of internal control over financial reporting includes
obtaining an understanding of internal control over financial reporting,
assessing the risk that a material weakness exists, testing and evaluating the
design and operating effectiveness of internal control, based on the assessed
risk, and performing such other procedures as we consider necessary in the
circumstances. </P>
<P align=justify>We believe that our audit provides a reasonable basis for our
audit opinion on the Company&#146;s internal control over financial reporting. </P>
<P align=justify><B>Definition of internal control over financial reporting
<BR></B>A Company&#146;s internal control over financial reporting is a process
designed to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles. A Company&#146;s internal
control over financial reporting includes those policies and procedures that:
(i) pertain to the maintenance of records that, in reasonable detail, accurately
and fairly reflect the transactions and dispositions of the assets of the
Company; (ii) provide reasonable assurance that transactions are recorded as
necessary to permit preparation of financial statements in accordance with
generally accepted accounting principles, and that receipts and expenditures of
the Company are being made only in accordance with authorizations of management
and directors of the Company; and (iii) provide reasonable assurance regarding
prevention or timely detection of unauthorized acquisition, use, or disposition
of the Company&#146;s assets that could have a material effect on the financial
statements. </P>
<P align=justify><B>Inherent limitations <BR></B>Because of its inherent
limitations, internal control over financial reporting may not prevent or detect
misstatements. Also, projections of any evaluation of effectiveness to future
periods are subject to the risk that controls may become inadequate because of
changes in conditions or that the degree of compliance with the policies or
procedures may deteriorate.</P>
<P align=justify><B>Opinion <BR></B>In our opinion, Denison Mines Corp. and its
subsidiaries maintained, in all material respects, effective internal control
over financial reporting as at December 31, 2014, based on criteria established
in Internal Control - Integrated Framework (2013) issued by COSO. </P>
<P align=justify><B>(Signed) &#147;PricewaterhouseCoopers LLP&#148; </B></P>
<P align=justify><B>Chartered Professional Accountants, Licensed Public
Accountants</B> <BR>Toronto, Ontario, Canada <BR></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_5></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left><B><FONT
      size=4>DENISON MINES CORP. </FONT></B></TD></TR>
  <TR vAlign=top>
    <TD align=left>Consolidated Statements of Financial Position </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>(Expressed in
      thousands of U.S. dollars except for share amounts) </TD></TR></TABLE>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%">At December 31 </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%">At December 31 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">2014
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">2013
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>ASSETS </B></TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Current </B></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Cash and cash equivalents (note 6) </TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;18,640 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;21,786 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Investments (note 9) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>4,381 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>10,040 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Trade and other receivables (note 7) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">9,411 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">4,148 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Inventories (note 8) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>2,240 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>2,123 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Prepaid expenses
      and other </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">850
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">749
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>35,522 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>38,846 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Non-Current </B></TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Inventories &#150; ore in stockpiles (note 8)
</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,760 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,661 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Investments (note 9) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">954 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">5,901 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Restricted cash and investments (note 10)
    </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>2,068 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>2,299 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Property, plant and equipment (note 11) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">270,388 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">281,010 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Intangibles (note 12) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>638 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>1,252 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Total assets </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;311,330 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;330,969 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>LIABILITIES </B></TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Current </B></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Accounts payable and accrued liabilities </TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;10,050 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;7,992 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Current portion of long-term liabilities:
    </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Post-employment benefits
      (note 13) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">259 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">376 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Reclamation obligations (note 14) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>706 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>699 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Debt obligations (note
      15) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">30 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">55 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Other liabilities (note
      16) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>1,935 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>333 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">12,980 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">9,455 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Non-Current </B></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Post-employment benefits (note 13) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">2,662 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">2,945 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Reclamation obligations (note 14) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>16,953 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>11,509 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Debt obligations (note 15) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">9 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">42 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Other liabilities (note 16) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>841 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>940 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Deferred income
      tax liability (note 17) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">21,826 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">25,847 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Total liabilities </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>55,271 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>50,738 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>EQUITY </B></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Share capital (note 18) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,120,758 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,092,144 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Share purchase warrants (note 19) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>376 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>616 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Contributed surplus (note 20) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">53,321 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">52,943 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Deficit </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(892,537</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(860,834</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Accumulated other
      comprehensive income (loss) (note 21) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">(25,859</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="12%">(7,729</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Total equity </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>256,059 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>277,140 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Non-controlling
      interest (note 5) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">3,091
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Total liabilities and equity </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;311,330 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;330,969 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Issued and outstanding common shares (note 18) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>505,868,894 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>482,003,444 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Commitments and contingencies (note 26) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Subsequent events (note 28) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"
  bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=center>The accompanying notes are an integral part of the consolidated
financial statements </P>
<P align=justify><B>On behalf of the Board of Directors</B>: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>(Signed) &#147;<I>Ron F. Hochstein</I>&#148; </TD>
    <TD align=left width="50%">(Signed) &#147;<I>Catherine J.G. Stefan</I>&#148; </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Director </B></TD>
    <TD align=left width="50%"><B>Director </B></TD></TR></TABLE>
<P align=center>- 1 -</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_6></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left><FONT
      size=4><B>DENISON MINES CORP.</B> </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left>Consolidated Statements of Income (Loss) and Comprehensive
      Income (Loss) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>(Expressed in
      thousands of U.S. dollars except for share and per share amounts)
  </TD></TR></TABLE>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD colspan="4" align=center style="BORDER-BOTTOM: #000000 1px solid">Year
      Ended </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%">December 31 </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%">December 31 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">2014    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">2013    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD></TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%"></TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%"></TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff><B>REVENUES </B>(note 23) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;9,619 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;10,407 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>EXPENSES</B> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Operating expenses (note 22, 23) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(11,651</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(8,811</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Mineral property exploration (note 23) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(14,795</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(13,682</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>General and administrative (note 23) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(7,590</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(8,167</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Impairment of mineral properties (note 11)    </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(1,745</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(47,099</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Other income
      (expense) (note 22) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="12%">(7,558</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="12%">(529</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(43,339</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(78,288</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Income (loss) before finance charges </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(33,720</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(67,881</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Finance income
      (expense) (note 22) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="12%">(282</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="12%">(532</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Income (loss) before taxes </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(34,002</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(68,413</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Income tax recovery (expense) (note 17): </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Current </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(5</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>51 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;
      &nbsp;Deferred </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">2,304    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">(15,473</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Net income (loss) for the period </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;(31,703</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;(83,835</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Items that may be reclassified to income
      (loss): </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Unrealized gain (loss) on investments-net of
      tax </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">7 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">286 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp; &nbsp;Foreign currency translation change </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(18,137</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(18,942</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Comprehensive
      income (loss) for the period </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;(49,833</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;(102,491</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >) </TD></TR>
  <TR>
    <TD bgColor=#e6efff></TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff></TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff></TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Net income (loss) per share: </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>&nbsp; &nbsp;Basic and diluted </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;(0.06</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;(0.19</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR>
    <TD></TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%"></TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%"></TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Weighted-average number of shares
      outstanding (in thousands): </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp; &nbsp;Basic
      and diluted </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">494,510 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">440,895 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE>
<P align=center>The accompanying notes are an integral part of the consolidated
financial statements </P>
<P align=center>- 2 -</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_7></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left><B><FONT
      size=4>DENISON MINES CORP. </FONT></B></TD></TR>
  <TR vAlign=top>
    <TD align=left>Consolidated Statements of Changes in Equity </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>(Expressed in
      thousands of U.S. dollars) </TD></TR></TABLE>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD colspan="4" align=center style="BORDER-BOTTOM: #000000 1px solid">Year
      Ended </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%">December 31 </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%">December 31 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">2014    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">2013    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Share capital </B></TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Balance&#150;beginning of period </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;1,092,144 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;979,124 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Share issues-net of issue costs </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">12,845 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">13,627 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Flow-through share premium </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(2,030</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(332</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Shares issued on acquisition of JNR Resources (note 5) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">10,956 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Shares issued on acquisition of Fission
      Energy Corp (note 5) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>66,259 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Shares issued on acquisition of Rockgate Capital Corp (note
      5) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">3,034 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">21,760 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Shares issued on acquisition of
      International Enexco Limited (note 5) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>11,979 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Shares issued to settle payable and accrued liability
      obligations (note 18) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">610 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Share options exercised-cash </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>946 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>111 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Share options exercised-non cash </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">525 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">98 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Share purchase warrants exercised-cash </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>405 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>330 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Share purchase
      warrants exercised&#150;non-cash </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">300    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">211    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Balance&#150;end of period </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>1,120,758 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>1,092,144 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Share purchase warrants </B></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Balance&#150;beginning of period </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">616 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Warrants issued on acquisition of JNR
      Resources (note 5) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>17 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Warrants assumed on acquisition of Fission Energy Corp
      (note 5) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">827 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Warrants issued on acquisition of
      International Enexco Limited (note 5) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>61 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Warrants exercised </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(300</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(211</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Warrants expired </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(1</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(17</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Balance&#150;end of
      period </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">376    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">616    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Contributed surplus </B></TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Balance&#150;beginning of period </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>52,943 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>50,671 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Stock-based compensation expense </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">800 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">903 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Share options issued on acquisition of JNR
      Resources (note 5) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>131 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Share options issued on acquisition of Fission Energy Corp
      (note 5) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,321 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Share options issued on acquisition of
      International Enexco Limited (note 5) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>102 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Share options exercised-non-cash </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(525</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(98</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Warrants expired </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>17 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Warrants
      expired&#150;tax effect </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">(2</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Balance&#150;end of period </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>53,321 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>52,943 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Deficit </B></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Balance&#150;beginning of period </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(860,834</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(776,999</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Net loss </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(31,703</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(83,835</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Balance-end of
      period </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">(892,537</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">(860,834</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Accumulated other comprehensive income </B></TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Balance&#150;beginning of period </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(7,729</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>10,927 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Unrealized gain (loss) on investments </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">7 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">286 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Foreign currency translation </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(18,137</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(18,119</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Foreign currency
      translation realized in net income </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="12%">(823</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Balance&#150;end of period </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(25,859</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(7,729</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Total Equity </B></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Balance&#150;beginning
      of period </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">&nbsp;277,140 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    ><STRIKE>$</STRIKE></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><STRIKE>&nbsp;</STRIKE>263,723 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Balance&#150;end of period </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;256,059 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff><STRIKE>$</STRIKE></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff><STRIKE>&nbsp;</STRIKE>277,140 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=center>The accompanying notes are an integral part of the consolidated
financial statements </P>
<P align=center>- 3 - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_8></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left><FONT
      size=4><B>DENISON MINES CORP.</B> </FONT></TD></TR>
  <TR vAlign=top>
    <TD align=left>Consolidated Statements of Cash Flow </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>(Expressed in
      thousands of U.S. dollars) </TD></TR></TABLE>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD colspan="4" align=center style="BORDER-BOTTOM: #000000 1px solid">Year
      Ended </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%">December 31 </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%">December 31 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>CASH PROVIDED
      BY (USED IN):</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">2014    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">2013    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>OPERATING ACTIVITIES</B> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Net income (loss) for the period </TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;(31,703</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;(83,835</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Items not affecting cash: </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Depletion, depreciation, amortization and accretion    </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">2,095 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">2,296 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Impairment &#150; mineral properties (note
      5) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,745 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>47,099 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Impairment &#150; investments </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">22 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">39 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Stock-based compensation </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>800 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>903 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Losses (gains) on reclamation obligation revisions</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">2,086 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(1,645</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Losses (gains) on asset disposals </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(449</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>12 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Losses (gains) on investments and restricted
      investments </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">59 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,298 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Deferred income tax expense
      (recovery) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(2,304</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>15,473 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Foreign exchange </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">7,983 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(17</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Change in non-cash working capital items (note 22) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(3,834</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(2,766</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Net cash provided
      by (used in) operating activities </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">(23,500</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">(21,143</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>INVESTING ACTIVITIES</B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Acquisition of assets, net of cash and cash
      equivalents acquired: </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;JNR Resources (note 5) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(715</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Fission Energy Corp (note 5)    </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(4,058</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Rockgate Capital Corp (note 5) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(57</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(989</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;International Enexco Limited
      (note 5) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(141</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Decrease (increase) in notes receivable </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">298 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Sale of investments </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>9,529 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Purchase of investments </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(569</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Expenditures on property, plant and
      equipment </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(859</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(2,262</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Proceeds on sale of property, plant and equipment </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">265 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">58 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Decrease (increase) in restricted cash and investments </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>44 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(210</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Net cash provided
      by (used in) investing activities </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">8,212    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="12%">(7,878</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>FINANCING ACTIVITIES</B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Increase (decrease) in debt obligations </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(53</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(121</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Issuance of common shares for: </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;New share issues-net of issue costs
      (note 18) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>12,845 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>13,627 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Share options exercised (note 18) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">946 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">111 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp;Share purchase warrants exercised (note 18) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>405 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>330 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Net cash provided
      by (used in) financing activities </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">14,143 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">13,947 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Increase (decrease) in cash and cash equivalents </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(1,145</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(15,074</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Foreign exchange effect on cash and cash
      equivalents </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(2,001</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(1,328</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Cash and cash
      equivalents, beginning of period </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">21,786 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">38,188 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Cash and cash equivalents, end of period </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;18,640 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;21,786 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Supplemental cash flow disclosure</B>:    </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Interest paid </TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;2 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;3 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>&nbsp;Income taxes paid (recovered) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>(51</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR></TABLE>
<P align=center>The accompanying notes are an integral part of the consolidated
financial statements </P>
<P align=center>- 4 - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_9></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left><B><FONT
      size=4>DENISON MINES CORP. </FONT></B></TD></TR>
  <TR vAlign=top>
    <TD align=left>Notes to the consolidated financial statements for the
      years ended December 31, 2014 and 2013 </TD></TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in U.S. dollars except for shares and per share
      amounts) </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    >&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>1. </B></TD>
    <TD colSpan=2>
      <P align=justify><B>NATURE OF OPERATIONS</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD colSpan=2>
      <P align=justify>Denison Mines Corp. and its subsidiary companies and
      joint arrangements (collectively, the &#147;Company&#148;) are engaged in uranium
      mining and related activities, including acquisition, exploration and
      development of uranium properties, extraction, processing and selling of
      uranium.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD colSpan=2>
      <P align=justify>The Company has a 22.5% interest in the McClean Lake
      Joint Venture (&#147;MLJV&#148;) (which includes the McClean Lake mill) and a 25.17%
      interest in the Midwest Joint Venture (&#147;MWJV&#148;), both of which are located
      in the Athabasca Basin of Saskatchewan, Canada. The McClean Lake mill
      provides toll milling services to the Cigar Lake Joint Venture (&#147;CLJV&#148;)
      under the terms of a toll milling agreement between the parties. In
      addition, the Company has varying ownership interests in a number of
      development and exploration projects located in Canada, Mali, Namibia,
      Zambia and Mongolia.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD colSpan=2>
      <P align=justify>The Company provides mine decommissioning and
      decommissioned site monitoring services to third parties through its
      environmental services division and is also the manager of Uranium
      Participation Corporation (&#147;UPC&#148;), a publicly-listed investment holding
      company formed to invest substantially all of its assets in uranium oxide
      concentrates (&#147;U<sub>3</sub>O<sub>8</sub>&#147;) and uranium hexafluoride (&#147;UF6&#148;). The Company has no
      ownership interest in UPC but receives fees for management services and
  commissions from the purchase and sale of U<sub>3</sub>O<sub>8</sub>  and UF6 by UPC.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD colSpan=2>
      <P align=justify>Denison Mines Corp. (&#147;DMC&#148;) is incorporated under the
      Business Corporations Act (Ontario) and domiciled in Canada. The address
      of its registered head office is 595 Bay Street, Suite 402, Toronto,
      Ontario, Canada, M5G 2C2.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD colSpan=2>
      <P align=justify>References to &#147;2014&#148; and &#147;2013&#148; refer to the year ended
      December 31, 2014 and the year ended December 31, 2013
  respectively.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>2. </B></TD>
    <TD colSpan=2>
      <P align=justify><B>BASIS OF PRESENTATION</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD colSpan=2>
      <P align=justify>The consolidated financial statements have been prepared
      in accordance with International Financial Reporting Standards (&#147;IFRS&#148;) as
      issued by the International Accounting Standards Board (&#147;IASB&#148;).</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD colSpan=2>
      <P align=justify>The Company&#146;s presentation currency is U.S
  dollars.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD colSpan=2>
      <P align=justify>These financial statements were approved by the board of
      directors for issue on March 5, 2015.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>3. </B></TD>
    <TD colSpan=2>
      <P align=justify><B>ACCOUNTING POLICIES AND RESTATEMENT OF COMPARATIVE
      NUMBERS</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD colSpan=2>
      <P align=justify><B>Significant Accounting Policies</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD colSpan=2>
      <P align=justify>The significant accounting policies used in the
      preparation of these consolidated financial statements are described
      below:</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%"><B>(a) </B></TD>
    <TD>
      <P align=justify><B>Consolidation</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The financial statements of the Company include the
      accounts of DMC and its subsidiaries. Subsidiaries are all entities
      (including structured entities) over which the group has control. The
      group controls an entity where the group is exposed to, or has rights to,
      variable returns from its involvement with the entity and has the ability
      to affect those returns through its power to direct the activities of the
      entity. Subsidiaries are fully consolidated from the date on which control
      is transferred to the group and are deconsolidated from the date that
      control ceases. Intercompany transactions, balances and unrealized gains
      and losses from intercompany transactions are eliminated.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Non-controlling interests represent equity interests in
      subsidiaries owned by outside parties. The share of net assets of
      subsidiaries attributable to non-controlling interests is presented as a
      component of equity. Their share of net income and comprehensive income is
      recognized directly in equity. Changes in the parent company&#146;s ownership interest in subsidiaries that
      do not result in a loss of control are accounted for as equity
      transactions.</P></TD></TR></TABLE>
<P align=center>- 5 -</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_10></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The financial statements of the Company also include
      various interests in development and exploration projects which are held
      through option or contractual agreements. These have been classified as
      joint ownership interests under IFRS. These joint ownership interests have
      been accounted for using the undivided interest method.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>(b)</B> </TD>
    <TD>
      <P align=justify><B>Foreign currency
translation</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>Functional and presentation currency</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Items included in the financial statements of each entity
      in the DMC group are measured using the currency of the primary economic
      environment in which the entity operates (&#147;the functional currency&#148;).
      Primary and secondary indicators are used to determine the functional
      currency (primary indicators have priority over secondary indicators).
      Primary indicators include the currency that mainly influences sales
      prices and the currency that mainly influences labour, material and other
      costs. Secondary indicators include the currency in which funds from
      financing activities are generated and the currency in which receipts from
      operating activities are usually retained. For our entities located in
      Canada, Mongolia, Mali, Namibia, Niger and Zambia, the local currency has
      been determined to be the functional currency.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The consolidated financial statements are presented in
      U.S. dollars, unless otherwise stated.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The financial statements of entities that have a
      functional currency different from the presentation currency of DMC
      (&#147;foreign operations&#148;) are translated into U.S. dollars as follows: assets
      and liabilities &#150; at the closing rate at the date of the statement of
      financial position, and income and expenses &#150; at the average rate of the
      period (as this is considered a reasonable approximation to actual rates).
      All resulting changes are recognized in other comprehensive income as
      cumulative foreign currency translation adjustments.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>When an entity disposes of its entire interest in a
      foreign operation, or loses control, joint control, or significant
      influence over a foreign operation, the foreign currency gains or losses
      accumulated in other comprehensive income related to the foreign operation
      are recognized in profit or loss. If an entity disposes of part of an
      interest in another entity which remains a subsidiary, a proportionate
      amount of foreign currency gains or losses accumulated in other
      comprehensive income related to the subsidiary is reallocated between
      controlling and non-controlling interests.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>Transactions and balances</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Foreign currency transactions are translated into an
      entity&#146;s functional currency using the exchange rates prevailing at the
      dates of the transactions. Foreign exchange gains and losses resulting
      from the settlement of foreign currency transactions and from the
      translation at year-end exchange rates of monetary assets and liabilities
      denominated in currencies other than an operation&#146;s functional currency
      are recognized in the statement of income.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>(c)</B> </TD>
    <TD colSpan=2>
      <P align=justify><B>Cash and cash equivalents</B></P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD colSpan=2>
      <P align=justify>Cash and cash equivalents include cash on hand, deposits
      held with banks, and other short-term highly liquid investments with
      original maturities of three months or less which are subject to an
      insignificant risk of changes in value.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>(d)</B> </TD>
    <TD colSpan=2>
      <P align=justify><B>Financial instruments</B></P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD colSpan=2>
      <P align=justify>Financial assets and financial liabilities are recognized
      when the Company becomes a party to the contractual provisions of the
      financial instrument. Financial assets are derecognized when the rights to
      receive cash flows from the assets have expired or have been transferred
      and the Company has transferred substantially all risks and rewards of
      ownership. Financial liabilities are derecognized when the obligations
      specified in the contract is discharged, cancelled or expires.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD colSpan=2>
      <P align=justify>At initial recognition, the Company classifies its
      financial instruments in the following categories:</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>Financial assets and liabilities at fair value through
      profit or loss (&#147;FVPL&#148;)</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>A financial asset or liability is classified in this
      category if acquired principally for the purpose of selling or
      repurchasing in the short-term. Financial instruments in this category are
      recognized initially and subsequently at fair value. Transaction costs are
      expensed in the consolidated statement of income. Gains and losses arising
      from changes in fair value are presented in the consolidated statement of
      income in the period in which they arise.</P></TD></TR></TABLE>
<P align=center>- 6 -</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_11></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>Available-for-sale investments</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Available-for-sale investments are recognized initially
      at fair value plus transaction costs and are subsequently carried at fair
      value. Gains or losses arising from re-measurement are recognized in other
      comprehensive income. When an available-for-sale investment is sold or
      impaired, the accumulated gains or losses are moved from accumulated other
      comprehensive income to the statement of income.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>Held-to-maturity investments</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Held-to-maturity investments are non-derivative financial
      assets with fixed or determinable payments and fixed maturities that are
      intended to be held to maturity. Held-to-maturity investments are
      initially recognized at fair value plus transaction costs and subsequently
      measured at amortized cost using the effective interest method less a
      provision for impairment.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iv) </TD>
    <TD>
      <P align=justify>Loans and receivables</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Loans and receivables are non-derivative financial assets
      with fixed or determinable payments that are not quoted in an active
      market. Loans and receivables are initially recognized at the amount
      expected to be received, less a discount (when material) to reduce the
      loans and receivables to fair value. Subsequently, loans and receivables
      are measured at amortized cost using the effective interest method less a
      provision for impairment.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(v) </TD>
    <TD>
      <P align=justify>Financial liabilities at amortized cost</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Financial liabilities are initially recognized at the
      amount required to be paid, less a discount (when material) to reduce the
      financial liabilities to fair value. Subsequently, financial liabilities
      are measured at amortized cost using the effective interest
  method.</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>The Company has designated its
financial assets and liabilities as follows: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top align=left width="5%">(i) </TD>
    <TD>
      <P align=justify>&#147;Cash and cash equivalents&#148; and &#147;Trade and other
      receivables&#148; are classified as loans and receivables and are measured at
      amortized cost using the effective interest rate method. Interest income
      is recorded in net income through finance income (expense), as
      applicable;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top align=left width="5%">(ii) </TD>
    <TD>
      <P align=justify>A portion of &#147;Investments&#148; are classified as FVPL and any
      period change in fair value is recorded in net income through other income
      (expense). The remaining amount is classified as available-for-sale and
      any period change in fair value is recorded in other comprehensive income.
      When the investment&#146;s value becomes impaired, the loss is recognized in
      net income through other income (expense) in the period of
    impairment;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top align=left width="5%">(iii) </TD>
    <TD>
      <P align=justify>&#147;Restricted cash and investments&#148; is classified as
      held-to-maturity investments; and</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top align=left width="5%">(iv) </TD>
    <TD>
      <P align=justify>&#147;Accounts payable and accrued liabilities&#148; and &#147;Debt
      obligations&#148; are classified as other financial liabilities and are
      measured at amortized cost using the effective interest rate method.
      Interest expense is recorded in net income through finance income
      (expense), as applicable.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>(e)</B> </TD>
    <TD colSpan=2>
      <P align=justify><B>Impairment of financial assets</B></P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD colSpan=2>
      <P align=justify>At each reporting date, the Company assesses whether
      there is objective evidence that a financial asset (other than a financial
      asset classified as fair value through profit and loss) is impaired.
      Objective evidence of an impairment loss includes: i) significant
      financial difficulty of the debtor; ii) delinquencies in interest or
      principal payments; iii) increased probability that the borrower will
      enter bankruptcy or other financial reorganization; and (iv) in the case
      of equity investments, a significant or prolonged decline in the fair
      value of the security below its cost.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD colSpan=2>
      <P align=justify>If such evidence exists, the Company recognizes an
      impairment loss, as follows:</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>Financial assets carried at amortized cost: The loss is
      the difference between the amortized cost of the loan or receivable and
      the present value of the estimated future cash flows, discounted using the
      instrument&#146;s original effective interest rate. The carrying amount of the
      asset is reduced by this amount either directly or indirectly through the
      use of an allowance account.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>Available-for-sale financial assets: The impairment loss
      is the difference between the original cost of the asset and its fair
      value at the measurement date, less any impairment losses previously
      recognized in the statement of income. This
amount represents the cumulative loss in accumulated other comprehensive income
that is reclassified to net income. </P></TD></TR></TABLE>
<P align=center>- 7 -</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_12></A>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD>
      &nbsp;</TD></TR>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>(f)</B> </TD>
    <TD>
      <P align=justify><B>Inventories</B></P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Expenditures, including depreciation, depletion and
      amortization of production assets, incurred in the mining and processing
      activities that will result in the future concentrate production are
      deferred and accumulated as ore in stockpiles and in-process and
      concentrate inventories. These amounts are carried at the lower of average
      costs or net realizable value (&#147;NRV&#148;). NRV is the difference between the
      estimated future concentrate price (net of selling costs) and estimated
      costs to complete production into a saleable form.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Stockpiles are comprised of coarse ore that has been
      extracted from the mine and is available for further processing. Mining
      production costs are added to the stockpile as incurred and removed from
      the stockpile based upon the average cost per tonne of ore produced from
      mines considered to be in commercial production. The current portion of
      ore in stockpiles represents the amount expected to be processed in the
      next twelve months.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>In-process and concentrate inventories include the cost
      of the ore removed from the stockpile, a pro-rata share of the
      amortization of the associated mineral property, as well as production
      costs incurred to process the ore into a saleable product. Processing
      costs typically include labor, chemical reagents and directly attributable
      mill overhead expenditures. Items are valued at weighted average
    cost.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Materials and other supplies held for use in the
      production of inventories are carried at average cost and are not written
      down below that cost if the finished products in which they will be
      incorporated are expected to be sold at or above cost. However, when a
      decline in the price of concentrates indicates that the cost of the
      finished products exceeds net realizable value, the materials are written
      down to net realizable value. In such circumstances, the replacement cost
      of the materials may be the best available measure of their net realizable
      value.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>(g)</B> </TD>
    <TD>
      <P align=justify><B>Property, plant and equipment</B></P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Property, plant and equipment are recorded at acquisition
      or production cost and carried net of depreciation and impairments. Cost
      includes expenditures incurred by the Company that are directly
      attributable to the acquisition of the asset. Subsequent costs are
      included in the asset&#146;s carrying amount or recognized as a separate asset,
      as appropriate, only when it is probable that future economic benefits
      associated with the item will flow to the Company and the cost can be
      measured reliably. The carrying amount of a replaced asset is derecognized
      when replaced. Repairs and maintenance costs are charged to the statement
      of income during the period in which they are incurred.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Depreciation is calculated on a straight line or unit of
      production basis as appropriate. Where a straight line methodology is
      used, the assets are depreciated to their estimated residual value over an
      estimated useful life which ranges from three to twenty years depending
      upon the asset type. Where a unit of production methodology is used, the
      assets are depreciated to their estimated residual value over the useful
      life defined by management&#146;s best estimate of recoverable reserves and
      resources in the current mine plan. When assets are retired or sold, the
      resulting gains or losses are reflected in current earnings as a component
      of other income or expense. The Company allocates the amount initially
      recognized in respect of an item of property, plant and equipment to its
      significant parts and depreciates separately each such part. Residual
      values, method of depreciation and useful lives of the assets are reviewed
      at least annually and adjusted if appropriate.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Where straight-line depreciation is utilized, the range
      of useful lives for various asset classes is generally as
  follows:</P></TD></TR></TABLE><BR>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="70%" border=0>

  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Buildings </TD>
    <TD align=center width="50%" bgColor=#e6efff>15 - 20 years; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Production machinery and equipment </TD>
    <TD align=center width="50%">5 - 7 years; </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Other </TD>
    <TD align=center width="50%" bgColor=#e6efff>3 - 5 years;
</TD></TR></TABLE></DIV><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>(h)</B> </TD>
    <TD>
      <P align=justify><B>Mineral property acquisition, exploration and
      development costs</B></P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Costs relating to the acquisition of acquired mineral
      rights and acquired exploration rights are capitalized.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Exploration and evaluation expenditures are expensed as
      incurred on mineral properties not sufficiently advanced. At the point in
      time that a mineral property is considered to be sufficiently advanced, it
      is classified as a development mineral property and all further
      expenditures for the current year and subsequent years are capitalized as
      incurred. These costs will include costs of maintaining the site until
      commercial production, costs to initially delineate the ore body, costs
      for shaft sinking and access, lateral development, drift development and infrastructure
      development. Such costs represent the net expenditures incurred and
      capitalized as at the balance sheet date and do not necessarily reflect
      present or future values.</P></TD></TR></TABLE>
<P align=center>- 8 -</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_13></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD colSpan=2>
      <P align=justify>Once a development mineral property goes into commercial
      production, the property is classified as &#147;Producing&#148; and the accumulated
      costs are amortized over the estimated recoverable resources in the
      current mine plan using a unit of production basis. Commercial production
      occurs when a property is substantially complete and ready for its
      intended use.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>(i)</B> </TD>
    <TD colSpan=2>
      <P align=justify><B>Identifiable Intangible assets</B></P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD colSpan=2>
      <P align=justify>The Company&#146;s identifiable intangible assets are stated
      at cost less accumulated amortization. These assets are capitalized and
      amortized on a straight-line basis in the statement of income over the
      period of their expected useful lives. The useful lives of the assets are
      reviewed at least annually and adjusted if appropriate.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>(j)</B> </TD>
    <TD colSpan=2>
      <P align=justify><B>Impairment of non-financial assets</B></P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD colSpan=2>
      <P align=justify>Property, plant and equipment and intangible assets are
      tested for impairment when events or changes in circumstances indicate
      that the carrying amount may not be recoverable. For the purpose of
      measuring recoverable amounts, assets are grouped at the lowest levels for
      which there are separately identifiable cash inflows or CGUs. The
      recoverable amount is the higher of an asset&#146;s fair value less costs of
      disposal and value in use (being the present value of the expected future
      cash flows of the relevant asset or CGU, as determined by management). An
      impairment loss is recognized for the amount by which the CGU&#146;s carrying
      amount exceeds its recoverable amount.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>(k)</B> </TD>
    <TD colSpan=2>
      <P align=justify><B>Employee benefits</B></P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top align=left width="5%">(i) </TD>
    <TD>
      <P align=justify>Post-employment benefit obligations</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD align=left width="5%"></TD>
    <TD>
      <P align=justify>The Company assumed the obligation of a predecessor
      company to provide life insurance, supplemental health care and dental
      benefits, excluding pensions, to its former Canadian employees who retired
      from active service prior to 1997. The estimated cost of providing these
      benefits is actuarially determined using the projected benefits method and
      is recorded on the balance sheet at its estimated present value. The
      interest cost on this unfunded liability is being accreted over the
      remaining lives of this retiree group. Experience gains and losses are
      being deferred as a component of accumulated other comprehensive income
      and are adjusted, as required, on the obligations re- measurement
    date.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top align=left width="5%">(ii) </TD>
    <TD>
      <P align=justify>Stock-based compensation</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD align=left width="5%"></TD>
    <TD>
      <P align=justify>The Company uses a fair value-based method of accounting
      for stock options to employees and to non-employees. The fair value is
      determined using the Black-Scholes option pricing model on the date of the
      grant. The cost is recognized on a graded method basis, adjusted for
      expected forfeitures, over the applicable vesting period as an increase in
      stock-based compensation expense and the contributed surplus account. When
      such stock options are exercised, the proceeds received by the Company,
      together with the respective amount from contributed surplus, are credited
      to share capital.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top align=left width="5%">(iii) </TD>
    <TD>
      <P align=justify>Termination benefits</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD align=left width="5%"></TD>
    <TD>
      <P align=justify>The Company recognizes termination benefits when it is
      demonstrably committed to either terminating the employment of current
      employees according to a detailed formal plan without possibility of
      withdrawal, or providing benefits as a result of an offer made to
      encourage voluntary termination. Benefits falling due more than twelve
      months after the end of the reporting period are discounted to their
      present value.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>(l)</B> </TD>
    <TD>
      <P align=justify><B>Reclamation provisions</B></P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Reclamation provisions, any legal and constructive
      obligation related to the retirement of tangible long-lived assets, are
      recognized when such obligations are incurred, if a reasonable estimate of
      the value can be determined. These obligations are measured initially at
      the present value of expected cash flows using a pre-tax discount rate
      reflecting risks specific to the liability and the resulting costs are
      capitalized and added to the carrying value of the related assets. In
      subsequent periods, the liability is adjusted for the accretion of the
      discount and the expense is recorded in the income statement. Changes in
      the amount or timing of the underlying future cash flows or changes in the
      discount rate are immediately recognized as an increase or decrease in the
      carrying amounts of the related asset and liability. These costs are
      amortized to the results of operations over the life of the asset.
      Reductions in the amount of the liability are first applied against
    the amount of the net reclamation asset on the books with any
      excess value being recorded in the statement of operations.</P></TD></TR></TABLE>
<P align=center>- 9 -</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_14></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company&#146;s activities are subject to numerous
      governmental laws and regulations. Estimates of future reclamation
      liabilities for asset decommissioning and site restoration are recognized
      in the period when such liabilities are incurred. These estimates are
      updated on a periodic basis and are subject to changing laws, regulatory
      requirements, changing technology and other factors which will be
      recognized when appropriate. Liabilities related to site restoration
      include long-term treatment and monitoring costs and incorporate total
      expected costs net of recoveries. Expenditures incurred to dismantle
      facilities, restore and monitor closed resource properties are charged
      against the related reclamation and remediation liability.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>(m)</B> </TD>
    <TD>
      <P align=justify><B>Provisions</B></P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Provisions for restructuring costs and legal claims,
      where applicable, are recognized in liabilities when the Company has a
      present legal or constructive obligation as a result of past events, it is
      probable that an outflow of resources will be required to settle the
      obligation, and the amount can be reliably estimated. Provisions are
      measured at management&#146;s best estimate of the expenditure required to
      settle the obligation at the end of the reporting period, and are
      discounted to present value where the effect is material. The Company
      performs evaluations to identify onerous contracts and, where applicable,
      records provisions for such contracts.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>(n)</B> </TD>
    <TD>
      <P align=justify><B>Current and Deferred Income tax</B></P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Income taxes are accounted for using the liability method
      of accounting for deferred income taxes. Under this method, the tax
      currently payable is based on taxable income for the period. Taxable
      income differs from income as reported in the consolidated statement of
      income (loss) because it excludes items of income or expense that are
      taxable or deductible in other periods and it further excludes items that
      are never taxable or deductible. The Company&#146;s liability for current tax
      is calculated using tax rates that have been enacted or substantively
      enacted by the balance sheet date.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Deferred income tax assets and liabilities are recognized
      based on temporary differences between the financial statement carrying
      values of the existing assets and liabilities and their respective income
      tax bases used in the computation of taxable income. Deferred tax
      liabilities are generally recognized for all taxable temporary differences
      and deferred tax assets are recognized to the extent that it is probable
      that taxable income will be available against which deductible temporary
      differences can be utilized. Such assets and liabilities are not
      recognized if the temporary difference arises from goodwill or from the
      initial recognition (other than in a business combination) of other assets
      and liabilities in a transaction that affects neither the taxable income
      nor the accounting income. Deferred tax liabilities are recognized for
      taxable temporary differences arising on investments in subsidiaries and
      investments, and interests in joint ventures, except where the Company is
      able to control the reversal of the temporary differences and it is
      probable that the temporary differences will not reverse in the
      foreseeable future. Deferred tax assets are recognized to the extent that
      taxable income will be available against which the deductible temporary
      differences can be utilized. The carrying amount of deferred tax assets is
      reviewed at each balance sheet date and reduced to the extent that it is
      no longer probable that sufficient taxable earnings will be available to
      allow all or part of the asset to be recovered.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Deferred tax is calculated at the tax rates that are
      expected to apply in the period when the liability is settled or the asset
      realized, based on tax rates and tax laws that have been enacted or
      substantively enacted by the balance sheet date. Deferred tax is charged
      or credited to income, except when it relates to items charged or credited
      directly to equity, in which case the deferred tax is also recorded within
      equity.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Income tax assets and liabilities are offset when there
      is a legally enforceable right to offset the assets and liabilities and
      when they relate to income taxes levied by the same tax authority on
      either the same taxable entity or different taxable entities where there
      is an intention to settle the balance on a net basis.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>(o)</B> </TD>
    <TD>
      <P align=justify><B>Flow-Through Common Shares</B></P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company&#146;s Canadian exploration activities have been
      financed in part through the issuance of flow- through common shares
      whereby the tax benefits of the eligible exploration expenditures incurred
      under this arrangement are renounced to the subscribers. The proceeds from
      issuing flow-through shares are allocated between the offering of shares
      and the sale of tax benefits. The allocation is based on the difference
      (&#147;premium&#148;) between the quoted price of the Company&#146;s existing shares and
      the amount the investor pays for the actual flow-through shares. A
      liability is recognized for the premium, and is extinguished when the tax
      effect of the temporary differences, resulting from the renunciation, is
      recorded &#150; with the difference between the liability and the value of the
      tax assets renounced being recorded as a deferred tax expense. The tax
      effect of the renunciation is recorded at the time the Company makes
      the renunciation &#150; which may differ from the effective date
      of renunciation. If the flow-through shares are not issued at a premium, a
      liability is not established, and on renunciation the full value of the
      tax assets renounced is recorded as a deferred tax expense.</P></TD></TR></TABLE>
<P align=center>- 10 -</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_15></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>(p)</B> </TD>
    <TD>
      <P align=justify><B>Revenue recognition</B></P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Revenue from the sale of mineral concentrates is
      recognized when it is probable that the economic benefits will flow to the
      Company. This is generally the case once delivery has occurred, the sales
      price and costs incurred with respect to the transaction can be measured
      reliably and collectability is reasonably assured. For uranium, revenue is
      typically recognized when delivery is evidenced by book transfer at the
      applicable uranium storage facility.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Revenue from toll milling services is recognized as
      material is processed in accordance with the specifics of the applicable
      toll milling agreement. Revenue and unbilled accounts receivable are
      recorded as related costs are incurred using billing formulas included in
      the applicable toll milling agreement.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Revenue on environmental service contracts is recognized
      using the percentage of completion method, whereby sales, earnings and
      unbilled accounts receivable are recorded as related costs are incurred.
      Earnings rates are adjusted periodically as a result of revisions to
      projected contract revenues and estimated costs of completion. Losses, if
      any, are recognized fully when first anticipated. Revenues from
      engineering services are recognized as the services are provided in
      accordance with customer agreements.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Management fees from UPC are recognized as management
      services are provided under the contract on a monthly basis. Commission
      revenue earned on acquisition or sale of U<sub>3</sub>O<sub>8</sub>  and UF6 on behalf of UPC (or
      other parties where Denison acts as an agent) is recognized on the date
  when title passes.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>(q)</B> </TD>
    <TD>
      <P align=justify><B>Earnings (loss) per share</B></P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Basic earnings per share (&#147;EPS&#148;) is calculated by
      dividing the net income (loss) for the period attributable to equity
      owners of DMC by the weighted average number of common shares outstanding
      during the period.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Diluted EPS is calculated by adjusting the weighted
      average number of common shares outstanding for dilutive instruments. The
      number of shares included with respect to options, warrants and similar
      instruments is computed using the treasury stock
method.</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify><B>Accounting Standards Adopted
</B></P>
<P style="MARGIN-LEFT: 5%" align=justify>The Company has adopted the following
new and revised accounting standards, along with any consequential amendments,
effective January 1, 2014. These changes were made in accordance with the
applicable transitional provisions. </P>
<P style="MARGIN-LEFT: 10%" align=justify><I><U>International Accounting
Standard 36, Impairment of Assets (&#147;IAS 36&#148;)</U></I></P>
<P style="MARGIN-LEFT: 10%" align=justify>IAS 36 was amended in May 2013 to make
small changes to the disclosures required by IAS 36 when an impairment loss is
recognized or reversed. The amendments require the disclosure of the recoverable
amount of an asset or cash generating unit (&#147;CGU&#148;) at the time an impairment
loss has been recognized or reversed and detailed disclosure of how the
associated fair value less costs of disposal has been determined. </P>
<P style="MARGIN-LEFT: 10%" align=justify>The amendments are effective for
accounting periods beginning on or after January 1, 2014 with earlier adoption
permitted. The Company has adopted the amended disclosure requirements of IAS 36
effective January 1, 2014. </P>
<P style="MARGIN-LEFT: 5%" align=justify><B>Accounting Standards Issued But Not
Yet Applied </B></P>
<P style="MARGIN-LEFT: 5%" align=justify>The Company has not yet adopted the
following new accounting pronouncements which are effective for fiscal periods
of the Company beginning on or after January 1, 2015: </P>
<P style="MARGIN-LEFT: 10%" align=justify><I><U>International Financial
Reporting Standard 9, Financial Instruments (&#147;IFRS 9&#148;)</U></I></P>
<P style="MARGIN-LEFT: 10%" align=justify>IFRS 9 was issued in October 2010 by
the IASB to replace IAS 39, Financial Instruments &#150; Recognition and Measurement.
The replacement standard has the following significant components: it
establishes two primary measurement categories for financial assets &#150; amortized
cost and fair value; it establishes criteria for the classification of financial
assets within the measurement category based on business model and cash flow
characteristics; and it eliminates existing held to maturity,
available-for-sale, and loans and receivable categories. </P>
<P align=center>- 11 - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_16></A>
<P style="MARGIN-LEFT: 10%" align=justify>In November 2013, the IASB issued an
amendment to IFRS 9 which includes a new hedge model that aligns accounting more
closely with risk management and enhances disclosure about hedge accounting and
risk management. Additionally, as the impairment guidance and certain limited
amendments to the classification and measurement requirements of IFRS 9 are not
yet complete, the previously mandated effective date of IFRS 9 of January 1,
2015 has been removed. Entities may apply IFRS 9 before the IASB completes the
amendments but are not required to do so. </P>
<P style="MARGIN-LEFT: 10%" align=justify>The Company has not evaluated the
impact of adopting this standard. </P>
<P style="MARGIN-LEFT: 10%" align=justify><I><U>International Financial
Reporting Standard 15, Revenue from Contracts with Customers (&#147;IFRS
15&#148;)</U></I></P>
<P style="MARGIN-LEFT: 10%" align=justify>IFRS 15 deals with revenue recognition
and establishes principles for reporting useful information to users of
financial statements about the nature, amount, timing and uncertainty of revenue
and cash flows arising from an entity&#146;s contracts with customers. Revenue is
recognized when a customer obtains control of a good or service. The standard
replaces IAS 18 &#147;Revenue&#148; and IAS 11&#148;Construction Contracts&#148; and related
interpretations. The standard is effective for annual periods beginning on or
after January 1, 2017 and earlier application is permitted. </P>
<P style="MARGIN-LEFT: 10%" align=justify>The Company has not evaluated the
impact of adopting this standard. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"></TD>
    <TD colSpan=2>
      <P align=justify><B>Comparative Numbers</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD colSpan=2>
      <P align=justify>Certain classifications of the comparative figures have
      been changed to conform to those used in the current period.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>4.</B> </TD>
    <TD colSpan=2>
      <P align=justify><B>CRITICAL ACCOUNTING ESTIMATES AND
  JUDGEMENTS</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD colSpan=2>
      <P align=justify>The preparation of consolidated financial statements in
      accordance with IFRS requires the use of certain critical accounting
      estimates and judgements that affect the amounts reported. It also
      requires management to exercise judgement in applying the Company&#146;s
      accounting policies. These judgements and estimates are based on
      management&#146;s best knowledge of the relevant facts and circumstances taking
      into account previous experience. Although the Company regularly reviews
      the estimates and judgements made that affect these financial statements,
      actual results may be materially different.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD colSpan=2>
      <P align=justify>Significant estimates and judgements made by management
      relate to:</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%"><B>(a)</B> </TD>
    <TD>
      <P align=justify><B>Determination of a Mineral Property being Sufficiently
      Advanced</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company follows a policy of capitalizing
      non-exploration related expenditures on properties it considers to be
      sufficiently advanced. Once a mineral property is determined to be
      sufficiently advanced, that determination is irrevocable and the
      capitalization policy continues to apply over the life of the property. In
      determining whether or not a mineral property is sufficiently advanced,
      management considers a number of factors including, but not limited to:
      current uranium market conditions, the quality of resources identified,
      access to the resource and the suitability of the resources to current
      mining methods, ease of permitting, confidence in the jurisdiction in
      which the resource is located and milling complexity.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Many of these factors are subject to risks and
      uncertainties that can support a &#147;sufficiently advanced&#148; determination as
      at one point in time but not support it at another. The final
      determination requires significant judgment on the part of the Company&#146;s
      management and directly impacts the carrying value of the Company&#146;s
      mineral properties.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%"><B>(b)</B> </TD>
    <TD>
      <P align=justify><B>Valuation of Mineral Properties</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company undertakes a review of the carrying values of
      mineral properties and related expenditures whenever events or changes in
      circumstances indicate that their carrying values may exceed their
      estimated recoverable amounts determined by reference to estimated future
      operating results, discounted net cash flows and current market valuations
      of similar properties. An impairment loss is recognized when the carrying
      value of those assets is not recoverable. In undertaking this review,
      management of the Company is required to make significant estimates of,
      amongst other things: reserve and resource amounts, future production and
      sale volumes, forecast commodity prices, future operating, capital and
      reclamation costs to the end of the mine&#146;s life and current market
      valuations from observable market data which may not be directly
      comparable. These estimates are subject to various risks and
      uncertainties, which may ultimately have an effect on the expected
      recoverability of the carrying values of the mineral properties and
      related expenditures. Changes in these estimates could have a
      material impact on the carrying value of the mineral property
    amounts.</P></TD></TR></TABLE>
<P align=center>- 12 -</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_17></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>(c)</B> </TD>
    <TD>
      <P align=justify><B>Deferred Tax Assets and Liabilities</B></P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Deferred tax assets and liabilities are recognized for
      the future tax consequences attributable to differences between the
      financial statement carrying amounts of existing assets and liabilities
      and their respective tax bases. The Company computes deferred tax assets
      and liabilities in respect of taxes that are based on taxable profit.
      Taxable profit is understood to be a net, rather than gross, taxable
      amount that gives effect to both revenues and expenses. Taxable profit
      will often differ from accounting profit and management may need to
      exercise judgment to determine whether some taxes are income taxes
      (subject to deferred tax accounting) or operating expenses.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Deferred tax assets and liabilities are measured using
      enacted or substantially enacted tax rates expected to apply when the
      differences are expected to be recovered or settled. The determination of
      the ability of the Company to utilize tax loss carry forwards to offset
      deferred tax liabilities requires management to exercise judgment and make
      certain assumptions about the future performance of the Company.
      Management is required to assess whether it is &#147;probable&#148; that the Company
      will benefit from these prior losses and other deferred tax assets.
      Changes in economic conditions, commodity prices and other factors could
      result in revisions to the estimates of the benefits to be realized or the
      timing of utilizing the losses.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>(d)</B> </TD>
    <TD>
      <P align=justify><B>Reclamation Obligations</B></P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Asset retirement obligations are recorded as a liability
      when the asset is initially constructed. Denison has accrued its best
      estimate of the ongoing reclamation liability in connection with the
      decommissioned Elliot Lake mine site and is currently accruing its best
      estimate of its share of the cost to decommission its other mining and
      milling properties in accordance with existing laws, contracts and other
      policies. The estimate of future costs involves a number of estimates
      relating to timing, type of costs, mine closure plans, and review of
      potential methods and technical advancements. Furthermore, due to
      uncertainties concerning environmental remediation, the ultimate cost of
      the Company&#146;s decommissioning liability could differ from amounts
      provided. The estimate of the Company&#146;s obligation is subject to change
      due to amendments to applicable laws and regulations and as new
      information concerning the Company&#146;s operations becomes available. The
      Company is not able to determine the impact on its financial position, if
      any, of environmental laws and regulations that may be enacted in the
      future.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>5.</B> </TD>
    <TD>
      <P align=justify><B>ACQUISITIONS AND DIVESTITURES</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><B>Acquisition of International Enexco
  Limited</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>On June 6, 2014, Denison completed a plan of arrangement
      (the &#147;IEC Arrangement&#148;) to acquire all of the outstanding shares, options
      and warrants of International Enexco Limited (&#147;IEC&#148;). IEC&#146;s principal
      uranium assets include a 30% interest in the Mann Lake exploration project
      and a 20% interest in the Bachman Lake Joint Venture, both located in
      Saskatchewan, Canada. Prior to completing the IEC Arrangment, IEC also
      owned a subsidiary holding an indirect interest in IEC&#146;s Contact Copper
      project and its other US properties (&#147;Spinco&#148;).</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Pursuant to the IEC Arrangement, the former shareholders
      of IEC ultimately exchanged each IEC common share held for 0.26 of a
      Denison common share (the &#147;Exchange Ratio&#148;). Outstanding warrants and
      options of IEC were exchanged for options and warrants of Denison adjusted
      by the Exchange Ratio. The Denison options received on exchange expired 90
      days after the IEC Arrangement completion date while the Denison warrants
      received on exchange retained the expiry dates of the originally issued
      IEC warrants.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>As part of the IEC Arrangement, IEC&#146;s shareholders also
      received a pro rata distribution of Spinco shares on a one-for-one basis
      and one-half of a warrant to acquire an additional Spinco share,
      exercisable for 6 months, at a price of CAD$5.00 for each whole share to
      be acquired. Each holder of IEC options and warrants also received
      replacement options and warrants, as the case may be, from Spinco with the
      same terms and conditions as the IEC options and warrants being
      replaced.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>For accounting purposes, IEC is not considered a business
      under IFRS 3 &#147;Business Combinations&#148; as at the time of the acquisition it
      is not capable of generating outputs that can provide a return to Denison.
      As a result, the IEC Arrangement has been accounted for as an asset
      acquisition with share based consideration. Transaction costs incurred by
      Denison related to the IEC Arrangement have been capitalized as part of
      the consideration amount. Denison is including the results of IEC as part
      of its Canadian mining segment for reporting
purposes.</P></TD></TR></TABLE>
<P align=center>- 13 -</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_18></A>
<P style="MARGIN-LEFT: 5%" align=justify>The following table summarizes the fair
value of the IEC assets acquired and the liabilities assumed at the acquisition
date of June 6, 2014: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="12%">IEC </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(in thousands) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">Fair
      Value </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Cash and cash equivalents </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;206 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Trade and other receivables </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">421 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Prepaid expenses and other </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>15 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Property, plant and equipment </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;Mineral properties - Canada </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>14,120 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Total assets </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">14,762 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Accounts payable and accrued liabilities </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,319 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Reclamation obligations </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>20 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Net assets </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;13,423 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The total consideration relating to the
IEC Arrangement is summarized below: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>(in thousands except for share amounts) </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="12%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Fair value of 10,229,035 common shares
      issued by Denison </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;11,979 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Fair value of 660,127 common share purchase warrants issued
      by Denison </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">61 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Fair value of 902,200 common share options
      issued by Denison </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>102 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Fair value of IEC shares held by Denison prior to
      acquisition </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">934 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Costs incurred by the Company pursuant to
      arrangement: </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp;
      &nbsp; &nbsp;Transaction costs </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">347
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Fair value of total consideration </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;13,423 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The fair value of the common shares was
determined using Denison&#146;s closing share price on June 6, 2014 of CAD$1.28
converted to USD$ using the June 6, 2014 foreign exchange rate of 0.9149. </P>
<P style="MARGIN-LEFT: 5%" align=justify>The fair value of the common share
purchase warrants issued by Denison to replace those of IEC totaled $61,000 or
$0.0924 per warrant. The fair value was determined using the Black-Scholes
option pricing model with the following assumptions: risk-free interest rate of
1.06%, expected stock price volatility between 38.56% and 48.62%, expected life
between 0.50 years and 1.25 years and expected dividend yield of nil%. </P>
<P style="MARGIN-LEFT: 5%" align=justify>The fair value of the common share
options issued by Denison to replace those of IEC totaled $102,000 or $0.1131
per option. The fair value was determined using the Black-Scholes option pricing
model with the following assumptions: risk-free interest rate of 1.06%, expected
stock price volatility of 34.85%, expected life of 0.25 years and expected
dividend yield of nil%. As at June 6, 2014, all of the options issued to replace
the IEC options were fully-vested. </P>
<P style="MARGIN-LEFT: 5%" align=justify><B>Acquisition of Rockgate Capital Corp
</B></P>
<P style="MARGIN-LEFT: 5%" align=justify>In September 2013, Denison formally
commenced a takeover bid to acquire all of the outstanding shares of Rockgate
Capital Corp. (&#147;Rockgate&#148;). Rockgate&#146;s key mining asset is its Falea
uranium-copper-silver project located in Mali.</P>
<P style="MARGIN-LEFT: 5%" align=justify>Under the terms of the takeover bid,
Rockgate shareholders received 0.192 of a common share of Denison for each
Rockgate share held. As at December 6, 2013, Denison had acquired 104,852,532
shares of Rockgate, equivalent to an initial 89.72% ownership amount and valued
the remaining 12,014,561 shares of Rockgate (or 10.28%) owned by non-controlling
interests at $3,091,000. On January 17, 2014, pursuant to a plan of arrangement
with the same terms as the takeover bid, Denison acquired the remaining 10.28%
non-controlling interest of Rockgate it had not previously acquired under its
takeover bid in 2013. </P>
<P style="MARGIN-LEFT: 5%" align=justify>For accounting purposes, Rockgate is
not considered a business under IFRS 3 &#147;Business Combinations&#148; as at the time of
the acquisition it is not capable of generating outputs that can provide a
return to Denison. As a result, the Rockgate transaction has been accounted for
as an asset acquisition with share based consideration. Transaction costs
incurred by Denison related to the Rockgate transaction have been capitalized as
part of the consideration amount. Denison is including the results of Rockgate
as part of its African mining segment for reporting purposes. </P>
<P align=center>- 14 - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_19></A>
<P style="MARGIN-LEFT: 5%" align=justify>For accounting purposes, Denison has
used a cut-off date of November 30, 2013 to fair value the acquisition. The
following table summarizes the fair value of the Rockgate assets acquired and
the liabilities assumed as at November 30, 2013. The fair values have been
adjusted to reflect the acquisition of the non-controlling interest noted above
as if it had occurred on November 30, 2013: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
      width="12%">Rockgate </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(in thousands) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">Fair
      Value </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Cash and cash equivalents </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;512 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Trade and other receivables </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">173 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Prepaid expenses and other </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>54 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Investments-debt instruments </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">14,810 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Investments-equity instruments </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>11 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Property, plant and equipment </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plant
      and equipment </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>523 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;Mineral properties &#150; Mali </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">11,996 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;Mineral properties - Niger </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>94 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Total assets </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">28,173 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Account payable
      and accrued liabilities </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">1,821
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Net assets </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;26,352 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The total consideration relating to the
acquisition of Rockgate is summarized below: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>(in thousands except for share amounts) </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="12%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Fair value of 20,131,665 common shares
      issued by Denison under takeover bid </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;21,760 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Fair value of 2,312,622 common shares issued by Denison
      under plan of arrangement </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">3,034 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Costs incurred by the Company pursuant to
      the acquisition: </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;Takeover bid transaction costs
    </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,501 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;Plan of arrangement transaction
      costs </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>57 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Fair value of
      total consideration </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;26,352 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The fair value of the common shares
issued by Denison under the takeover bid totaled $21,760,000. The fair value of
the common shares was determined using Denison&#146;s closing share price on the
dates shares were issued pursuant to the takeover bid converted to USD on the
applicable day&#146;s closing rate. Under the bid, shares were issued between
November 19, 2013 and December 6, 2013 and the fair value has been determined
using closing share prices ranging from CAD$1.13 to CAD$1.20 per share and
foreign exchange rates ranging from 0.9384 to 0.9550. </P>
<P style="MARGIN-LEFT: 5%" align=justify>The fair value of the common shares
issued by Denison under the plan of arrangement to acquire the non-controlling
interest totaled $3,034,000. The fair value of the common shares was determined
using Denison&#146;s closing share price on January 17, 2014 of CAD$1.44 converted to
USD$ using the January 17, 2014 foreign exchange rate of 0.9111. </P>
<P style="MARGIN-LEFT: 5%" align=justify><B>Acquisition of Fission Energy Corp
</B></P>
<P style="MARGIN-LEFT: 5%" align=justify>On April 26, 2013, Denison completed an
arrangement agreement (the &#147;Fission Arrangement&#148;) to acquire Fission Energy
Corp. (&#147;Fission&#148;) whose assets included its 60% interest in the Waterbury Lake
uranium project, its interests in all other properties in the eastern part of
the Athabasca Basin, Quebec and Nunavut, as well as its interests in two joint
ventures in Namibia (collectively, the &#147;Assets&#148;).</P>
<P style="MARGIN-LEFT: 5%" align=justify>Under the terms of the Fission
Arrangement, Fission shareholders received 0.355 of a common share of Denison, a
nominal cash payment of CAD$0.0001 and one common share of a newly-formed
publicly traded company, Fission Uranium Corp., for each Fission share held. All
of the outstanding options of Fission were exchanged for options to purchase
common shares of Denison with a number and exercise price determined by
reference to the 0.355 exchange ratio and a volume adjusted market value factor.
Share purchase warrants in Fission (&#147;Fission Warrant&#148;) that were outstanding on
completion of the Fission Arrangement survived the transaction and may still be
exercised in accordance with their terms, so that the holder of a Fission
Warrant will receive the number of Denison shares, shares of Fission Uranium
Corp and nominal cash consideration which the warrant holder would have received
had the Fission Warrants been exercised immediately prior to the Fission
Arrangement. The proceeds from the Fission Warrant exercise will be split
between Denison and Fission Uranium Corp. and each company will be responsible
for issuing its respective shares on the exercise of a Fission Warrant. Cash
consideration was also advanced to Fission prior to closing (the &#147;Fission Loan&#148;)
and included an amount of CAD$2,437,000 in
respect of the expenditures incurred and paid by Fission between January 16,
2013 and April 25, 2013 on properties that were ultimately acquired by Denison. </P>
<P align=center>- 15 - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_20></A>
<P style="MARGIN-LEFT: 5%" align=justify>For accounting purposes, Fission is not
considered a business under IFRS 3 &#147;Business Combinations&#148; as at the time of the
acquisition it is not capable of generating outputs that can provide a return to
Denison. As a result, the Fission Arrangement has been accounted for as an asset
acquisition with share based consideration. Transaction costs incurred by
Denison related to the Fission Arrangement have been capitalized as part of the
consideration amount. Denison is including the results of Fission as part of its
Canadian and African mining segments for reporting purposes. </P>
<P style="MARGIN-LEFT: 5%" align=justify>The following table summarizes the fair
value of the Fission assets acquired and the liabilities assumed at the
acquisition date of April 26, 2013: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="12%">Fission
    </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(in thousands) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">Fair
      Value </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Cash and cash equivalents </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;930 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Trade and other receivables </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">82 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Property, plant and equipment </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;Mineral properties &#150; Canada </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">66,945 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;Mineral properties - Namibia
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>5,949 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Total assets </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">73,906 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Account payable
      and accrued liabilities </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">511
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Net assets </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;73,395 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The total consideration relating to the
Fission Arrangement is summarized below: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>(in thousands except for share amounts) </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="12%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Fair value of 53,053,284 common shares
      issued by Denison </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;66,259 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Fair value of 1,500,854 common share purchase warrants
      assumed by Denison </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">827 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Fair value of 1,985,035 common share
      options issued by Denison </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,321 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Costs incurred by the Company pursuant to arrangement: </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;Fission Loan </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>3,321 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp;
      &nbsp; &nbsp;Transaction costs </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">1,667
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Fair value of total consideration </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;73,395 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The fair value of the common shares was
determined using Denison&#146;s closing share price on April 26, 2013 of CAD$1.27
converted to USD$ using the April 26, 2013 foreign exchange rate of 0.9834. </P>
<P style="MARGIN-LEFT: 5%" align=justify>The fair value of the common share
purchase warrants assumed by Denison totaled $827,000 or $0.55 per warrant, on
average. The fair value was determined using the Black-Scholes option pricing
model with the following assumptions: risk-free interest rate of 0.98%, expected
stock price volatility between 40.23% and 56.06%, expected life between 0.60
years and 1.70 years and expected dividend yield of nil%. </P>
<P style="MARGIN-LEFT: 5%" align=justify>The fair value of the common share
options issued by Denison to replace those of Fission totaled $1,321,000 or
$0.67 per option, on average. The fair value was determined using the
Black-Scholes option pricing model with the following assumptions: risk-free
interest rate between 0.98% and 1.12%, expected stock price volatility between
39.87% and 84.93%, expected life between 0.20 years and 4.70 years and expected
dividend yield of nil%. As at April 26, 2013, all of the options issued by
Denison to replace the Fission options are fully-vested.</P>
<P style="MARGIN-LEFT: 5%" align=justify><B>Acquisition of JNR Resources Inc.
</B></P>
<P style="MARGIN-LEFT: 5%" align=justify>On January 31, 2013, Denison completed
a plan of arrangement (the &#147;JNR Arrangement&#148;) to acquire all of the outstanding
common shares of JNR Resources Inc. (&#147;JNR&#148;). Pursuant to the JNR Arrangement,
the former shareholders of JNR received, for each JNR common share held, 0.073
of a Denison common share (the &#147;Exchange Ratio&#148;). No fractional shares were
issued. All of the outstanding options and common share purchase warrants of JNR
were exchanged for options and warrants to purchase common shares of Denison
with a number and exercise price determined by reference to the Exchange Ratio.
</P>
<P style="MARGIN-LEFT: 5%" align=justify>For accounting purposes, JNR Resources
is not considered a business under IFRS 3 &#147;Business Combinations&#148; as at the time
of the acquisition it is not capable of generating outputs that can provide a
return to Denison. As a result, the JNR Arrangement has been accounted for as an
asset acquisition with share based consideration.</P>
<P align=center>- 16 - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_21></A>
<P style="MARGIN-LEFT: 5%" align=justify>Transaction costs incurred by Denison
related to the JNR Arrangement have been capitalized as part of the
consideration amount. Denison is including the results of JNR as part of its
Canadian mining segment for reporting purposes. </P>
<P style="MARGIN-LEFT: 5%" align=justify>The following table summarizes the fair
value of the JNR assets acquired and the liabilities assumed at the acquisition
date of January 31, 2013: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="12%">JNR </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(in thousands) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">Fair
      Value </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Cash and cash equivalents </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;39 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Trade and other receivables </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">50 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Prepaid expenses and other </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>7 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Investments </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">22 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Property, plant and equipment </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plant and equipment
</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">62 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;Mineral properties - Canada </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>13,012 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Total assets </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">13,192 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Account payable
      and accrued liabilities </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">767
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Net assets </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;12,425 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The total consideration relating to the
JNR Arrangement is summarized below: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>(in thousands except for share amounts) </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="12%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Fair value of 7,975,479 common shares
      issued by Denison </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;10,956 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Fair value of 272,290 common share purchase warrants issued
      by Denison </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">17 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Fair value of 579,255 common share options
      issued by Denison </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>131 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Fair value of JNR shares held by Denison prior to
      acquisition </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">567 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Costs incurred by the Company pursuant to
      arrangement: </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;JNR loan </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">351 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;Transaction costs </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>403 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Fair value of
      total consideration </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;12,425 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The fair value of the common shares was determined using
      Denison&#146;s closing share price on January 31, 2013 of CAD$1.37 converted to
      USD$ using the January 31, 2013 foreign exchange rate of 1.0027.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The fair value of the common share purchase warrants
      issued by Denison to replace those of JNR totaled $17,000 or $0.0615 per
      warrant. The fair value was determined using the Black-Scholes option
      pricing model with the following assumptions: risk-free interest rate of
      1.16%, expected stock price volatility of 47.58%, expected life of 0.75
      years and expected dividend yield of nil%.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The fair value of the common share options issued by
      Denison to replace those of JNR totaled $131,000 or $0.2262 per option.
      The fair value was determined using the Black-Scholes option pricing model
      with the following assumptions: risk-free interest rate between 1.16% and
      1.42%, expected stock price volatility between 58.00% and 62.15%, expected
      life between 0.04 years and 3.70 years and expected dividend yield of
      nil%. As at January 31, 2013, all of the options issued to replace the JNR
      options are fully-vested.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>6.</B> </TD>
    <TD>
      <P align=justify><B>CASH AND CASH EQUIVALENTS</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The cash and cash equivalent balance consists
  of:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="12%">At
      December 31 </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="12%">At
      December 31 </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(in thousands) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">2014
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">2013
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Cash </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;2,265 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;2,259 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Cash in MLJV and MWJV </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">885 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">3,057 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Cash equivalents </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>15,490 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>16,470 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;18,640 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;21,786 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE>
<P align=center>- 17 -</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_22></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>7.</B> </TD>
    <TD>
      <P align=justify><B>TRADE AND OTHER RECEIVABLES</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The trade and other receivables balance consists
    of:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="12%">At
      December 31 </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="12%">At
      December 31 </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(in thousands) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">2014
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">2013
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Trade receivables &#150; other </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;2,138 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;1,966 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Receivables in MLJV and MWJV </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">7,127 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,794 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Sales tax receivables </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>131 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>378 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Sundry receivables
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">15
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">10
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;9,411 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;4,148 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>8.</B> </TD>
    <TD>
      <P align=justify><B>INVENTORIES</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The inventories balance consists
of:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="12%">At
      December 31 </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="12%">At
      December 31 </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(in thousands) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">2014
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">2013
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Uranium concentrates and work-in-progress
    </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;433 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;4 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Inventory of ore in stockpiles </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,834 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">2,058 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Mine and mill supplies </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>1,733 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>1,722 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;4,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;3,784 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Inventories - by duration: </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Current </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;2,240 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;2,123 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;
      &nbsp;Long-term &#150; ore in stockpiles </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">1,760
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">1,661
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;4,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;3,784 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Long-term ore in stockpile inventory represents an
      estimate of the amount of ore on the stockpile in excess of the next
      twelve months of planned mill production.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>9.</B> </TD>
    <TD>
      <P align=justify><B>INVESTMENTS</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The investments balance consists
of:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="12%">At
      December 31 </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="12%">At
      December 31 </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(in thousands) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">2014
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">2013
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Investments: </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Equity instruments-fair value
      through profit and loss </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;932 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;1,106 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Equity instruments-available for sale </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">22 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">17 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp; &nbsp;Debt instruments-fair value through profit
      and loss </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>4,381 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>14,818 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;5,335 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;15,941 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Investments &#150; by duration </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Current </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;4,381 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;10,040 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;
      &nbsp;Long-term </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">954
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">5,901
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;5,335 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;15,941 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>At December 31, 2014, investments
include equity instruments in publicly-traded companies with a fair value of
$954,000 (December 31, 2013: $1,123,000). </P>
<P style="MARGIN-LEFT: 5%" align=justify>At December 31, 2014, investments
include debt instruments with a fair value of $4,381,000 (December 31, 2013:
$14,818,000). The debt instruments at December 31, 2014 consist of guaranteed
investment certificates with rates of interest ranging between 1.85% to 1.90%
and maturity dates occurring in February 2015.</P>
<P align=center>- 18 - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_23></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><B>Investment Purchases, Impairments and Other
      Movements</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>During 2014, the Company purchased additional equity
      instruments at a cost of $569,000. In addition, $9,529,000 of debt
      instruments matured and the proceeds were transferred to cash and
      equivalents.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>During 2014 and 2013, the Company recorded impairment
      charges on equity instruments of $22,000 and $39,000, respectively. The
      resulting loss has been included in other income (expense) in the
      consolidated statements of income (loss) (see note 22).</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>During 2014, an amount of $934,000 was transferred out of
      fair value through profit and loss equity instruments as part of the IEC
      acquisition (see note 5). During 2013, an amount of $567,000 was
      transferred out of available for sale equity instruments as part of the
      JNR acquisition (see note 5). These transfers represented the fair value
      of the equity instruments held by the Company on the date of acquisition
      of IEC and JNR.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>10.</B> </TD>
    <TD>
      <P align=justify><B>RESTRICTED CASH AND INVESTMENTS</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company has certain restricted cash and investments
      deposited to collateralize its reclamation obligations. The restricted
      cash and investments balance consists of:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="12%">At
      December 31 </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="12%">At
      December 31 </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(in thousands) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">2014
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">2013
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Cash </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;42 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;26 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Cash equivalents </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">104 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">221 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Investments </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>1,922 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>2,052 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;2,068 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;2,299 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Restricted cash and investments &#150; by item: </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp; &nbsp;Elliot Lake reclamation trust fund </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;2,068 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;2,299 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;2,068 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;2,299 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify><B>Elliot Lake Reclamation Trust Fund
</B></P>
<P style="MARGIN-LEFT: 5%" align=justify>The Company has the obligation to
maintain its decommissioned Elliot Lake uranium mine pursuant to a Reclamation
Funding Agreement effective December 21, 1995 (&#147;Agreement&#148;) with the Governments
of Canada and Ontario. The Agreement, as further amended in February 1999,
requires the Company to maintain funds in the Reclamation Trust Fund equal to
estimated reclamation spending for the succeeding six calendar years, less
interest expected to accrue on the funds during the period. Withdrawals from
this Reclamation Trust Fund can only be made with the approval of the
Governments of Canada and Ontario to fund Elliot Lake monitoring and site
restoration costs.</P>
<P style="MARGIN-LEFT: 5%" align=justify>In 2014, the Company deposited an
additional $545,000 (CAD$603,000) into the Elliot Lake Reclamation Trust Fund
and withdrew $617,000 (CAD$680,000). In 2013, the Company deposited an
additional $1,029,000 (CAD$1,047,000) into the Elliot Lake Reclamation Trust
Fund and withdrew $846,000 (CAD$873,000).</P>
<P align=center>- 19 -</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_24></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>11.</B> </TD>
    <TD>
      <P align=justify><B>PROPERTY, PLANT AND EQUIPMENT</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The property, plant and equipment balance consists
    of:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="12%">At
      December 31 </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="12%">At
      December 31 </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(in thousands) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">2014
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">2013
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Plant and equipment: </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Cost </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;82,980 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;86,805 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Construction-in-progress </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">6,960 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">7,516 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp; &nbsp;Accumulated depreciation </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(12,205</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(12,627</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Net book value </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">&nbsp;77,735 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">&nbsp;81,694 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Mineral properties: </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Cost </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;192,851 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;199,532 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;
      &nbsp;Accumulated amortization </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="12%">(198</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="12%">(216</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Net book value </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;192,653 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;199,316 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Net book value </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;270,388 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;281,010 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The plant and equipment continuity
summary is as follows: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="12%">&nbsp;
    </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
      width="12%">Accumulated </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="12%">&nbsp;
    </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%">&nbsp; </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%">Amortization / </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%">Net </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(in thousands) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">Cost
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%">Depreciation </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">Book
      Value </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Plant and equipment: </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Balance &#150; January 1, 2013 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;99,347 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;(12,143</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;87,204 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Additions </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,192 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,192 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Amortization </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(36</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(36</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Asset acquisitions (note 5) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,536 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(950</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">586 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Depreciation </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(796</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(796</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Disposals </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(475</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">405 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(70</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Reclamation adjustment </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(833</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>77 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(756</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;
      &nbsp;Foreign exchange </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="12%">(6,446</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">816
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="12%">(5,630</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp; &nbsp;Balance &#150; December 31, 2013 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;94,321 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;(12,627</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;81,694 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Additions </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>240 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>240 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Amortization </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(15</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(15</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Depreciation </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(817</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(817</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Disposals </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(67</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">67 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Reclamation adjustment (note
      14) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>3,502 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>14 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>3,516 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;
      &nbsp;Foreign exchange </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="12%">(8,056</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">1,173
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="12%">(6,883</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>&nbsp; &nbsp;Balance &#150; December 31, 2014 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;89,940 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;(12,205</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;77,735 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=center>- 20 -</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_25></A>
<P style="MARGIN-LEFT: 5%" align=justify>The mineral property continuity summary
is as follows:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="12%">&nbsp;
    </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
      width="12%">Accumulated </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="12%">Net </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(in thousands) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">Cost
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%">Amortization </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">Book
      Value </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Mineral properties: </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Balance &#150; January 1, 2013 </TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;160,915 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;(231</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;160,684 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Additions </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,203 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,203 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Asset acquisitions (note 5) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">97,996 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">97,996 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Impairment (note 11) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(47,099</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(47,099</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;
      &nbsp;Foreign exchange </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">(13,483</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">15
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">(13,468</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp; &nbsp;Balance &#150; December 31, 2013 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;199,532 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;(216</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;199,316 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Additions </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>729 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>729 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Asset acquisitions (note 5) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">14,120 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">14,120 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Impairment (note 11) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(1,745</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(1,745</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;
      &nbsp;Foreign exchange </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">(19,785</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">18
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">(19,767</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>&nbsp; &nbsp;Balance &#150; December 31, 2014 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;192,851 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;(198</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;192,653 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify><B>Plant and Equipment - Mining
</B></P>
<P style="MARGIN-LEFT: 5%" align=justify>The Company has a 22.5% interest in the
McClean Lake mill located in the Athabasca Basin of Saskatchewan, Canada. A toll
milling agreement has been signed with the participants in the CLJV that
provides for the processing of the future output of the Cigar Lake mine at the
McClean Lake mill, for which the owners of the McClean Lake mill receive a toll
milling fee and other benefits. In determining the amortization rate for the
McClean Lake mill, the amount to be amortized has been adjusted to reflect
Denison&#146;s expected share of mill feed from future toll milling. In March 2014,
the first ore from the Cigar Lake mine was received at the mill. In September
2014, after being on stand-by since August 2010, milling activities were
restarted at the McClean Lake mill and uranium packaging began in October 2014.
</P>
<P style="MARGIN-LEFT: 5%" align=justify><B>Plant and Equipment - Services and
Other </B></P>
<P style="MARGIN-LEFT: 5%" align=justify>The environmental services division of
the Company provides mine decommissioning and decommissioned site monitoring
services for third parties. </P>
<P style="MARGIN-LEFT: 5%" align=justify><B>Mineral Properties </B></P>
<P style="MARGIN-LEFT: 5%" align=justify>The Company has various interests in
development and exploration projects located in Canada, Mali, Namibia, Zambia
and Mongolia which are held directly or through option or various contractual
agreements. </P>
<P style="MARGIN-LEFT: 5%" align=justify><I><U>Canada Mining Segment</U></I></P>
<P style="MARGIN-LEFT: 5%" align=justify>The Company&#146;s mineral property
interests in Canada with significant carrying values and their locations are:
</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">a) </TD>
    <TD>
      <P align=justify>McClean Lake (Saskatchewan) &#150; the Company has a 22.5%
      interest in the project (includes the Sue D, Sue E, Caribou, McClean North
      and McClean South deposits);</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">b) </TD>
    <TD>
      <P align=justify>Midwest (Saskatchewan) &#150; the Company has a 25.17%
      interest in the project (includes the Midwest and Midwest A
    deposits);</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">c) </TD>
    <TD>
      <P align=justify>Wheeler River (Saskatchewan) &#150; the Company has a 60%
      interest in the project (includes the Phoenix deposit);</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">d) </TD>
    <TD>
      <P align=justify>Waterbury Lake (Saskatchewan) &#150; the Company has a 60%
      interest in the project (includes the J Zone deposit) and also has a 2.0%
      net smelter return royalty on the portion of the project it does not
      own;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">e) </TD>
    <TD>
      <P align=justify>Mann Lake (Saskatchewan) &#150; the Company has a 30% interest
      in the project; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">f) </TD>
    <TD>
      <P align=justify>Wolly (Saskatchewan) &#150; the Company has a 22.5% interest
      in the project.</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>In January 2013, Denison completed the
acquisition of JNR and acquired mineral property interests in Canada with a fair
value of $13,022,000 (see note 5). As a result of the JNR Arrangement, Denison
increased its interest in five projects it was already participating in to 100%
(which includes Moore Lake) and it acquired interests in nine additional
properties. </P>
<P align=center>- 21 - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_26></A>
<P style="MARGIN-LEFT: 5%" align=justify>In April 2013, Denison completed the
acquisition of Fission and acquired mineral property interests in Canada,
including the J Zone deposit, with a fair value of $66,945,000 (see note 5). As
a result of the Fission Arrangement, Denison increased its interest in one
project (Johnston Lake) that it was already participating in to 100% and it
acquired interests in 27 additional properties. </P>
<P style="MARGIN-LEFT: 5%" align=justify>In December 2013, Denison signed an
option agreement with Strateco Resources Inc. (&#147;Strateco&#148;) whereby Denison
granted Strateco the option to earn up to a 60% interest in Denison&#146;s Jasper
Lake property in two stages (the &#147;Jasper Option&#148;). During the year, the Jasper
Option was assigned to SeqUr Exploration Inc. (&#147;SeqUr&#148;). In February 2015, SeqUr
notified the Company that it intends to terminate its option to earn an interest
in the Jasper Lake property. </P>
<P style="MARGIN-LEFT: 5%" align=justify>In December 2013, Denison received
CAD$100,000 of cash from Strateco towards the first stage of the Jasper Option
which has been reflected in other income (expense). </P>
<P style="MARGIN-LEFT: 5%" align=justify>In December 2013, Denison recognized an
impairment charge of $934,000 to reflect the abandonment of its Riou Lake
property. Riou Lake was acquired as part of the Fission acquisition in April
2013. </P>
<P style="MARGIN-LEFT: 5%" align=justify>In March 2014, Denison released its
land holdings related to the Black Lake property acquired as part of the
acquisition of JNR in January 2013. The Company has recognized an impairment
charge of $1,658,000 in its results to reflect the abandonment of this property.
</P>
<P style="MARGIN-LEFT: 5%" align=justify>In June 2014, Denison completed the
sale of its land holdings related to the Way Lake and Yurchison properties, also
acquired as part of the acquisition of JNR, for cash and share consideration
valued at $202,000. The sale resulted in a gain of $202,000 which has been
included in other income (expense) in the consolidated statements of operations.
</P>
<P style="MARGIN-LEFT: 5%" align=justify>In June 2014, Denison received a cash
payment of CAD$250,000 from Strateco towards the first stage of the Jasper
Option which has been reflected in other income (expense). </P>
<P style="MARGIN-LEFT: 5%" align=justify>In June 2014, Denison completed the
acquisition of IEC and acquired mineral property interests in Canada with a fair
value of $14,120,000 (see note 5). As a result of the IEC Arrangement, Denison
acquired a 30% interest in the Mann Lake project and increased its interest in
the Bachman Lake project from 80% to 100%. </P>
<P style="MARGIN-LEFT: 5%" align=justify><I><U>Africa Mining
Segment-Mali</U></I></P>
<P style="MARGIN-LEFT: 5%" align=justify>In November 2013, Denison acquired
control of Rockgate and acquired mineral property interests in five projects in
Mali with a fair value of $11,996,000 (see note 5). The most significant of
these projects is the Falea project to which all of the fair value has been
allocated. </P>
<P style="MARGIN-LEFT: 5%" align=justify><I><U>Africa Mining
Segment-Namibia</U></I> </P>
<P style="MARGIN-LEFT: 5%" align=justify>In April 2013, Denison completed the
acquisition of Fission and acquired mineral property interests in two projects
in Namibia with a fair value of $5,949,000 (see note 5). The most significant of
these projects is the Dome project to which all of the fair value has been
allocated. During 2013, the Company released its interest in one of the projects
so that only the Dome project remains at December 31, 2013.</P>
<P style="MARGIN-LEFT: 5%" align=justify>When the Company acquired the Dome
project, it became a party to an earn-in agreement with Rio Tinto Mining and
Exploration Limited (&#147;Rio&#148;) that was entered into prior to the Company&#146;s
acquisition of Fission. Under the earn-in agreement, Rio was able to earn: a)
49% of Denison&#146;s interest in the project by incurring exploration expenditures
of $5,000,000 by September 2016 (the &#147;First Stage Earn-In&#148;); b) an additional
15% of Denison&#146;s interest in the project by spending an additional $5,000,000
within two years of completing the First Stage Earn-In (the &#147;Second Stage
Earn-In&#148;); and c) an additional 11% of Denison&#146;s interest in the project by
funding a bankable feasibility study within five years of completing the Second
Stage Earn-In. As at December 31, 2013, Rio spent approximately $1,561,000
towards the First Stage Earn-In. </P>
<P style="MARGIN-LEFT: 5%" align=justify>In March 2014, Rio terminated its
option to earn an interest in the Dome project. Rio discontinued activities at
the project site in February 2014 and Denison has assumed operatorship of the
project. Expenditures incurred by Rio on Denison&#146;s account also had the effect
of diluting a third party with an interest in the Dome project, Manica Minerals,
below 20%. As a result of the dilution, Manica opted to accept a 10% carried
interest in the project and Denison now has a 90% interest in the project. </P>
<P style="MARGIN-LEFT: 5%" align=justify><I><U>Africa Mining
Segment-Niger</U></I></P>
<P style="MARGIN-LEFT: 5%" align=justify>In November 2013, Denison acquired
control of Rockgate and acquired a mineral property interest in the Telwa Gada
project in Niger with a fair value of $94,000 (see note 5). </P>
<P align=center>- 22 - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_27></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>In November 2014, Denison released its land holdings
      related to the Telwa Gada property and recognized an impairment charge of
      $87,000 in its results to reflect the abandonment of this
  property.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>At December 2014, the Company no longer has any mineral
      property interests in Niger.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><I><U>Africa Mining Segment-Zambia</U></I></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company has a 100% interest in the Mutanga project
      (includes the Mutanga, Dibwe and Dibwe East deposits) located in
      Zambia.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>In 2013, in light of the implied valuations associated
      with recent market transactions involving companies with uranium projects
      in Africa and in conjunction with regular reviews of exploration and
      development plans for its projects, the Company completed an impairment
      test on its Mutanga project.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company used a fair value less costs of disposal
      analysis to determine the recoverable amount of the project as at December
      31, 2013. In determining the recoverable amount, the Company used a
      valuation technique that relied on market transactions adjusted for
      differences in deposit grade, resource size and resource quality to make
      them more comparable to the Company&#146;s Mutanga project. The application of
      the valuation technique requires management&#146;s judgment when considering
      qualitative and quantitative factors specific to the Mutanga
    project.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Since the Mutanga project&#146;s recoverable amount was
      determined to be lower than its carrying amount, the Company has
      recognized an impairment loss of $46,165,000 in 2013 to adjust the
      project&#146;s carrying amount to its recoverable amount of ZMW 167,055,000
      (equivalent to $30,000,000 as at December 31, 2013).</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><I><U>Asia Mining Segment-Mongolia</U></I></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company currently has an 85% interest in and is the
      managing partner of the Gurvan Saihan Joint Venture (&#147;GSJV&#148;) in Mongolia
      (includes the Hairhan and Haraat deposits). The other party to the GSJV is
      the Mongolian government with a 15% interest. The results of the GSJV have
      been 100% consolidated in these financial statements since the Company
      exercises control and its partner in the GSJV has a carried interest at
      this time.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Under the Nuclear Energy Law of Mongolia, the Mongolian
      participant in the GSJV is entitled to hold a 34% to 51% interest in the
      GSJV, depending on the amount of historic exploration that was funded by
      the government of Mongolia, to be acquired at no cost to the Mongolian
      participant. This interest will be held by Mon-Atom LLC, the Mongolian
      state owned uranium company.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>A restructuring of the GSJV will be required to comply
      with the Nuclear Energy Law and is expected to result in the Company
      having its interest reduced to 66%. The Company and Mon-Atom continue to
      be engaged in discussions in respect of the Company&#146;s ownership of the
      GSJV. The Company is also exploring strategic alternatives for its
      interest in the GSJV.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>12.</B> </TD>
    <TD>
      <P align=justify><B>INTANGIBLES</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The intangibles balance consists
of:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="12%">At
      December 31 </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="12%">At
      December 31 </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(in thousands) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">2014
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">2013
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Cost </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;6,379 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;6,957 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Accumulated
      amortization </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="12%">(5,741</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="12%">(5,705</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Net book value </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;638 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;1,252 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Net book value-by item: </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp;UPC
      management services agreement </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">&nbsp;638 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">&nbsp;1,252 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Net book value </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;638 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;1,252 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=center>- 23 -</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_28></A>
<P style="MARGIN-LEFT: 5%" align=justify>The intangibles continuity summary is
as follows: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="12%">&nbsp;
    </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
      width="12%">Accumulated </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="12%">Net </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(in thousands) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">Cost
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%">Amortization </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">Book
      Value </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Balance &#150; January 1, 2013 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;7,438 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;(5,430</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;2,008 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Amortization </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(648</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(648</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Foreign exchange </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(481</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>373 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(108</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Balance &#150; December
      31, 2013 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">&nbsp;6,957 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">&nbsp;(5,705</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">&nbsp;1,252 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Amortization </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(536</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(536</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Foreign exchange </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(578</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>500 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(78</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Balance &#150; December
      31, 2014 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;6,379 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;(5,741</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;638 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><B>UPC Management Services Agreement</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The intangible from the UPC management services agreement
      is associated with the acquisition of Denison Mines Inc (&#147;DMI&#148;) in 2006.
      The contract is being amortized over its estimated useful life (see note
      24).</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>13.</B> </TD>
    <TD>
      <P align=justify><B>POST-EMPLOYMENT BENEFITS</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company provides post employment benefits for former
      Canadian employees who retired on immediate pension prior to 1997. The
      post employment benefits provided include life insurance and medical and
      dental benefits as set out in the applicable group policies but does not
      include pensions. No post employment benefits are provided to employees
      outside the employee group referenced above. The post employment benefit
      plan is not funded.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The effective date of the most recent actuarial valuation
      of the accrued benefit obligation is December 31, 2011. The amount accrued
      is based on estimates provided by the plan administrator which are based
      on past experience, limits on coverage as set out in the applicable group
      policies and assumptions about future cost trends. The significant
      assumptions used in the valuation are listed
below:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%" >
      <P align=justify>Discount rate of 3.65%; </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%" >
      <P align=justify>Medical cost trend rates at 7.00% per annum initially,
      grading down to 4.50% per annum over 20 years and remaining at 4.50% per
      annum thereafter; and </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="90%" >
      <P align=justify>Dental cost trend rates at 4.00% per annum for the first
      ten years, 3.50% per annum for the following ten years and 3.0% per annum
      thereafter; </P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The post-employment benefits balance
consists of: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="12%">At
      December 31 </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="12%">At
      December 31 </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(in thousands) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">2014
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">2013
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Accrued benefit obligation </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;2,921 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;3,321 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;2,921 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;3,321 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Post-employment benefits liability-by duration: </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Current </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;259 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;376 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;
      &nbsp;Non-current </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">2,662
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">2,945
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;2,921 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;3,321 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=center>- 24 -</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_29></A>
<P style="MARGIN-LEFT: 5%" align=justify>The post-employment benefits continuity
summary is as follows: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>(in thousands) </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="12%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Balance - January 1, 2013 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;3,664 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Benefits paid </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(235</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Interest cost </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>125 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Foreign exchange
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="12%">(233</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Balance - December 31, 2013 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;3,321 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Benefits paid </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(244</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Interest cost </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">114 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Foreign exchange </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(270</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Balance - December
      31, 2014 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;2,921 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>14.</B> </TD>
    <TD>
      <P align=justify><B>RECLAMATION OBLIGATIONS</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The reclamation obligations balance consists
  of:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="12%">At
      December 31 </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="12%">At
      December 31 </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(in thousands) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">2014
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">2013
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Reclamation liability - by location: </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Elliot Lake </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;11,234 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;10,008 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;McClean and Midwest Joint Ventures </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">6,406 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">2,200 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp; &nbsp;Other </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>19 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">&nbsp;17,659 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">&nbsp;12,208 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Reclamation and remediation liability - by duration: </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Current </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;706 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;699 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;
      &nbsp;Non-current </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">16,953 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">11,509 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;17,659 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;12,208 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The reclamation obligations continuity
summary is as follows: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>(in thousands) </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="12%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Balance - January 1, 2013 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;15,664 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Accretion </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">796 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Expenditures incurred </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(877</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Liability adjustments-income statement </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(1,645</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Liability adjustments-balance sheet </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(755</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Foreign exchange
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="12%">(975</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Balance - December 31, 2013 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;12,208 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Accretion </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>720 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Asset acquisition (note 5) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">20 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Expenditures incurred </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(593</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Future expenditures reimbursed by CLJV </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">883 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Liability adjustments-income statement </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>2,086 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Liability adjustments-balance sheet </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">3,516 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Foreign exchange </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(1,181</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Balance - December
      31, 2014 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;17,659 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify><B>Site Restoration: Elliot Lake
</B></P>
<P style="MARGIN-LEFT: 5%" align=justify>The Elliot Lake uranium mine was closed
in 1992 and capital works to decommission this site were completed in 1997. The
remaining provision is for the estimated cost of monitoring the Tailings
Management Areas at the Company and Stanrock sites and for treatment of water
discharged from these areas. The Company conducts its activities at both sites
pursuant to licenses issued by the Canadian Nuclear Safety Commission. The above
accrual represents the Company&#146;s best estimate of the present value of the total
future reclamation cost based on assumptions as to levels of treatment, which will be
      required in the future, discounted at 5.22% (2013: 6.13%). As at December
      31, 2014, the undiscounted amount of estimated future reclamation costs is
      $24,818,000 (CAD$28,791,000) (December 31, 2013: $26,217,000
      (CAD$27,885,000)). Revisions to the reclamation liability for Elliot Lake
      are recognized in the income statement as there is no net reclamation
      asset associated with this site.</P>
<P align=center>- 25 - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_30></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Spending on restoration activities at the Elliot Lake
      site is funded from monies in the Elliot Lake Reclamation Trust fund (see
      note 10).</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><B>Site Restoration: McClean Lake Joint Venture and
      Midwest Joint Venture</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The McClean Lake and Midwest operations are subject to
      environmental regulations as set out by the Saskatchewan government and
      the Canadian Nuclear Safety Commission. Cost estimates of the estimated
      future decommissioning and reclamation activities are prepared
      periodically and filed with the applicable regulatory authorities for
      approval. The above accrual represents the Company&#146;s best estimate of the
      present value of the future reclamation cost contemplated in these cost
      estimates discounted at 5.22% (2013: 6.13%). As at December 31, 2014, the
      undiscounted amount of estimated future reclamation costs is $17,529,000
      (CAD$20,335,000) (December 31, 2013: $9,062,000 (CAD$9,639,000)).
      Reclamation costs are expected to be incurred between 2033 and
  2058.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Under the Mineral Industry Environmental Protection
      Regulations (1996), the Company is required to provide its pro-rata share
      of financial assurances to the Province. As at December 31, 2014, the
      Company has in place irrevocable standby letters of credit, from a
      chartered bank, in favour of Saskatchewan Environment, totalling
      CAD$9,698,000 which relate to a previously filed reclamation plan. Under
      the preliminary updated plan submitted in November 2014 which is currently
      under review by the applicable regulatory authorities, the Company expects
      to increase its pro-rata share of financial assurances to the Province by
      CAD$12,748,000 to approximately CAD$22,446,000.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Under the terms of a Potentially Reactive Waste Rock
      Disposal Agreement (&#147;PRWR Agreement&#148;) between the MLJV and the CLJV, the
      MLJV agreed to deposit certain waste rock material from the Cigar Lake
      mine in its mined-out Sue C pit. In return, the CLJV has agreed to
      reimburse the MLJV for additional site restoration costs that may
      reasonably occur as a result.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>In 2014, triggered by the delivery of the first Cigar
      Lake mine ore to the McClean Lake mill in March 2014, the CLJV made
      payments totalling CAD$4,332,000 to the MLJV under the terms of the PRWR
      Agreement. Denison has recorded its proportionate share of this total
      amount of $883,000 (CAD$974,700) as a component of its &#147;Reclamation
      obligations&#148;.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>15.</B> </TD>
    <TD>
      <P align=justify><B>DEBT OBLIGATIONS</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The debt obligations balance consists
  of:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="12%">At
      December 31 </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="12%">At
      December 31 </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(in thousands) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">2014
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">2013
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Notes payable and other financing </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;39 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;97 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">&nbsp;39 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">&nbsp;97 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Debt obligations, by duration: </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Current </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;30 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;55 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;
      &nbsp;Non-current </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">9 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">42
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;39 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;97 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=center>- 26 -</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_31></A>
<P style="MARGIN-LEFT: 5%" align=justify><B>Letters of Credit Facility</B> </P>
<P style="MARGIN-LEFT: 5%" align=justify>In 2014, the Company had a facility in
place with the Bank of Nova Scotia for credit of up to CAD$15,000,000 with a 1
year term and a maturity date of January 31, 2015 (the &#147;2014 facility&#148;). Use of
the 2014 facility was restricted to non-financial letters of credit in support
of reclamation obligations. </P>
<P style="MARGIN-LEFT: 5%" align=justify>The 2014 facility contained a covenant
to maintain a level of tangible net worth greater than or equal to the sum of
$150,000,000. As security for the 2014 facility, DMC has provided an unlimited
full recourse guarantee and a pledge of all of the shares of DMI. DMI has
provided a first-priority security interest in all present and future personal
property and an assignment of its rights and interests under all material
agreements relative to the McClean Lake and Midwest projects. The 2014 facility
is subject to letter of credit and standby fees of 2.00% and 0.75%
respectively.</P>
<P style="MARGIN-LEFT: 5%" align=justify>At December 31, 2014, the Company has
no outstanding borrowings under the 2014 facility (December 31, 2013 - $nil). At
December 31, 2014, the Company is in compliance with its 2014 facility covenants
and CAD$9,698,000 of the 2014 facility is being utilized as collateral for
certain letters of credit (December 31, 2013 - CAD$9,698,000). During 2014 and
2013, the Company incurred letter of credit and standby fees of $221,000 and
$339,000, respectively. </P>
<P style="MARGIN-LEFT: 5%" align=justify>On January 30, 2015, the Company
entered into an amended agreement (the &#147;2015 facility&#148;) with the Bank of Nova
Scotia to amend the terms of the 2014 facility and extend the maturity date to
January 31, 2016 (see note 28). </P>
<P style="MARGIN-LEFT: 5%" align=justify><B>Scheduled Debt Obligation Maturities
</B></P>
<P style="MARGIN-LEFT: 5%" align=justify>The table below represents scheduled
maturities of the Company&#146;s debt obligations over the next 2 years after which
its debt obligations will be paid in full: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>(in thousands) </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="12%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>2015 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;30 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>2016 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">9 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;39 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>16.</B> </TD>
    <TD>
      <P align=justify><B>OTHER LIABILITIES</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The other liabilities balance consists
  of:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="12%">At
      December 31 </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="12%">At
      December 31 </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(in thousands) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">2014
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">2013
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Unamortized fair value of toll milling
      contracts </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;861 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;940 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Flow-through share premium obligation </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,915 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">324 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Other </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>9 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;2,776 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;1,273 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Other long-term liabilities - by duration: </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Current </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;1,935 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;333 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;
      &nbsp;Non-current </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">841
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">940
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;2,776 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;1,273 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>Unamortized fair values of toll milling
contracts are amortized to revenue on a pro-rata basis over the estimated volume
of the applicable contract. Flow-through share premium obligations are
extinguished when the tax benefits of the related exploration expenditures are
renounced to subscribers and the tax impact is recorded in the Company&#146;s
deferred tax provision. </P>
<P align=center>- 27 -</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_32></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>17.</B> </TD>
    <TD>
      <P align=justify><B>INCOME TAXES</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The income tax recovery (expense) balance from continuing
      operations consists of:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>(in thousands) </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="12%">2014 </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="12%">2013 </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Current income tax: </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Based on taxable income for the period </TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;- </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp; &nbsp;Prior period (under) over provision </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(5</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>51 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">(5</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">51
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Deferred income tax: </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Origination/reversal of temporary differences
    </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(972</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">960 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Tax benefit-previously
      unrecognized tax assets </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>3,588 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,729 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Change in tax rates / legislation </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(18,410</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp; &nbsp;Prior year (under) over provision </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(312</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>248 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">2,304
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">(15,473</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Income tax recovery (expense) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;2,299 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;(15,422</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The Company operates in multiple
industries and jurisdictions, and the related income is subject to varying rates
of taxation. The combined Canadian tax rate reflects the federal and provincial
tax rates in effect in Ontario, Canada for each applicable year. A
reconciliation of the combined Canadian tax rate to the Company&#146;s effective rate
of income tax is as follows: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>(in thousands) </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="12%">2014 </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="12%">2013 </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Income (loss) before taxes </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;(34,002</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;(68,413</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Combined Canadian
      tax rate </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">26.50% </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">26.50% </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Income tax recovery (expense) at combined
      rate </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>9,010 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>18,129 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Difference in foreign tax rates </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(513</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">2,912 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Non-deductible amounts </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(3,323</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(15,810</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Non-taxable amounts </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">2,451 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,538 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Previously unrecognized future tax assets
      <SUP>(1)</SUP> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>3,588 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,729 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Renunciation of tax attributes-flow through shares </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(1,071</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(1,101</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Change in deferred tax assets not
      recognized </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(1,711</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(9,334</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Change in tax rates / legislation <SUP>(2)</SUP> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(18,410</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Prior year (under) over provision </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(317</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>299 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Other </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="12%">(5,815</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">4,626
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Income tax recovery (expense) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;2,299 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;(15,422</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>The Company has recognized certain previously
      unrecognized Canadian tax assets in 2014 and 2013 as a result of the
      renunciation of certain tax benefits to subscribers pursuant to its May
      2013 CAD$14,950,000 and October 2012 CAD$7,005,000 flow-through share
      offerings; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>In December 2013, a new uranium mining royalty system
      became substantively enacted in the province of Saskatchewan, Canada. The
      Company has concluded that a component of the new royalty system
      constitutes an income-based tax and is within the scope of IAS 12. The tax
      basis available to the Company under the new system is significantly less
      than the carrying value associated with the assets that will be subject to
      the royalty in future years. Accordingly, a deferred tax liability has
      been recorded by way of a corresponding charge to deferred tax expense in
      Q4-2013.</P></TD></TR></TABLE>
<P align=center>- 28 -</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_33></A>
<P style="MARGIN-LEFT: 5%" align=justify>The deferred income tax assets
(liabilities) balance reported on the balance sheet is comprised of the
temporary differences as presented below: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="12%">At
      December 31 </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="12%">At
      December 31 </TD>
  <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(in thousands) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">2014    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">2013    </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Deferred income tax assets: </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Property, plant and equipment, net </TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;1,865 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;636 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Post-employment benefits </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>767 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>887 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Reclamation and remediation obligations </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">5,102 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">3,392 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Other long-term liabilities
</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>226 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>249 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Tax loss carry forwards </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">8,875 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">8,061 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp; &nbsp;Other </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>5,295 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>5,531 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Deferred income tax assets-gross </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">22,130 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">18,756 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Set-off against deferred income tax liabilities </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(22,130</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(18,756</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Deferred income
      tax assets-per balance sheet </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Deferred income tax liabilities: </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Inventory </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;(620</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;(696</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Property, plant and equipment, net </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(40,591</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(42,237</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Intangibles </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(167</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(331</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp;Other
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="12%">(2,578</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="12%">(1,339</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Deferred income tax liabilities-gross </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(43,956</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(44,603</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Set-off of
      deferred income tax assets </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">22,130 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">18,756 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Deferred income tax liabilities-per balance sheet </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;(21,826</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;(25,847</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The deferred income tax liability
continuity summary is as follows: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>(in thousands) </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="12%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Balance - January 1, 2013 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;(9,443</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Recognized in income (loss) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(15,473</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Recognized in other liabilities
      (flow-through shares) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(1,727</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Recognized in equity (warrant expiries) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(2</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Other, including foreign exchange gain (loss) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>798 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Balance - December
      31, 2013 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">&nbsp;(25,847</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Recognized in income (loss) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">2,304 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Recognized in other liabilities
      (flow-through shares) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(313</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Other, including
      foreign exchange gain (loss) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">2,030
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Balance - December 31, 2014 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;(21,826</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>Management believes that it is not
probable that sufficient taxable profit will be available in future years to
allow the benefit of the following deferred tax assets to be utilized: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="12%">At
      December 31 </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="12%">At
      December 31 </TD>
  <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(in thousands) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">2014    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">2013    </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Deferred income tax assets not recognized </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Investments </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;64 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;118 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp;Property, plant and equipment </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">18,317 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">26,750 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Tax losses &#150; capital
</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>26,895 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>29,141 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp;Tax losses &#150; operating </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">22,650 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">27,903 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Tax credits </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>983 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,131 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp;
      &nbsp;Other deductible temporary differences </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">2,922
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">2,852
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Deferred income tax assets not recognized </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;71,831 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;87,895 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=center>- 29 -</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_34></A>
<P style="MARGIN-LEFT: 5%" align=justify>A geographic split of the Company&#146;s tax
losses and tax credits not recognized and the associated expiry dates of those
losses and credits is as follows: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="25%"
    >Expiry </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="12%">At
      December 31 </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="12%">At
      December 31 </TD>
  <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(in thousands) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="25%"
    >Date </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">2014    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">2013    </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD align=center width="25%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Tax losses - gross </TD>
    <TD align=center width="25%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp;Canada </TD>
    <TD align=center width="25%" >2025-2034 </TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;115,088 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;116,113 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Mongolia </TD>
    <TD align=center width="25%"  bgColor=#e6efff>2018-2022 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>4,296 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>4,547 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp;Zambia <SUP>(1)</SUP> </TD>
    <TD align=center width="25%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">12,284 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Other </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="25%"
     bgColor=#e6efff>Unlimited </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>12 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>378 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Tax losses - gross </TD>
    <TD align=center width="25%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">119,396 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">133,322 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Tax benefit at tax rate of 25% - 37.5% </TD>
    <TD align=center width="25%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>31,525 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>35,964 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Set-off against
      deferred tax liabilities </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="25%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="12%">(8,875</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="12%">(8,061</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Total tax loss assets not recognized </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="25%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;22,650 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;27,903 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD align=center width="25%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Tax credits </TD>
    <TD align=center width="25%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp;
      &nbsp;Canada </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="25%"
    >2025-2034 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">983
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">1,131
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Total tax credit assets not recognized </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="25%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;983 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;1,131 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>In December 2014, the Zambian government passed into law
      amendments to the Income Tax and Mine and Minerals Development Act which
      have the effect of eliminating corporate tax on profits from certain
      mining activities effective January 1, 2015. For the Company, the
      amendments reduce the corporate tax rate to 0% but increase the mineral
      royalty rate from 6% for all mining methods to 8% for underground mining
      and 20% for open pit mining. As a result of these amendments, the Company
      is no longer subject to income tax in Zambia and any tax attributes
      accumulated prior to December 31, 2014 have effectively expired or been
      reduced to nil.;</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>18.</B> </TD>
    <TD>
      <P align=justify><B>SHARE CAPITAL</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Denison is authorized to issue an unlimited number of
      common shares without par value. A continuity summary of the issued and
      outstanding common shares and the associated dollar amounts is presented
      below:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="12%">Number
      of </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="12%">&nbsp;
    </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left
  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=center width="12%">Common </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(in thousands
      except share amounts) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%">Shares </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp;Balance at January 1, 2013 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>388,805,915 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;979,124 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp;Issued for cash: </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;New issue
      gross proceeds </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>11,500,000 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>14,382 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;New issue gross issue
      costs </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">(755</TD>
    <TD align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Share
      options exercised </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>134,972 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>111 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Share purchase warrants
      exercised </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">402,129 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">330 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp;Acquisition of JNR (note 5) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>7,975,479 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>10,956 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp;Acquisition of Fission (note 5) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">53,053,284 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">66,259 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp;Acquisition of Rockgate (note 5) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>20,131,665 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>21,760 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp;Share options exercised-fair value adjustment </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">98 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp;Share purchase warrants
      exercised-fair value adjustment </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>211 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;Flow-through
      share premium liability </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="12%">(332</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">)
</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>93,197,529 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>113,020 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;Balance at
      December 31, 2013 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">482,003,444 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">&nbsp;1,092,144 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp;Issued for cash: </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;New issue
      gross proceeds </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>9,257,500 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>13,704 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;New issue gross issue
      costs </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">(859</TD>
    <TD align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Share
      options exercised </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,025,449 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>946 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Share purchase warrants
      exercised </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">536,050 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">405 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp;Acquisition of Rockgate (note 5) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>2,312,622 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>3,034 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp;Acquisition of IEC (note 5) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">10,229,035 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">11,979 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp;Settlement of liabilities associated
      with IEC Arrangement </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>504,794 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>610 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp;Share options exercised-fair value adjustment </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">525 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp;Share purchase warrants
      exercised-fair value adjustment </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>300 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;Flow-through
      share premium liability </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="12%">(2,030</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">)
</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>23,865,450 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>28,614 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;Balance at
      December 31, 2014 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">505,868,894 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;1,120,758 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="2%">&nbsp;</TD></TR></TABLE>
<P align=center>- 30 -</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_35></A>
<P style="MARGIN-LEFT: 5%" align=justify><B>New Issues </B></P>
<P style="MARGIN-LEFT: 5%" align=justify>In May 2013, the Company completed a
private placement of 11,500,000 flow-through common shares at a price of
CAD$1.30 per share for gross proceeds of $14,382,000 (CAD$14,950,000). The
related flow-through share premium liability was included as a component of
other liabilities on the balance sheet at December 31, 2013 and was extinguished
during 2014. </P>
<P style="MARGIN-LEFT: 5%" align=justify>In August 2014, the Company completed a
private placement of 9,257,500 flow-through common shares at a price of CAD$1.62
per share for gross proceeds of $13,704,000 (CAD$14,997,000). The income tax
benefits of this issue will be renounced to subscribers with an effective date
of December 31, 2014. The related flow-through share premium liability is
included as a component of other liabilities at December 31, 2014. </P>
<P style="MARGIN-LEFT: 5%" align=justify><B>Acquisition Related Issues </B></P>
<P style="MARGIN-LEFT: 5%" align=justify>In January 2013, the Company issued
7,975,479 shares at a value of $10,956,000 (CAD$10,926,000) as part of the
acquisition of JNR (see note 5). </P>
<P style="MARGIN-LEFT: 5%" align=justify>In April 2013, the Company issued
53,053,284 shares at a value of $66,259,000 (CAD$67,378,000) as part of the
acquisition of Fission (see note 5). </P>
<P style="MARGIN-LEFT: 5%" align=justify>In November and early December 2013,
the Company issued 20,131,665 shares at a value of $21,760,000 (CAD$22,800,000)
as part of the acquisition of a controlling interest in Rockgate. In January
2014, the Company issued 2,312,622 shares at a value of $3,034,000
(CAD$3,330,000) to acquire the remaining non-controlling interest in Rockgate
(see note 5). </P>
<P style="MARGIN-LEFT: 5%" align=justify>In June 2014, the Company issued
10,229,035 shares at a value of $11,979,000 (CAD$13,093,000) as part of the
acquisition of IEC (see note 5). </P>
<P style="MARGIN-LEFT: 5%" align=justify><B>Flow-Through Share Issues </B></P>
<P style="MARGIN-LEFT: 5%" align=justify>The Company finances a portion of its
exploration programs through the use of flow-through share issuances. Canadian
income tax deductions relating to these expenditures are claimable by the
investors and not by the Company. </P>
<P style="MARGIN-LEFT: 5%" align=justify>As at December 31, 2014, the Company
estimates that it has satisfied its obligation to spend CAD$14,950,000 on
eligible exploration expenditures as a result of the issuance of flow through
shares in May 2013. The Company renounced the income tax benefits of this issue
to its subscribers in February 2014. In conjunction with the renunciation, the
flow-through share premium liability has been reversed and recognized as part of
the deferred tax recovery (see note 17). </P>
<P style="MARGIN-LEFT: 5%" align=justify>As at December 31, 2014, the Company
estimates that it has incurred CAD$1,222,000 of its obligation to spend
CAD$14,997,000 on eligible exploration expenditures as a result of the issuance
of flow through shares in August 2014. The Company renounced the income tax
benefits of this issue to its subscribers in February 2015. </P>
<P align=center>- 31 - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_36></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>19.</B> </TD>
    <TD>
      <P align=justify><B>SHARE PURCHASE WARRANTS</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>A continuity summary of the issued and outstanding share
      purchase warrants in terms of common shares of the Company and the
      associated dollar amounts is presented below:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
      width="12%">Weighted </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="12%">&nbsp;
    </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="12%">&nbsp;
    </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%">Average </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%">Number of </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%">Exercise </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%">Common </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%">Fair </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%">Price Per </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%">Shares </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%">Value </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(in thousands
      except share amounts) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%">Share (CAD$) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%">Issuable </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%">Amount </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Balance outstanding at January 1, 2013 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Warrants issued on acquisition of JNR (note
      5) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>2.05 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>272,290 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>17 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Warrants assumed on acquisition of Fission (note 5) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">0.84 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,500,854 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">827 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Warrants exercised </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>0.85 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(402,129</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(211</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Warrants expired
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">2.05
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">(272,290</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
width="12%">(17</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Balance outstanding at December 31, 2013 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;0.84 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>1,098,725 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;616 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Warrants issued on acquisition of IEC (note
      5) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1.71 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>660,127 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>61 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Warrants exercised </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">0.84 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(536,050</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(300</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Warrants expired </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>2.31 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(143,000</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(1</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Balance
      outstanding at December 31, 2014 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;1.17 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">1,079,802 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;376 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Balance of common shares issuable by warrant series: </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%" >&nbsp;</TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;Fission January
      2013 series <SUP>(1)</SUP> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;0.84 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>562,675 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;316 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;IEC December 2013 series
      <SUP>(2)</SUP> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1.54 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">329,061 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">36 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;IEC February 2014 series
      <SUP>(3)</SUP> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>1.54 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>188,066 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>24 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Balance
      outstanding at December 31, 2014 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;1.17 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">1,079,802 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;376 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>The Fission January 2013 series has an effective exercise
      price of CAD$0.84 per issuable share and expires on January 21,
    2015.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>The IEC December 2013 series has an effective exercise
      price of CAD$1.54 per issuable share and expires on June 5,
2015.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>The IEC February 2014 series has an effective exercise
      price of CAD$1.54 per issuable share and expires on August 20,
  2015.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>20.</B> </TD>
    <TD>
      <P align=justify><B>STOCK OPTIONS</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company&#146;s stock-based compensation plan (the &#147;Plan&#148;)
      provides for the granting of stock options up to 10% of the issued and
      outstanding common shares at the time of grant, subject to a maximum of
      39,670,000 common shares. As at December 31, 2014, an aggregate of
      12,160,800 options have been granted (less cancellations) since the Plan&#146;s
      inception in 1997.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Under the Plan, all stock options are granted at the
      discretion of the Company&#146;s board of directors, including any vesting
      provisions if applicable. The term of any stock option granted may not
      exceed ten years and the exercise price may not be lower than the closing
      price of the Company&#146;s shares on the last trading day immediately
      preceding the date of grant. In general, stock options granted under the
      Plan have five year terms and vesting periods up to thirty
  months.</P></TD></TR></TABLE>
<P align=center>- 32 -</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_37></A>
<P style="MARGIN-LEFT: 5%" align=justify>A continuity summary of the stock
options of the Company granted under the Plan is presented below: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="12%">&nbsp;
    </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
      width="12%">Weighted- </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%">Average </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%">Exercise </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%">Number of </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%">Price per </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%">Common </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%">Share </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%">Shares </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%">(CAD$) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD align=center width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Stock options outstanding - beginning of
      period </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>8,431,138 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=center width="12%" bgColor=#e6efff>&nbsp;1.91 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Issued on acquisition of IEC (note 5) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">902,200 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%">1.48 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Granted </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,311,000 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="12%" bgColor=#e6efff>1.81 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Exercised <SUP>(1)</SUP> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(1,025,449</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%">1.00 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Forfeitures </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(327,239</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="12%" bgColor=#e6efff>2.93 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Expiries </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">(3,112,076</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">2.16
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Stock options outstanding - end of period </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>6,179,574 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="12%"
    bgColor=#e6efff>&nbsp;1.80 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Stock options
      exercisable - end of period </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">4,370,074 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="12%">&nbsp;1.86 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>The weighted average share price at the date of exercise
      was CAD$1.51.</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>A summary of the Company&#146;s stock
options outstanding at December 31, 2014 is presented below: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
      width="12%">Weighted </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="12%">&nbsp;
    </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
      width="12%">Weighted- </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%">Average </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%">&nbsp; </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%">Average </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%">Remaining </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%">&nbsp; </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%">Exercise </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Range of Exercise </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%">Contractual </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%">Number of </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%">Price per </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Prices per Share </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%">Life </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%">Common </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%">Share </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(CAD$) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%">(Years) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%">Shares </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%">(CAD$) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD align=center width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Stock options outstanding </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>$ 0.38 to $ 2.49 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%">2.73 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">5,074,433 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;1.40 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>$ 2.50 to $ 4.99 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="12%" bgColor=#e6efff>1.08 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>853,181 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>3.23 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>$ 5.00 to $ 5.67
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">1.38
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">251,960 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">5.02
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Stock options outstanding - end of period </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="12%"
    bgColor=#e6efff>2.45 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>6,179,574 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;1.80 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>Options outstanding at December 31,
2014 expire between February 2015 and May 2019. </P>
<P style="MARGIN-LEFT: 5%" align=justify>The fair value of each option granted
is estimated on the date of grant using the Black-Scholes option pricing model.
The following table outlines the range of assumptions used in the model to
determine the fair value of options granted (excluding those granted pursuant to
the JNR, Fission and IEC acquisitions &#150; refer to note 5): </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left >&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="25%">2014 </TD>
  <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="25%">2013 </TD>
  </TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD >&nbsp; </TD>
    <TD width="25%">&nbsp; </TD>
    <TD width="25%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff >Risk-free interest rate </TD>
    <TD align=right width="25%" bgColor=#e6efff>1.42% - 1.47% </TD>
    <TD align=right width="25%" bgColor=#e6efff>1.29% </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >Expected stock price volatility </TD>
    <TD align=right width="25%">55.21% - 55.56% </TD>
    <TD align=right width="25%">60.2% </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff >Expected life </TD>
    <TD align=right width="25%" bgColor=#e6efff>3.7 years </TD>
    <TD align=right width="25%" bgColor=#e6efff>3.6 years </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >Estimated forfeiture rate </TD>
    <TD align=right width="25%">3.50% - 3.70% </TD>
    <TD align=right width="25%">4.6% </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff >Expected dividend yield </TD>
    <TD align=right width="25%" bgColor=#e6efff>&#150; </TD>
    <TD align=right width="25%" bgColor=#e6efff>&#150; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left >Fair
      value per share under options granted </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="25%">CAD$0.54 &#150; CAD$0.74 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="25%">CAD$0.58 </TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The fair values of stock options with
vesting provisions are amortized on a graded method basis as stock-based
compensation expense over the applicable vesting periods. Included in the
statement of income (loss) is stock-based compensation of $800,000 for 2014 and
$903,000 for 2013. At December 31, 2014, the Company had an additional $338,000
in stock-based compensation expense to be recognized periodically to May 2016.
</P>
<P align=center>- 33 - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_38></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>21.</B> </TD>
    <TD>
      <P align=justify><B>ACCUMULATED OTHER COMPREHENSIVE INCOME</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The accumulated other comprehensive income balance
      consists of:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="12%">At
      December 31 </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="12%">At
      December 31 </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(in thousands) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">2014
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">2013
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Cumulative foreign currency translation </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;(26,017</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;(7,880</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Unamortized experience gain &#150; post employment liability </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Gross </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>206 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>206 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Tax effect </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(56</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(56</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Unrealized gains (losses) on investments
</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp;Gross
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">8 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">1 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;(25,859</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;(7,729</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>22.</B> </TD>
    <TD>
      <P align=justify><B>SUPPLEMENTAL FINANCIAL INFORMATION</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The components of operating expenses are as
    follows:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD colspan="4"
    align=center style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid">Year Ended </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%">December 31 </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%">December 31 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(in thousands) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">2014    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">2013    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Cost of goods and services sold: </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp;&nbsp; Operating Overheads: </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Mining, other development expense </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;(2,587</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;(2,739</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Milling,
      conversion expense </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(466</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(72</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Mill feed cost: </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;-Stockpile depletion </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(61</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Less absorption: </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;-Stockpiles, mineral properties </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">736 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,203 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;-Concentrates </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>440 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp;Cost
      of services </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="12%">(7,612</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="12%">(8,812</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Cost of goods and services sold </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(9,550</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(10,420</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Reclamation asset amortization </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(15</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(36</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Reclamation liability adjustments (note 14) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(2,086</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>1,645 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Operating expenses    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;(11,651</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;(8,811</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >) </TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The components of other income
(expense) are as follows: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD colspan="4"
    align=center style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid">Year Ended </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%">December 31 </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%">December 31 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(in thousands) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">2014    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">2013    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Gains (losses) on: </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Foreign exchange </TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;(7,983</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;17 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Disposal of property, plant
      and equipment </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>449 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(12</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Investment impairments </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(22</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(39</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Investment disposals / fair
      value through profit (loss) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(59</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(1,328</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp; &nbsp;Other    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%">57</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%">833    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Other income (expense) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;(7,558</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;(529</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR></TABLE>
<P align=center>- 34 -</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_39></A>
<P style="MARGIN-LEFT: 5%" align=justify>The components of finance income
(expense) are as follows: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD colspan="4"
    align=center style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid">Year Ended </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=center width="12%">December 31 </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="12%">December 31 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(in thousands) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">2014    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">2013    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Interest income </TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;554 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;392 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>Interest expense </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">(2</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">(3</TD>
    <TD align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Accretion expense-reclamation obligations    </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(720</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(796</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Accretion
      expense-post-employment benefits </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="12%">(114</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="12%">(125</TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">)</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Finance income (expense) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;(282</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;(532</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>) </TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>A summary of depreciation expense
recognized in the statement of income (loss) is as follows: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD colspan="4"
    align=center style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid">Year Ended </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=center width="12%">December 31 </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="12%">December 31 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(in thousands) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">2014    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">2013    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Operating expenses: </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Mining, other development expense </TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="12%">&nbsp;(303</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="12%">&nbsp;(283</TD>
    <TD align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Milling, conversion expense</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(79</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(11</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Cost of services </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">(244</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">(259</TD>
    <TD align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Mineral property exploration </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(125</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(174</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>General and
      administrative </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
width="12%">(66</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
width="12%">(69</TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">)</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Depreciation expense - gross </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;(817</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;(796</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>) </TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>A summary of employee benefits expense
recognized in the statement of income (loss) is as follows: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD colspan="4"
    align=center style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid">Year Ended </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=center width="12%">December 31 </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="12%">December 31 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(in thousands) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">2014    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">2013    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Salaries and short-term employee benefits    </TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;(8,289</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;(9,272</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>Share-based compensation </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">(800</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">(903</TD>
    <TD align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Termination benefits </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(360</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(474</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Employee benefits
      expense </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;(9,449</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;(10,649</TD>
  <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%">)  </TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The change in non-cash working capital
items in the consolidated statements of cash flows is as follows: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD colspan="4"
    align=center style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid">Year Ended </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=center width="12%">December 31 </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="12%">December 31 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(in thousands) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">2014    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">2013    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>Change in non-cash working capital items: </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp;Trade and other receivables </TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;(5,310</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;(1,720</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp;Inventories </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">(520</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">(187</TD>
    <TD align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp;Prepaid expenses and other assets </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(152</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(78</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp;Accounts payable and accrued liabilities </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">2,102 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">331 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp;Post-employment benefits </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(244</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(235</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;Reclamation
      obligations </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%">290    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
    width="12%">(877</TD>
  <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%">)</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Change in non-cash working capital items </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;(3,834</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;(2,766</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>) </TD></TR></TABLE>
<P align=center>- 35 -</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_40></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>23.</B> </TD>
    <TD>
      <P align=justify><B>SEGMENTED INFORMATION</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><B>Business Segments</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company operates in two primary segments &#150; the Mining
      segment and the Services and Other segment. The Mining segment, which has
      been further subdivided into geographic regions, includes activities
      related to exploration, evaluation and development, mining, milling
      (including toll milling) and the sale of mineral concentrates. The
      Services and Other segment includes the results of the Company&#146;s
      environmental services business, management fees and commission income
      earned from UPC and other customers and general corporate expenses not
      allocated to the other segments.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>For the year ended December 31, 2014, reportable segment
      results were as follows:</P></TD></TR></TABLE><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left >&nbsp;
    </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="10%">Canada    </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="10%">Asia </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="10%">Africa    </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="10%">Services    </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="10%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left >(in
      thousands) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="10%">Mining </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="10%">Mining </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="10%">Mining </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="10%">and
      Other </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="10%">Total    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD >&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff ><B>Statement of
      Operations:</B> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >Revenues </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%">111
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%">9,508
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%">9,619
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff >&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left ><B>Expenses:</B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff >Operating expenses </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>(2,649</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>(1,390</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>(7,612</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>(11,651</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >Mineral property exploration </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">(13,488</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">(394</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">(913</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">(14,795</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff >General and administrative
</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>(10</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>(858</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>(1,152</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>(5,570</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>(7,590</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >Impairment-mineral properties (note 11) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="10%">(1,658</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
width="10%">(87</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="10%">(1,745</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e6efff
    >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>(17,805</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>(1,252</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>(3,542</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>(13,182</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>(35,781</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      >Segment income (loss) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="10%">(17,694</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
    width="10%">(1,252</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
    width="10%">(3,542</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
    width="10%">(3,674</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="10%">(26,162</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >) </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff >&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left ><B>Revenues &#150; supplemental:</B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff >Environmental services </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>7,327 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>7,327 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >Management fees and commissions </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">2,181 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">2,181 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e6efff
    >Toll milling services </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>111 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>111 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%">111
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%">9,508
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%">9,619
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff >&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left ><B>Capital additions:</B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left bgColor=#e6efff
    >Property, plant and equipment </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#e6efff>207 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#e6efff>105 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#e6efff>557 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#e6efff>100 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#e6efff>969 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD >&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff ><B>Long-lived assets:</B> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >Plant and equipment </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff >&nbsp;&nbsp; Cost </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>83,613 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>340 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>2,288 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>3,699 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>89,940 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; &nbsp;Accumulated depreciation </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">(8,326</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">(231</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">(1,738</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">(1,910</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="10%">(12,205</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff >Mineral properties </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>144,409 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>6,305 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>41,939 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>192,653 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >Intangibles </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%">638
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%">638
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left bgColor=#e6efff
    >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#e6efff>219,696 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#e6efff>6,414 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#e6efff>42,489 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#e6efff>2,427 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%"
    bgColor=#e6efff>271,026 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE></DIV>
<P align=center>- 36 -</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_41></A>
<P style="MARGIN-LEFT: 5%" align=justify>For the year ended December 31, 2013,
reportable segment results were as follows: </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left >&nbsp;
    </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="10%">Canada
    </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="10%">Asia
</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="10%">Africa
    </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
      width="10%">Services </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="10%">&nbsp;
    </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left
  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left >(in
      thousands) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="10%">Mining </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="10%">Mining </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="10%">Mining </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="10%">and
      Other </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="10%">Total </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD >&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left ><B>Statement of Operations:</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e6efff
    >Revenues </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>10,407 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>10,407 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD >&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff ><B>Expenses:</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >Operating expenses </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">649 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(648</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(8,812</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(8,811</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff >Mineral property exploration
    </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(12,019</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(550</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(1,113</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(13,682</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >General and administrative </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(5</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(788</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(1,022</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(6,352</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(8,167</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e6efff
    >Impairment-mineral properties (note 11) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>(934</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>(46,165</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>(47,099</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">(12,309</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">(1,338</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">(48,948</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">(15,164</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">(77,759</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left bgColor=#e6efff
    >Segment income (loss) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>(12,309</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>(1,338</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>(48,948</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>(4,757</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>(67,352</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD >&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff ><B>Revenues &#150;
      supplemental:</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >Environmental services </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">8,763 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">8,763 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e6efff
    >Management fees and commissions </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>1,644 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>1,644 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">10,407 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">10,407 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff >&nbsp; </TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left ><B>Capital additions:</B> </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left bgColor=#e6efff
    >Property, plant and equipment </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>1,188 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>114 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>1,010 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>83 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>2,395 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD >&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff ><B>Long-lived assets:</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >Plant and equipment </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff >&nbsp;&nbsp; Cost </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>87,328 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>396 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>2,613 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>3,984 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>94,321 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; &nbsp;Accumulated depreciation </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(8,792</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(253</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(1,726</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(1,856</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(12,627</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff >Mineral properties </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>144,649 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>7,229 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>47,438 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>199,316 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >Intangibles </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">1,252 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">1,252 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left bgColor=#e6efff
    >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>223,185 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>7,372 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>48,325 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>3,380 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>282,262 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN-LEFT: 5%" align=justify><B>Revenue Concentration </B></P>
<P style="MARGIN-LEFT: 5%" align=justify>The Company&#146;s business from continuing
operations is such that, at any given time, it sells its environmental and other
services to a relatively small number of customers. During 2014, three customers
from the services and other segment accounted for approximately 86% of total
revenues consisting of 53%, 23% and 10% individually. During 2013, four
customers from the services and other segment accounted for approximately 87% of
total revenues consisting of 50%, 16%, 11% and 10% individually. </P>
<P align=center>- 37 -</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_42></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>24.</B> </TD>
    <TD>
      <P align=justify><B>RELATED PARTY TRANSACTIONS</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><B>Uranium Participation Corporation</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company is a party to a management services agreement
      with UPC. The most recent agreement was entered into on April 1, 2013 and
      it has a three year term that may be terminated by either party upon the
      provision of 120 days written notice. Under the terms of the agreement,
      the Company receives the following fees from UPC: a) a commission of 1.5%
      of the gross value of any purchases or sales of uranium completed at the
      request of the Board of Directors of UPC; b) a minimum annual management
      fee of CAD$400,000 (plus reasonable out-of-pocket expenses) plus an
      additional fee of 0.3% per annum based upon UPC&#146;s net asset value in
      excess of CAD$100,000,000; and c) a fee, at the discretion of the Board,
      for on-going monitoring or work associated with a transaction or
      arrangement (other than a financing, or the purchase or sale of
      uranium).</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The following transactions were incurred with UPC for the
      periods noted:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD colspan="4"
    align=center style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid">Year Ended </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%">December 31 </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%">December 31 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(in thousands) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">2014    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">2013    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Revenue: </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Management fees </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;1,628 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;1,644 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;
      &nbsp;Commission fees </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">553    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;2,181 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;1,644 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>At December 31, 2014, accounts
receivable includes $123,000 (December 31, 2013: $148,000) due from UPC with
respect to the fees and transactions indicated above. </P>
<P style="MARGIN-LEFT: 5%" align=justify><B>Korea Electric Power Corporation
(&#147;KEPCO&#148;) </B></P>
<P style="MARGIN-LEFT: 5%" align=justify>In June 2009, Denison completed
definitive agreements with KEPCO including a long-term offtake agreement (which
has been assigned to Energy Fuels Inc. (&#147;EFR&#148;) as part of the U.S. Mining
Division transaction completed in June 2012) and a strategic relationship
agreement. Pursuant to the strategic relationship agreement, KEPCO is entitled
to subscribe for additional common shares in Denison&#146;s future share offerings.
The strategic relationship agreement also provides KEPCO with a right of first
opportunity if Denison intends to sell any of its substantial assets, a right to
participate in certain purchases of substantial assets which Denison proposes to
acquire and a right to nominate one director to Denison&#146;s board so long as its
share interest in Denison is above 5.0% . </P>
<P style="MARGIN-LEFT: 5%" align=justify>As at December 31, 2014, KEPCO holds
58,284,000 shares of Denison representing a share interest of approximately
11.5% . </P>
<P style="MARGIN-LEFT: 5%" align=justify>Denison also holds a 60% interest in
the Waterbury Lake Uranium Corporation (&#147;WLUC&#148;) and Waterbury Lake Uranium
Limited Partnership (&#147;WLULP&#148;) entities whose key asset is the Waterbury Lake
property. The other 40% interest in these entities is held by a consortium of
investors (&#147;KWULP&#148;) of which KEPCO is the primary holder (see note 27). When a
spending program is approved by the participants, each participant is required
to fund these entities based upon its respective ownership interest. Spending
program approval requires 75% of the voting interest. </P>
<P style="MARGIN-LEFT: 5%" align=justify>In January 2014, Denison agreed to
allow KWULP to defer its funding obligations to WLUC and WLULP until September
30, 2015 in exchange for allowing Denison to carry out spending programs without
obtaining the approval of 75% of the voting interest. As at December 31, 2014,
KWULP has a funding obligation to WLUC and WLULP of CAD$802,000. Denison has
recorded its proportionate share of this amount of $415,000 (CAD$481,000) as a
component of trade and other receivables.</P>
<P style="MARGIN-LEFT: 5%" align=justify><B>Other </B></P>
<P style="MARGIN-LEFT: 5%" align=justify>During 2014, the Company incurred
investor relations, administrative service fees and other expenses of $60,000
(2013: $188,000) with Namdo Management Services Ltd, which shares a common
officer with Denison. These services were incurred in the normal course of
operating a public company. At December 31, 2014, an amount of $nil (December
31, 2013: $nil) was due to this company. </P>
<P style="MARGIN-LEFT: 5%" align=justify>During 2014, the Company incurred legal
fees of $276,000 (2013: $1,634,000) with Cassels Brock &amp; Blackwell, LLP, a
law firm of which a member of Denison&#146;s Board of Directors is a partner. These
services and associated costs were mainly related to various acquisition and
internal re-organization activities done by the Company. At December 31, 2014,
an amount of $1,000 (December 31, 2013: $82,000) is due to this legal firm. </P>
<P align=center>- 38 - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_43></A>
<P style="MARGIN-LEFT: 5%" align=justify>During 2014, the Company provided
executive services of $106,000 (2013: $nil) to Lundin Gold Inc., which shares
common directors and officers with Denison. At December 31, 2014, an amount of
$44,000 (December 31, 2013: $nil) is due from this company. </P>
<P style="MARGIN-LEFT: 5%" align=justify><B>Compensation of Key Management
Personnel </B></P>
<P style="MARGIN-LEFT: 5%" align=justify>Key management personnel are those
persons having authority and responsibility for planning, directing and
controlling the activities of the Company, directly or indirectly. Key
management personnel includes the Company&#146;s executive officers, vice-presidents
and members of its Board of Directors. </P>
<P style="MARGIN-LEFT: 5%" align=justify>The following compensation was awarded
to key management personnel: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD colspan="4"
    align=center style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid">Year Ended </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%">December 31 </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%">December 31 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(in thousands) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">2014    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">2013    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Salaries and short-term employee benefits    </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;1,633 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;1,630 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Share-based compensation </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">516 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">577 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Termination benefits </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>158 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Key management
      personnel compensation </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;2,307 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;2,207 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>25.</B> </TD>
    <TD>
      <P align=justify><B>CAPITAL MANAGEMENT AND FINANCIAL RISK</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><B>Capital Management</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company&#146;s capital includes cash, cash equivalents,
      investments in debt instruments and debt obligations. The Company&#146;s
      primary objective with respect to its capital management is to ensure that
      it has sufficient capital to maintain its ongoing operations, to provide
      returns for shareholders and benefits for other stakeholders and to pursue
      growth opportunities.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Planning, annual budgeting and controls over major
      investment decisions are the primary tools used to manage the Company&#146;s
      capital. The Company&#146;s cash is managed centrally and disbursed to the
      various regions via a system of cash call requests which are reviewed by
      the key decision makers. Under the Company&#146;s delegation of authority
      guidelines, significant debt obligations require the approval of both the
      CEO and the CFO before they are entered into.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company manages its capital by review of the
      following measure:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="12%">At
      December 31 </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="12%">At
      December 31 </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(in thousands) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">2014
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">2013
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Net cash: </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Cash and cash equivalents </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;18,640 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;21,786 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Investments in debt instruments (see note 9)
    </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">4,381 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">14,818 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Debt obligations - current </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(30</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(55</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp;Debt
      obligations &#150; long term </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">(9</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
width="12%">(42</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Net cash </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>22,982 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>36,507 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify><B>Financial Risk </B></P>
<P style="MARGIN-LEFT: 5%" align=justify>The Company examines the various
financial risks to which it is exposed and assesses the impact and likelihood of
those risks. These risks may include credit risk, liquidity risk, currency risk,
interest rate risk and price risk. </P>
<P style="MARGIN-LEFT: 5%" align=justify><B>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Credit Risk </B></P>
<P style="MARGIN-LEFT: 5%" align=justify>Credit risk is the risk of loss due to
a counterparty&#146;s inability to meet its obligations under a financial instrument
that will result in a financial loss to the Company. The Company believes that
the carrying amount of its cash and cash equivalents, trade and other
receivables, investments in debt instruments and restricted cash and investments
represents its maximum credit exposure.</P>
<P align=center>- 39 - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_44></A>
<P style="MARGIN-LEFT: 5%" align=justify>The maximum exposure to credit risk at
the reporting dates is as follows: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="12%">At
      December 31 </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="12%">At
      December 31 </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(in thousands) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">2014
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">2013
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Cash and cash equivalents </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;18,640 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;21,786 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Trade and other receivables </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">9,411 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">4,148 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Investments in debt
      instruments </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>4,381 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>14,818 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;
      &nbsp;Restricted cash and investments </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">2,068
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">2,299
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;34,500 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;43,051 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The Company limits cash and cash
equivalents, investment in debt instruments and restricted cash and investment
risk by dealing with credit worthy financial institutions. The Company&#146;s trade
and other receivables balance relates to a small number of customers who are
credit worthy and with whom the Company has established a relationship with
through its past dealings. </P>
<P style="MARGIN-LEFT: 5%" align=justify><B>(b)&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;Liquidity Risk </B></P>
<P style="MARGIN-LEFT: 5%" align=justify>Liquidity risk is the risk that the
Company will encounter difficulties in meeting obligations associated with its
financial liabilities as they become due. The Company has in place a planning
and budgeting process to help determine the funds required to support the
Company&#146;s normal operating requirements on an ongoing basis. The Company ensures
that there is sufficient committed capital to meet its short-term business
requirements, taking into account its anticipated cash flows from operations,
its holdings of cash and cash equivalents and its access to credit and capital
markets, if required. </P>
<P style="MARGIN-LEFT: 5%" align=justify>The maturities of the Company&#146;s
financial liabilities are as follows: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="12%">Within
      1 </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="12%">1 to 5
    </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(in thousands) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">Year
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%">Years </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Accounts payable and accrued
      liabilities </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;10,050 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp;Debt
      obligations (Note 15) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">30
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">9 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;10,080 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;9 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify><B>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Currency Risk </B></P>
<P style="MARGIN-LEFT: 5%" align=justify>Foreign exchange risk is the risk that
the fair value of future cash flows of a financial instrument will fluctuate
because of changes in foreign exchange rates. The Company operates
internationally and is exposed to foreign exchange risk arising from various
currency exposures as its subsidiaries incur operating and capital costs
denominated in local currencies. Foreign exchange risk also arises from assets
and liabilities that are denominated in a currency that is not the functional
currency for the relevant subsidiary company.</P>
<P style="MARGIN-LEFT: 5%" align=justify>Currently, the Company does not have
any foreign exchange hedge programs in place and manages its operational foreign
exchange requirements through spot purchases in the foreign exchange markets.
The impact of the U.S dollar strengthening (by approximately 10%) at December
31, 2014 against the Company&#146;s foreign currencies, with all other variables held
constant, is as follows<B>:</B> </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
      width="12%">Dec.31&#146;2014 </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
      width="12%">Sensitivity </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="12%">Change
      in </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%">Foreign Ex- </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%">Foreign Ex- </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%">net income </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(in thousands
      except foreign exchange rates) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%">Change Rate </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%">Change Rate </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%">(loss) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Currency risk </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Canadian dollar (&#147;CAD&#148;) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1.1601 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1.2761 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;14,526 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Mongolian tugrog (&#147;MNT&#148;) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,881.11 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">2,069.23 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(3,891</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;West Africa French Franc
      (&#147;CFA&#148;) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>539.67 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>593.63 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(6,365</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;
      &nbsp;Zambian kwacha (&#147;ZMW&#148;) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">6.4297 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">7.0727 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="12%">(4,698</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="12%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="12%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;(428</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify><B>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Interest Rate Risk </B></P>
<P style="MARGIN-LEFT: 5%" align=justify>Interest rate risk is the risk that the
fair value or future cash flows of a financial instrument will fluctuate because
of changes in market interest rates. The Company is exposed to interest rate
risk on its liabilities through its outstanding borrowings and on its assets
through its investments in debt instruments. The Company monitors its exposure
to interest rates and has not entered into any derivative contracts to manage
this risk.</P>
<P align=center>- 40 - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_45></A>
<P style="MARGIN-LEFT: 5%" align=justify><B>(e)&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;Price Risk </B></P>
<P style="MARGIN-LEFT: 5%" align=justify>The Company is exposed to equity price
risk as a result of holding equity investments in other exploration and mining
companies. The Company does not actively trade these investments. The
sensitivity analysis below has been determined based on the exposure to equity
price risk at December 31, 2014: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="12%">Change
      in </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="12%">Change
      in </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%">net income </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%">Comprehensive </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(in thousands) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%">(loss) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%">income (loss) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Equity price risk </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;10% increase in
      equity prices </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;93 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;95 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="12%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify><B>Fair Value of Financial Instruments
</B></P>
<P style="MARGIN-LEFT: 5%" align=justify>IFRS requires disclosures about the
inputs to fair value measurements, including their classification within a
hierarchy that prioritizes the inputs to fair value measurement. The three
levels of the fair value hierarchy are: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="10%"  >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="85%" >
      <P align=justify>Level 1 &#150; Unadjusted quoted prices in active markets for
      identical assets or liabilities; </P></TD></TR>
  <TR vAlign=top>
    <TD width="10%" ></TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="85%" >
      <P align=justify>Level 2 &#150; Inputs other than quoted prices that are
      observable for the asset or liability either directly or indirectly; and
      </P></TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left >&#149; </TD>
    <TD align=left width="85%" >
      <P align=justify>Level 3 &#150; Inputs that are not based on observable market
      data. </P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The fair value of financial instruments
which trade in active markets (such as equity instruments) is based on quoted
market prices at the balance sheet date. The quoted marked price used to value
financial assets held by the Company is the current closing price. </P>
<P style="MARGIN-LEFT: 5%" align=justify>Except as otherwise disclosed, the fair
values of cash and cash equivalents, trade and other receivables, accounts
payable and accrued liabilities, restricted cash and cash equivalents and debt
obligations approximate their carrying values as a result of the short-term
nature of the instruments, or the variable interest rate associated with the
instruments, or the fixed interest rate of the instruments being similar to
market rates. </P>
<P style="MARGIN-LEFT: 5%" align=justify>The following table illustrates the
classification of the Company&#146;s financial assets within the fair value hierarchy
as at December 31, 2014 and December 31, 2013: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
      width="12%">Financial </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="12%">Fair
</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
      width="12%">December 31, </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
      width="12%">December 31, </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%">Instrument </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%">Value </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%">2014 </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%">2013 </TD>
    <TD align=center width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(in thousands) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%">Category<SUP>(1)</SUP></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%">Hierarchy </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">Fair
      Value </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">Fair
      Value </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Financial Assets: </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Cash and equivalents </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>Category D </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>18,640 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;21,786 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Trade and other receivables </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">Category D </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">9,411 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">4,148 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Investments </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Equity instruments
    </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">Category A </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">Level 1 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">916 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,106 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Equity instruments </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>Category A </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>Level 2 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>16 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Equity instruments
    </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">Category B </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">Level 1 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">22 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">17 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Debt instruments </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>Category A </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>Level 1 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>4,381 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>14,818 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Restricted cash and equivalents </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Elliot Lake
      reclamation trust fund </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>Category C </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="12%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>2,068 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>2,299 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="12%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="12%">&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">35,454 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;44,174 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Financial Liabilities: </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Account payable and accrued
      liabilities </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>Category E </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>10,050 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>7,992 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp;Debt
      obligations </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">Category E </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="12%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">39
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">97
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="12%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="12%"
    bgColor=#e6efff>&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>10,089 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;8,089 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>Financial instrument designations are as follows:
      Category A=Financial assets and liabilities at fair value through profit
      and loss; Category B=Available for sale investments; Category C=Held to
      maturity investments; Category D=Loans and receivables; and Category
      E=Financial liabilities at amortized cost.</P></TD></TR></TABLE>
<P align=center>- 41 -</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_46></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>26.</B> </TD>
    <TD>
      <P align=justify><B>COMMITMENTS AND CONTINGENCIES</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><B>General Legal Matters</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company is involved, from time to time, in various
      legal actions and claims in the ordinary course of business. In the
      opinion of management, the aggregate amount of any potential liability is
      not expected to have a material adverse effect on the Company&#146;s financial
      position or results.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><B>Third Party Indemnities</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company remains a guarantor under a sales contract
      included in the sale of the U.S. Mining Division to Energy Fuels Inc.
      (&#147;EFR&#148;) in June 2012. The sales contract requires deliveries of 200,000
      pounds of U<sub>3</sub>O<sub>8</sub>  per year from 2013 to 2017 at a selling price of 95% of the
      long-term U<sub>3</sub>O<sub>8</sub>  price at the time of delivery. Should EFR not be able to
      deliver for any reason other than &#147;force majeure&#148; as defined under the
      contract, the Company may be liable to the customer for incremental costs
      incurred to replace the contracted quantities if the unit price of the
      replacement quantity is greater than the contracted unit price selling
      amount. EFR has agreed to indemnify the Company for any future liabilities
  it may incur related to this guarantee.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company has agreed to indemnify EFR against any
      future liabilities it may incur in connection with ongoing litigation
      between Denison Mines (USA) Corp (&#147;DUSA&#148;) (a company acquired by EFR as
      part of the sale of the U.S. Mining Division) and a contractor in respect
      of a construction project at the White Mesa mill. In the event that the
      matter is decided in DUSA&#146;s favour, the Company is entitled to any
      proceeds that are received or recovered by EFR pursuant to its indemnity.
      Both parties agreed to resolve the dispute via binding arbitration and
      arbitration hearings for this matter were held in November 2013. In
      January 2014 an arbitration order was issued in DUSA&#146;s and Denison&#146;s
      favour. The contractor subsequently filed a motion to vacate the
      arbitration award. Denison filed a response in opposition and, in July
      2014, the court denied the motion to vacate the arbitration award. The
      Company does not expect to recover a material amount of damages related to
      this issue.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><B>Performance Bonds and Letters of Credit</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>In conjunction with various contracts, reclamation and
      other performance obligations, the Company may be required to issue
      performance bonds and letters of credit as security to creditors to
      guarantee the Company&#146;s performance. Any potential payments which might
      become due under these items would be related to the Company&#146;s
      non-performance under the applicable contract. As at December 31, 2014,
      the Company had outstanding letters of credit of $9,329,000 of which
      $9,329,000 (CAD$9,898,000) is collateralized by a reduction in the amount
      available under the Company&#146;s 2014 credit facility (see note
15).</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><B>Others</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company has committed to payments under various
      operating leases and other commitments. Excluding spending amounts which
      may be required to maintain the Company&#146;s mineral properties in good
      standing, the future minimum payments are as
  follows<B>:</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>(in thousands) </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="12%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>2015 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;269 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>2016 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">144 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>2017 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>42 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>2018 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">11 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>2019 and thereafter </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>7 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;473 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE>
<P align=center>- 42 -</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_47></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>27.</B> </TD>
    <TD>
      <P align=justify><B>INTEREST IN OTHER ENTITIES</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The significant entities and contractual interests in
      which Denison has a non-100% voting / participating interest at December
      31, 2014 are listed below.</P></TD></TR></TABLE><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left >&nbsp;
    </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="13%">Place</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="13%">&nbsp;    </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="13%">Denison    </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="13%"
    >Denison </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="15%"
    >&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; </TD>
    <TD align=center width="13%">Of </TD>
    <TD align=center width="13%">Entity </TD>
    <TD align=center width="13%">Voting </TD>
    <TD align=center width="13%" >Participating </TD>
    <TD align=center width="15%" >Accounting </TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="13%">Business </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="13%">Type
      <SUP>(1)</SUP> </TD>
    <TD align=center width="13%">Interest <SUP>(2)</SUP> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="13%"
    >Interest <SUP>(3)</SUP> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="15%"
    >Method <SUP>(4)</SUP> </TD>
  </TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD >&nbsp; </TD>
    <TD width="13%">&nbsp; </TD>
    <TD width="13%">&nbsp; </TD>
    <TD width="13%">&nbsp; </TD>
    <TD width="13%" >&nbsp; </TD>
    <TD width="15%" >&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff ><B>Non-100% Owned
      Entities</B> </TD>
    <TD align=left width="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="13%" bgColor=#e6efff >&nbsp; </TD>
    <TD align=left width="15%" bgColor=#e6efff >&nbsp; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD >&nbsp; </TD>
    <TD width="13%">&nbsp; </TD>
    <TD width="13%">&nbsp; </TD>
    <TD width="13%">&nbsp; </TD>
    <TD width="13%" >&nbsp; </TD>
    <TD width="15%" >&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff >Waterbury Lake Uranium Corp
    </TD>
    <TD align=right width="13%" bgColor=#e6efff>Canada </TD>
    <TD align=right width="13%" bgColor=#e6efff>JO-1 </TD>
    <TD align=right width="13%" bgColor=#e6efff>60.00% </TD>
    <TD align=right width="13%" bgColor=#e6efff >60.00% </TD>
    <TD align=right width="15%" bgColor=#e6efff >Proportionate
      Share </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >Waterbury Lake Uranium LP </TD>
    <TD align=right width="13%">Canada </TD>
    <TD align=right width="13%">JO-1 </TD>
    <TD align=right width="13%">60.00% </TD>
    <TD align=right width="13%" >60.00% </TD>
    <TD align=right width="15%" >Proportionate Share </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff >Pitchstone Namibia (Pty) Ltd
    </TD>
    <TD align=right width="13%" bgColor=#e6efff>Namibia </TD>
    <TD align=right width="13%" bgColor=#e6efff>SUB </TD>
    <TD align=right width="13%" bgColor=#e6efff>90.00% </TD>
    <TD align=right width="13%" bgColor=#e6efff >100.00% </TD>
    <TD align=right width="15%" bgColor=#e6efff >Consolidation
  </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >Gurvan Saihan Joint Venture </TD>
    <TD align=right width="13%">Mongolia </TD>
    <TD align=right width="13%">SUB </TD>
    <TD align=right width="13%">85.00% </TD>
    <TD align=right width="13%" >100.00% </TD>
    <TD align=right width="15%" >Consolidation </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff >&nbsp; </TD>
    <TD width="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="13%" bgColor=#e6efff >&nbsp; </TD>
    <TD width="15%" bgColor=#e6efff >&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left ><B>Non-100% Owned Contractual
      Arrangements</B> </TD>
    <TD align=left width="13%">&nbsp; </TD>
    <TD align=left width="13%">&nbsp; </TD>
    <TD align=left width="13%">&nbsp; </TD>
    <TD align=left width="13%" >&nbsp; </TD>
    <TD align=left width="15%" >&nbsp; </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff >&nbsp; </TD>
    <TD width="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="13%" bgColor=#e6efff >&nbsp; </TD>
    <TD width="15%" bgColor=#e6efff >&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >McClean Joint Venture Agreement </TD>
    <TD align=right width="13%">Canada </TD>
    <TD align=right width="13%">JO-2 </TD>
    <TD align=right width="13%">22.50% </TD>
    <TD align=right width="13%" >22.50% </TD>
    <TD align=right width="15%" >Proportionate Share </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff >Midwest Joint Venture
      Agreement </TD>
    <TD align=right width="13%" bgColor=#e6efff>Canada </TD>
    <TD align=right width="13%" bgColor=#e6efff>JO-2 </TD>
    <TD align=right width="13%" bgColor=#e6efff>25.17% </TD>
    <TD align=right width="13%" bgColor=#e6efff >25.17% </TD>
    <TD align=right width="15%" bgColor=#e6efff >Proportionate
      Share </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >Wheeler River </TD>
    <TD align=right width="13%">Canada </TD>
    <TD align=right width="13%">JO-2 </TD>
    <TD align=right width="13%">60.00% </TD>
    <TD align=right width="13%" >60.00% </TD>
    <TD align=right width="15%" >Proportionate Share </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff >Mann Lake </TD>
    <TD align=right width="13%" bgColor=#e6efff>Canada </TD>
    <TD align=right width="13%" bgColor=#e6efff>JO-2 </TD>
    <TD align=right width="13%" bgColor=#e6efff>30.00% </TD>
    <TD align=right width="13%" bgColor=#e6efff >30.00% </TD>
    <TD align=right width="15%" bgColor=#e6efff >Proportionate
      Share </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >Wolly </TD>
    <TD align=right width="13%">Canada </TD>
    <TD align=right width="13%">JO-2 </TD>
    <TD align=right width="13%">22.50% </TD>
    <TD align=right width="13%" >22.50% </TD>
    <TD align=right width="15%" >Proportionate Share </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    bgColor=#e6efff >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="13%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="13%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="13%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="13%"
     bgColor=#e6efff >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="15%"
     bgColor=#e6efff
>&nbsp;</TD></TR></TABLE></DIV><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>The Entity Type classifications are as follows:
      SUB=Subsidiary; JO-1=Joint Operations having joint control as defined by
      IFRS 11; and JO- 2=Joint Operations not having joint control and beyond
      the scope of IFRS 11;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>Voting Interest represents Denison&#146;s percentage voting
      interest in the entity or contractual arrangement;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>Participating interest represents Denison&#146;s percentage
      funding contribution to the particular arrangement. This percentage can
      differ from equity interest in instances where other parties to the
      arrangement have carried interests in the arrangement; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(4) </TD>
    <TD>
      <P align=justify>Proportionate share is where Denison accounts for its
      share of assets, liabilities, revenues and expenses of the arrangement in
      relation to its participating interest.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Pitchstone Namibia (Pty) Ltd (&#147;Pitchstone Namibia&#148;) was
      acquired by Denison as part of the Fission arrangement (see note 5).
      Pitchstone Namibia&#146;s key asset is the Dome project. Denison&#146;s
      participating interest is larger than its voting interest at this time due
      to its partner&#146;s carried interest. Denison is currently funding 100% of
      the activities of this entity.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Gurvan Saihan Joint Venture holds Denison&#146;s mineral
      property assets in Mongolia. Denison&#146;s participating interest is larger
      than its voting interest at this time due to its partner&#146;s carried
      interest (see note 11). Denison is currently funding 100% of the
      activities of this entity.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>28.</B> </TD>
    <TD>
      <P align=justify><B>SUBSEQUENT EVENTS</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><B>Bank of Nova Scotia Credit Facility
  Renewal</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>On January 30, 2015, the Company entered into an
      agreement with the Bank of Nova Scotia to amend the terms of the 2014
      facility and extend the maturity date to January 31, 2016 (see note 15).
      Under the 2015 facility, the Company has access to credit up to
      CAD$24,000,000. Use of the 2015 facility remains restricted to non-
      financial letters of credit in support of reclamation obligations (see
      note 14).</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The 2015 facility contains a covenant to maintain a level
      of tangible net worth greater than or equal to the sum of $150,000,000 and
      a covenant to maintain a minimum balance of cash and equivalents of
      CAD$5,000,000 on deposit with the Bank of Nova Scotia. As security for the
      amended facility, DMC has provided an unlimited full recourse guarantee
      and a pledge of all of the shares of DMI. DMI has provided a
      first-priority security interest in all present and future personal
      property and an assignment of its rights and interests under all material
      agreements relative to the McClean Lake and Midwest projects.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The 2015 facility is subject to letter of credit and
      standby fees of 2.40% and 0.75% respectively.</P></TD></TR></TABLE>
<P align=center>- 43 -</P>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>exhibit99-3.htm
<DESCRIPTION>EXHIBIT 99.3
<TEXT>
<HTML>
<HEAD>
   <TITLE>Denison Mines Corp. - Exhibit 99.3 - Filed by newsfilecorp.com</TITLE>
</HEAD>

<BODY style="font-size:10pt;">

<HR noshade align="center" width=100% size=3 color="black">
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  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left><B><FONT size=4>DENISON MINES CORP. </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Management&#146;s Discussion and Analysis </TD></TR>
  <TR vAlign=top>
    <TD align=left>Year Ended December 31, 2014 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>(Expressed in U.S.
      Dollars, unless otherwise noted) </TD></TR></TABLE>
<P align=justify><B>INTRODUCTION </B></P>
<P align=justify>This Management&#146;s Discussion and Analysis (&#147;MD&amp;A&#148;) of
Denison Mines Corp. and its subsidiary companies and joint arrangements
(collectively, &#147;Denison&#148; or the &#147;Company&#148;) provides a detailed analysis of the
Company&#146;s business and compares its financial results with those of the previous
year. This MD&amp;A is dated as of March 5, 2015 and should be read in
conjunction with the Company&#146;s audited consolidated financial statements and
related notes for the year ended December 31, 2014. The audited consolidated
financial statements are prepared in accordance with International Financial
Reporting Standards (&#147;IFRS&#148;) as issued by the International Accounting Standards
Board (&#147;IASB&#148;). All dollar amounts are expressed in U.S. dollars, unless
otherwise noted.</P>
<P align=justify>Other continuous disclosure documents, including the Company&#146;s
press releases, quarterly and annual reports, Annual Information Form and Form
40-F are available through its filings with the securities regulatory
authorities in Canada at www.sedar.com and the United States at
www.sec.gov/edgar.shtml.</P>
<P align=justify><B>CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
STATEMENTS</B></P>
<P align=justify>Certain information contained in this MD&amp;A constitutes
&#147;forward-looking information", within the meaning of the United States Private
Securities Litigation Reform Act of 1995 and similar Canadian legislation
concerning the business, operations and financial performance and condition of
Denison. </P>
<P align=justify>Generally, these forward-looking statements can be identified
by the use of forward-looking terminology such as "plans", "expects" or "does
not expect", "is expected", "budget", "scheduled", "estimates", &#147;forecasts",
"intends", "anticipates" or "does not anticipate", or "believes", 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
&#147;has the potential to&#148;. </P>
<P align=justify>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. 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 correct and such forward-looking
information included in this MD&amp;A should not be unduly relied upon. This
information speaks only as of the date of this MD&amp;A. In particular, this
MD&amp;A may contain forward-looking information pertaining to the following:
the likelihood of completing and benefits to be derived from corporate
transactions; the estimates of Denison's mineral reserves and mineral resources;
expectations regarding the toll milling of Cigar Lake ores; capital expenditure
programs, estimated exploration and development expenditures and reclamation
costs; expectations of market prices and costs; supply and demand for uranium
(&#147;U<sub>3</sub>O<sub>8</sub>&#148;); possible impacts of litigation and regulatory
actions on Denison; exploration, development and expansion plans and objectives; expectations
regarding adding to its mineral reserves and resources through acquisitions and
exploration; and receipt of regulatory approvals, permits and licences under
governmental regulatory regimes. </P>
<P align=justify>There can be no assurance that such statements will prove to be
accurate, as Denison's actual results and future events could differ materially
from those anticipated in this forward-looking information as a result of the
factors discussed in more detail later in this MD&amp;A under the heading "Risk
Factors". </P>
<P align=justify>Accordingly, readers should not place undue reliance on
forward-looking statements. These factors are not, and should not be construed
as being exhaustive. Statements relating to "mineral reserves" or "mineral
resources" are deemed to be forward-looking information, as they involve the
implied assessment, based on certain estimates and assumptions that the mineral
reserves and mineral resources described can be profitably produced in the
future. The forward-looking information contained in this MD&amp;A is expressly
qualified by this cautionary statement. Denison does not undertake any
obligation to publicly update or revise any forward-looking information after
the date of this MD&amp;A to conform such information to actual results or to
changes in Denison's expectations except as otherwise required by applicable
legislation. </P>
<P align=justify><B>Cautionary Note to United States Investors Concerning
Estimates of Measured, Indicated and Inferred Mineral Resources: <BR></B>This
MD&amp;A may use the terms &#147;measured&#148;, &#147;indicated&#148; and &#147;inferred&#148; mineral
resources. United States investors are advised that while such terms are
recognized and required by Canadian regulations, the United States Securities
and Exchange Commission does not recognize them. &#147;Inferred mineral resources&#148;
have a great amount of uncertainty as to their existence, and as to their
economic and legal feasibility. It cannot be assumed that all or any part of an
inferred mineral resource 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. <B>United States investors are
cautioned not to assume that all or any part of measured or indicated mineral
resources will ever be converted into mineral reserves. United States investors
are also cautioned not to assume that all or any part of an inferred mineral
resource exists, or is economically or legally mineable. </B></P>
<P align=center>- 1 - </P>
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    <TD style="BORDER-TOP: #000000 2px solid" align=left><B><FONT size=4>DENISON MINES CORP. </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Management&#146;s Discussion and Analysis </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Year Ended December 31, 2014 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>(Expressed in U.S.
      Dollars, unless otherwise noted) </TD>
  </TR>
</TABLE>
<P align=justify><B>2014 HIGHLIGHTS </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >
      <P align=justify><I>Discovery of a new area of high-grade uranium
      mineralization on the Wheeler River Property </I>&#150; Located three
      kilometres northwest of the Phoenix Deposit, on the Company&#146;s 60% owned
      Wheeler River property, the Gryphon Zone was discovered in early 2014 with
      drill hole WR-556 intersecting high grade basement hosted uranium
      mineralization returning 15.3% U<SUB>3</SUB>O<SUB>8&nbsp;</SUB> over 4.0
      metres. Drill hole WR-560 followed up on the discovery, intersecting 21.2%
      U<SUB>3</SUB>O<SUB>8 </SUB>over 4.5 metres. The discovery was the focus of
      further follow up during a summer drilling program consisting of 20 drill
      holes and a total of 14,937 metres at Wheeler River. Highlights from the
      summer drilling program include: drill hole WR-569A intersecting a wide
      zone of alteration and mineralization with several high grade intervals,
      including 13.2% U<SUB>3</SUB>O<SUB>8&nbsp;</SUB> over 3.5 metres; drill
      hole WR-573D1 intersecting 22.2% U<SUB>3</SUB>O<SUB>8&nbsp;</SUB> over 2.5
      metres; and drill hole WR-574 intersecting 14.6% U<SUB>3</SUB>O<SUB>8
      </SUB>over 2.0 metres. </P></TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="95%" >&nbsp;    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >
      <P align=justify><I>Expansion of the Phoenix uranium deposit </I>&#150; In June
      2014, the Company updated its mineral resource estimate in accordance with
      National Instrument 43-101 (&#147;NI 43-101&#148;), for the high grade Phoenix
      uranium deposit on the Wheeler River property. After reporting several
      high grade intersections during the winter exploration program, including
      drill hole WR-548 that returned an assay of 36.8%
      U<SUB>3</SUB>O<SUB>8&nbsp; </SUB>over 6.5 metres, and the completion of an
      updated resource estimate, the Company increased the quantity of indicated
      pounds U<SUB>3</SUB>O<SUB>8&nbsp;</SUB> by 34% over the previous mineral
      resource estimate completed in 2012. The updated resource estimate
      includes an indicated mineral resource of 70.2 million pounds
      U<SUB>3</SUB>O<SUB>8&nbsp;</SUB> (Denison&#146;s share, 42.1 million pounds
      U<SUB>3</SUB>O<SUB>8</SUB>) based on 166,400 tonnes at an average grade
      of 19.1% U<SUB>3</SUB>O<SUB>8</SUB>, and an inferred mineral resource of
      1.1 million pounds U<SUB>3</SUB>O<SUB>8&nbsp;</SUB> (Denison&#146;s share, 0.6
      million pounds) based on 8,600 tonnes with an average grade of 5.8%
      U<SUB>3</SUB>O<SUB>8</SUB>. In 2014, the Company also carried out a
      metallurgical test program on samples from the Phoenix deposit. The
      results were positive and indicated high rates of uranium recovery with
      low acid consumption. </P></TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="95%" >&nbsp;    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >
      <P align=justify><I>Acquisition of 30% interest in the Mann Lake
      exploration property </I>&#150; In June 2014, the Company acquired all of the
      issued and outstanding common shares of International Enexco Limited
      (&#147;IEC&#148;) by way of a plan of arrangement, and as a result, acquired IEC&#146;s
      uranium exploration assets consisting of a 30% interest in the Mann Lake
      property, located 25 kilometres southwest of the McArthur River mine, and
      a 20% interest in Denison&#146;s Bachman Lake property. Exploration activity at
      Mann Lake during early 2015 has produced the best result to date on the
      property with drill hole MN-066-01 intersecting 9.8% eU<sub>3</sub>O<sub>8</sub>  over 3.5
      metres. Partners in the Mann Lake project include Cameco Corp. (&#147;Cameco&#148;)
  (52.5%) as the operator and AREVA Resources Canada Inc. (&#147;AREVA&#148;) (17.5%).      </P></TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="95%" >&nbsp;    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >
      <P align=justify><I>Obtained financing for 2015 Canadian exploration
      activities &#150; </I>In August 2014, the Company completed a CAD$15.0 million
      ($13.7 million) &#147;bought deal&#148; private placement for the issuance of
      9,257,500 flow-through common shares at a price of CAD$1.62 per share. The
      proceeds are planned to fund Canadian exploration activities through to
      the end of 2015. </P></TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="95%" ></TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >
      <P align=justify><I>Toll milling of first ore from Cigar Lake at the
      McClean Lake uranium mill &#150; </I>During the year, modifications to the
      leach circuit were completed and construction continued as part of the
      expansion of the McClean Lake mill to an annual capacity of 24 million
      pounds U<SUB>3</SUB>O<SUB>8</SUB>. In September 2014, the McClean Lake
      mill officially restarted and began leaching McClean Lake ore slurry using
      the newly commissioned modified leach circuit. Ore from the Cigar Lake
      joint venture (&#147;CLJV&#148;) was introduced into the mill circuit later in
      September, leading to the production of the first packaged uranium from
      the CLJV in October. Production for 2014 amounted to approximately 344,000
      pounds U<SUB>3</SUB>O<SUB>8 </SUB>for the CLJV and approximately 112,000
      pounds U<SUB>3</SUB>O<SUB>8 </SUB>(Denison&#146;s share, 25,000 pounds U<sub>3</sub>O<sub>8</sub>)
  for the McClean Lake joint venture (&#147;MLJV&#148;). </P></TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="95%" >&nbsp;    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >
      <P align=justify><I>Completed the acquisition of Rockgate Capital Corp.
      (&#147;Rockgate&#148;) </I>&#150; In January 2014, pursuant to a plan of arrangement, the
      Company acquired the remaining 10.28% non-controlling interest in Rockgate
      that it had not previously acquired under its takeover bid in 2013. Under
      the plan of arrangement, the Company acquired the outstanding shares of
      Rockgate that were not already owned by Denison in exchange for 0.192 of a
      Denison common share for each Rockgate common share, resulting in the
      issuance of an additional 2.3 million shares of Denison. The takeover of
      Rockgate added $15.3 million in cash and investments, and bolstered the
      Company&#146;s African portfolio of assets by adding the 100% owned Falea
      uranium project in Mali. </P></TD></TR></TABLE>
<P align=center>- 2 - </P>
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  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left><B><FONT size=4>DENISON MINES CORP. </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Management&#146;s Discussion and Analysis </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Year Ended December 31, 2014 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>(Expressed in U.S.
      Dollars, unless otherwise noted) </TD>
  </TR>
</TABLE>
<P align=justify><B>ABOUT DENISON </B></P>
<P align=justify>Denison was formed under the laws of Ontario and is a reporting
issuer in all Canadian provinces. Denison&#146;s common shares are listed on the
Toronto Stock Exchange (the &#147;TSX&#148;) under the symbol &#147;DML&#148; and on the NYSE MKT
under the symbol &#147;DNN&#148;. </P>
<P align=justify>Denison is a uranium exploration and development company with
interests in exploration and development projects in Canada, Zambia, Mali,
Namibia and Mongolia. Including its 60% owned Wheeler project, which hosts the
high grade Phoenix uranium deposit, Denison&#146;s exploration project portfolio
consists of numerous<B> </B>projects covering over 467,000 hectares in the
eastern Athabasca Basin region of Saskatchewan. Denison&#146;s interests in
Saskatchewan also include a 22.5% ownership interest in the McClean Lake joint
venture, which includes several uranium deposits and the McClean Lake uranium
mill, which is currently processing ore from the Cigar Lake mine under a toll
milling agreement, plus a 25.17% interest in the Midwest deposit and a 60%
interest in the J Zone deposit on the Waterbury Lake property. Both the Midwest
and J Zone deposits are located within 20 kilometres of the McClean Lake mill.
Internationally, Denison owns 100% of the conventional heap leach Mutanga
project in Zambia, 100% of the uranium/copper/silver Falea project in Mali, a
90% interest in the Dome project in Namibia, and an 85% interest in the in-situ
recovery projects held by the Gurvan Saihan joint venture (&#147;GSJV&#148;) in Mongolia.
</P>
<P align=justify>Denison is engaged in mine decommissioning and environmental
services through its Denison Environmental Services (&#147;DES&#148;) division, which
manages Denison&#146;s Elliot Lake reclamation projects and provides post-closure
mine and maintenance services to a variety of customers.</P>
<P align=justify>Denison is also the manager of Uranium Participation
Corporation (&#147;UPC&#148;), a publicly traded company listed on the TSX under the
symbol &#147;U&#148;, which invests in uranium oxide and uranium hexafluoride. </P>
<P align=justify><B>STRATEGY </B></P>
<P align=justify>Denison has built one of the strongest portfolios of strategic
uranium deposits and properties, including an interest in a uranium milling
facility, in the eastern Athabasca Basin. Denison plans to aggressively explore
its most prospective properties to expand existing resources and delineate new
uranium resources. The Company intends to increase shareholder value through
successful exploration programs and corporate development activities to position
the Company as a top-tier Athabasca Basin focused uranium industry investment.
</P>
<P align=justify><B>URANIUM INDUSTRY INFORMATION </B></P>
<P align=justify>As a result of the Fukushima Daichii nuclear incident that
occurred in March 2011, nuclear reactor programs around the world were impacted
in varying degrees including the shutdown of all 54 reactors in Japan, the
planned phase out of nuclear power in Germany and the pause in nuclear plant
construction in China to reassess the plant and safety system designs. The
nuclear industry is beginning to show signs of recovery, with the planned
restart of a limited number of reactors in Japan expected in 2015, the
resumption of the Chinese nuclear program, and the announcement of new build
programs in the United Kingdom and Saudi Arabia. Nuclear power is one of the few
options available at scale to reduce carbon-dioxide emissions, while providing
or displacing other forms of base load power generation. </P>
<P align=justify>Uranium prices over the past year fell to levels not seen since
2005. Uranium producers responded to some degree to the downturn in uranium
price with the shutdown, or scaling back of production at numerous operations;
but production was still greater than demand, as suppliers continued to produce
and sell into higher-priced long term contracts. </P>
<P align=justify>Although uranium production is currently greater than demand,
the long term growth projections for the nuclear industry combined with the
depletion of uranium resources in operation today, means that new production
sources must be brought on stream, and higher uranium prices are necessary to
justify the construction of these facilities. </P>
<P align=justify><B>Uranium Demand </B></P>
<P align=justify>The World Nuclear Association reports that there are 437
nuclear reactors operable in 30 countries as of January 1, 2015. These reactors
can generate 377.7 gigawatts of electricity and supply approximately 11% of the
world's electrical requirements. At the present time, 70 nuclear reactors are
under construction in 14 countries with the principal drivers of this expansion being China (27 reactors
under construction), Russia (9), India (6), South Korea (5) and the United
States (5), which together have a total of 52 reactors under construction. Based
on the most recent statistics from the World Nuclear Association, there are a
total of 253 reactors that are either under construction, or planned around the
world. </P>
<P align=center>- 3 - </P>
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  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left><B><FONT size=4>DENISON MINES CORP. </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Management&#146;s Discussion and Analysis </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Year Ended December 31, 2014 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>(Expressed in U.S.
      Dollars, unless otherwise noted) </TD>
  </TR>
</TABLE>
<P align=justify>According to the International Energy Agency&#146;s &#147;World Energy
Outlook 2014&#148; global nuclear power capacity is projected to increase by over
60%, from 377.7 gigawatts to over 620 gigawatts in 2040. Of the growth in
nuclear generation, China accounts for 45%, while India, Korea and Russia
collectively make up a further 30%. Ux Consulting Company, LLC (&#147;UxCo&#148;), in its
&#147;Uranium Market Outlook &#150; Q4 2014&#148; (the &#147;Q4 Outlook&#148;), estimated that, by 2030
uranium demand will grow to 266.0 million pounds U<sub>3</sub>O<sub>8</sub>  from 167.5 million pounds
U<sub>3</sub>O<sub>8</sub>  in 2014. </P>
<P align=justify><B>Primary Uranium Supply </B></P>
<P align=justify>Due to the falling uranium price in 2014, uranium production
declined year over year from 154.3 million pounds U<sub>3</sub>O<sub>8</sub>  in 2013 to 146.0 million
pounds U<sub>3</sub>O<sub>8</sub>  in 2014, which is a reversal of the increasing production trend seen
over the past several years. From 2004 to 2014, annual uranium production
increased from about 100.0 million pounds U<SUB>3</SUB>O<SUB>8&nbsp;</SUB> to
146.0 million pounds U<SUB>3</SUB>O<SUB>8</SUB>. The primary source of the
increase has been Kazakhstan, where production has increased from 9.7 million
pounds U<sub>3</sub>O<sub>8</sub>  in 2004 to 59.3 million pounds U<sub>3</sub>O<sub>8</sub>  in 2014. </P>
<P align=justify>UxCo has estimated in its Q4 Outlook that existing mine
production plus new planned and potential mine production will increase primary
uranium supply from 146.0 million pounds U<SUB>3</SUB>O<SUB>8&nbsp;</SUB> in
2014 to 187.9 million pounds U<SUB>3</SUB>O<SUB>8&nbsp;</SUB> in 2025. Kazahstan
is expected to continue as one of the principal drivers for the increase in
primary mine production and is projected to increase production by about 8%
between 2014 and 2025. Two major production centres are projected to be Cigar
Lake in Canada, which began production in 2014, and Husab in Namibia, which is
being built by a Chinese utility as a source of captive supply and is projected
to start production in 2016. For other projects to move forward to meet the
production forecasts, uranium prices will need to increase appreciably to
support the higher cost production profile of these projects and the significant
capital expenditures that will be required. </P>
<P align=justify><B>Secondary Uranium Supply </B></P>
<P align=justify>Primary mine production supplies approximately 85% of current
demand. The balance of demand is supplied from secondary sources such as
commercial inventories, reprocessing of spent fuel, enricher uranium sales and
inventories held by governments, in particular the U.S. Department of Energy.
</P>
<P align=justify>Excess commercial inventories, which were once one of the major
sources of secondary supplies during the period from the early 1970s to the
early 2000s, have largely been consumed; however, as a result of the shutdown of
the German nuclear program and the continued shut down of the Japanese nuclear
fleet, commercial inventories could become more of a factor. A larger source of
secondary supplies continues to be government inventories, particularly in the
U.S. and Russia. The disposition of these inventories may have a market impact
over the next 10 to 20 years, although the rate and timing of this material
entering the market is uncertain. </P>
<P align=justify>Reprocessing of spent fuel is another source of secondary
supply but is expected to satisfy only 3% to 4% of demand. Expansion of this
secondary source would require major investments in facilities which could only
be supported by a significant increase in long-term uranium prices. </P>
<P align=justify>UxCo expects that secondary sources of supply will fall from
2014 levels of 44.7 million pounds U<SUB>3</SUB>O<SUB>8&nbsp;</SUB> per year to
27.9 million pounds U<SUB>3</SUB>O<SUB>8&nbsp;</SUB> per year by 2025. </P>
<P align=justify><B>Uranium Prices </B></P>
<P align=justify>Nuclear utilities purchase uranium primarily through long-term
contracts. These contracts usually provide for deliveries to begin two to four
years after they are signed and provide for delivery from four to ten years
thereafter. In awarding medium and long-term contracts, electric utilities
consider the producer&#146;s uranium reserves, record of performance and production
cost profile, in addition to the commercial terms offered. Prices are
established by a number of methods, including base prices adjusted by inflation
indices, reference prices (generally spot price indicators, but also long-term
reference prices) and annual price negotiations. Contracts may also contain
annual volume flexibility, floor prices, ceiling prices and other negotiated
provisions. Under these contracts, the actual price mechanisms are usually
confidential. </P>
<P align=center>- 4 - </P>
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<TABLE
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  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left><B><FONT size=4>DENISON MINES CORP. </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Management&#146;s Discussion and Analysis </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Year Ended December 31, 2014 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>(Expressed in U.S.
      Dollars, unless otherwise noted) </TD>
  </TR>
</TABLE>
<P align=justify>Long-term demand is affected in a large part by utilities&#146;
uncovered requirements. Uncovered demand is projected to increase significantly
over the period of 2016 to 2018. UxCo estimates that uncovered demand in 2015
will only be 6.7 million pounds U<sub>3</sub>O<sub>8</sub>, but will increase to 17.6 million pounds
U<sub>3</sub>O<sub>8</sub>  in 2016 and up to 49.4 million pounds U<sub>3</sub>O<sub>8</sub>  in 2018, which should result in
increased contract activity in 2015 and into 2016. </P>
<P align=justify>The long-term price is published on a monthly basis and began
the year at $50.00 per pound U<sub>3</sub>O<sub>8</sub>. It declined to $44.00 per pound U<sub>3</sub>O<sub>8</sub>  at the
end of July 2014 and then rose to $49.00 per pound U<sub>3</sub>O<sub>8</sub>  at the end of the year.
Long term contracting volumes were up compared to 2013, but were still much
lower than those seen over the past ten years. </P>
<P align=justify>Electric utilities procure their remaining uranium requirements
through spot and near-term purchases from uranium producers, traders and other
suppliers. Historically, spot prices are more volatile than long-term prices.
The spot price began the year at $34.50 per pound U<sub>3</sub>O<sub>8</sub>. It rose to $35.50 per
pound U<sub>3</sub>O<sub>8</sub>  during the beginning of the year and then declined to $28.25 per
pound U<sub>3</sub>O<sub>8</sub>  by May 2014. The last time the uranium price was at these levels was
April 2005. The spot price started to climb again later in the summer months and
ended 2014 at $35.50 per pound U<sub>3</sub>O<sub>8</sub>. The spot price continued to rise steadily
during the first two months of 2015 and was last quoted at $39.25 per pound U<sub>3</sub>O<sub>8</sub> on March 2, 2015. </P>
<P align=justify><B>Competition</B></P>
<P align=justify>The uranium industry is small compared to other commodity
industries, in particular other energy commodity industries. Uranium demand is
international in scope, but supply is characterized by a relatively small number
of companies operating in only a few countries. Production by four producers
accounted for approximately 64% of the estimated world production in 2014. In
total, nine producers represent 87.6% of the world&#146;s production. The industry is
also geographically concentrated with about 73% of the world&#146;s production coming
from only four countries, namely Kazakhstan, Canada, Australia and Niger.
Kazakhstan is the largest producer, with production of approximately 41% of the
total primary production in 2014. </P>
<P align=justify><B>SELECTED ANNUAL FINANCIAL INFORMATION</B> </P>
<TABLE
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  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="12%">As at
    </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="12%">As at
    </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%">December 31, </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%">December 31, </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>(in thousands) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="12%">2014
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="12%">2013
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Financial Position:</B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Cash and cash equivalents </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;18,640 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;21,786 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Short term investments </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">4,381 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">10,040 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Long term investments </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>954 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>5,901 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Cash, equivalents and investments </TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;23,975 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;37,727 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Working capital </TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;22,542 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;29,391 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Property, plant and equipment </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;270,388 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;281,010 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Total assets </TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;311,330 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;330,969 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Total long-term liabilities </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;42,291 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;41,283 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
      width="12%">December 31, </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
      width="12%">December 31, </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(in thousands,
      except for per share amounts) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">2014
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">2013
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Results of Operations:</B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Total revenues </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;9,619 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;10,407 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Net income (loss) </TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;(31,703</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;(83,835</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Basic and diluted earnings (loss) per share </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;(0.06</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;(0.19</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR></TABLE>
<P align=center>- 5 - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_6></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left><B><FONT size=4>DENISON MINES CORP. </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Management&#146;s Discussion and Analysis </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Year Ended December 31, 2014 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>(Expressed in U.S.
      Dollars, unless otherwise noted) </TD>
  </TR>
</TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="12%">2014
</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="12%">2014
</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="12%">2014
</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="12%">2014
</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(in thousands,
      except for per share amounts) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">Q4
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">Q3
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">Q2
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">Q1
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Results of Operations:</B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Total revenues </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;2,736 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;2,351 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;2,358 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;2,174 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Net income (loss) </TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;(4,652</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;(2,820</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;(11,564</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;(12,667</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Basic and diluted earnings (loss) per share </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;(0.01</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;(0.01</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;(0.02</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;(0.03</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="12%">2013
</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="12%">2013
</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="12%">2013
</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="12%">2013
</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(in thousands,
      except for per share amounts) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">Q4
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">Q3
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">Q2
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">Q1
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Results of Operations:</B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Total revenues </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;2,413 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;2,801 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;2,902 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;2,291 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Net income (loss) </TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;(30,459</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;(45,477</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;(2,430</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;(5,469</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>Basic and diluted earnings (loss) per share </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;(0.06</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;(0.10</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;(0.01</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;(0.01</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR></TABLE>
<P align=justify><B>RESULTS OF OPERATIONS </B></P>
<P align=justify><B>Revenues </B></P>
<P align=justify><B><I>Canada </I></B></P>
<P align=justify>The Company&#146;s share of toll milling revenues from processing
Cigar Lake ore at the McClean Lake mill during the fourth quarter of 2014
totaled $111,000. The first drums of CLJV uranium were packaged in early October
2014. There was no production in 2013. </P>
<P align=justify><B><I>Services and Other </I></B></P>
<P align=justify>Revenue from DES in 2014 was $7,327,000, compared to $8,763,000
in 2013. The decrease in revenue in 2014 was due to a reduction in activity on
certain care and maintenance projects, and an unfavourable fluctuation in
foreign exchange rates applicable on the translation of Canadian dollar
revenues. </P>
<P align=justify>Revenue from the Company&#146;s management contract with UPC was
$2,181,000 in 2014, compared to $1,644,000 in 2013. Revenue increased during
2014 mainly due to commissions earned during the year on UPC&#146;s purchases of
uranium, partly offset by an unfavourable fluctuation in foreign exchange rates
applicable on the translation of Canadian dollar revenues. </P>
<P align=justify><B>Operating Expenses </B></P>
<P align=justify><B><I>Canada </I></B></P>
<P align=justify><U>Mining, Milling and Other Development Costs</U> </P>
<P align=justify>McClean Lake is comprised of several uranium deposits and a
conventional mill and is located on the eastern edge of the Athabasca Basin in
northern Saskatchewan, approximately 750 kilometres north of Saskatoon. The
McClean Lake uranium mill is one of the world&#146;s largest uranium processing
facilities. Expansion activities and modifications at the McClean Lake mill
continued throughout 2014 with the CLJV continuing to pay nearly all of the
expenses under the terms of a toll milling agreement. Construction and
commissioning of the Hydrogen Mitigation modifications were completed during the
third quarter of 2014. In September 2014, the McClean Lake mill was officially
restarted with leaching of McClean Lake ore using the newly commissioned
modified leach circuit. The first shipment of high grade ore from Cigar Lake was
received at the McClean Lake mill in the first quarter of 2014, followed by a
temporary suspension of ore shipments by the CLJV to allow for additional
freezing to occur in certain areas of the Cigar Lake mine. Ore deliveries to the
mill resumed during the first week of September and high grade ore was
introduced into the mill circuit towards the end of September.</P>
<P align=justify>The first drums of CLJV uranium were packaged in early October.
A total of approximately 344,000 pounds U<SUB>3</SUB>O<SUB>8&nbsp;</SUB> was
produced for the CLJV and approximately 112,000 pounds
U<SUB>3</SUB>O<SUB>8&nbsp;</SUB> was produced for the MLJV. Denison&#146;s share of
uranium production from MLJV ore was approximately 25,000 pounds
U<SUB>3</SUB>O<SUB>8</SUB>, at a production cost of CAD$19.71 per pound U<SUB>3</SUB>O<SUB>8</SUB>, and is planned to be
available for sale in 2015. Production costs include stockpile depletion, the
costs of milling and depreciation of mill capital assets.</P>
<P align=center>- 6 - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_7></A>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left><B><FONT size=4>DENISON MINES CORP. </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Management&#146;s Discussion and Analysis </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Year Ended December 31, 2014 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>(Expressed in U.S.
      Dollars, unless otherwise noted) </TD>
  </TR>
</TABLE>
<P align=justify>Operating costs in Canada were mainly related to development
and standby activities at the MLJV, with Denison&#146;s share of costs during the
year amounting to $541,000, compared to $958,000 in 2013. Operating costs
decreased in 2014 primarily due to reductions in expenditures on the Surface
Access Borehole Resource Extraction (&#147;SABRE&#148;) program, which is not part of the
stand-by costs paid by the CLJV.</P>
<P align=justify><U>Reclamation Liability Adjustments</U> </P>
<P align=justify>The estimates of future reclamation liabilities for asset
decommissioning and site restoration are updated on a periodic basis. The
adjustment recorded within operating expenses in the fourth quarter of 2014 was
$2,086,000, as compared to a recovery of $1,645,000 in the fourth quarter of
2013. The adjustment relates primarily to the impact of changing discount rates
on the reclamation liability at Elliot Lake. Refer to Contractual Obligations
and Contingencies Section for further detail. </P>
<P align=justify><B><I>Africa </I></B></P>
<P align=justify>Operating expenses in Africa during 2014 and fourth quarter of
2013 were primarily related to costs incurred on the Falea project in Mali.
Engineering studies, a metallurgical test work program and environmental
programs, originally initiated by Rockgate, continued during the fourth quarter
of 2013 and were completed in the first half of 2014. The Company&#146;s expenditures
in Mali during 2014 and 2013 totaled $1,287,000 and $431,000, respectively.</P>
<P align=justify><B><I>Services and Other </I></B></P>
<P align=justify>Operating expenses in 2014 include costs relating to DES
totaling $6,917,000, compared to $8,077,000 in 2013. Costs related to DES
decreased in 2014 mainly due to a reduction in activity at certain care and
maintenance sites, and a favourable fluctuation in foreign exchange rates
applicable on the translation of Canadian dollar expenses. </P>
<P align=justify><B>Mineral Property Exploration </B></P>
<P align=justify>Denison is engaged in uranium exploration and/or development in
Canada, Zambia, Mali, Namibia and Mongolia. While the Company has material
interests in uranium projects in Asia and Africa, the Company is focused
primarily on the eastern Athabasca Basin, in Saskatchewan, Canada, with numerous
projects covering over 467,000 hectares. Global exploration expenditures were
$14,795,000 in 2014, with 91% of exploration expenditures being incurred in
Canada during the year, compared to global exploration expenditures of
$13,682,000 in 2013. The increase in global exploration expenditures in 2014 is
due to an increase in exploration activity in Canada. </P>
<P align=center>- 7 - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_8></A>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left><B><FONT size=4>DENISON MINES CORP. </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Management&#146;s Discussion and Analysis </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Year Ended December 31, 2014 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>(Expressed in U.S.
      Dollars, unless otherwise noted) </TD>
  </TR>
</TABLE>
<P align=justify><B><I>Canada </I></B></P>
<P align=justify>The Company&#146;s land position in the eastern Athabasca Basin, as
of December 31, 2014, is illustrated below: </P>
<P align=center>
<IMG
src="exhibit99-3x8x1.jpg"
border=0 width="640" height="552"></P> <BR>
<P align=center>- 8 - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_9></A>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left><B><FONT size=4>DENISON MINES CORP. </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Management&#146;s Discussion and Analysis </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Year Ended December 31, 2014 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>(Expressed in U.S.
      Dollars, unless otherwise noted) </TD>
  </TR>
</TABLE>
<P align=justify>Denison&#146;s share of exploration spending on its Canadian
properties was $13,488,000 during 2014, as compared to $12,019,000 in 2013. The
following exploration activities were completed during the year ended December
31, 2014.</P>
<P align=center><B><U>Canadian Exploration Activities</U></B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=6 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center><B>Property</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="25%"><B>Denison&#146;s ownership</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="25%"><B>Drilling in metres</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="25%"><B>Other activities</B> </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#e6efff>Wheeler River <BR><BR></TD>
    <TD align=center width="25%" bgColor=#e6efff>60% <BR><BR></TD>
    <TD align=center width="25%" bgColor=#e6efff>29,591 (47 holes) <BR><BR></TD>
    <TD align=center width="25%" bgColor=#e6efff>Geophysical surveys, mineral
      <BR>resource estimate, <BR>metallurgical studies </TD></TR>
  <TR vAlign=top>
    <TD align=center>Bachman Lake </TD>
    <TD align=center width="25%">100% </TD>
    <TD align=center width="25%">1,194 (2 holes) </TD>
    <TD align=center width="25%">- </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#e6efff>Bell Lake </TD>
    <TD align=center width="25%" bgColor=#e6efff>100% </TD>
    <TD align=center width="25%" bgColor=#e6efff>6,180 (11 holes) </TD>
    <TD align=center width="25%" bgColor=#e6efff>Geophysical surveys </TD></TR>
  <TR vAlign=top>
    <TD align=center>Black Bear </TD>
    <TD align=center width="25%">100% </TD>
    <TD align=center width="25%">450 (2 holes) </TD>
    <TD align=center width="25%">- </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#e6efff>Candle Lake </TD>
    <TD align=center width="25%" bgColor=#e6efff>43.81%<SUP>(1)</SUP> </TD>
    <TD align=center width="25%" bgColor=#e6efff>- </TD>
    <TD align=center width="25%" bgColor=#e6efff>Geophysical surveys </TD></TR>
  <TR vAlign=top>
    <TD align=center>Crawford Lake </TD>
    <TD align=center width="25%">100% </TD>
    <TD align=center width="25%">2,995 (5 holes) </TD>
    <TD align=center width="25%">Geophysical surveys </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#e6efff>Hatchet Lake </TD>
    <TD align=center width="25%" bgColor=#e6efff>58.06%<SUP>(1)</SUP> </TD>
    <TD align=center width="25%" bgColor=#e6efff>2,030 (10 holes) </TD>
    <TD align=center width="25%" bgColor=#e6efff>- </TD></TR>
  <TR vAlign=top>
    <TD align=center>Johnston Lake </TD>
    <TD align=center width="25%">100% </TD>
    <TD align=center width="25%">- </TD>
    <TD align=center width="25%">Geophysical surveys </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#e6efff>Lynx Lake </TD>
    <TD align=center width="25%" bgColor=#e6efff>58.42%<SUP>(1)</SUP> </TD>
    <TD align=center width="25%" bgColor=#e6efff>710 (1 hole) </TD>
    <TD align=center width="25%" bgColor=#e6efff>- </TD></TR>
  <TR vAlign=top>
    <TD align=center>Mann Lake </TD>
    <TD align=center width="25%">30% </TD>
    <TD align=center width="25%">9,838 (13 holes)<SUP>(2)</SUP> </TD>
    <TD align=center width="25%">- </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#e6efff>Marten </TD>
    <TD align=center width="25%" bgColor=#e6efff>50% </TD>
    <TD align=center width="25%" bgColor=#e6efff>- </TD>
    <TD align=center width="25%" bgColor=#e6efff>Geophysical surveys </TD></TR>
  <TR vAlign=top>
    <TD align=center>McClean Lake </TD>
    <TD align=center width="25%">22.5% </TD>
    <TD align=center width="25%">2,515 (9 holes) </TD>
    <TD align=center width="25%">- </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#e6efff>Murphy Lake </TD>
    <TD align=center width="25%" bgColor=#e6efff>58.94%<SUP>(1)</SUP> </TD>
    <TD align=center width="25%" bgColor=#e6efff>- </TD>
    <TD align=center width="25%" bgColor=#e6efff>Geophysical surveys </TD></TR>
  <TR vAlign=top>
    <TD align=center>Moore Lake </TD>
    <TD align=center width="25%">100% </TD>
    <TD align=center width="25%">4,100 (10 holes) </TD>
    <TD align=center width="25%">Geophysical surveys </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#e6efff>Park Creek </TD>
    <TD align=center width="25%" bgColor=#e6efff>49% </TD>
    <TD align=center width="25%" bgColor=#e6efff>1,910 (6 holes) </TD>
    <TD align=center width="25%" bgColor=#e6efff>Geophysical surveys </TD></TR>
  <TR vAlign=top>
    <TD align=center>Waterbury Lake </TD>
    <TD align=center width="25%">60% </TD>
    <TD align=center width="25%">3,100 (9 holes) </TD>
    <TD align=center width="25%">Geophysical surveys </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#e6efff>Wolverine </TD>
    <TD align=center width="25%" bgColor=#e6efff>50% </TD>
    <TD align=center width="25%" bgColor=#e6efff>- </TD>
    <TD align=center width="25%" bgColor=#e6efff>Geophysical surveys </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>Wolly </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="25%">22.5% </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="25%">3,130 (17 holes) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="25%">-
  </TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="25%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="25%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="25%" bgColor=#e6efff>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center><B>Total</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="25%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="25%"><B>67,743 (142 holes)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="25%">&nbsp;
    </TD></TR></TABLE></DIV><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>The Company&#146;s ownership in these projects is as at
      December 31, 2014. Certain partners in these projects may not fund the
      2015 programs and as a result, Denison&#146;s interest may increase.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>Exploration activities were carried out prior to
      Denison&#146;s acquisition of IEC on June 6, 2014.</P></TD></TR></TABLE>
<P align=center>- 9 - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_10></A>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left><B><FONT size=4>DENISON MINES CORP. </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Management&#146;s Discussion and Analysis </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Year Ended December 31, 2014 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>(Expressed in U.S.
      Dollars, unless otherwise noted) </TD>
  </TR>
</TABLE>
<P align=justify><U>Wheeler River</U></P>
<P align=justify>The Wheeler River property lies between the McArthur River Mine
and the Key Lake mill complex in the Athabasca Basin in northern Saskatchewan,
in close proximity to existing mining and milling infrastructure. Denison is the
operator and holds a 60% interest in the project. Cameco holds a 30% interest
and JCU (Canada) Exploration Company, Limited (&#147;JCU&#148;) holds the remaining 10%
interest. Denison&#146;s share of exploration costs at Wheeler River amounted to
$4,543,000 during 2014, compared to $3,981,000 in 2013. </P>
<P align=justify><I>Gryphon Zone </I></P>
<P align=justify>The Gryphon zone, located approximately three kilometres
northwest of the Phoenix deposit, was discovered as a result of drilling
activity targeting the K-North trend on the Wheeler River property as part of
the 2014 winter exploration program. The discovery drill hole, WR-556,
intersected 15.3% U<sub>3</sub>O<sub>8</sub> <B> </B>over 4.0 metres, and was followed up by drill hole
WR-560, intersecting 21.2% U<sub>3</sub>O<sub>8</sub> <B> </B>over 4.5 metres. </P>
<P align=justify>The 2014 summer drilling program at Wheeler River focused on
further follow up at Gryphon. A total of 14,937 metres was completed in 20 drill
holes during the summer 2014 drill program. Highlights from the summer program
included drill holes WR-569A, WR-573D1 and WR-574. As the drill holes are angled
steeply to the northwest and the mineralization is interpreted to dip moderately
to the southeast, the true thickness is expected to be approximately 75% of the
intersection length. </P>
<P align=center><B>Gryphon Zone - 2014 Drilling Highlights </B></P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=3 width="70%" border=0>

  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=center align=center>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=center align=center width="20%">&nbsp; </TD>
    <TD colspan="2" align=center
    vAlign=center style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"><B>Chemical Assay</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=center align=center width="20%">&nbsp; </TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=center align=center><B>Hole</B> <BR><B>Number</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center
    width="20%"><B>From (m)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center
    width="20%"><B>To (m)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center
    width="20%"><B>Length (m)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center
    width="20%"><STRONG>U<SUB>3</SUB>O</STRONG><SUB><STRONG>8</STRONG>
      </SUB><STRONG>(%)</STRONG> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=center align=center
    bgColor=#e6efff>WR-556 </TD>
    <TD vAlign=center align=center width="20%" bgColor=#e6efff>697.5 </TD>
    <TD vAlign=center align=center width="20%" bgColor=#e6efff>701.5 </TD>
    <TD vAlign=center align=center width="20%" bgColor=#e6efff>4.0 </TD>
    <TD vAlign=center align=center width="20%" bgColor=#e6efff>15.3 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=center
      align=center>WR-560 </TD>
    <TD vAlign=center align=center width="20%">759.0 </TD>
    <TD vAlign=center align=center width="20%">763.5 </TD>
    <TD vAlign=center align=center width="20%">4.5 </TD>
    <TD vAlign=center align=center width="20%">21.2 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=center align=center
    bgColor=#e6efff>WR-569A </TD>
    <TD vAlign=center align=center width="20%" bgColor=#e6efff>680.0 </TD>
    <TD vAlign=center align=center width="20%" bgColor=#e6efff>683.5 </TD>
    <TD vAlign=center align=center width="20%" bgColor=#e6efff>3.5 </TD>
    <TD vAlign=center align=center width="20%" bgColor=#e6efff>13.2 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=center align=center>and    </TD>
    <TD vAlign=center align=center width="20%">693.0 </TD>
    <TD vAlign=center align=center width="20%">694.0 </TD>
    <TD vAlign=center align=center width="20%">1.0 </TD>
    <TD vAlign=center align=center width="20%">12.4 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=center align=center
    bgColor=#e6efff>WR-573D1 </TD>
    <TD vAlign=center align=center width="20%" bgColor=#e6efff>768.0 </TD>
    <TD vAlign=center align=center width="20%" bgColor=#e6efff>770.5 </TD>
    <TD vAlign=center align=center width="20%" bgColor=#e6efff>2.5 </TD>
    <TD vAlign=center align=center width="20%" bgColor=#e6efff>22.2 </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=center align=center>WR-574 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="20%">696.5 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="20%">698.5 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="20%">2.0 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="20%">14.6 </TD></TR></TABLE>
</DIV>
<P align=justify>Drill hole WR-569A is located 40 metres along strike southwest
and 40 metres up dip of drill hole WR-556, and intersected a wide zone of
alteration and mineralization with several high grade intervals. Drill hole
WR-573D1, the highest grade intersection to date at Gryphon, is particularly
significant as it extended the zone of mineralization in the down plunge
direction. </P>
<P align=justify>The Gryphon discovery is believed to consist of multiple
stacked lenses with variable thicknesses that plunge to the northeast. It is
considered a highly prospective uranium discovery and has the potential to
significantly increase the resource base at Wheeler River. Mineralization at
Gryphon is hosted in basement gneisses and occurs from 100 to 250 metres below
the sub-Athabasca unconformity. The zone is 350 metres long (along the plunge)
by 60 metres wide (across the plunge) at the end of 2014, and remains open in
both plunge directions. </P>
<P align=center>- 10 - </P>
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noShade SIZE=5>
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<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left><B><FONT size=4>DENISON MINES CORP. </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Management&#146;s Discussion and Analysis </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Year Ended December 31, 2014 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>(Expressed in U.S.
      Dollars, unless otherwise noted) </TD>
  </TR>
</TABLE>
<P align=justify>The figure below shows the location of the Gryphon zone drill
holes to date, on an inclined longitudinal section. </P>
<P align=center>
<IMG src="exhibit99-3x11x1.jpg" border=0 width="598" height="489"> </P>
<P align=justify><I>Phoenix Deposit </I></P>
<P align=justify>During the winter exploration program, a total of 11 drill
holes were completed at Zone A of the Phoenix deposit, which focused on
expanding the zone of higher grade mineralization. The program was successful
and was highlighted by drill hole WR-548 intersecting 36.83% U<sub>3</sub>O<sub>8</sub>  over 6.5
metres. Since all the drill holes were vertical and the mineralization is
approximately horizontal, the intersection lengths are generally equal to the
true thickness. Selected drilling highlights are shown in the table and figure
below. </P>
<P align=center><B>Phoenix Deposit Zone A - 2014 Drilling Highlights </B></P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=3 width="70%" border=0>

  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=center align=center>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=center align=center width="20%">&nbsp; </TD>
    <TD colspan="2" align=center
    vAlign=center style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"><B>Chemical Assay </B></TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=center align=center width="20%">&nbsp; </TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=center align=center><B>Hole <BR></B><B>Number </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center
    width="20%"><B>From (m) </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center
    width="20%"><B>To (m) </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center
    width="20%"><B>Length (m) </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center
    width="20%"><B>U<SUB>3</SUB>O<SUB>8</SUB></B><SUB> </SUB><STRONG>(%)
      </STRONG></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=center align=center
    bgColor=#e6efff>WR-539 </TD>
    <TD vAlign=center align=center width="20%" bgColor=#e6efff>400.0 </TD>
    <TD vAlign=center align=center width="20%" bgColor=#e6efff>405.0 </TD>
    <TD vAlign=center align=center width="20%" bgColor=#e6efff>5.0 </TD>
    <TD vAlign=center align=center width="20%" bgColor=#e6efff>13.12 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=center
      align=center>WR-545 </TD>
    <TD vAlign=center align=center width="20%">401.7 </TD>
    <TD vAlign=center align=center width="20%">405.2 </TD>
    <TD vAlign=center align=center width="20%">3.5 </TD>
    <TD vAlign=center align=center width="20%">24.47 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=center align=center
    bgColor=#e6efff>WR-548 </TD>
    <TD vAlign=center align=center width="20%" bgColor=#e6efff>406.8 </TD>
    <TD vAlign=center align=center width="20%" bgColor=#e6efff>413.3 </TD>
    <TD vAlign=center align=center width="20%" bgColor=#e6efff>6.5 </TD>
    <TD vAlign=center align=center width="20%" bgColor=#e6efff>36.83 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=center
      align=center>WR-550 </TD>
    <TD vAlign=center align=center width="20%">406.2 </TD>
    <TD vAlign=center align=center width="20%">410.2 </TD>
    <TD vAlign=center align=center width="20%">4.0 </TD>
    <TD vAlign=center align=center width="20%">29.32 </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 2px solid"
    vAlign=center align=center bgColor=#e6efff>WR-555 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="20%" bgColor=#e6efff>404.5 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="20%" bgColor=#e6efff>407.5 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="20%" bgColor=#e6efff>3.0 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=center align=center
    width="20%" bgColor=#e6efff>15.99 </TD></TR></TABLE>
</DIV>
<P align=center>- 11 - </P>
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<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left><B><FONT size=4>DENISON MINES CORP. </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Management&#146;s Discussion and Analysis </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Year Ended December 31, 2014 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>(Expressed in U.S.
      Dollars, unless otherwise noted) </TD>
  </TR>
</TABLE>
<P align=center>
<IMG src="exhibit99-3x12x1.jpg" border=0 width="587" height="443"> </P>
<P align=justify>An updated mineral resource estimate was completed in June
2014, in accordance with the requirements of NI 43-101. Since the previous
mineral resource estimate in 2012, the Company completed 25 drill holes at
Phoenix to convert inferred mineral resources to indicated, and to extend higher
grade portions of the deposit. The Company reported an indicated mineral
resource estimate for the Phoenix deposit of 70.2 million pounds U<sub>3</sub>O<sub>8</sub>,
representing a 34% increase in indicated pounds U<sub>3</sub>O<sub>8</sub>  over the last estimate
completed in 2012. Additionally, the total inferred mineral resource is now
estimated to contain 1.1 million pounds U<sub>3</sub>O<sub>8</sub>. The following table summarizes the
mineral resource estimate by classification. </P>
<P align=center><B>2014 Phoenix Mineral Resource Estimate Summary
</B><B><SUP>(1)</SUP></B></P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=3 width="90%" border=0>

  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=center align=center><B>Category </B></TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=center align=center width="20%"><B>Tonnes </B></TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=center align=center width="20%"><STRONG>Grade (%
      </STRONG>U<SUB>3</SUB>O<SUB>8</SUB>) </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=center align=center width="20%"><B>Million lbs
      U<sub>3</sub>O<sub>8</sub> </B><BR>
      <B>(100% Basis) </B></TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=center align=center width="20%"><B>Million lbs
      U<sub>3</sub>O<sub>8</sub> </B><BR>
    <B>(Denison&#146;s Share) </B></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center
      bgColor=#e6efff>Indicated </TD>
    <TD align=center width="20%" bgColor=#e6efff>166,400 </TD>
    <TD align=center width="20%" bgColor=#e6efff>19.13 </TD>
    <TD align=center width="20%" bgColor=#e6efff>70.2 </TD>
    <TD align=center width="20%" bgColor=#e6efff>42.1 </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center>Inferred </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="20%">8,600 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="20%">5.80
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="20%">1.1
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="20%">0.6
    </TD></TR></TABLE></DIV><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>Denison&#146;s &#147;Technical Report on a Mineral Resource
      Estimate Update for the Phoenix Uranium Deposit, Wheeler River Project,
      Eastern Athabasca Basin, Northern Saskatchewan, Canada&#148; dated June 17,
      2014, in accordance with the requirements of NI 43-101, was prepared by
      William E. Roscoe, Ph.D. P. Eng. of Roscoe Postle Associates Inc., who is
      an independent &#147;Qualified Person&#148; as defined by NI 43-101 and is
      responsible for the mineral resource estimate.</P></TD></TR></TABLE>
<P align=justify>In 2014, the Company also carried out a metallurgical test
program on samples from the Phoenix deposit. The results were positive and
indicated high rates of uranium recovery with low acid consumption.
Mineralization at Phoenix occurs 400 metres below surface and shares many
similarities with other unconformity related Athabasca uranium deposits.
Mineralization varies from disseminated to massive, with several very high grade
drill hole intersections including WR-525, which averaged 43.8% U<sub>3</sub>O<sub>8</sub>  over an
interpreted true thickness of 12.0 metres.</P>
<P align=center>- 12 - </P>
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noShade SIZE=5>
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<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left><B><FONT size=4>DENISON MINES CORP. </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Management&#146;s Discussion and Analysis </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Year Ended December 31, 2014 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>(Expressed in U.S.
      Dollars, unless otherwise noted) </TD>
  </TR>
</TABLE>
<P align=justify><U>Other Properties</U> </P>
<P align=justify>In 2014, the Company managed or participated in 17 other
exploration programs in the Athabasca Basin (14 operated by Denison), including
12 drilling programs (9 operated by Denison). Developments at the Company&#146;s high
priority projects are discussed below. </P>
<P align=justify><I>Bachman Lake and Crawford Lake </I>&#150; Exploration costs
during 2014 totaled $1,613,000 at both properties, compared to $377,000 during
2013. A total of 4,189 metres of drilling was completed in seven holes at both
properties. Targets were a combination of new geophysical targets and follow-ups
from previous drilling results that had intersected significant alteration
zones. Although no significant mineralization was intersected, the drilling was
successful in extending a large zone of sandstone and basement alteration,
roughly along trend to the south of Cameco&#146;s Millennium deposit. Crawford Lake
and Bachman Lake are located just west of Wheeler River in the southeast
Athabasca Basin. </P>
<P align=justify><I>Bell Lake</I> &#150; Exploration costs of $1,365,000 were
incurred during 2014, compared to $529,000 in 2013. 11 drill holes were
completed during the winter program. Weak uranium mineralization was intersected
in several holes, with the best down-hole probe results from drill hole
BL-14-22, which intersected 0.028% eU<sub>3</sub>O<sub>8</sub>  over 2.5 metres from 517.1 to 519.6
metres at the sub-Athabasca unconformity, including 0.065% eU<sub>3</sub>O<sub>8</sub>  over 0.6 metres
in a massive clay and hematite altered zone. Follow up drilling is planned for
2015 (2,600 metres, 4 drill holes). Bell Lake is located along the Athabasca
seasonal road, 37 kilometres northwest of the McClean Lake mill. </P>
<P align=justify><I>Hatchet Lake</I> &#150; During 2014, exploration costs amounted
to $662,000, compared to $425,000 during 2013. A 2,030 metre, 10 hole diamond
drilling program was completed. A broad zone of weak uranium mineralization was
observed near the unconformity in drill hole RL-14-19, which intersected 0.025%
U<sub>3</sub>O<sub>8</sub>  over 8.5 metres from 124.2 to 132.7 metres. Additionally, significant base
metal mineralization comprised of 3.3% Pb, 0.27% Zn and 19.6 g/t Ag over 9.6
metres was intersected in drill hole RL-14-27 from 148.0 to 163.4 metres.
Additional drilling is planned for 2015 (2,000 metres, 8 drill holes). Hatchet
Lake is located 16 kilometres north of the McClean Lake mill and is a joint
venture with Anthem Resources Inc. (41.94% interest). </P>
<P align=justify><I>Mann Lake</I> &#150; After the acquisition of IEC in June 2014,
Denison&#146;s share of exploration costs at Mann Lake during 2014 were $19,000. The
2014 drilling program operated by Cameco was largely carried out before
Denison&#146;s acquisition of IEC and was highlighted by drill hole MN-060, which
intersected high grade uranium mineralization consisting of 2.94% U<sub>3</sub>O<sub>8</sub>  over 4.8
metres at the sub-Athabasca unconformity. This was followed by drill hole
MN-065, which intersected 4.8% U<sub>3</sub>O<sub>8</sub>  over 1.0 metres. As the drill holes are
oriented steeply and the mineralization is approximately horizontal, the true
thickness is expected to be at least 80% of the intersection lengths. Mann Lake
is located 25 kilometres southwest of the McArthur River mine and is on trend
between the Wheeler River project and Cameco&#146;s Read Lake project in the eastern
Athabasca Basin, and is a joint venture with Cameco (52.5% interest) and AREVA
(17.5% interest).</P>
<P align=justify><I>Moore Lake</I><B><I> </I></B>&#150; Exploration costs totaled
$1,267,000 during 2014, compared to $1,455,000 in 2013. A 4,100 metre, 10 hole
diamond drilling program was completed with no significant mineralization
intersected. A program of geophysics (electromagnetic and DC-resistivity
surveying) was also completed during the winter to aid in the selection of drill
targets for the 2015 drill program. Moore Lake is located 11 kilometres
southeast of Wheeler River. </P>
<P align=justify><I>Waterbury Lake</I> &#150; Exploration costs in 2014 amounted to
$704,000, compared to $848,000 during 2013. Exploration drilling was completed
along the western strike extension of the Discovery Bay corridor, west of the J
Zone uranium deposit and also at the Oban target area, three kilometres north of
the J Zone deposit. Weak uranium mineralization was intersected in one drill
hole in the Discovery Bay corridor and in two drill holes at the Oban target
area. The best down-hole probe result was WAT14-406A at Oban, which intersected
0.09% eU<sub>3</sub>O<sub>8</sub>  over 3.0 metres from 250 to 253 metres at the sub-Athabasca
unconformity. The mineralization is associated with graphitic fault zones and
strong hydrothermal alteration. Denison is encouraged by these results as the
zone is open along strike in both directions. Waterbury Lake is located 10
kilometres west of the McClean Lake mill. </P>
<P align=justify><I>Wolly</I><B><I> </I></B>&#150; At the Wolly project operated by
AREVA, a total of 3,130 metres of exploration drilling was completed in 17 drill
holes. Denison&#146;s share of exploration costs in 2014 totaled $204,000, compared
to $159,000 in 2013. The most notable results included significant alteration
and structure in both the sandstone and basement at the JEB South target area,
approximately 2 kilometres from the McClean Lake mill. Wolly is a joint venture
with AREVA (62.90% interest) and JCU (14.60% interest). </P>
<P align=center>- 13 - </P>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left><B><FONT size=4>DENISON MINES CORP. </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Management&#146;s Discussion and Analysis </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Year Ended December 31, 2014 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>(Expressed in U.S.
      Dollars, unless otherwise noted) </TD>
  </TR>
</TABLE>
<P align=justify><B><I>Africa </I></B></P>
<P align=justify>After completing the acquisition of Rockgate in early 2014, the
Company carried out an internal reorganization of its interests to consolidate
its African holdings under a single wholly owned Canadian subsidiary. The
reorganization simplifies the Company's intercompany relationships in
preparation for a spin-out or disposal transaction of the African portfolio,
which will be pursued when market conditions permit.</P>
<P align=justify><U>Zambia</U> </P>
<P align=justify>The Mutanga Project area consists of 2 contiguous claims
totaling 47,115 hectares, which is situated in the Southern Province of Zambia,
approximately 200 kilometres south of Lusaka immediately north of Lake Kariba.
Mutanga is comprised of the Mutanga, Dibwe and Dibwe East deposits plus a number
of exploration areas. Uranium occurs in sandstones of the Escarpment Grit
formation, part of the Upper Karoo Group. </P>
<P align=justify>Exploration expenditures of $559,000 during 2014 related to
geological mapping, geochemical sampling and excavator trenching programs. The
Company plans to continue such activities through 2015, with a focus on
generating additional exploration targets. During 2013, exploration expenditures
totaled $1,066,000, in which soil geochemical surveying, radon sampling
programs, and a 1,900 kilometre line-helicopter-borne electromagnetic
geophysical survey were completed. </P>
<P align=justify><U>Mali</U> </P>
<P align=justify>Falea is a uranium, silver and copper deposit located in Mali
within the Falea -- North Guinea -- Senegal Neoproterozoic Basin, overlying
older Birimian metasedimentary and metavolcanic rocks. The project is located
approximately 250 kilometres west of Bamako, near the Senegal and Guinea
borders. </P>
<P align=justify>Exploration expenditures of $269,000 were incurred in 2014,
with activity being limited to a modest field program consisting of geological
mapping and surficial geochemistry orientation surveys. These programs were
completed during the second quarter of the year. During the fourth quarter of
2013, minimal exploration expenditures of $39,000 were spent on Falea after
acquiring the property from Rockgate. In early 2015, the Company submitted an
application for a new exploration license to the authorities in Mali, to allow
exploration activity to continue at Falea.</P>
<P align=justify><U>Namibia</U> </P>
<P align=justify>The Dome project is located in the Erongo Region of Namibia, in
the country&#146;s uranium producing district, with excellent infrastructure nearby.
The property hosts discoveries of both bedrock uranium mineralization in
leucogranite and surficial uranium mineralization in calcrete. Uranium in
leucogranite is currently mined in the region at the R&#246;ssing mine and uranium in
calcrete is currently mined at Langer Heinrich.</P>
<P align=justify>In March 2014, Rio Tinto Mining and Exploration Limited (&#147;Rio&#148;)
terminated its option to earn an interest in the Dome project under the
provisions of an earn-in agreement between the parties. Rio discontinued
activities at the site at the end of February 2014. The Company assumed
operatorship of the project and continues to evaluate options for moving
forward.</P>
<P align=justify><B><I>Mongolia</I></B></P>
<P align=justify>The GSJV was created in 1994 to explore and develop
sediment-hosted uranium deposits, with focus on deposits that can be exploited
by in situ recovery, in the south Gobi region of Mongolia. The property holds a
total of 167,260 hectares in four licenses. The Company currently has an 85%
interest in the GSJV, with Mon-Atom LLC holding the remaining 15% interest. </P>
<P align=justify>Exploration expenditures on the GSJV properties totaled
$394,000 in 2014, compared to $550,000 in 2013. Expenditures during the year
primarily relate to annual license payments required to maintain the GSJV
properties in good standing, while the Company continues to explore strategic
alternatives regarding its ownership interest in the GSJV. In 2013, the Company
focused on completing field programs and studies necessary to convert the
Company&#146;s exploration licences to mining licences.</P>
<P align=center>- 14 - </P>
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<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left><B><FONT size=4>DENISON MINES CORP. </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Management&#146;s Discussion and Analysis </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Year Ended December 31, 2014 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>(Expressed in U.S.
      Dollars, unless otherwise noted) </TD>
  </TR>
</TABLE>
<P align=justify><B>General and Administrative </B></P>
<P align=justify>General and administrative expenses totaled $7,590,000 in 2014,
compared with $8,167,000 in 2013. These costs are mainly comprised of head
office wages and benefits, office costs in multiple regions, audit and
regulatory costs, legal fees, investor relations expenses and all other costs
related to operating a public company with listings in Canada and the United
States. General and administrative expenses decreased in 2014 mainly due to
lower legal fees, public compliance costs and office expenses, slightly offset
by an increase in insurance premiums and special projects costs. </P>
<P align=justify><B>Impairment &#150; Mineral Properties </B></P>
<P align=justify>In 2014, the Company recognized mineral property impairment
charges of $1,745,000, including impairment charges of $1,658,000 associated
with the Company&#146;s release of its Black Lake land holdings in Canada during the
first quarter, and $87,000 associated with the Company&#146;s surrender of its Telwa
Gada land holdings in Niger during the fourth quarter.</P>
<P align=justify>In 2013, the Company recognized mineral property impairment
charges of $47,099,000. The Company reduced the carrying value of the Mutanga
project in Zambia to its estimated recoverable amount by recognizing impairments
charges of $35,655,000 and $10,510,000 in the third and fourth quarters,
respectively. The Company also recognized an impairment charge of $934,000,
during the fourth quarter of 2013, in respect of the Company&#146;s decision to
release its Riou Lake land holdings in Canada. </P>
<P align=justify><B>Other Income and Expenses</B></P>
<P align=justify>The Company recognized other expenses of $7,558,000 during
2014, compared to $529,000 during 2013. The increase in other expenses is
primarily due to an increase in foreign exchange losses due to unfavourable
fluctuations in foreign exchange rates, partially offset by the gain on sale of
land holdings related to the Way Lake and Yurchison Lake properties of $202,000,
and a payment received of $229,000 from Strateco Resources Inc. in accordance
with the option agreement that entitles the optionee to earn up to a 60%
interest in Denison&#146;s Jasper Lake property (the &#147;Jasper Option Agreement&#148;).
During the year, the Jasper Option Agreement was assigned to SeqUr Exploration
Inc. (&#147;SeqUr&#148;). In February 2015, SeqUr notified the Company that it intends to
terminate its option to earn an interest in the Jasper Lake property. </P>
<P align=justify><B>Income Tax Recovery and Expense </B></P>
<P align=justify>Income tax recovery in 2014 totaled $2,299,000, compared to an
income tax expense of $15,422,000 in 2013. The income tax recovery in 2014 is
based on the reversal of various deferred tax liabilities during the year as the
Company&#146;s tax basis in Canada increases relative to the Company&#146;s carrying value
for accounting purposes. </P>
<P align=justify>In 2013, the income tax expense was driven by a one-time
non-cash deferred income tax expense of $18,410,000 resulting from the
substantive enactment of changes to the Crown Mineral Royalty Regulations (the
&#147;Regulations&#148;) in Saskatchewan. The changes in the Regulations resulted in a new
uranium mining royalty system, in which a component of the system constitutes an
income-based tax and is within the scope of IAS 12. The tax basis available to
the Company under this system is significantly less than the carrying value
associated with the assets that will be subject to the royalty in future years,
resulting in a significant deferred tax liability and the charge to deferred tax
expense recorded by the Company in 2013. </P>
<P align=justify><B>LIQUIDITY AND CAPITAL RESOURCES</B></P>
<P align=justify>Cash and cash equivalents were $18,640,000 at December 31, 2014
compared with $21,786,000 at December 31, 2013. The decrease of $3,146,000 was
primarily due to net cash used in operations of $23,500,000 and a net foreign
exchange loss of $2,001,000 on the translation of currency balances at period
end, offset in part by net cash provided by investing and financing activities
of $8,212,000 and $14,143,000, respectively.</P>
<P align=justify>Net cash used in operating activities of $23,500,000 during
2014 is comprised of a net loss for the period adjusted for non-cash items and
changes in working capital items. Significant changes in working capital items
during the period include an increase of $5,310,000 in trade and other
receivables, offset by an increase of $2,102,000 in accounts payable and accrued
liabilities. The increase in trade and other receivables and the increase in
accounts payable and accrued liabilities are mainly due to the increase in
activity in the MLJV related to operations at the McClean Lake mill. </P>
<P align=center>- 15 - </P>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left><B><FONT size=4>DENISON MINES CORP. </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Management&#146;s Discussion and Analysis </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Year Ended December 31, 2014 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>(Expressed in U.S.
      Dollars, unless otherwise noted) </TD>
  </TR>
</TABLE>
<P align=justify>Net cash provided by investing activities of $8,212,000
consists primarily of cash provided by the maturity of investments in debt
instruments accounting for $9,529,000, partly offset by $859,000 in cash spent
on property, plant and equipment.</P>
<P align=justify>Net cash provided by financing activities of $14,143,000
consists primarily of net proceeds received on the issuance of 9,257,500 common
shares on a flow-through basis, pursuant to a private placement at a price of
CAD$1.62 per share. As at December 31, 2014, the Company estimates it has spent
CAD$1.2 million of its obligation under the flow-through share financing on
eligible Canadian exploration expenses and the remaining balance of CAD$13.8
million is expected to be incurred by December 31, 2015. Other financing
activities included the issuance of common shares on the exercise of stock
options and warrants for $946,000 and $405,000, respectively.</P>
<P align=justify>Cash, equivalents and investments declined by $7,834,000 during
the fourth quarter of 2014. The decrease in the quarter was amplified by a
reduction of $4,909,000 in the Company&#146;s share of cash held in the MLJV as part
of regular working capital movements, and a reduction of $764,000 due to
unfavourable movement in exchange rates on instruments denominated in foreign
currencies. As the large majority of the Company&#146;s future expenditures are
expected to be incurred in Canadian dollars, the foreign exchange movement is
not expected to have a material impact on the Company&#146;s financial position.</P>
<P align=justify>On January 31, 2014, the Company entered into a revolving term
credit facility (the &#147;2014 Credit Facility&#148;) with the Bank of Nova Scotia for
CAD$15,000,000. The use of the 2014 Credit Facility was restricted to the
issuance of non-financial letters of credit and contained a covenant to maintain
a certain level of tangible net worth, which must be greater than or equal to
$150,000,000. As at December 31, 2014, the Company was in compliance with the
covenants of the 2014 Credit Facility, and CAD$9,698,000 of the 2014 Credit
Facility was being used as collateral for certain letters of credit. Letters of
credit issued under the 2014 Credit Facility were subject to a fee of 2.0% per
annum and the balance is subject to a standby fee of 0.75% .</P>
<P align=justify>On January 30, 2015, the Company entered into an amended
agreement (the &#147;2015 Credit Facility&#148;) with the Bank of Nova Scotia to amend the
terms of the 2014 Credit Facility and extend the maturity date to January 31,
2016. See SUBSEQUENT EVENTS section for further detail. </P>
<P align=justify>As security for both the 2014 Credit Facility and 2015 Credit
Facility, the Company provided an unlimited full recourse guarantee and a pledge
of all of the shares of Denison Mines Inc. (&#147;DMI&#148;). DMI has provided a
first-priority security interest in all present and future personal property and
an assignment of its rights and interests under all material agreements relative
to the McClean Lake and Midwest projects.</P>
<P align=justify><B><I>Contractual Obligations and Contingencies</I></B><I>
</I></P>
<P align=justify>The Company has the following contractual obligations at
December 31, 2014: </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left >&nbsp;
    </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="11%">&nbsp;
    </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="11%">&nbsp;
    </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="11%">&nbsp;
    </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="11%">&nbsp;
    </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="11%">After
    </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left >(in
      thousands) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">Total </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="11%">1
      Year </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="11%">2-3
      Years </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="11%">4-5
      Years </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="11%">5
      Years </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="11%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="11%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="11%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="11%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="11%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Debt Obligations </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="11%" bgColor=#e6efff>&nbsp;39 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="11%" bgColor=#e6efff>&nbsp;30 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="11%" bgColor=#e6efff>&nbsp;9 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="11%" bgColor=#e6efff>&nbsp;&#150; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="11%" bgColor=#e6efff>&nbsp;&#150; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      >Operating Lease and Other Obligations </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="11%">&nbsp;473 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="11%">&nbsp;269 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="11%">&nbsp;186 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="11%">&nbsp;18 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="11%">&nbsp;&#150; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE></DIV>
<P align=justify><U>Reclamation Liability</U> </P>
<P align=justify>The Company periodically reviews the anticipated costs of
decommissioning and reclaiming its mill and mine sites as part of its
environmental planning process. The mill and mine reclamation estimates at
December 31, 2014 are $17,659,000 which are expected to be sufficient to cover
the projected future costs for reclamation of the mill and mine operations.
However, there can be no assurance that the ultimate cost of such reclamation
obligations will not exceed the estimated liability contained in the Company&#146;s
financial statements.</P>
<P align=justify><I>Elliot Lake &#150; </I>The Elliot Lake uranium mine was closed in
1992 and capital works to decommission the site were completed in 1997. The
remaining provision is for the estimated cost of monitoring the Tailings
Management Areas at the Company and Stanrock sites and for treatment of water
discharged from these areas. The Company conducts its activities at both sites pursuant to licenses issued by the
Canadian Nuclear Safety Commission. In the fourth quarter of 2014, an adjustment
of $2,104,000 was made to the reclamation liability to reflect the Company&#146;s
best estimate of the present value of the total future reclamation cost that
will be required in the future. Spending on restoration activities at the Elliot
Lake sites are funded from monies in the Elliot Lake reclamation trust fund. At
December 31, 2014, the amount of restricted cash and investments relating to the
Elliot Lake Reclamation Trust fund was $2,068,000. </P>
<P align=center>- 16 - </P>
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noShade SIZE=5>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left><B><FONT size=4>DENISON MINES CORP. </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Management&#146;s Discussion and Analysis </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Year Ended December 31, 2014 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>(Expressed in U.S.
      Dollars, unless otherwise noted) </TD>
  </TR>
</TABLE>
<P align=justify><I>McClean Lake and Midwest &#150; </I>The McClean Lake and Midwest
operations are subject to environmental regulations as set out by the
Saskatchewan government and the Canadian Nuclear Safety Commission. Cost
estimates of future decommissioning and reclamation activities are prepared
every 5 years and filed with the applicable regulatory authorities for approval.
An updated plan was submitted in November 2014 and is under review by the
applicable regulatory authorities. As a result, an adjustment of $3,498,000 was
made, in the fourth quarter of 2014, to the reclamation liability to reflect the
Company&#146;s best estimate of the present value of its total future reclamation
cost that will be required in the future. Reclamation costs are expected to be
incurred between 2033 and 2058. </P>
<P align=justify>Under the Mineral Industry Environmental Protection Regulations
(1996), the Company is required to provide its pro-rata share of financial
assurances to the Province. As at December 31, 2014, the Company has in place
irrevocable standby letters of credit, from a chartered bank, in favour of
Saskatchewan&#146;s Ministry of Environment, totaling CAD$9,698,000 which relate to a
previously filed reclamation plan. Under the preliminary plan submitted in
November 2014, the Company expects to increase its pro-rata share of financial
assurances to the Province to approximately CAD$22,446,000.</P>
<P align=justify>Under the terms of a Potentially Reactive Waste Rock Disposal
Agreement (&#147;PRWR Agreement&#148;) between the MLJV and the CLJV, the MLJV agreed to
deposit certain waste rock material from the Cigar Lake mine in its mined-out
Sue C pit. In return, the CLJV has agreed to reimburse the MLJV for additional
site restoration costs that may reasonably occur as a result. In 2014, triggered
by the delivery of the first Cigar Lake ore to the McClean Lake mill, the CLJV
made payments totaling CAD$4,332,000 to the MLJV under the terms of the PRWR
Agreement. Denison received $883,000 (CAD$974,700), its proportionate share of
this total amount, and recorded the receipt as an addition to its reclamation
liability. </P>
<P align=justify><U>Other</U> </P>
<P align=justify>In June 2012, the Company completed a transaction with Energy
Fuels Inc. (&#147;EFR&#148;) whereby it sold its subsidiaries holding all of its mining
assets and operations located in the United States. In connection with the EFR
Transaction, Denison remained a guarantor under a sales contract assigned to
EFR. The sales contract requires deliveries of 200,000 pounds of U<sub>3</sub>O<sub>8</sub>  per year
from 2013 to 2017 at a selling price of 95% of the long-term U<sub>3</sub>O<sub>8</sub>  price at the
time of delivery. Should EFR not be able to deliver for any reason other than
&#147;force majeure&#148; as defined under the contract, the Company may be liable to the
customer for incremental costs incurred to replace the contracted quantities if
the unit price of the replacement quantity is greater than the contracted unit
price selling amount. EFR has agreed to indemnify the Company for any future
liabilities it may incur related to this guarantee. </P>
<P align=justify><B>TRANSACTIONS WITH RELATED PARTIES </B></P>
<P align=justify><B>Uranium Participation Corporation </B></P>
<P align=justify>The Company is a party to a management services agreement with
UPC. Under the terms of the agreement, the Company receives the following fees
from UPC: a) a commission of 1.5% of the gross value of any purchases or sales
of uranium completed at the request of the Board of Directors of UPC; b) a
minimum annual management fee of CAD$400,000 (plus reasonable out-of-pocket
expenses) plus an additional fee of 0.3% per annum based upon UPC&#146;s net asset
value in excess of CAD$100,000,000; and c) a fee, at the discretion of the Board
of Directors of UPC, for on-going monitoring or work associated with a
transaction or arrangement (other than a financing, or the purchase or sale of
uranium). </P>
<P align=justify>The management services agreement was entered into on April 1,
2013 and has a three-year term. The agreement may be terminated by either party
upon the provision of 120 days written notice. </P>
<P align=center>- 17 - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left><B><FONT size=4>DENISON MINES CORP. </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Management&#146;s Discussion and Analysis </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Year Ended December 31, 2014 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>(Expressed in U.S.
      Dollars, unless otherwise noted) </TD>
  </TR>
</TABLE>
<P align=justify>Management fees were incurred with UPC for the periods noted:
</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
      width="12%">December 31, </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
      width="12%">December 31, </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left
  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(in thousands) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">2014
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">2013
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Revenue: </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Management fees </TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;1,628 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;1,644 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp;
      &nbsp;Commission fees </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">553
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;2,181 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;1,644 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify>At December 31, 2014, accounts receivable includes $123,000
(December 31, 2013: $148,000) due from UPC with respect to the fees and
transactions discussed above. </P>
<P align=justify><B>Korea Electric Power Corporation (&#147;KEPCO&#148;) </B></P>
<P align=justify>In June 2009, Denison completed definitive agreements with
KEPCO including a long-term offtake agreement (which has been assigned to EFR as
part of the sale of the U.S. Mining Division transaction completed in June 2012)
and a strategic relationship agreement. Pursuant to the strategic relationship
agreement, KEPCO is entitled to subscribe for additional common shares in
Denison&#146;s future share offerings. The strategic relationship agreement also
provides KEPCO with a right of first opportunity if Denison intends to sell any
of its substantial assets, a right to participate in certain purchases of
substantial assets which Denison proposes to acquire and a right to nominate one
director to Denison&#146;s Board, so long as its share interest in Denison is above
5.0% . </P>
<P align=justify>As at December 31, 2014, KEPCO holds 58,284,000 shares of
Denison representing a share interest of approximately 11.5% . </P>
<P align=justify>As at December 31, 2014, Denison also holds a 60% interest in
Waterbury Lake Uranium Corporation (&#147;WLUC&#148;) and Waterbury Lake Uranium Limited
Partnership (&#147;WLULP&#148;) entities whose key asset is the Waterbury Lake property.
The other remaining 40% interest in these entities is held by a consortium of
investors (&#147;KWULP&#148;) of which KEPCO is the primary holder. When a spending
program is approved by the participants, each participant is required to fund
these entities based upon its respective ownership interest. Spending program
approval requires 75% of the voting interest. </P>
<P align=justify>In January 2014, Denison agreed to allow KWULP to defer its
funding obligations to WLUC and WLULP until September 30, 2015 in exchange for
allowing Denison to carry out spending programs without obtaining the approval
of 75% of the voting interest. As at December 31, 2014, KWULP has a funding
obligation to WLUC and WLULP of CAD$802,000. Denison has recorded its
proportionate share of this amount of $415,000 (CAD$481,000) as a component of
trade and other receivables.</P>
<P align=justify><B>Other </B></P>
<P align=justify>All services and transactions made with the following related
parties were made on terms equivalent to those that prevail with arm&#146;s length
transactions: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >
      <P align=justify>Investor relations, administrative service fees and other
      expenses of $60,000 (2013: $188,000) were incurred with Namdo Management
      Services Ltd, which shares a common officer with Denison. These services
      were incurred in the normal course of operating a public company. At
      December 31, 2014, an amount of $nil (December 31, 2013: $nil) was due to
      this company. </P></TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="95%" >&nbsp;    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >
      <P align=justify>Legal fees of $276,000 (2013: $1,634,000) were incurred
      with Cassels Brock &amp; Blackwell, LLP, a law firm of which a member of
      Denison&#146;s Board of Directors is a partner. These services and associated
      costs were mainly related to the acquisition of IEC and the Company&#146;s
      internal reorganization of its interests to consolidate its African
      holdings. At December 31, 2014, an amount of $1,000 (December 31, 2013:
      $82,000) was due to the law firm. </P></TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="95%" >&nbsp;    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >
      <P align=justify>Executive services of $106,000 were provided to Lundin
      Gold Inc., which shares common directors and common officers with Denison.
      These services were mainly related to management consulting services over
      general and corporate matters. At December 31, 2014, an amount of $44,000
      was due to Denison. There were no similar services provided during 2013 to
      this company. </P></TD></TR></TABLE>
<P align=center>- 18 - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_19></A>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left><B><FONT size=4>DENISON MINES CORP. </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Management&#146;s Discussion and Analysis </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Year Ended December 31, 2014 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>(Expressed in U.S.
      Dollars, unless otherwise noted) </TD>
  </TR>
</TABLE>
<P align=justify><B>Compensation of Key Management Personnel </B></P>
<P align=justify>Key management personnel are those persons having authority and
responsibility for planning, directing and controlling the activities of the
Company, directly or indirectly. Key management personnel include the Company&#146;s
executive officers, vice-presidents and members of its Board of Directors. </P>
<P align=justify>The following compensation was awarded to key management
personnel: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="12%">December
      31, </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="12%">December
      31, </TD>
  <TD style="BORDER-TOP: #000000 2px solid" align=left
  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(in thousands) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">2014    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">2013    </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Salaries and short-term employee benefits
    </TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;1,633 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;1,630 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Share-based compensation </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">516 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">577 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Termination benefits </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>158 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Key management
      personnel compensation </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;2,307 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;2,207 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="2%">&nbsp;</TD></TR></TABLE>
<P align=justify><B>FINANCIAL INSTRUMENTS </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
      width="12%">Financial </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="12%">Fair
</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
      width="12%">December 31, </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
      width="12%">December 31, </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left
  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=center width="12%">Instrument </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="12%">Value </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="12%">2014 </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="12%">2013 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(in thousands) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%">Category <SUP>(1)</SUP></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%">Hierarchy </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">Fair
      Value </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">Fair
      Value </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Financial Assets: </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Cash and equivalents
</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>Category D </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff></TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>18,640 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;21,786 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp;Trade and other receivables </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">Category D </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">9,411 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">4,148 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Investments </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Equity instruments
    </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">Category A </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">Level 1 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">916 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">1,106 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Equity instruments </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>Category A </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>Level 2 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>16 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Equity instruments
    </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">Category B </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">Level 1 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">22 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">17 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Debt instruments </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>Category A </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>Level 1 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>4,381 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>14,818 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp;Restricted cash and equivalents </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Elliot Lake
      reclamation trust fund </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>Category C </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="12%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>2,068 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>2,299 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="12%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="12%">&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">35,454 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;44,174 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Financial Liabilities: </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Account payable and
      accrued liabilities </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>Category E </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>10,050 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>7,992 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp;
      &nbsp;Debt obligations </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">Category E </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="12%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">39
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">97
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="12%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="12%"
    bgColor=#e6efff>&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>10,089 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;8,089 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>Financial instrument designations are as follows:
      Category A=Financial assets and liabilities at fair value through profit
      and loss; Category B=Available for sale investments; Category C=Held to
      maturity investments; Category D=Loans and receivables; and Category
      E=Financial liabilities at amortized cost.</P></TD></TR></TABLE>
<P align=justify>The Company is exposed to credit risk and liquidity risk in
relation to its financial instruments. Its credit risk in relation to its cash
and equivalents, debt instruments and restricted cash and equivalents is limited
by dealing with credit worthy financial institutions. The Company&#146;s trade and
other receivables balance relates to a small number of customers who are credit
worthy and with whom the Company has established a relationship through its past
dealings. </P>
<P align=justify>Liquidity risk, in which the Company may encounter difficulties
in meeting obligations associated with its financial liabilities as they become
due, is managed through the Company&#146;s planning and budgeting process which
determines the funds required to support the Company&#146;s normal operating
requirements on an ongoing basis. The Company ensures that there is sufficient
committed capital to meet its short-term business requirements, taking into
account its anticipated cash flows from operations, its holdings of cash and
equivalents and debt instruments and its access to credit facilities, if
required.</P>
<P align=center>- 19 - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_20></A>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left><B><FONT size=4>DENISON MINES CORP. </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Management&#146;s Discussion and Analysis </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Year Ended December 31, 2014 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>(Expressed in U.S.
      Dollars, unless otherwise noted) </TD>
  </TR>
</TABLE>
<P align=justify>The Company's investments that are designated as financial
assets at fair value through profit or loss have resulted in other expenses of
$59,000 during 2014, compared to $1,328,000 during 2013. </P>
<P align=justify>The Company&#146;s investments designated as available for sale have
resulted in unrealized gains recognized in accumulated other comprehensive
income of $7,000 for 2014, compared to $286,000 for 2013. Impairments on these
investments were recorded in other expenses of $22,000 during 2014, compared to
$39,000 during 2013.</P>
<P align=justify><B>OFF-BALANCE SHEET ARRANGEMENTS </B></P>
<P align=justify>The Company does not have any off-balance sheet arrangements.
</P>
<P align=justify><B>SUBSEQUENT EVENTS </B></P>
<P align=justify><B>Amendment to Credit Facility </B></P>
<P align=justify>On January 30, 2015, the Company entered into an agreement with
the Bank of Nova Scotia to amend the terms of the 2014 Credit Facility and
extend the maturity date to January 31, 2016. Under the 2015 Credit Facility,
the Company has access to credit of up to CAD$24,000,000. Use of the facility
remains restricted to non-financial letters of credit in support of reclamation
obligations.</P>
<P align=justify>The 2015 Credit Facility contains a covenant to maintain a
level of tangible net worth greater than or equal to the sum of $150,000,000 and
a covenant to maintain a minimum balance of cash and equivalents of
CAD$5,000,000 on deposit with the Bank of Nova Scotia. As security for the
amended facility, DMC has provided an unlimited full recourse guarantee and a
pledge of all of the shares of DMI. DMI has provided a first-priority security
interest in all present and future personal property and an assignment of its
rights and interests under all material agreements relative to the McClean Lake
and Midwest projects. </P>
<P align=justify>The amended facility is subject to letter of credit and standby
fees of 2.40% and 0.75% respectively.</P>
<P align=justify><B>Management Changes </B></P>
<P align=justify>In January 2015, David Cates was appointed as President and
Chief Financial Officer of the Company, while Ron Hochstein continued to serve
as Chief Executive Officer. Mr. Kim, who was KEPCO&#146;s representative on the Board
of Directors, resigned in January and was subsequently replaced by Mr. Joo Soo
Park.</P>
<P align=justify><B>OUTSTANDING SHARE DATA</B></P>
<P align=justify>At March 5, 2015, there were 506,438,669 common shares issued
and outstanding, stock options exercisable for 6,095,849 Denison common shares,
and warrants exercisable for 517,127 Denison common shares for a total of
513,051,645 common shares on a fully-diluted basis.</P>
<P align=center>- 20 - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_21></A>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left><B><FONT size=4>DENISON MINES CORP. </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Management&#146;s Discussion and Analysis </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Year Ended December 31, 2014 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>(Expressed in U.S.
      Dollars, unless otherwise noted) </TD>
  </TR>
</TABLE>
<P align=justify><B>OUTLOOK FOR 2015 </B></P>
<P align=justify>During 2015, Denison and its joint venture partners are
planning to drill approximately 70,000 metres on the Company's properties in the
Athabasca Basin. The Company will focus on expanding the Gryphon Zone discovery
on the Company's flagship 60% owned Wheeler River property and exploring other
high priority properties with the potential for additional new discoveries. The
Company expects to benefit from a stream of cash flow generated from its
interest in the McClean Lake mill by the processing of Cigar Lake ore.</P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="60%" border=0>

  <TR vAlign=bottom>
    <TD colspan="3"
    align=center style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"><B>DENISON&#146;S 2015 BUDGET </B><B><SUP>(1)</SUP></B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 2px solid"
    align=center width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="22%" >&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(in thousands) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="22%"
    >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Canada </B><B><SUP>(2)</SUP></B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="22%" >&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Mineral Sales &amp; Toll Milling Revenue</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="22%" bgColor=#e6efff >&nbsp;3,410 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Mineral Property Exploration </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="22%" >(14,210</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Development &amp; Operations </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="22%"
    bgColor=#e6efff >(1,770</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="22%" >(12,570</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Africa</B> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="22%" bgColor=#e6efff >&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Zambia &amp; Mali    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="22%"
    >(2,340</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="22%" bgColor=#e6efff >(2,340</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Asia</B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="22%" >&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Mongolia </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="22%"
    bgColor=#e6efff >(725</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="22%" >(725</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Other Activities
      </B><B><SUP>(2)</SUP></B> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="22%" bgColor=#e6efff >&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>UPC Management </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="22%" >1,850 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>DES Environmental Services </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="22%" bgColor=#e6efff >170 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Corporate General
      &amp; Administration </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="22%"
    >(4,570</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="22%"
    bgColor=#e6efff >(2,550</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="22%" >&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff><B>Total</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="22%"
    bgColor=#e6efff >&nbsp;(18,185</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR></TABLE>
</DIV><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="20%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>Only material operations are shown.</P></TD></TR>
  <TR>
    <TD width="20%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>Budget figures have been converted using a US$ to CAD$
      exchange rate of 1.12.</P></TD></TR></TABLE>
<P align=justify><B>Canada</B> </P>
<P align=justify><B><I>Mineral Property Exploration </I></B></P>
<P align=justify>Denison will manage or participate in a total of 19 exploration
programs (including 14 drilling programs), of which Wheeler River will continue
to be the primary focus. The total budget for these programs is CAD$23.1 million
of which Denison's share is CAD$15.8 million. The 2015 exploration program is
funded by the Company&#146;s flow-through share offering completed in August 2014,
which raised CAD$15.0 million. </P>
<P align=justify><U>Wheeler River</U> </P>
<P align=justify>In 2015, the Wheeler River exploration program includes diamond
drilling, ground geophysics and line cutting at a total cost of CAD$10.0 million
(Denison's share, CAD$6.0 million). A 37,000 metre, 62 drill hole winter and
summer program is planned at Gryphon, Phoenix North and other target areas of
interest. The winter drilling program will focus on the Gryphon discovery with
approximately 22 drill holes planned. Ground geophysics in 2015 will consist
primarily of line cutting and DC-resistivity surveying that will extend coverage
to the south end of the property.</P>
<P align=justify>The initial drill holes of the 2015 winter program are designed
to test for extensions of mineralization in both the up-plunge and down-plunge
directions. The highlight of the program, to date, is drill hole WR-584B, which
extended the zone of mineralization 50 metres up plunge, with an intersection of
9.0% eU<sub>3</sub>O<sub>8</sub>  over 4.6 metres. Two other drill holes targeting the down-plunge
extension of the mineralized zone were also completed, extending the Gryphon
zone approximately 50 metres down-plunge.</P>
<P align=center>- 21 - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_22></A>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left><B><FONT size=4>DENISON MINES CORP. </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Management&#146;s Discussion and Analysis </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Year Ended December 31, 2014 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>(Expressed in U.S.
      Dollars, unless otherwise noted) </TD>
  </TR>
</TABLE>
<P align=justify>The following diagram displays Denison&#146;s targets in 2015 for
Wheeler River: </P>
<P align=center>
<IMG src="exhibit99-3x22x1.jpg" border=0 width="594" height="484"> </P>
<P align=justify><U>Other Properties</U> </P>
<P align=justify><I>Crawford Lake &#150; </I>A 4,600 metre, 8 drill hole winter and
summer program is planned for 2015 to follow up on the results of drilling in
2014, which intersected significant sandstone and basement alteration zones on
the CR-2 and CR-5 conductors. Geophysics during the winter season will consist
of two ground DCIP resistivity surveys.</P>
<P align=justify><I>Mann Lake &#150; </I>An 8,000 metre, 11 to 14 drill hole program
for 2015 is designed to explore extensions of uranium mineralization intersected
during 2014. Exploration activity at Mann Lake, during early 2015, produced the
best result to date on the property with drill hole MN-066-01 intersecting 9.8%
eU<sub>3</sub>O<sub>8</sub>  over 3.5 metres.</P>
<P align=justify><I>Moore Lake &#150; </I>A 4,000 metre, 8 drill hole program is
planned for 2015. </P>
<P align=justify><I>Waterbury Lake &#150; </I>Resistivity surveying and diamond
drilling will focus on the Discovery Bay and Oban areas. Resistivity surveying
will include 50 kilometres of line cutting and drilling will consist of a 3,300
metre, 10 drill hole program to follow up on the results of the resistivity
surveys completed in 2014 and 2015. </P>
<P align=center>- 22 - </P>
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cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left><B><FONT size=4>DENISON MINES CORP. </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Management&#146;s Discussion and Analysis </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Year Ended December 31, 2014 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>(Expressed in U.S.
      Dollars, unless otherwise noted) </TD>
  </TR>
</TABLE>
<P align=justify><B><I>Mineral Sales, Toll Milling Revenue, Development &amp;
Operations </I></B></P>
<P align=justify>At McClean Lake, the expansion of the mill from 13 to 24
million pounds annual U<sub>3</sub>O<sub>8</sub>  production capacity is anticipated to be completed by
the end of 2015 and remains fully funded by the CLJV. The 2015 production plan
calls for between six million and eight million pounds U<sub>3</sub>O<sub>8</sub>  to be packaged
during the year. Production is expected to be primarily from Cigar Lake ore,
with supplemental ore from the McClean Lake joint venture stockpiles. Denison&#146;s
share of operating and capital expenditures at McClean Lake in 2015 is estimated
at CAD$500,000. Denison&#146;s expenditures are expected to be offset by toll milling
fees and revenue from the sale of approximately 26,000 pounds U<sub>3</sub>O<sub>8</sub>, recovered
from McClean Lake ores. Denison&#146;s total revenue from operations is projected to
be CAD$3.8 million.</P>
<P align=justify>Given the current forecasts for the price of uranium, the SABRE
program will be kept on care and maintenance and the McClean North and Midwest
projects will remain on stand-by in 2015. Total expenditures on SABRE are
planned to be CAD$900,000 (Denison&#146;s share, CAD$203,000), and total expenditures
on McClean North and Midwest are planned to be CAD$375,000 (Denison&#146;s share,
CAD$94,000). </P>
<P align=justify>Reclamation expenditures at Elliot Lake are projected to be
CAD$819,000. </P>
<P align=justify><B>Africa </B></P>
<P align=justify>The Company has budgeted spending approximately $2.3 million
during 2015 to maintain its projects in good standing, while the Company waits
for market conditions that will permit a spin-out or disposal of its African
portfolio. On its wholly owned Mutanga project in Zambia, activities will focus
on generating additional exploration targets through soil and radon sampling,
excavator trenching and geological mapping. In Mali, activities will focus on an
expansion of previous airborne geophysical surveying and renewing the
exploration license for the Falea project. </P>
<P align=justify><B>Asia </B></P>
<P align=justify>In Mongolia, the Company continues its efforts to pursue
strategic alternatives for its 85% interest in the GSJV. Further guidance
regarding the Company&#146;s interest in the GSJV will be provided in the first half
of 2015. The budget for Mongolia is estimated to be $725,000 for 2015. </P>
<P align=justify><B>Other Activities </B></P>
<P align=justify>Management fees generated from Denison&#146;s management services
agreement with UPC are budgeted to net CAD$2.1 million in 2015. </P>
<P align=justify>At DES, revenue from operations is budgeted at CAD$7.4 million
and operating and capital expenses are forecast to be CAD$7.2 million.</P>
<P align=justify>Corporate general and administration expenses are forecast to
be CAD$4.9 million in 2015 and include all head office wages and benefits,
office costs, audit and regulatory costs, legal fees, investor relations
expenses and all other costs related to operating a public company with listings
in Canada and the United States. </P>
<P align=justify><B>CONTROLS AND PROCEDURES </B></P>
<P align=justify>The Company carried out an evaluation, under the supervision
and with the participation of its management, including the Chief Executive
Officer and the President and Chief Financial Officer, of the effectiveness of
the design and operation of the Company&#146;s &#147;disclosure controls and procedures&#148;
(as defined in the Exchange Act Rule 13a-15(e)) as of the end of the period
covered by this report. Based upon that evaluation, the Chief Executive Officer
and the President and Chief Financial Officer concluded that the Company&#146;s
disclosure controls and procedures are effective as of December 31, 2014. </P>
<P align=justify>The Company&#146;s management is responsible for establishing and
maintaining an adequate system of internal control over financial reporting.
Management conducted an evaluation of the effectiveness of internal control over
financial reporting based on the <I>Internal Control &#150; Integrated Framework,
2013</I> issued by the Committee of Sponsoring Organizations of the Treadway
Commission. Based on this evaluation, management concluded that the Company&#146;s
internal control over financial reporting was effective as of December 31,
2014.</P>
<P align=center>- 23 - </P>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left><B><FONT size=4>DENISON MINES CORP. </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Management&#146;s Discussion and Analysis </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Year Ended December 31, 2014 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>(Expressed in U.S.
      Dollars, unless otherwise noted) </TD>
  </TR>
</TABLE>
<P align=justify>There has not been any change in the Company&#146;s internal control
over financial reporting that occurred during 2014 year that has materially
affected, or is reasonably likely to materially affect, the Company&#146;s internal
control over financial reporting. </P>
<P align=justify><B>CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS </B></P>
<P align=justify>The preparation of consolidated financial statements in
accordance with IFRS requires the use of certain critical accounting estimates
and judgements that affect the amounts reported. It also requires management to
exercise judgement in applying the Company&#146;s accounting policies. These
judgements and estimates are based on management&#146;s best knowledge of the
relevant facts and circumstances taking into account previous experience.
Although the Company regularly reviews the estimates and judgements made that
affect these financial statements, actual results may be materially different.
</P>
<P align=justify>Significant estimates and judgements made by management relate
to: </P>
<P
align=justify><B><I>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Determination of a Mineral Property being Sufficiently Advanced </I></B></P>
<P align=justify>The Company follows a policy of capitalizing non-exploration
related expenditures on properties it considers to be sufficiently advanced.
Once a mineral property is determined to be sufficiently advanced, that
determination is irrevocable and the capitalization policy continues to apply
over the life of the property. In determining whether or not a mineral property
is sufficiently advanced, management considers a number of factors including,
but not limited to: current uranium market conditions, the quality of resources
identified, access to the resource and the suitability of the resources to
current mining methods, ease of permitting, confidence in the jurisdiction in
which the resource is located and milling complexity. </P>
<P align=justify>Many of these factors are subject to risks and uncertainties
that can support a &#147;sufficiently advanced&#148; determination as at one point in time
but not support it at another. The final determination requires significant
judgment on the part of the Company&#146;s management and directly impacts the
carrying value of the Company&#146;s mineral properties.</P>
<P
align=justify><B><I>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Valuation of Mineral Properties </I></B></P>
<P align=justify>The Company undertakes a review of the carrying values of
mineral properties and related expenditures whenever events or changes in
circumstances indicate that their carrying values may exceed their estimated
recoverable amounts determined by reference to estimated future operating
results, discounted net cash flows and current market valuations of similar
properties. An impairment loss is recognized when the carrying value of those
assets is not recoverable. In undertaking this review, management of the Company
is required to make significant estimates of, amongst other things: reserve and
resource amounts, future production and sale volumes, forecast commodity prices,
future operating, capital and reclamation costs to the end of the mine&#146;s life
and current market valuations from observable market data which may not be
directly comparable. These estimates are subject to various risks and
uncertainties, which may ultimately have an effect on the expected
recoverability of the carrying values of the mineral properties and related
expenditures. Changes in these estimates could have a material impact on the
carrying value of the mineral property amounts. </P>
<P
align=justify><B><I>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Deferred Tax Assets and Liabilities </I></B></P>
<P align=justify>Deferred tax assets and liabilities are recognized for the
future tax consequences attributable to differences between the financial
statement carrying amounts of existing assets and liabilities and their
respective tax bases. The Company computes deferred tax assets and liabilities
in respect of taxes that are based on taxable profit. Taxable profit is
understood to be a net, rather than gross, taxable amount that gives effect to
both revenues and expenses. Taxable profit will often differ from accounting
profit and management may need to exercise judgment to determine whether some
taxes are income taxes (subject to deferred tax accounting) or operating
expenses.</P>
<P align=justify>Deferred tax assets and liabilities are measured using enacted
or substantially enacted tax rates expected to apply when the differences are
expected to be recovered or settled. The determination of the ability of the
Company to utilize tax loss carry forwards to offset deferred tax liabilities
requires management to exercise judgment and make certain assumptions about the
future performance of the Company. Management is required to assess whether it
is &#147;probable&#148; that the Company will benefit from these prior losses and other
deferred tax assets. Changes in economic conditions, commodity prices and other
factors could result in revisions to the estimates of the benefits to be
realized or the timing of utilizing the losses. </P>
<P align=center>- 24 - </P>
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<TABLE
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  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left><B><FONT size=4>DENISON MINES CORP. </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Management&#146;s Discussion and Analysis </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Year Ended December 31, 2014 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>(Expressed in U.S.
      Dollars, unless otherwise noted) </TD>
  </TR>
</TABLE>
<P align=justify><B><I>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;Reclamation Obligations </I></B></P>
<P align=justify>Asset retirement obligations are recorded as a liability when
the asset is initially constructed. Denison has accrued its best estimate of the
ongoing reclamation liability in connection with the decommissioned Elliot Lake
mine site and is currently accruing its best estimate of its share of the cost
to decommission its other mining and milling properties in accordance with
existing laws, contracts and other policies. The estimate of future costs
involves a number of estimates relating to timing, type of costs, mine closure
plans, and review of potential methods and technical advancements. Furthermore,
due to uncertainties concerning environmental remediation, the ultimate cost of
the Company&#146;s decommissioning liability could differ from amounts provided. The
estimate of the Company&#146;s obligation is subject to change due to amendments to
applicable laws and regulations and as new information concerning the Company&#146;s
operations becomes available. The Company is not able to determine the impact on
its financial position, if any, of environmental laws and regulations that may
be enacted in the future. </P>
<P align=justify><B>NEW ACCOUNTING PRONOUNCEMENTS </B></P>
<P align=justify>The Company has adopted the following new and revised
accounting standards, along with any consequential amendments, effective January
1, 2014. These changes were made in accordance with the applicable transitional
provisions. </P>
<P align=justify><U>International Accounting Standard 36, Impairment of Assets
(&#147;IAS 36&#148;)</U> </P>
<P align=justify>IAS 36 was amended in May 2013 to make small changes to the
disclosures required by IAS 36 when an impairment loss is recognized or
reversed. The amendments require the disclosure of the recoverable amount of an
asset or cash generating unit (&#147;CGU&#148;) at the time an impairment loss has been
recognized or reversed and detailed disclosure of how the associated fair value
less costs of disposal has been determined. </P>
<P align=justify>The amendments are effective for accounting periods beginning
on or after January 1, 2014 with earlier adoption permitted. The Company has
adopted the amended disclosure requirements of IAS 36 effective January 1, 2014.
</P>
<P align=justify><B><I>Accounting Standards Issued But Not Yet Applied
</I></B></P>
<P align=justify>The Company has not yet adopted the following new accounting
pronouncements which are effective for fiscal periods of the Company beginning
on or after January 1, 2015: </P>
<P align=justify><U>International Financial Reporting Standard 9, Financial
Instruments (&#147;IFRS 9&#148;)</U> </P>
<P align=justify>IFRS 9 was issued in October 2010 by the IASB to replace IAS
39, Financial Instruments &#150; Recognition and Measurement. The replacement
standard has the following significant components: it establishes two primary
measurement categories for financial assets &#150; amortized cost and fair value; it
establishes criteria for the classification of financial assets within the
measurement category based on business model and cash flow characteristics; and
it eliminates existing held to maturity, available-for-sale, and loans and
receivable categories. </P>
<P align=justify>In November 2013, the IASB issued an amendment to IFRS 9 which
includes a new hedge model that aligns accounting more closely with risk
management and enhances disclosure about hedge accounting and risk management.
Additionally, as the impairment guidance and certain limited amendments to the
classification and measurement requirements of IFRS 9 are not yet complete, the
previously mandated effective date of IFRS 9 of January 1, 2015 has been
removed. Entities may apply IFRS 9 before the IASB completes the amendments but
are not required to do so. </P>
<P align=justify>The Company has not evaluated the impact of adopting this
standard. </P>
<P align=center>- 25 - </P>
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<TABLE
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  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left><B><FONT size=4>DENISON MINES CORP. </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Management&#146;s Discussion and Analysis </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Year Ended December 31, 2014 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>(Expressed in U.S.
      Dollars, unless otherwise noted) </TD>
  </TR>
</TABLE>
<P align=justify><U>International Financial Reporting Standard 15, Revenue from
Contracts with Customers (&#147;IFRS 15&#148;)</U> </P>
<P align=justify>IFRS 15 deals with revenue recognition and establishes
principles for reporting useful information to users of financial statements
about the nature, amount, timing and uncertainty of revenue and cash flows
arising from an entity&#146;s contracts with customers. Revenue is recognized when a
customer obtains control of a good or service. The standard replaces IAS 18
&#147;Revenue&#148; and IAS 11&#148;Construction Contracts&#148; and related interpretations. The
standard is effective for annual periods beginning on or after January 1, 2017
and earlier application is permitted. </P>
<P align=justify>The Company has not evaluated the impact of adopting this
standard. </P>
<P align=justify><B>ENVIRONMENTAL RESPONSIBILITY </B></P>
<P align=justify>The Company is committed to the operation of its facilities
that puts the safety of its workers, its contractors, its community, the
environment and the principles of sustainable development above all else. The
Company is committed to the following principles: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >
      <P align=justify>It will build and operate its facilities in compliance
      with all applicable laws and regulations of the jurisdictions in which it
      operates; </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >
      <P align=justify>It will adopt and adhere to standards that are protective
      of both human health and the environment at all of its facilities;
  </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >
      <P align=justify>It will establish goals and objectives that would
      encourage the ongoing development of a sound program of sustainability in
      the communities that it operates in; and </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%" >
      <P align=justify>It will keep radiation, health and safety hazards and
      environmental risks as low as reasonably achievable.
</P></TD></TR></TABLE>
<P align=justify><B>RISK FACTORS</B> </P>
<P align=justify>There are a number of factors that could negatively affect
Denison&#146;s business and the value of Denison&#146;s common shares, including the
factors listed below. The following information pertains to the outlook and
conditions currently known to Denison that could have a material impact on the
financial condition of Denison. Other factors may arise in the future that are
currently not foreseen by management of Denison that may present additional
risks in the future. Current and prospective security holders of Denison should
carefully consider these risk factors. </P>
<P align=justify><B><I>Nature of Exploration and Development </I></B></P>
<P align=justify>Exploration for and development of mineral properties is
speculative, and involves significant uncertainties and financial risks that
even a combination of careful evaluation, experience and knowledge may not
eliminate. While the discovery of an ore body may result in substantial rewards,
few properties which are explored are commercially mineable or ultimately
developed into producing mines. Major expenses may be required to establish
mineral reserves by drilling, constructing mining and processing facilities at a
site, developing metallurgical processes and extracting uranium from ore. It is
impossible to ensure that the current exploration and development programs of
Denison will result in profitable commercial mining operations. </P>
<P align=justify>Denison&#146;s current and future uranium production is dependent in
part on the successful development of new ore bodies and/or expansion of
existing mining operations. The economic feasibility of development projects is
based upon many factors, including, among others: the accuracy of mineral
reserve and resource estimates; metallurgical recoveries; capital and operating
costs of such projects; government regulations relating to prices, taxes,
royalties, infrastructure, land tenure, land use, importing and exporting, and
environmental protection; and uranium prices, which are historically cyclical.
Development projects are also subject to the successful completion of
engineering studies, issuance of necessary governmental permits and availability
of adequate financing.</P>
<P align=justify>Development projects have no operating history upon which to
base estimates of future cash flow. Denison&#146;s estimates of mineral reserves and
resources and cash operating costs are, to a large extent, based upon detailed
geological and engineering analysis. Denison also conducts feasibility studies
which derive estimates of capital and operating costs based upon many factors,
including, among others: anticipated tonnage and grades of ore to be mined and
processed; the configuration of the ore body; ground and mining conditions;
expected recovery rates of the uranium from the ore; and alternate mining
methods. </P>
<P align=center>- 26 - </P>
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<TABLE
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  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left><B><FONT size=4>DENISON MINES CORP. </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Management&#146;s Discussion and Analysis </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Year Ended December 31, 2014 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>(Expressed in U.S.
      Dollars, unless otherwise noted) </TD>
  </TR>
</TABLE>
<P align=justify>It is possible that actual costs and economic returns of
current and new mining operations may differ materially from Denison&#146;s best
estimates. It is not unusual in the mining industry for new mining operations to
experience unexpected problems during the start-up phase, take much longer than
originally anticipated to bring into a producing phase, and to require more
capital than anticipated. </P>
<P align=justify><B><I>Benefits Not Realized From Transactions </I></B></P>
<P align=justify>Denison has completed a number of transactions over the last
several years, including without limitation the acquisition of IEC, the Rockgate
takeover bid, the acquisition of Fission Energy Corp., the acquisition of JNR
Resources Inc. and the sale of the its mining assets and operations located in
the United States to Energy Fuels Inc. Despite Denison&#146;s belief that these
transactions, and others which may be completed in the future, will be in
Denison&#146;s best interest and benefit the Company and Denison&#146;s shareholders,
Denison may not realize the anticipated benefits of such transactions or realize
the full value of the consideration paid to complete the transactions. This
could result in significant accounting impairments or write-downs of the
carrying values of mineral properties and could adversely impact the Company and
the price of its common shares. </P>
<P align=justify><B><I>Inability to Expand and Replace Mineral Reserves and
Resources </I></B></P>
<P align=justify>Denison&#146;s mineral reserves and resources at its McClean Lake,
Midwest, Wheeler River, Waterbury Lake, GSJV and Mutanga projects are Denison&#146;s
future sources of uranium concentrates. Unless other mineral reserves or
resources are discovered, Denison&#146;s sources of future production for uranium
concentrates will decrease over time when its current mineral reserves and
resources are depleted. There can be no assurance that Denison&#146;s future
exploration, development and acquisition efforts will be successful in
replenishing its mineral reserves and resources. In addition, while Denison
believes that many of its properties will eventually be put into production,
there can be no assurance that they will be or that they will be able to replace
production. </P>
<P align=justify><B><I>Imprecision of Mineral Reserve and Resource Estimates
</I></B></P>
<P align=justify>Mineral reserve and resource<B> </B>figures are estimates, and
no assurances can be given that the estimated levels of uranium will be produced
or that Denison will receive the prices assumed in determining its mineral
reserves and resources. Such estimates are expressions of judgment based on
knowledge, mining experience, analysis of drilling results and industry
practices. Valid estimates made at a given time may significantly change when
new information becomes available. While Denison believes that the mineral
reserve and resource<B> </B>estimates included are well established and reflect
management&#146;s best estimates, by their nature, mineral reserve and resource<B>
</B>estimates are imprecise and depend, to a certain extent, upon statistical
inferences which may ultimately prove unreliable. Furthermore, market price
fluctuations, as well as increased capital or production costs or reduced
recovery rates, may render mineral reserves and resources containing lower
grades of mineralization uneconomic and may ultimately result in a restatement
of mineral reserves and resources. The evaluation of mineral reserves or
resources<B> </B>is always influenced by economic and technological factors,
which may change over time. </P>
<P align=justify><B><I>Volatility and Sensitivity to Market Prices</I></B></P>
<P align=justify>The long and short term market prices of U<SUB>3</SUB>O<SUB>8
</SUB>affect the value of Denison&#146;s mineral resources and the market price of
Denison&#146;s common shares. Historically, these prices have fluctuated and have
been and will continue to be affected by numerous factors beyond Denison&#146;s
control.</P>
<P align=justify>Such factors include, among others: demand for nuclear power,
political and economic conditions in uranium producing and consuming countries,
public and political response to a nuclear incident, reprocessing of used
reactor fuel and the re-enrichment of depleted uranium tails, sales of excess
civilian and military inventories (including from the dismantling of nuclear
weapons) by governments and industry participants, uranium supply, including the
supply from other secondary sources and production levels and costs of
production. </P>
<P align=justify><B><I>Public Acceptance of Nuclear Energy and Competition from
Other Energy Sources </I></B></P>
<P align=justify>Growth of the uranium and nuclear power industry will depend
upon continued and increased acceptance of nuclear technology as a means of
generating electricity. Because of unique political, technological and
environmental factors that affect the nuclear industry, including the risk of a
nuclear incident, the industry is subject to public opinion risks that could
have an adverse impact on the demand for nuclear power and increase the
regulation of the nuclear power industry. Nuclear energy competes with other
sources of energy, including oil, natural gas, coal and hydro-electricity. These
other energy sources are to some extent interchangeable with nuclear energy,
particularly over the longer term. Sustained lower prices of oil, natural gas, coal and
hydroelectricity may result in lower demand for uranium concentrates. Technical
advancements in renewable and other alternate forms of energy, such as wind and
solar power, could make these forms of energy more commercially viable and put
additional pressure on the demand for uranium concentrates.</P>
<P align=center>- 27 - </P>
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  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left><B><FONT size=4>DENISON MINES CORP. </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Management&#146;s Discussion and Analysis </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Year Ended December 31, 2014 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>(Expressed in U.S.
      Dollars, unless otherwise noted) </TD>
  </TR>
</TABLE>
<P align=justify><B><I>Market Price of Shares </I></B></P>
<P align=justify>Securities of mining companies have experienced substantial
volatility in the past, often based on factors unrelated to the financial
performance or prospects of the companies involved. These factors include
macroeconomic conditions in North America and globally, and market perceptions
of the attractiveness of particular industries. The price of Denison's
securities is also likely to be significantly affected by short-term changes in
commodity prices, other mineral prices, currency exchange fluctuation, or
changes in its financial condition or results of operations as reflected in its
periodic earnings reports. Other factors unrelated to the performance of Denison
that may have an effect on the price of the securities of Denison include the
following: the extent of analytical coverage available to investors concerning
the business of Denison; lessening in trading volume and general market interest
in Denison's securities; the size of Denison's public float and its inclusion in
market indices may limit the ability of some institutions to invest in Denison's
securities; and a substantial decline in the price of the securities of Denison
that persists for a significant period of time could cause Denison's securities
to be delisted from an exchange. If an active market for the securities of
Denison does not continue, the liquidity of an investor's investment may be
limited and the price of the securities of the Company may decline, such that
investors may lose their entire investment in the Company. As a result of any of
these factors, the market price of the securities of Denison at any given point
in time may not accurately reflect the long-term value of Denison. Securities
class-action litigation often has been brought against companies following
periods of volatility in the market price of their securities. Denison may in
the future be the target of similar litigation. Securities litigation could
result in substantial costs and damages and divert management's attention and
resources. </P>
<P align=justify><B><I>Dilution from Further Equity Financing </I></B></P>
<P align=justify>If Denison raises additional funding by issuing additional
equity securities, such financing may substantially dilute the interests of
shareholders of Denison and reduce the value of their investment. </P>
<P align=justify><B><I>Reliance on Other Operators </I></B></P>
<P align=justify>At some of its properties, Denison is not the operator and
therefore is not in control of all of the activities and operations at the site.
As a result, Denison is and will be, to a certain extent, dependent on the
operators for the nature and timing of activities related to these properties
and may be unable to direct or control such activities. </P>
<P align=justify>As an example, AREVA is the operator and majority owner of the
McClean Lake and Midwest properties in Saskatchewan, Canada. The McClean Lake
mill employs unionized workers who work under collective agreements. AREVA, as
the operator, is responsible for all dealings with unionized employees. AREVA
may not be successful in its attempts to renegotiate the collective agreements,
which may impact mill and mining operations. Any lengthy work stoppages may have
a material adverse impact on the Company&#146;s future cash flows, earnings, results
of operations and financial condition. </P>
<P align=justify>Ore from the CLJV is currently being processed by the MLJV at
the McClean Lake mill pursuant to a toll milling agreement, which is expected to
generate revenue for the Company for several years. Any delays or stoppages in
the delivery of ores by the operator of the CLJV or in processing by the
operator of the MLJV may have an adverse impact on the Company&#146;s expected cash
flows, earnings or profit from toll milling.</P>
<P align=justify><B><I>Operations in Foreign Jurisdictions </I></B></P>
<P align=justify>The Company owns uranium properties directly and through joint
venture interests and is undertaking uranium exploration and development
programs in Zambia, Mali, Namibia and Mongolia. As with any foreign operation,
these international properties and interests are subject to certain risks, such
as the possibility of adverse political and economic developments, foreign
currency controls and fluctuations, as well as risks of war and civil
disturbances. Other events may limit or disrupt activities on these properties,
restrict the movement of funds, result in a deprivation of contract rights or
the taking of property or an interest therein by nationalization or
expropriation without fair compensation, increases in taxation or the placing of
limits on repatriations of earnings. No assurance can be given that current
policies of Zambia, Mali, Namibia and Mongolia, or the political situations
within these countries will not change so as to adversely affect the value or
continued viability of the Company&#146;s interest in these assets.</P>
<P align=center>- 28 - </P>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left><B><FONT size=4>DENISON MINES CORP. </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Management&#146;s Discussion and Analysis </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Year Ended December 31, 2014 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>(Expressed in U.S.
      Dollars, unless otherwise noted) </TD>
  </TR>
</TABLE>
<P align=justify>In addition, the Company may become involved in a dispute with
respect to one of its foreign operations and may become subject to the exclusive
jurisdiction of a foreign court or may find that it is not successful in
subjecting foreign persons to the jurisdiction of the courts in Canada. The
Company may also be precluded from enforcing its rights with respect to a
government entity because of the doctrine of sovereign immunity. </P>
<P align=justify><B><I>Property Title Risk </I></B></P>
<P align=justify>The Company has investigated its rights to explore and exploit
all of its material properties and, to the best of its knowledge, those rights
are in good standing. However, no assurance can be given that such rights will
not be revoked, or significantly altered, to its detriment. There can also be no
assurance that the Company&#146;s rights will not be challenged or impugned by third
parties, including the local governments, and in Canada, by First Nations and
M&#233;tis.</P>
<P align=justify>There is also a risk that Denison's title to, or interest in,
its properties may be subject to defects or challenges. This may be true
particularly in countries where there may be less developed legal systems or
where ownership interests may become subject to political interference or
changes in laws. If such defects cover a material portion of Denison's property,
they could materially and adversely affect Denison's results of operations and
financial condition, its reported mineral reserves and resources or its long
term business prospects. </P>
<P align=justify><B><I>Competition for Properties </I></B></P>
<P align=justify>Significant competition exists for the limited supply of
mineral lands available for acquisition. Many participants in the mining
business include large, established companies with long operating histories. The
Company may be at a disadvantage in acquiring new properties as many mining
companies have greater financial resources and more technical staff.
Accordingly, there can be no assurance that the Company will be able to compete
successfully to acquire new properties or that any such acquired assets would
yield reserves or result in commercial mining operations. </P>
<P align=justify><B><I>Global Financial Conditions </I></B></P>
<P align=justify>Global financial conditions have been subject to increased
volatility and numerous financial institutions have either gone into bankruptcy
or have had to be rescued by governmental authorities. Access to public
financing has been negatively impacted by both sub-prime mortgages and the
liquidity crisis affecting the asset-backed commercial paper market and the
effect of these events on Canadian and global credit markets. These factors may
impact the ability of Denison to obtain equity or debt financing in the future
and, if obtained, on terms favourable to Denison. These increased levels of
volatility and market turmoil could adversely impact Denison's operations and
the trading price of the common shares. </P>
<P align=justify><B><I>Ability to Maintain Obligations under Credit Facility and
Other Debt </I></B></P>
<P align=justify>Denison is required to satisfy certain financial covenants in
order to maintain its good standing under the 2015 Credit Facility. Denison may
from time to time enter into other arrangements to borrow money in order to fund
its operations and expansion plans, and such arrangements may include covenants
that have similar obligations or that restrict its business in some way. Events
may occur in the future, including events out of Denison's control that would
cause Denison to fail to satisfy its obligations under the 2015 Credit Facility
or other debt instruments. In such circumstances, the amounts drawn under
Denison's debt agreements may become due and payable before the agreed maturity
date, and Denison may not have the financial resources to repay such amounts
when due. The 2015 Credit Facility is secured by DMI's main properties by a
pledge of the shares of DMI. If Denison were to default on its obligations under
the 2015 Credit Facility or other secured debt instruments in the future, the
lender(s) under such debt instruments could enforce their security and seize
significant portions of Denison's assets.</P>
<P align=justify><B><I>Capital Intensive Industry; Uncertainty of Funding
</I></B></P>
<P align=justify>The exploration and development of mineral properties and the
ongoing operation of mines requires a substantial amount of capital and may
depend on Denison&#146;s ability to obtain financing through joint ventures, debt
financing, equity financing or other means. General market conditions, volatile
uranium markets, a claim against the Company, a significant disruption to the
Company&#146;s business or operations or other factors may make it difficult to
secure financing necessary for the expansion of mining activities or to take
advantage of opportunities for acquisitions. There is no assurance that the
Company will be successful in obtaining required financing as and when needed on
acceptable terms. </P>
<P align=center>- 29 - </P>
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  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left><B><FONT size=4>DENISON MINES CORP. </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Management&#146;s Discussion and Analysis </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Year Ended December 31, 2014 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>(Expressed in U.S.
      Dollars, unless otherwise noted) </TD>
  </TR>
</TABLE>
<P align=justify><B><I>Decommissioning and Reclamation </I></B></P>
<P align=justify>As owner of the Elliot Lake decommissioned sites and part owner
of the McClean Lake mill, McClean Lake mines, the Midwest uranium project and
certain exploration properties, and for so long as the Company remains an owner
thereof, the Company is obligated to eventually reclaim or participate in the
reclamation of such properties. Most, but not all, of the Company&#146;s reclamation
obligations are bonded, and cash and other assets of the Company have been
reserved to secure this obligation. Although the Company&#146;s financial statements
record a liability for the asset retirement obligation, and the bonding
requirements are generally periodically reviewed by applicable regulatory
authorities, there can be no assurance or guarantee that the ultimate cost of
such reclamation obligations will not exceed the estimated liability contained
on the Company&#146;s financial statements.</P>
<P align=justify>As Denison&#146;s properties approach or go into decommissioning,
regulatory review of the Company&#146;s decommissioning plans may result in
additional decommissioning requirements, associated costs and the requirement to
provide additional financial assurances. It is not possible to predict what
level of decommissioning and reclamation (and financial assurances relating
thereto) may be required in the future from Denison by regulatory authorities.
</P>
<P align=justify><B><I>Technical Innovation and Obsolescence </I></B></P>
<P align=justify>Requirements for Denison&#146;s products and services may be
affected by technological changes in nuclear reactors, enrichment and used
uranium fuel reprocessing. These technological changes could reduce the demand
for uranium or reduce the value of Denison&#146;s environmental services to potential
customers. In addition, Denison&#146;s competitors may adopt technological
advancements that give them an advantage over Denison. </P>
<P align=justify><B><I>Mining and Insurance </I></B></P>
<P align=justify>Denison&#146;s business is capital intensive and subject to a number
of risks and hazards, including environmental pollution, accidents or spills,
industrial and transportation accidents, labour disputes, changes in the
regulatory environment, natural phenomena (such as inclement weather conditions
earthquakes, pit wall failures and cave-ins) and encountering unusual or
unexpected geological conditions. Many of the foregoing risks and hazards could
result in damage to, or destruction of, Denison&#146;s mineral properties or
processing facilities, personal injury or death, environmental damage, delays in
or interruption of or cessation of production from Denison&#146;s mines or processing
facilities or in its exploration or development activities, delay in or
inability to receive regulatory approvals to transport its uranium concentrates,
or costs, monetary losses and potential legal liability and adverse governmental
action. In addition, due to the radioactive nature of the materials handled in
uranium mining and processing, additional costs and risks are incurred by
Denison on a regular and ongoing basis. </P>
<P align=justify>Although Denison maintains insurance to cover some of these
risks and hazards in amounts it believes to be reasonable, such insurance may
not provide adequate coverage in the event of certain circumstances. No
assurance can be given that such insurance will continue to be available or it
will be available at economically feasible premiums or that it will provide
sufficient coverage for losses related to these or other risks and hazards. </P>
<P align=justify>Denison may be subject to liability or sustain loss for certain
risks and hazards against which it cannot insure or which it may reasonably
elect not to insure because of the cost. This lack of insurance coverage could
result in material economic harm to Denison. </P>
<P align=justify><B><I>Dependence on Issuance of Licence Amendments and Renewals
</I></B></P>
<P align=justify>The Company maintains regulatory licences in order to operate
its mill at McClean Lake, all of which are subject to renewal from time to time
and are required in order for the Company to operate in compliance with
applicable laws and regulations. In addition, depending on the Company&#146;s
business requirements, it may be necessary or desirable to seek amendments to
one or more of its licences from time to time. While the Company has been
successful in renewing its licences on a timely basis in the past and in
obtaining such amendments as have been necessary or desirable, there can be no
assurance that such licence renewals and amendments will be issued by applicable
regulatory authorities on a timely basis or at all in the future.</P>
<P align=center>- 30 - </P>
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  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left><B><FONT size=4>DENISON MINES CORP. </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Management&#146;s Discussion and Analysis </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Year Ended December 31, 2014 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>(Expressed in U.S.
      Dollars, unless otherwise noted) </TD>
  </TR>
</TABLE>
<P align=justify><B><I>Governmental Regulation and Policy Risks </I></B></P>
<P align=justify>Uranium mining and milling operations and exploration
activities, as well as the transportation and handling of the products produced
are subject to extensive regulation by state, provincial and federal
governments. Such regulations relate to production, development, exploration,
exports, imports, taxes and royalties, labour standards, occupational health,
waste disposal, protection and remediation of the environment, mine
decommissioning and reclamation, mine safety, toxic substances, transportation
safety and emergency response, and other matters. Compliance with such laws and
regulations has increased the costs of exploring, drilling, developing,
constructing, operating and closing Denison&#146;s mines and processing facilities.
It is possible that, in the future, the costs, delays and other effects
associated with such laws and regulations may impact Denison&#146;s decision with
respect to exploration and development properties, whether to proceed with
exploration or development, or that such laws and regulations may result in
Denison incurring significant costs to remediate or decommission properties that
do not comply with applicable environmental standards at such time. Denison
expends significant financial and managerial resources to comply with such laws
and regulations. Denison anticipates it will have to continue to do so as the
historic trend toward stricter government regulation may continue. Because legal
requirements are frequently changing and subject to interpretation, Denison is
unable to predict the ultimate cost of compliance with these requirements or
their effect on operations. Furthermore, future changes in governments,
regulations and policies, such as those affecting Denison&#146;s mining operations
and uranium transport could materially and adversely affect Denison&#146;s results of
operations and financial condition in a particular period or its long term
business prospects. </P>
<P align=justify>Failure to comply with applicable laws, regulations and
permitting requirements may result in enforcement actions. These actions may
result in orders issued by regulatory or judicial authorities causing operations
to cease or be curtailed, and may include corrective measures requiring capital
expenditures, installation of additional equipment or remedial actions.
Companies engaged in uranium exploration operations may be required to
compensate others who suffer loss or damage by reason of such activities and may
have civil or criminal fines or penalties imposed for violations of applicable
laws or regulations. </P>
<P align=justify>Worldwide demand for uranium is directly tied to the demand for
electricity produced by the nuclear power industry, which is also subject to
extensive government regulation and policies. The development of mines and
related facilities is contingent upon governmental approvals that are complex
and time consuming to obtain and which, depending upon the location of the
project, involve multiple governmental agencies. The duration and success of
such approvals are subject to many variables outside Denison&#146;s control. Any
significant delays in obtaining or renewing such permits or licences in the
future could have a material adverse effect on Denison. In addition, the
international marketing of uranium is subject to governmental policies and
certain trade restrictions. Changes in these policies and restrictions may
adversely impact Denison&#146;s business.</P>
<P align=justify><B><I>Aboriginal Title and Consultation Issues </I></B></P>
<P align=justify>First Nations and M&#233;tis<B> </B>title claims as well as related
consultation issues may impact Denison&#146;s ability and that of its joint venture
partners to pursue exploration, development and mining at its Saskatchewan
properties. Pursuant to historical treaties, First Nations bands in Northern
Saskatchewan ceded title to most traditional lands but continue to assert title
to the minerals within the lands. Managing relations with the local native bands
is a matter of paramount importance to Denison. There may be no assurance
however that title claims as well as related consultation issues will not arise
on or with respect to the Company&#146;s properties.</P>
<P align=justify><B><I>Environmental, Health and Safety Risks </I></B></P>
<P align=justify>Denison has expended significant financial and managerial
resources to comply with environmental protection laws, regulations and
permitting requirements in each jurisdiction where it operates, and anticipates
that it will be required to continue to do so in the future as the historical
trend toward stricter environmental regulation may continue. The uranium
industry is subject to, not only the worker health, safety and environmental
risks associated with all mining businesses, including potential liabilities to
third parties for environmental damage, but also to additional risks uniquely
associated with uranium mining and processing. The possibility of more stringent
regulations exists in the areas of worker health and safety, the disposition of
wastes, the decommissioning and reclamation of mining and processing sites, and
other environmental matters each of which could have a material adverse effect
on the costs or the viability of a particular project. </P>
<P align=justify>Denison&#146;s facilities operate under various operating and
environmental permits, licences and approvals that contain conditions that must
be met, and Denison&#146;s right to continue operating its facilities is, in a number
of instances, dependent upon compliance with such conditions. Failure to meet
any such condition could have a material adverse effect on Denison&#146;s financial
condition or results of operations. </P>
<P align=center>- 31 - </P>
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<TABLE
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cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left><B><FONT size=4>DENISON MINES CORP. </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Management&#146;s Discussion and Analysis </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Year Ended December 31, 2014 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>(Expressed in U.S.
      Dollars, unless otherwise noted) </TD>
  </TR>
</TABLE>
<P align=justify>Although the Company believes its operations are in compliance,
in all material respects, with all relevant permits, licences and regulations
involving worker health and safety as well as the environment, there can be no
assurance regarding continued compliance or ability of the Company to meet
stricter environmental regulation, which may also require the expenditure of
significant additional financial and managerial resources. </P>
<P align=justify>Mining companies are often targets of actions by
non-governmental organizations and environmental groups in the countries in
which they operate. Such organizations and groups may take actions in the future
to disrupt Denison's operations. They may also apply pressure to local, regional
and national government officials to take actions which are adverse to Denison's
operations. Such actions could have an adverse effect on Denison's ability to
produce and sell its products, and on its financial position and results.</P>
<P align=justify><B><I>Dependence on Key Personnel and Qualified and Experienced
Employees </I></B></P>
<P align=justify>Denison&#146;s success depends on the efforts and abilities of
certain senior officers and key employees. Certain of Denison&#146;s employees have
significant experience in the uranium industry, and the number of individuals
with significant experience in this industry is small. While Denison does not
foresee any reason why such officers and key employees will not remain with
Denison, if for any reason they do not, Denison could be adversely affected.
Denison has not purchased key man life insurance for any of these
individuals.</P>
<P align=justify>Denison&#146;s success also depends on the availability of qualified
and experienced employees to work in Denison&#146;s operations and Denison&#146;s ability
to attract and retain such employees.<B> </B></P>
<P align=justify><B><I>Conflicts of Interest </I></B></P>
<P align=justify>Some of the directors of Denison are also directors of other
companies that are similarly engaged in the business of acquiring, exploring and
developing natural resource properties. Such associations may give rise to
conflicts of interest from time to time. In particular, one of the consequences
will be that corporate opportunities presented to a director of Denison may be
offered to another company or companies with which the director is associated,
and may not be presented or made available to Denison. The directors of Denison
are required by law to act honestly and in good faith with a view to the best
interests of Denison, to disclose any interest which they may have in any
project or opportunity of Denison, and to abstain from voting on such matter.
Conflicts of interest that arise will be subject to and governed by the
procedures prescribed in the Company&#146;s Code of Ethics and by the OBCA. </P>
<P align=justify><B><I>Disclosure and Internal Controls </I></B></P>
<P align=justify>Internal controls over financial reporting are procedures
designed to provide reasonable assurance that transactions are properly
authorized, assets are safeguarded against unauthorized or improper use, and
transactions are properly recorded and reported. Disclosure controls and
procedures are designed to ensure that information required to be disclosed by a
company in reports filed with securities regulatory agencies is recorded,
processed, summarized and reported on a timely basis and is accumulated and
communicated to company&#146;s management, including its chief executive officer and
chief financial officer, as appropriate, to allow timely decisions regarding
required disclosure. A control system, no matter how well designed and operated,
can provide only reasonable, not absolute, assurance with respect to the
reliability of reporting, including financial reporting and financial statement
preparation. </P>
<P align=justify><B><I>Potential Influence of KEPCO </I></B></P>
<P align=justify>As at the date hereof, KEPCO holds indirectly a large
shareholding in Denison and is contractually entitled to Board representation.
Provided KEPCO holds over 5% of Denison's common shares, it is entitled to
nominate one director for election to the Board at any shareholder meeting. </P>
<P align=justify>KEPCO&#146;s shareholding level gives it significant influence on
decisions to be made by shareholders of Denison, and its right to nominate a
director may give KEPCO influence on decisions made by Denison's Board. Although
KEPCO's director nominee will be subject to duties under the OBCA to act in the
best interests of Denison as a whole, KEPCO's director nominee is likely to be
an employee of KEPCO and he or she may give special attention to KEPCO's
interests as an indirect shareholder. The interests of KEPCO as an indirect
shareholder of Denison may not always be consistent with the interests of
Denison's other shareholders. </P>
<P align=center>- 32 - </P>
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<TABLE
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  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left><B><FONT size=4>DENISON MINES CORP. </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Management&#146;s Discussion and Analysis </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Year Ended December 31, 2014 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>(Expressed in U.S.
      Dollars, unless otherwise noted) </TD>
  </TR>
</TABLE>
<P align=justify>The KEPCO strategic relationship agreement also includes
provisions that will provide KEPCO with a right of first offer for certain asset
sales and the right to be approached to participate in certain potential
acquisitions. The right of first offer and participation right of KEPCO may
negatively affect Denison's ability or willingness to entertain certain business
opportunities, or the attractiveness of Denison as a potential party for certain
business transactions. KEPCO's large shareholding block may also make Denison
less attractive to third parties considering an acquisition of Denison if those
third parties are not able to negotiate terms with KEPCO to support such an
acquisition.</P>
<P align=justify><B>QUALIFIED PERSON </B></P>
<P align=justify>The disclosure of scientific and technical information
regarding Denison&#146;s properties in the MD&amp;A was prepared by or reviewed by
Steve Blower, P. Geo., the Company&#146;s Vice President, Exploration, and Terry
Wetz, P.E., the Executive Director of the GSJV, who are Qualified Persons in
accordance with the requirements of NI 43-101. For a description of the quality
assurance program and quality control measures applied by Denison, please see
Denison&#146;s 2013 Annual Information Form dated March 14, 2014 available at
www.sedar.com, and its Form 40-F available at www.sec.gov/edgar.shtml. </P>
<P align=center>- 33 - </P>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
