<SEC-DOCUMENT>0001654954-20-011943.txt : 20201106
<SEC-HEADER>0001654954-20-011943.hdr.sgml : 20201106
<ACCEPTANCE-DATETIME>20201106164119
ACCESSION NUMBER:		0001654954-20-011943
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		11
CONFORMED PERIOD OF REPORT:	20200930
FILED AS OF DATE:		20201106
DATE AS OF CHANGE:		20201106

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:		201295010

	BUSINESS ADDRESS:	
		STREET 1:		40 UNIVERSITY AVE., SUITE 1100
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5J 1T1
		BUSINESS PHONE:		(416) 979-1991

	MAIL ADDRESS:	
		STREET 1:		40 UNIVERSITY AVE., SUITE 1100
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5J 1T1

	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 DATED NOVEMBER 6, 2020
<TEXT>
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<div style="text-align: center; text-indent: 0px; padding-top: 5.3px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 24px; font-weight: bold;">UNITED STATES</font></div>
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 24px; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</font></div>
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">Washington, D.C. 20549</font></div>
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<div style="text-align: center; text-indent: 0px; padding-top: 16px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 24px; font-weight: bold;">FORM 6-K</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<br>
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE
13a-16 OR 15d-16</font></div>
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">UNDER THE SECURITIES EXCHANGE ACT OF 1934</font></div>
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<div style="text-align: center; text-indent: 0px; padding-top: 16px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">Date: November 6, 2020</font></div>
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<div style="text-align: center; text-indent: 0px; padding-top: 16px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Commission File Number:</font> <font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">001-33414</font></div>
<div style="text-align: center; text-indent: 0px; padding-top: 16px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<div style="text-align: center; text-indent: 0px; padding-bottom: 2.7px; margin-right: 0px; margin-left: 0px; line-height: 1;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="font-family: Times New Roman; font-size: 32px; font-weight: bold;">Denison Mines Corp.</font>&#xA0;<br></font></div>
<div style="text-align: left; width: 100%; text-indent: 0px; margin-right: 0px; margin-left: 0px; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><!--Rule Below Paragraph--></div>
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registrant)</font></font></div>
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<div style="text-align: left; width: 100%; text-indent: 0px; margin-right: 0px; margin-left: 0px; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><!--Rule Below Paragraph--></div>
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<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px; line-height: 1; padding-top: 8px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">1100-40 University Avenue</font> <font style="font-family: Times New Roman; font-size: 13px;"><br>
</font></div>
<div style="text-align: center; text-indent: 0px; padding-top: 8px; margin-right: 0px; margin-left: 0px; line-height: 1;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">Toronto Ontario</font></div>
<div style="text-align: center; text-indent: 0px; padding-top: 8px; margin-right: 0px; margin-left: 0px; line-height: 1;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">&#xA0;M5J 1T1 Canada</font> <font style="font-family: Times New Roman; font-size: 13px;"><br>
</font></div>
<div style="text-align: center; text-indent: 0px; padding-bottom: 2.7px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;<font style="font-style: italic">(Address of
principal executive offices)</font></font></div>
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<div style="text-align: left; text-indent: 0px; padding-top: 16px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;Indicate by check mark whether the registrant files
or will file annual reports under cover Form 20-F or Form
40-F.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; text-indent: 0px; padding-top: 16px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Form
20-F&#xA0;&#xA0;&#x2610;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Form&#xA0;&#xA0;&#xA0;&#xA0;40-F&#xA0;&#xA0;&#xA0;&#x2612;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 0px; padding-top: 16px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">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):&#xA0;&#xA0;&#x2610;</font></div>
<div style="text-align: left; text-indent: 0px; padding-top: 16px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">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):&#xA0;&#xA0;&#x2610;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"></div>
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<font style="font-family: Times New Roman; font-size: 13px;"><br>
</font>
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="font-weight: bold">INCORPORATION BY
REFERENCE</font><br></font></div>
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Exhibits 99.1 and
99.2 to this Form 6-K of Denison Mines Corp. are hereby
incorporated by reference as an exhibit to its Registration
Statement on Form F-10 (File No. 333-238108), as amended or
supplemented.<br></font></div>
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">SIGNATURES<br></font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 0px; padding-top: 16px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">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.</font></div>
<div style="text-align: left; text-indent: 0px; padding-top: 16px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<td style="width: 47%; vertical-align: top;">
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<td style="width: 1%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<td style="width: 4%; vertical-align: top;">
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<td style="width: 0%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 48%; vertical-align: top;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-weight: bold">DENISON MINES
CORP.</font><br></div>
</td>
</tr><tr>
<td style="width: 47%; vertical-align: middle;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
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<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
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<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
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<td style="width: 47%; vertical-align: top;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<td style="width: 1%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<td style="width: 4%; vertical-align: top;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<td style="width: 0%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 48%; vertical-align: top; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic;">/s/ Amanda Willett</font></div>
</td>
</tr><tr>
<td style="width: 47%; vertical-align: top;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Date<font style="font-weight: bold;">:&#xA0;</font>
November 6, 2020</font></div>
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<td style="width: 1%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 4%; vertical-align: top;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<td style="width: 0%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 48%; vertical-align: top;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Amanda
Willett</font></div>
</td>
</tr><tr>
<td style="width: 47%; vertical-align: top;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 1%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 4%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 0%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 48%; vertical-align: top;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Vice
President Legal and Corporate Secretary</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<div style="text-align: left; width: 100%; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</div>
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<div id="hdr">
<div style="text-align: left; width: 100%; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="font-weight: bold;">FORM 6-K
EXHIBIT INDEX</font></font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center">
<table cellpadding="0" cellspacing="0" style="text-align: center; margin: 0px auto 0px 0px; width: 100%; font-family: Times New Roman; font-size: 13px;">
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<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Exhibit&#xA0;Number</font></div>
</td>
<td style="width: 5%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;&#xA0;</font></div>
</td>
<td style="width: 85%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Description</font></div>
</td>
</tr><tr>
<td style="width: 10%; vertical-align: middle;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 90%; vertical-align: middle;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
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<td>
<div style="text-align: center">9<font>9.1</font></div>
</td>
<td>
<div><font>&#xA0;</font></div>
</td>
<td>
<div style="text-align: left"><font><a href="a2020-09dmcfinancialsfili.htm">Interim Consolidated Financial
Statements for the period ended September 30,
2020</a><br></font></div>
</td>
</tr><tr>
<td style="width: 10%; vertical-align: top;">
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;<font style="font-family: Times New Roman; font-size: 13px;">99.2</font>&#xA0;</font></div>
</td>
<td style="width: 5%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 85%; vertical-align: top;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font><a href="a2020-09dmcmdafiling.htm"><font>Management's
Discussion and Analysis for the three and nine months ended
September 30, 2020</font></a> &#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 10%; vertical-align: top;">
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">99.3</font></div>
</td>
<td style="width: 5%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 85%; vertical-align: top;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font><a href="interimcertceo.htm">Form 51-102F2
Certification of Interim Filings - CEO</a>&#xA0;<br></font></div>
</td>
</tr><tr>
<td style="width: 10%; vertical-align: top;">
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">99.4<br></font></div>
</td>
<td style="width: 5%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 85%; vertical-align: top;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font><a href="interimcertcfo.htm">Form 51-102F2
Certification of Interim Filings - CFO</a><br></font></div>
</td>
</tr><tr>
<td>99.5<br></td>
<td>
<div><font>&#xA0;</font></div>
</td>
<td>
<div style="text-align: left"><font style="font-family: Times New Roman; font-size: 13px;"><a href="a2020-09dmcnrfilingedgar.htm">Press release dated November 5,
2020</a><br></font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; text-indent: 0px; padding-bottom: 16px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; text-indent: 0px; margin-right: 0px; margin-left: 0px;">
<div id="ftr">
<div style="text-align: left; width: 100%; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</div>
<div id="pb" style="text-align: center; width: 100%; height: 1px; margin-right: 0px; margin-bottom: 6px; margin-left: 0px; background-color: rgb(0, 0, 0);"><!--page break--></div>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a2020-09dmcfinancialsfili.htm
<DESCRIPTION>INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED SEPTEMBER 30, 2020
<TEXT>
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<title>a2020-09dmcfinancialsfili</title>
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<div id="hdr">
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 100%; border-bottom: 4px double #4d4d4d">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="font-weight: bold">
Exhibit 99.1</font><br></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"><img src="denisonlogo-small.jpg"></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #4D4D4D; font-family: Arial; font-size: 11px">
INTERIM CONSOLIDATED FINANCIAL STATEMENTS</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td colspan="7" style="vertical-align: middle; width: 100%; border-bottom: 3px double #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #006600; font-family: Arial; font-size: 16px">
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL
POSITION</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(Unaudited -
Expressed in thousands of Canadian dollars (&#x201C;CAD&#x201D;)
except for share amounts)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">At September
30</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">2020</font></div>
</td>
<td style="vertical-align: middle; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">At December
31</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">2019</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
ASSETS</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
Current</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Cash and cash
equivalents (note 4)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">6,518</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">8,190</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Trade and other
receivables (note 5)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">3,010</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">4,023</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Inventories (note
6)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">3,078</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">3,352</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Investments (note
7)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">9,717</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%; border-bottom: 1px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Prepaid expenses
and other</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">807</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">978</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">23,130</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">16,543</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Arial; font-size: 11px">
Non-Current</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Inventories-ore
in stockpiles (note 6)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">2,098</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">2,098</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Investments (note
7)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">93</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">12,104</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Restricted cash
and investments (note 8)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">12,190</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">11,994</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%; border-bottom: 1px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Property, plant
and equipment (note 9)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">256,046</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">257,259</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%; border-bottom: 3px double #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Total
assets</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">293,557</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">299,998</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
LIABILITIES</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
Current</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Accounts payable
and accrued liabilities</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">6,480</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">7,930</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Current portion
of long-term liabilities:</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Deferred revenue
(note 10)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">4,597</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">4,580</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Post-employment
benefits (note 11)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">150</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">150</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Reclamation
obligations (note 12)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">900</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">914</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%; border-bottom: 1px solid #000000">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Other liabilities
(note 13)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">230</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">1,372</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">12,357</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">14,946</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Arial; font-size: 11px">
Non-Current</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Deferred revenue
(note 10)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">32,823</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">31,741</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Post-employment
benefits (note 11)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">2,096</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">2,108</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Reclamation
obligations (note 12)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">32,020</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">31,598</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Other liabilities
(note 13)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">410</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">532</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%; border-bottom: 1px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Deferred income
tax liability</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">8,566</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">8,924</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%; border-bottom: 1px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Total
liabilities</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">88,272</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">89,849</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
EQUITY</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Share capital
(note 14)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">1,342,611</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">1,335,467</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Share purchase
warrants (note 15)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">435</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Contributed
surplus</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">67,036</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">65,417</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Deficit</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(1,205,492)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(1,192,304)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%; border-bottom: 1px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Accumulated other
comprehensive income (note 17)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">1,130</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">1,134</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%; border-bottom: 1px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Total
equity</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">205,285</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">210,149</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%; border-bottom: 3px double #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Total
liabilities and equity</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">293,557</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">299,998</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 51%; border-bottom: 3px double #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Issued and
outstanding common shares (note 14)</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">626,321,102</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">597,192,153</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: left; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Contingencies
(note 23)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Subsequent
events (note 24)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="7" style="vertical-align: top; width: 100%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The accompanying
notes are integral to the condensed interim consolidated financial
statements</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: center; width: 100%"><font style="font-size: 11px;">&#xA0;1</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
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<div style="text-align: right; width: 100%"><font style="font-size: 11px;">&#xA0;</font></div>
</div>
</div>
<div style="text-align: right">
<table cellpadding="0" cellspacing="0" style="text-align: left; margin: 0px 0px 0px auto; width: 100%; font-size: inherit;">
<tr>
<td style="width: 50%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><img src="denisonlogo-small.jpg"></div>
</td>
<td style="width: 50%; border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom;">
<div style="text-align: right"><font style="font-family: Arial;">&#xA0;<font style="font-weight: bold; color: rgb(77, 77, 77); font-size: 11px;">INTERIM
CONSOLIDATED FINANCIAL STATEMENTS</font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px;">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td colspan="9" style="vertical-align: top; width: 100%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #006600; font-family: Arial; font-size: 16px">
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND
COMPREHENSIVE INCOME (LOSS)</font></div>
</td>
</tr><tr>
<td colspan="9" style="vertical-align: top; width: 100%; border-bottom: 3px double #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 7px; text-indent: 24px">
<font style="font-family: Arial; font-size: 11px">(Unaudited -
Expressed in thousands of CAD dollars except for share and per
share amounts)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: middle; width: 26%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Three
Months Ended</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">September
30</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: middle; width: 25%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Nine
Months Ended</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">September
30</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2020</font></div>
</td>
<td style="vertical-align: middle; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2019</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2020</font></div>
</td>
<td style="vertical-align: middle; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2019</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%; border-bottom: 1px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px"><font style="font-weight: bold">REVENUES</font> (note 19)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">$</font></font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">2,743</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">$</font></font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">3,478</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">$</font></font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">10,329</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">$</font></font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">11,593</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
EXPENSES</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Operating
expenses (note 18, 19)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(2,358)</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(2,877)</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(7,726)</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(9,738)</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Exploration and
evaluation (note 19)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(1,744)</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(4,591)</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(5,780)</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(11,846)</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">General and
administrative (note 19)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(2,110)</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(1,657)</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(5,719)</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(5,688)</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%; border-bottom: 1px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Other income
(expense) (note 18)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(1,318)</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(928)</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(2,347)</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(1,456)</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(7,530)</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(10,053)</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(21,572)</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(28,728)</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Loss
before finance expense and</font></div>
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">equity
accounting</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(4,787)</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(6,575)</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(11,243)</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(17,135)</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Finance expense
(note 18)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(1,081)</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(1,037)</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(3,205)</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(3,058)</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%; border-bottom: 1px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Equity share of
loss of associate</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">-</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(220)</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">-</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(426)</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Loss before
taxes</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(5,868)</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(7,832)</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(14,448)</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(20,619)</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Income tax
recovery (note 21)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%; border-bottom: 1px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Deferred</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">386</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">1,408</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">1,260</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">3,976</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%; border-bottom: 3px double #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Net loss for the
period</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">$</font></font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(5,482)</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">$</font></font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(6,424)</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">$</font></font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(13,188)</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">$</font></font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(16,643)</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Other
comprehensive income (loss) (note 17):</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Items that may be
reclassified to income (loss):</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%; border-bottom: 1px solid #000000">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Foreign currency
translation change</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">3</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(2)</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(4)</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">4</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%; border-bottom: 3px double #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Comprehensive
loss for the period</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">$</font></font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(5,479)</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">$</font></font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(6,426)</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">$</font></font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(13,192)</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">$</font></font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(16,639)</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Basic and diluted
net loss per share:</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%; border-bottom: 3px double #000000">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">All
operations</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">$</font></font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(0.01)</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">$</font></font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(0.01)</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">$</font></font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(0.02)</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">$</font></font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(0.03)</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td colspan="5" style="vertical-align: top; width: 73%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Weighted-average
number of shares outstanding (in thousands):</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%; border-bottom: 3px double #000000">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Basic and
diluted</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">626,182</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">590,221</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">614,871</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">589,608</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="9" style="vertical-align: top; width: 100%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The accompanying
notes are integral to the condensed interim consolidated financial
statements</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 12px; font-family: Arial">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 11px">&#xA0;2</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000"></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family: inherit; font-size: inherit;padding-top: 0px; padding-bottom: 0px; margin-left: auto; margin-right: 0px; width: 100%;">
<tr>
<td style="width: 50%; border-bottom: 1px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><img src="denisonlogo-small.jpg"></div>
</td>
<td style="width: 50%; vertical-align: bottom; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Arial">&#xA0;<font style="font-weight: bold; color: #4d4d4d; font-size: 11px">INTERIM
CONSOLIDATED FINANCIAL STATEMENTS</font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td colspan="9" style="vertical-align: top; width: 100%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #006600; font-family: Arial; font-size: 16px">
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN
EQUITY</font></div>
</td>
</tr><tr>
<td colspan="9" style="vertical-align: top; width: 100%; border-bottom: 3px double #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(Unaudited -
Expressed in thousands of CAD dollars)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 24%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: middle; width: 27%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Nine
Months Ended</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">September
30</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2020</font></div>
</td>
<td style="vertical-align: middle; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2019</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
Share capital (note 14)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Balance-beginning
of period</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">$</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">1,335,467</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">$</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">1,331,214</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Shares issued for
cash, net of issue costs</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">6,878</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">-</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Share options
exercised-cash</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">77</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">405</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Share options
exercised-fair value adjustment</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">25</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">140</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%; border-bottom: 1px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Share units
exercised-fair value adjustment</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">164</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">299</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%; border-bottom: 1px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Balance-end of
period</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">1,342,611</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">1,332,058</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
Share purchase warrants (note 15)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Balance-beginning
of period</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">435</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">435</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%; border-bottom: 1px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Warrants
expired</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(435)</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">-</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%; border-bottom: 1px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Balance-end of
period</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">-</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">435</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
Contributed surplus</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Balance-beginning
of period</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">65,417</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">63,634</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Share-based
compensation expense (note 16)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">1,373</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">1,772</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Share options
exercised-fair value adjustment</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(25)</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(140)</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Share units
exercised-fair value adjustment</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(164)</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(299)</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%; border-bottom: 1px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Warrants
expired</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">435</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">-</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%; border-bottom: 1px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Balance-end of
period</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">67,036</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">64,967</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
Deficit</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Balance-beginning
of period</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(1,192,304)</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(1,174,163)</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%; border-bottom: 1px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Net
loss</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(13,188)</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(16,643)</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%; border-bottom: 1px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Balance-end of
period</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(1,205,492)</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(1,190,806)</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align: top; width: 57%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
Accumulated other comprehensive income (note 17)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Balance-beginning
of period</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">1,134</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">1,127</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%; border-bottom: 1px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Foreign currency
translation</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(4)</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">4</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%; border-bottom: 1px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Balance-end of
period</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">1,130</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">1,131</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
Total Equity</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%; border-bottom: 1px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Balance-beginning
of period</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">210,149</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">222,247</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%; border-bottom: 3px double #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Balance-end of
period</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">$</font></font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">205,285</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">$</font></font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">207,785</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="9" style="vertical-align: top; width: 100%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The accompanying
notes are integral to the condensed interim consolidated financial
statements</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 12px; font-family: Arial">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 11px">&#xA0;3</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000"></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family: inherit; font-size: inherit;padding-top: 0px; padding-bottom: 0px; margin-left: auto; margin-right: 0px; width: 100%;">
<tr>
<td style="width: 50%; border-bottom: 1px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><img src="denisonlogo-small.jpg"></div>
</td>
<td style="width: 50%; vertical-align: bottom; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Arial">&#xA0;<font style="font-weight: bold; color: #4d4d4d; font-size: 11px">INTERIM
CONSOLIDATED FINANCIAL STATEMENTS</font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td colspan="9" style="vertical-align: top; width: 100%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #006600; font-family: Arial; font-size: 16px">
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOW</font></div>
</td>
</tr><tr>
<td colspan="9" style="vertical-align: top; width: 100%; border-bottom: 3px double #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 12px">
<font style="font-family: Arial; font-size: 11px">(Unaudited -
Expressed in thousands of CAD dollars)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 47%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 24%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: middle; width: 25%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Nine
Months Ended</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">September
30</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 47%; border-bottom: 1px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
CASH PROVIDED BY (USED IN):</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2020</font></div>
</td>
<td style="vertical-align: middle; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2019</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 47%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 47%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
OPERATING ACTIVITIES</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 47%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Net loss for the
period</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">$</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(13,188)</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">$</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(16,643)</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 47%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Items not
affecting cash and cash equivalents:</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 47%">
<div style="text-align: left; margin-left: 24px; margin-right: -9px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Depletion,
depreciation, amortization and accretion</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">4,920</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 11px;">6,400</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 47%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Share-based
compensation (note 16)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">1,373</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">1,772</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 47%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Recognition
of deferred revenue (note 10)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(1,210)</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 11px;">(3,243)</font></font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align: top; width: 60%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Gains on
property, plant and equipment disposals (note 18)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(407)</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(5)</font></font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align: top; width: 60%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Losses on
fair value remeasurement of investments (note 18)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">2,094</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">1,172</font></font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align: top; width: 60%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Equity loss
of associate</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">-</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">678</font></font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align: top; width: 60%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Dilution gain
of associate</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">-</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(252)</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 47%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Deferred income
tax recovery</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(1,260)</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(3,976)</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 47%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Other</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">-</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(1)</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 47%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Post-employment
benefits (note 11)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(63)</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(93)</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 47%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Reclamation
obligations (note 12)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(606)</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(630)</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 47%; border-bottom: 1px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Change in
non-cash working capital items (note 18)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(133)</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">2,666</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 47%; border-bottom: 1px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Net
cash used in operating activities</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(8,480)</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(12,155)</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 47%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 47%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
INVESTING ACTIVITIES</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 47%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Decrease in loans
receivable</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">-</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">250</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 47%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Sale of
investments (note 7)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">477</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">-</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 47%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Purchase of
investments (note 7)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(7)</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(371)</font></font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align: top; width: 60%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Expenditures on
property, plant and equipment (note 9)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(153)</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(821)</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 47%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Proceeds
on sale of property, plant and equipment</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">137</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">5</font></font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align: top; width: 60%; border-bottom: 1px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Decrease
(increase) in restricted cash and investments</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(196)</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">78</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 47%; border-bottom: 1px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Net
cash provided by (used in) investing activities</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">258</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(859)</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 47%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 47%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
FINANCING ACTIVITIES</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 47%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Issuance of debt
obligations (note 13)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">-</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">43</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 47%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Repayment
of debt obligations (note 13)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(405)</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(209)</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 47%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Share
issues for cash, net of issue costs (note 14)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">6,878</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">-</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 47%; border-bottom: 1px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Share
option exercise proceeds (note 14)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">77</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">405</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 47%; border-bottom: 1px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Net
cash provided by financing activities</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">6,550</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">239</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 47%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 47%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Decrease
in cash and cash equivalents</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(1,672)</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(12,775)</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 47%; border-bottom: 1px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Cash
and cash equivalents, beginning of period</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">8,190</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">23,207</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 47%; border-bottom: 3px double #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Cash
and cash equivalents, end of period</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">$</font></font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">6,518</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">$</font></font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">10,432</font></font></div>
</td>
</tr><tr>
<td colspan="9" style="vertical-align: top; width: 100%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="9" style="vertical-align: top; width: 100%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The accompanying
notes are integral to the condensed interim consolidated financial
statements</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 12px; font-family: Arial">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 11px">&#xA0;4</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000"></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family: inherit; font-size: inherit;padding-top: 0px; padding-bottom: 0px; margin-left: auto; margin-right: 0px; width: 100%;">
<tr>
<td style="width: 50%; border-bottom: 1px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><img src="denisonlogo-small.jpg"></div>
</td>
<td style="width: 50%; vertical-align: bottom; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Arial">&#xA0;<font style="font-weight: bold; color: #4d4d4d; font-size: 11px">INTERIM
CONSOLIDATED FINANCIAL STATEMENTS</font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 91%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="color: #006600; font-weight: bold; font-family: Arial; font-size: 16px">
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2020</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 91%; border-bottom: 4px double #000000">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(Unaudited -
Expressed in CAD dollars unless otherwise noted)</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">1.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Arial; font-size: 11px">NATURE OF
OPERATIONS</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Denison Mines
Corp. (&#x201C;DMC&#x201D;) and its subsidiary companies and joint
arrangements (collectively, &#x201C;Denison&#x201D; or the
&#x201C;Company&#x201D;) are engaged in uranium mining related
activities, which can include acquisition, exploration and
development of uranium bearing properties, extraction, processing
and selling of uranium.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The Company has a
90.0% interest in the Wheeler River Joint Venture
(&#x201C;WRJV&#x201D;), a 66.71% interest in the Waterbury Lake
Limited Partnership (&#x201C;WLULP&#x201D;), a 22.5% interest in the
McClean Lake Joint Venture (&#x201C;MLJV&#x201D;) (which includes the
McClean Lake mill) and a 25.17% interest in the Midwest Joint
Venture (&#x201C;MWJV&#x201D;), each of which are located in the
eastern portion of the Athabasca Basin region in northern
Saskatchewan, Canada. The McClean Lake mill is contracted to
provide toll milling services to the Cigar Lake Joint Venture
(&#x201C;CLJV&#x201D;) under the terms of a toll milling agreement
between the parties (see note 10). In addition, the Company has
varying ownership interests in a number of other development and
exploration projects located in Canada.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The Company
provides mine decommissioning and other services (collectively
&#x201C;environmental services&#x201D;) to third parties through its
Closed Mines group and is also the manager of Uranium Participation
Corporation (&#x201C;UPC&#x201D;), a publicly-listed investment
holding company formed to invest substantially all of its assets in
uranium oxide concentrates (&#x201C;U<font style="font-size: 70%; vertical-align: bottom">3</font>O<font style="font-size: 70%; vertical-align: bottom">8</font>&#x201D;) and
uranium hexafluoride (&#x201C;UF<font style="font-size: 70%; vertical-align: bottom">6</font>&#x201D;). The
Company has no ownership interest in UPC but receives fees for the
various management services it provides to UPC.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">DMC is
incorporated under the Business Corporations Act (Ontario) and
domiciled in Canada. The address of its registered head office is
40 University Avenue, Suite 1100, Toronto, Ontario, Canada, M5J
1T1.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">Risk and
Uncertainty</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The outbreak of
the novel coronavirus (&#x201C;COVID-19&#x201D;) has disrupted, and
may continue to disrupt, the Company&#x2019;s disclosed business and
operational plans for fiscal 2020. The length or severity of these
disruptions are unknown at this point in time. The significant
potential social and economic disruptions that have emerged as a
result of the COVID-19 pandemic include (i) restrictions that
governments impose to address the COVID-19 outbreak, (ii)
restrictions that the Company and its contractors and
subcontractors impose to ensure the safety of employees and others,
(iii) shortages and / or unexpected sickness of employees, (iv)
unavailability of contractors and subcontractors, (v) interruption
of supplies from third parties upon which the Company relies, and
(vi) unusually high levels of volatility in capital
markets.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Disruptions of
this nature have necessitated a change in the Company&#x2019;s
business plans for 2020 and they may have a material adverse effect
on the Company&#x2019;s business, financial condition and results of
operations. Such adverse effects could be rapid and unexpected.
Management is closely monitoring the situation and is actively
adapting work plans to mitigate adverse effects where
possible.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">2.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Arial; font-size: 11px">STATEMENT
OF COMPLIANCE</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">These condensed
interim consolidated financial statements have been prepared in
accordance with International Financial Reporting Standards
(&#x201C;IFRS&#x201D;) as issued by the International Accounting
Standards Board (&#x201C;IASB&#x201D;) applicable to the preparation
of interim financial statements, including IAS 34, Interim
Financial Reporting. The condensed interim consolidated financial
statements should be read in conjunction with the audited annual
consolidated financial statements for the year ended December 31,
2019. The Company&#x2019;s presentation currency is Canadian
dollars.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">These financial
statements were approved by the board of directors for issue on
November 5, 2020.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">3.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Arial; font-size: 11px">ACCOUNTING
POLICIES</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The significant
accounting policies followed in these condensed interim
consolidated financial statements are consistent with those applied
in the Company&#x2019;s audited annual consolidated financial
statements for the year ended December 31, 2019.</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 12px; font-family: Arial">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 11px">&#xA0;5</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000"></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family: inherit; font-size: inherit;padding-top: 0px; padding-bottom: 0px; margin-left: auto; margin-right: 0px; width: 100%;">
<tr>
<td style="width: 50%; border-bottom: 1px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><img src="denisonlogo-small.jpg"></div>
</td>
<td style="width: 50%; vertical-align: bottom; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Arial">&#xA0;<font style="font-weight: bold; color: #4d4d4d; font-size: 11px">INTERIM
CONSOLIDATED FINANCIAL STATEMENTS</font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px;">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">4.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Arial; font-size: 11px">CASH AND
CASH EQUIVALENTS</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The cash and cash
equivalent balance consists of:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 44%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-top: 1.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">At September
30</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-top: 1.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">At December
31</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%; border-bottom: 1px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(in thousands of
CAD dollars)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">2020</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">2019</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Cash</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">5,337</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">1,583</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Cash in MLJV and
MWJV</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">471</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">1,397</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%; border-bottom: 1px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Cash
equivalents</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">710</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">5,210</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">6,518</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">8,190</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">5.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Arial; font-size: 11px">TRADE AND
OTHER RECEIVABLES</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The trade and
other receivables balance consists of:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td colspan="2" style="vertical-align: top; width: 44%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-top: 1.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">At September
30</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-top: 1.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">At December
31</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 44%; border-bottom: 1px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(in thousands of
CAD dollars)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">2020</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">2019</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 44%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 44%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Trade
receivables</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">2,701</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">2,608</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 44%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Receivables in
MLJV and MWJV</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">197</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">1,125</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 44%; border-bottom: 1px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Sales tax, other
receivables</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">112</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">290</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">3,010</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">4,023</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">6.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Arial; font-size: 11px">INVENTORIES</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The inventories
balance consists of:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 44%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-top: 1.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">At September
30</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-top: 1.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">At December
31</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%; border-bottom: 1px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(in thousands of
CAD dollars)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">2020</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">2019</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Uranium
concentrates</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">526</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Inventory of ore
in stockpiles</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">2,098</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2,098&#xA0;<br>
</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%; border-bottom: 1px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Mine and mill
supplies in MLJV</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">3,078</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">2,826<br></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">5,176</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">5,450&#xA0;<br>
</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Inventories-by
balance sheet presentation:</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Current</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">3,078</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">3,352&#xA0;<br>
</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%; border-bottom: 1px solid #000000">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Long-term-ore in
stockpiles</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">2,098</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2,098&#xA0;<br>
</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">5,176</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">5,450&#xA0;<br>
</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">During the nine
months ended September 30, 2020, the Company sold all of its
uranium concentrate inventory.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 12px; font-family: Arial">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 11px">&#xA0;6</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000"></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family: inherit; font-size: inherit;padding-top: 0px; padding-bottom: 0px; margin-left: auto; margin-right: 0px; width: 100%;">
<tr>
<td style="width: 50%; border-bottom: 1px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><img src="denisonlogo-small.jpg"></div>
</td>
<td style="width: 50%; vertical-align: bottom; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Arial">&#xA0;<font style="font-weight: bold; color: #4d4d4d; font-size: 11px">INTERIM
CONSOLIDATED FINANCIAL STATEMENTS</font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">7.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Arial; font-size: 11px">INVESTMENTS</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The investments
balance consists of:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 44%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-top: 1.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">At September
30</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-top: 1.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">At December
31</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%; border-bottom: 1px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(in thousands of
CAD dollars)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">2020</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">2019</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Investments:</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%; border-bottom: 1px solid #000000">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Equity
instruments</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">9,810</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">12,104</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">9,810</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">12,104</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Investments-by
balance sheet presentation:</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Current</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">9,717</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%; border-bottom: 1px solid #000000">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Long-term</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">93</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">12,104</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">9,810</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">12,104</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The investments
continuity summary is as follows:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 44%; border-top: 1.5pt solid #000000; border-bottom: 1px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(in thousands of
CAD dollars)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-top: 1.5pt solid #000000; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-top: 1.5pt solid #000000; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-top: 1.5pt solid #000000; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Investments</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Balance -
December 31, 2019</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">12,104</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Additions from
property disposals (note 9)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">270</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Sale of
investments</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">(477)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Purchase of
investments</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">7</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%; border-bottom: 1px solid #000000">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Fair value loss
to profit and loss</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(2,094)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%; border-bottom: 3px double #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Balance &#x2013;
September 30, 2020</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">9,810</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">8.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Arial; font-size: 11px">RESTRICTED
CASH AND INVESTMENTS</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The restricted
cash and investments balance consists of:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 43%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-top: 1.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Arial; font-size: 11px">At September
30</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-top: 1.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Arial; font-size: 11px">At December
31</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%; border-bottom: 1px solid #000000">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Arial; font-size: 11px">(in thousands of
CAD dollars)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Arial; font-size: 11px">2020</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Arial; font-size: 11px">2019</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Arial; font-size: 11px">Cash and cash
equivalents</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">3,055</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 24px; margin-right: -2px; text-indent: -24px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2,859&#xA0;<br>
</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%; border-bottom: 1px solid #000000">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Arial; font-size: 11px">Investments</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 24px; margin-right: -2px; text-indent: -24px">
<font style="color: #000000; font-family: Arial; font-size: 11px">9,135</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 24px; margin-right: -2px; text-indent: -24px">
<font style="color: #000000; font-family: Arial; font-size: 11px">9,135&#xA0;<br>
</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 24px; margin-right: -2px; text-indent: -24px">
<font style="color: #000000; font-family: Arial; font-size: 11px">12,190</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 24px; margin-right: -2px; text-indent: -24px">
<font style="color: #000000; font-family: Arial; font-size: 11px">11,994&#xA0;<br>
</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Arial; font-size: 11px">Restricted cash
and investments-by item:</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: -12px">
<font style="font-family: Arial; font-size: 11px">Elliot Lake
reclamation trust fund</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 24px; margin-right: -2px; text-indent: -24px">
<font style="color: #000000; font-family: Arial; font-size: 11px">3,055</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 24px; margin-right: -2px; text-indent: -24px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2,859&#xA0;<br>
</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: -12px">
<font style="font-family: Arial; font-size: 11px">Letters of credit
facility pledged assets</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 24px; margin-right: -2px; text-indent: -24px">
<font style="color: #000000; font-family: Arial; font-size: 11px">9,000</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 24px; margin-right: -2px; text-indent: -24px">
<font style="color: #000000; font-family: Arial; font-size: 11px">9,000&#xA0;<br>
</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%; border-bottom: 1px solid #000000">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: -12px">
<font style="font-family: Arial; font-size: 11px">Letters of credit
additional collateral</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 24px; margin-right: -2px; text-indent: -24px">
<font style="color: #000000; font-family: Arial; font-size: 11px">135</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 24px; margin-right: -2px; text-indent: -24px">
<font style="color: #000000; font-family: Arial; font-size: 11px">135&#xA0;<br>
</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">12,190</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 24px; margin-right: -2px; text-indent: -24px">
<font style="color: #000000; font-family: Arial; font-size: 11px">11,994&#xA0;<br>
</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">At September 30,
2020, investments consist of guaranteed investment certificates
with maturities of more than 90 days.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">Elliot
Lake Reclamation Trust Fund</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">During the nine
months ended September 30, 2020, the Company deposited an
additional $803,000 into the Elliot Lake Reclamation Trust Fund and
withdrew $636,000.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">Letters of
Credit Facility Pledged Assets</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">At September 30,
2020, the Company had on deposit $9,000,000 with the Bank of Nova
Scotia (&#x201C;BNS&#x201D;) as pledged restricted cash and
investments pursuant to its obligations under an amended and
extended letters of credit facility (see notes 12 and
13).</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 12px; font-family: Arial">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 11px">&#xA0;7</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000"></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family: inherit; font-size: inherit;padding-top: 0px; padding-bottom: 0px; margin-left: auto; margin-right: 0px; width: 100%;">
<tr>
<td style="width: 50%; border-bottom: 1px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><img src="denisonlogo-small.jpg"></div>
</td>
<td style="width: 50%; vertical-align: bottom; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Arial">&#xA0;<font style="font-weight: bold; color: #4d4d4d; font-size: 11px">INTERIM
CONSOLIDATED FINANCIAL STATEMENTS</font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 48px; margin-right: 0px; text-indent: -24px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">Letters of
Credit Additional Collateral</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">At September 30,
2020, the Company had on deposit an additional $135,000 of cash
collateral with BNS in respect of the portion of its issued
reclamation letters of credit in excess of the collateral available
under its letters of credit facility (see notes 12 and
13).</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">9.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Arial; font-size: 11px">PROPERTY,
PLANT AND EQUIPMENT</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The property,
plant and equipment (&#x201C;PP&amp;E&#x201D;) continuity summary is
as follows:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 41%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 27%; border-top: 1.5pt solid #000000; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Plant
and Equipment</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-top: 1.5pt solid #000000; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Mineral</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-top: 1.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Total</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%; border-bottom: 1px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(in thousands of
CAD dollars)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Owned</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Right-of-Use</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Properties</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">PP&amp;E</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Cost:</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Balance &#x2013;
December 31, 2019</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">104,587</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">906</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">179,481</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">284,974</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Additions</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">15</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">138</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">153</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%; border-bottom: 1px solid #000000">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Disposals</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(60)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(60)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%; border-bottom: 3px double #000000">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Balance
&#x2013; September 30, 2020</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">104,542</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">906</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">179,619</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">285,067</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Accumulated
amortization, depreciation:</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Balance &#x2013;
December 31, 2019</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(27,518)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(197)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(27,715)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Amortization</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(182)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(182)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Depreciation</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(1,036)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(148)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(1,184)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%; border-bottom: 1px solid #000000">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Disposals</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">60</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">60</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%; border-bottom: 3px double #000000">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Balance
&#x2013; September 30, 2020</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(28,676)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(345)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(29,021)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Carrying
value:</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%; border-bottom: 1px solid #000000">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Balance &#x2013;
December 31, 2019</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">77,069</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">709</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">179,481</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">257,259</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%; border-bottom: 3px double #000000">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Balance &#x2013;
September 30, 2020</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">75,866</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">561</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">179,619</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">256,046</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">Plant and
Equipment &#x2013; Owned</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The Company has a
22.5% interest in the McClean Lake mill through its ownership
interest in the MLJV. The carrying value of the mill, comprised of
various infrastructure, building and machinery assets, represents
$68,119,000, or 89.8%, of the September 2020 total carrying value
amount. See note 10 for the current operating status of the McClean
Lake mill.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">Plant and
Equipment &#x2013; Right-of-Use</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The Company has
included the cost of various right-of-use (&#x201C;ROU&#x201D;)
assets within its PP&amp;E carrying value amount. These assets
consist of building, vehicle and office equipment leases. The
majority of the value is attributable to the building lease assets
which represent the Company&#x2019;s office and / or warehousing
space located in Toronto and Saskatoon.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">Mineral
Properties</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">As at September
30, 2020, the Company has various interests in development,
evaluation and exploration projects located in Canada, primarily in
Saskatchewan, which are either held directly or through option or
various contractual agreements. The properties with significant
carrying values, being Wheeler River, Waterbury Lake, Midwest, Mann
Lake, Wolly, Johnston Lake and McClean Lake, represent
$162,517,000, or 90.5%, of the September 2020 total mineral
property carrying amount. Changes and / or updates in the current
period as compared to the December 31, 2019 year-end are disclosed
below.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Arial; font-size: 11px">Hook
Carter</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">In November 2016,
Denison completed the purchase of an 80% interest in the
Hook-Carter property, located in the southwestern portion of the
Athabasca Basin region in northern Saskatchewan, from ALX Uranium
Corp (&#x201C;ALX&#x201D;), with ALX retaining a 20%
interest.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Under terms in
the agreement, Denison agreed to fund ALX&#x2019;s share of the
first $12,000,000 in expenditures on the property. As at September
30, 2020, the Company has spent $6,716,000 on the project since its
acquisition in November 2016 (December 31, 2019:
$6,712,000).</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 12px; font-family: Arial">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 11px">&#xA0;8</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000"></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family: inherit; font-size: inherit;padding-top: 0px; padding-bottom: 0px; margin-left: auto; margin-right: 0px; width: 100%;">
<tr>
<td style="width: 50%; border-bottom: 1px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><img src="denisonlogo-small.jpg"></div>
</td>
<td style="width: 50%; vertical-align: bottom; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Arial">&#xA0;<font style="font-weight: bold; color: #4d4d4d; font-size: 11px">INTERIM
CONSOLIDATED FINANCIAL STATEMENTS</font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Arial; font-size: 11px">Moon Lake
South</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">In January 2016,
the Company entered into an option agreement with CanAlaska Uranium
Ltd (&#x201C;CanAlaska&#x201D;) to earn an interest in
CanAlaska&#x2019;s Moon Lake South project, located in the eastern
portion of the Athabasca Basin in Saskatchewan. Under the terms of
the option, Denison earns an initial 51% interest in the project by
spending $200,000 by December&#xA0;31, 2017 and it increases its
interest to 75% by spending an additional $500,000 by December 31,
2020.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">In March 2020,
the Company completed the requirement to spend $700,000 under the
option and earned a 75% interest in the project.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Arial; font-size: 11px">Talbot
Lake</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">In June 2020, the
Company closed an agreement to sell its 100% interest in the Talbot
Lake property to Argo Gold Inc (&#x201C;Argo Gold&#x201D;). At
closing, Denison received cash consideration of $135,000 and
1,350,000 common shares of Argo Gold that were fair valued at
$270,000. The shares are subject to a four month hold. The Company
has recognized a gain on sale of $405,000 in conjunction with the
sale.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Under the terms
of the agreement, Denison has also received a 2% net smelter
royalty on the property and it is entitled to receive an additional
milestone payment, in cash or shares, if the property produces a
resource estimate that meets certain specified amounts in the
agreement.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Arial; font-size: 11px">Waterbury
Lake</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">In June 2020, the
Company increased its interest in the WLULP (and the Waterbury Lake
property) from 66.57% to 66.71% under the terms of the dilution
provisions in the agreements governing the project (see note
20).</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 0px"><font style="font-weight: bold; font-family: Arial; font-size: 11px">10.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-weight: bold; font-family: Arial; font-size: 11px">DEFERRED
REVENUE</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The deferred
revenue balance consists of:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 44%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-top: 1.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">At September
30</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-top: 1.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">At December
31</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%; border-bottom: 1px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(in thousands of
CAD dollars)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">2020</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">2019</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Deferred revenue
&#x2013; pre-sold toll milling:</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%; border-bottom: 1px solid #000000">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">CLJV toll milling
&#x2013; APG</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">37,420</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">36,321</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">37,420</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">36,321</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Deferred
revenue-by balance sheet presentation:</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Current</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">4,597</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">4,580</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%; border-bottom: 1px solid #000000">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Non-current</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">32,823</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">31,741</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">37,420</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">36,321</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The deferred
revenue liability continuity summary is as follows:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 44%; border-top: 1.5pt solid #000000; border-bottom: 1px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(in thousands of
CAD dollars)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-top: 1.5pt solid #000000; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-top: 1.5pt solid #000000; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-top: 1.5pt solid #000000; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Deferred</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Revenue</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Balance -
December 31, 2019</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">36,321</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Accretion</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2,309&#xA0;<br>
</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%; border-bottom: 1px solid #000000">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Revenue
recognized during the period (note 19)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">(1,210)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%; border-bottom: 3px double #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Balance &#x2013;
September 30, 2020</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">37,420</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">Arrangement
with Anglo Pacific Group (&#x201C;APG&#x201D;) PLC</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">In February 2017,
Denison closed an arrangement with APG under which Denison received
an upfront payment in exchange for its right to receive specified
future toll milling cash receipts from the MLJV under the current
toll milling agreement with the CLJV from July 1, 2016
onwards.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 12px; font-family: Arial">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 11px">&#xA0;9</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000"></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family: inherit; font-size: inherit;padding-top: 0px; padding-bottom: 0px; margin-left: auto; margin-right: 0px; width: 100%;">
<tr>
<td style="width: 50%; border-bottom: 1px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><img src="denisonlogo-small.jpg"></div>
</td>
<td style="width: 50%; vertical-align: bottom; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Arial">&#xA0;<font style="font-weight: bold; color: #4d4d4d; font-size: 11px">INTERIM
CONSOLIDATED FINANCIAL STATEMENTS</font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The APG
Arrangement represents a contractual obligation of Denison to pay
onward to APG any cash proceeds of future toll milling revenue
earned by the Company related to the processing of specified Cigar
Lake ore through the McClean Lake mill.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">In the nine
months ended September 30, 2020, the Company has recognized
$1,210,000 of toll milling revenue from the draw-down of deferred
revenue (September 30, 2019: $3,243,000), based on Cigar Lake toll
milling production of 4,550,000 pounds U<font style="font-size: 70%; vertical-align: bottom">3</font>0<font style="font-size: 70%; vertical-align: bottom">8</font> on a 100% basis
(September 30, 2019: 12,645,000 pounds U<font style="font-size: 70%; vertical-align: bottom">3</font>0<font style="font-size: 70%; vertical-align: bottom">8</font>). The drawdown
for the nine months includes a retroactive $59,000 increase in
revenue (September 30, 2019: retroactive $26,000 increase in
revenue) resulting from changes in estimates to the toll milling
drawdown rate in the first and second quarter of 2020.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Production of
Cigar Lake mine ore at the McClean Lake mill was temporarily
discontinued during the last week of March 2020, in response to the
COVID-19 pandemic, and resumed in September 2020. The current
portion of the deferred revenue liability at September 2020
reflects an assumption that the next 12 months of production will
be at annualized rates of 18 million pounds U<font style="font-size: 70%; vertical-align: bottom">3</font>O<font style="font-size: 70%; vertical-align: bottom">8</font> on a 100%
basis.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 0px"><font style="font-weight: bold; font-family: Arial; font-size: 11px">11.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-weight: bold; font-family: Arial; font-size: 11px">POST-EMPLOYMENT
BENEFITS</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The
post-employment benefits balance consists of:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 44%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-top: 1.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">At September
30</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-top: 1.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">At December
31</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%; border-bottom: 1px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(in thousands of
CAD dollars)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">2020</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">2019</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%; border-bottom: 1px solid #000000">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Accrued benefit
obligation</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">2,246</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">2,258</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">2,246</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">2,258</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Post-employment
benefits-by balance sheet presentation:</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Current</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">150</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">150</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%; border-bottom: 1px solid #000000">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Non-current</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">2,096</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">2,108</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2,246</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">2,258</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The
post-employment benefits continuity summary is as
follows:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 44%; border-top: 1.5pt solid #000000; border-bottom: 1px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(in thousands of
CAD dollars)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-top: 1.5pt solid #000000; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-top: 1.5pt solid #000000; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-top: 1.5pt solid #000000; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Post-Employment</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Benefits</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Balance -
December 31, 2019</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">2,258</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Accretion</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">51</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%; border-bottom: 1px solid #000000">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Benefits
paid</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">(63)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%; border-bottom: 3px double #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Balance &#x2013;
September 30, 2020</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">2,246</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 12px; font-family: Arial">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 11px">&#xA0;10</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000"></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family: inherit; font-size: inherit;padding-top: 0px; padding-bottom: 0px; margin-left: auto; margin-right: 0px; width: 100%;">
<tr>
<td style="width: 50%; border-bottom: 1px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><img src="denisonlogo-small.jpg"></div>
</td>
<td style="width: 50%; vertical-align: bottom; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Arial">&#xA0;<font style="font-weight: bold; color: #4d4d4d; font-size: 11px">INTERIM
CONSOLIDATED FINANCIAL STATEMENTS</font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 0px"><font style="font-weight: bold; font-family: Arial; font-size: 11px">12.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-weight: bold; font-family: Arial; font-size: 11px">RECLAMATION
OBLIGATIONS</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 24px">
<font style="font-family: Arial; font-size: 11px">The reclamation
obligations balance consists of:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 44%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-top: 1.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">At September
30</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-top: 1.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">At December
31</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%; border-bottom: 1px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(in thousands of
CAD dollars)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">2020</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">2019</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Reclamation
obligations-by location:</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Elliot
Lake</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">17,957</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">17,987</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">McClean and
Midwest Joint Ventures</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">14,941</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">14,503</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%; border-bottom: 1px solid #000000">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Other</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">22</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">22</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">32,920</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">32,512&#xA0;<br>
</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Reclamation
obligations-by balance sheet presentation:</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Current</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">900</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">914</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%; border-bottom: 1px solid #000000">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Non-current</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">32,020</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">31,598&#xA0;<br>
</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">32,920</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">32,512&#xA0;<br>
</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The reclamation
obligations continuity summary is as follows:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 44%; border-top: 1.5pt solid #000000; border-bottom: 1px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(in thousands of
CAD dollars)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-top: 1.5pt solid #000000; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-top: 1.5pt solid #000000; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-top: 1.5pt solid #000000; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Reclamation</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Obligations</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Balance -
December 31, 2019</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">32,512</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Accretion</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">1,014&#xA0;<br>
</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%; border-bottom: 1px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Expenditures
incurred</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(606)&#xA0;<br>
</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%; border-bottom: 3px double #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Balance &#x2013;
September 30, 2020</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">32,920</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">Site
Restoration: Elliot Lake</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Spending on
restoration activities at the Elliot Lake site is funded from
monies in the Elliot Lake Reclamation Trust fund (see note
8).</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">Site
Restoration: McClean Lake Joint Venture and Midwest Joint
Venture</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Under the Mineral
Industry Environmental Protection Regulations (1996), the Company
is required to provide its pro-rata share of financial assurances
to the province of Saskatchewan relating to future decommissioning
and reclamation plans that have been filed and approved by the
applicable regulatory authorities. As at September 30, 2020, the
Company has provided irrevocable standby letters of credit, from a
chartered bank, in favour of the Saskatchewan Ministry of
Environment, totalling $24,135,000 which relate to the most
recently filed reclamation plan dated March 2016. A reclamation
plan filing update is due to be submitted to the applicable
regulatory authorities in the first quarter of 2021.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 12px; font-family: Arial">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 11px">&#xA0;11</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000"></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family: inherit; font-size: inherit;padding-top: 0px; padding-bottom: 0px; margin-left: auto; margin-right: 0px; width: 100%;">
<tr>
<td style="width: 50%; border-bottom: 1px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><img src="denisonlogo-small.jpg"></div>
</td>
<td style="width: 50%; vertical-align: bottom; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Arial">&#xA0;<font style="font-weight: bold; color: #4d4d4d; font-size: 11px">INTERIM
CONSOLIDATED FINANCIAL STATEMENTS</font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 0px"><font style="font-weight: bold; font-family: Arial; font-size: 11px">13.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-weight: bold; font-family: Arial; font-size: 11px">OTHER
LIABILITIES</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The other
liabilities balance consists of:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 43%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-top: 1.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">At September
30</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-top: 1.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">At December
31</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%; border-bottom: 1px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(in thousands of
CAD dollars)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">2020</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">2019</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Debt
obligations:</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Lease
liabilities</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">605</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">739</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Loan
liabilities</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">35</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">263</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%; border-bottom: 1px solid #000000">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Flow-through
share premium obligation (note 14)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">902</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">640</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">1,904</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Other
liabilities-by balance sheet presentation:</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Current</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">230</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">1,372</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%; border-bottom: 1px solid #000000">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Non-current</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">410</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">532</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">640</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">1,904</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">Debt
Obligations</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">At September 30,
2020, the Company&#x2019;s debt obligations are comprised of lease
liabilities and loan liabilities. The debt obligations continuity
summary is as follows:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 41%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 14%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 14%; border-top: 1.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Lease</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-top: 1.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Loan</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-top: 1.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Total
Debt</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%; border-bottom: 1px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(in thousands of
CAD dollars)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Liabilities</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Liabilities</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Obligations</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Balance &#x2013;
December 31, 2019</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">739</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">263</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">1,002</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Accretion</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">43</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">43</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%; border-bottom: 1px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Repayments</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(177)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(228)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(405)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%; border-bottom: 3px double #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Balance
&#x2013; September 30, 2020</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">605</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">35</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">640</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">Debt
Obligations &#x2013; Scheduled Maturities</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The following
table outlines the Company&#x2019;s scheduled maturities of its debt
obligations at September 30, 2020:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 41%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 14%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 14%; border-top: 1.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Lease</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-top: 1.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Loan</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-top: 1.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Total
Debt</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%; border-bottom: 1px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(in thousands of
CAD dollars)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Liabilities</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Liabilities</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Obligations</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align: top; width: 55%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Maturity analysis
&#x2013; contractual undiscounted cash flows:</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Next 12
months</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">221</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">9</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">230</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">One to five
years</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">483</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">28</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">511</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%; border-bottom: 1px solid #000000">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">More than five
years</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">17</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">17</font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align: top; width: 55%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Total obligation
&#x2013; September 30, 2020 &#x2013; undiscounted</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">721</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">37</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">758</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%; border-bottom: 1px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Present value
discount adjustment</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(116)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(2)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid rgb(0, 0, 0);">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(118)</font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align: top; width: 55%; border-bottom: 3px double #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Total obligation
&#x2013; September 30, 2020 &#x2013; discounted</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">605</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">35</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">640</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">Letters of
Credit Facility</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">In January 2020,
the Company entered into an amending agreement for its letters of
credit facility with BNS (the &#x201C;2020 facility&#x201D;). Under
the amendment, the maturity date of the 2020 facility has been
extended to January 31, 2021. All other terms of the 2020 facility
(tangible net worth covenant, pledged cash, investment amounts and
security for the facility) remain unchanged from those of the 2019
facility. The 2020 facility continues to provide the Company with
access to credit up to $24,000,000 (the use of which is restricted
to non-financial letters of credit in support of reclamation
obligations) subject to letter of credit and standby fees of 2.40%
(0.40% on the first $9,000,000) and 0.75%
respectively.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">As at September
30, 2020, the Company is in compliance with its facility covenants
and $24,000,000 (December 31, 2019: $24,000,000) of the facility is
being utilized as collateral for letters of credit issued in
respect of the reclamation obligations for the MLJV and MWJV.
During the nine months ended September 30, 2020, the Company
incurred letter of credit fees of $298,000 (September 30, 2019:
$297,000).</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 12px; font-family: Arial">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 11px">&#xA0;12</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000"></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family: inherit; font-size: inherit;padding-top: 0px; padding-bottom: 0px; margin-left: auto; margin-right: 0px; width: 100%;">
<tr>
<td style="width: 50%; border-bottom: 1px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><img src="denisonlogo-small.jpg"></div>
</td>
<td style="width: 50%; vertical-align: bottom; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Arial">&#xA0;<font style="font-weight: bold; color: #4d4d4d; font-size: 11px">INTERIM
CONSOLIDATED FINANCIAL STATEMENTS</font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 0px"><font style="font-weight: bold; font-family: Arial; font-size: 11px">14.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-weight: bold; font-family: Arial; font-size: 11px">SHARE
CAPITAL</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">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:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 62%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-top: 1.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Number
of</font></div>
</td>
<td style="vertical-align: top; width: 3%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Common</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Share</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%; border-bottom: 1px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(in thousands of
CAD dollars except share amounts)</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Shares</font></div>
</td>
<td style="vertical-align: top; width: 3%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Capital</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%; border-bottom: 1px solid #000000">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Balance -
December 31, 2019</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">597,192,153</font></div>
</td>
<td style="vertical-align: top; width: 3%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -1px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">&#xA0;&#xA0;$</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">1,335,467</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Issued for
cash:</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Share issue
proceeds</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: right; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">28,750,000</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: right; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">8,041</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Share issue
costs</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: right; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: right; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(1,163)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Share option
exercises</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: right; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">140,000</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: right; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">77</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Share options
exercised &#x2013; fair value adjustment</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: right; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">25</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%; border-bottom: 1px solid #000000">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Share units
exercised &#x2013; fair value adjustment</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">238,949</font></div>
</td>
<td style="vertical-align: top; width: 3%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">164</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">29,128,949</font></div>
</td>
<td style="vertical-align: top; width: 3%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">7,144</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%; border-bottom: 3px double #000000">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Balance &#x2013;
September 30, 2020</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">626,321,102</font></div>
</td>
<td style="vertical-align: top; width: 3%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -1px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">1,342,611</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">Share
Issues</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">In April 2020,
the Company completed a public offering of 28,750,000 common shares
at a price of USD$0.20 per share for gross proceeds of $8,041,000
(USD$5,750,000). The offering included the full exercise of an
over-allotment option of 3,750,000 common shares granted to the
underwriters.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">Flow-Through
Share Issues</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">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.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">As at September
30, 2020, the Company estimates that it has incurred $2,686,000 of
expenditures towards its obligation to spend $4,715,000 on eligible
exploration expenditures by the end of fiscal 2020 as a result of
the issuance of flow-through shares in December 2019. Under
proposed legislative changes drafted in response to the COVID-19
pandemic, the period of time to spend on eligible exploration
expenditures may be increased by an additional twelve months to the
end of fiscal 2021. At present, the legislative changes have not
been enacted and the Company intends to complete its flow-through
spending obligation by the end of fiscal 2020.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The Company
renounced the income tax benefits of the December 2019 issue in
February 2020, with an effective date of renunciation to its
subscribers of December 31, 2019. In conjunction with the
renunciation, the flow-through share premium liability at December
31, 2019 has been extinguished and a deferred tax recovery was
recognized in the first quarter of 2020 (see notes 13 and
21).</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 0px"><font style="font-weight: bold; font-family: Arial; font-size: 11px">15.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-weight: bold; font-family: Arial; font-size: 11px">SHARE
PURCHASE WARRANTS</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">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:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 28%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 3%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 17%; border-top: 1.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Weighted</font></div>
</td>
<td style="vertical-align: middle; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 17%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 28%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Average</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Number
of</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Warrants</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 28%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Exercise</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Common</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Fair</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 28%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Price
Per</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 17%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Shares</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Value</font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align: top; width: 45%; border-bottom: 1px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(in
thousands of CAD dollars except share amounts)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 17%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Share
(CAD)</font></div>
</td>
<td style="vertical-align: middle; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 17%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Issuable</font></div>
</td>
<td style="vertical-align: middle; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Amount</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 28%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align: top; width: 45%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Balance
- December 31, 2019</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">1.27</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">1,673,077</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">435</font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align: top; width: 45%; border-bottom: 1px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Expiries</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">1.27</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(1,673,077)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(435)</font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align: top; width: 45%; border-bottom: 3px double #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Balance
&#x2013; September 30, 2020</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">-</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The warrants
noted above, issued in February 2017, expired on February 14, 2020
and, on expiry, the balance was reclassified to Contributed
Surplus.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 12px; font-family: Arial">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 11px">&#xA0;13</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000"></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family: inherit; font-size: inherit;padding-top: 0px; padding-bottom: 0px; margin-left: auto; margin-right: 0px; width: 100%;">
<tr>
<td style="width: 50%; border-bottom: 1px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><img src="denisonlogo-small.jpg"></div>
</td>
<td style="width: 50%; vertical-align: bottom; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Arial">&#xA0;<font style="font-weight: bold; color: #4d4d4d; font-size: 11px">INTERIM
CONSOLIDATED FINANCIAL STATEMENTS</font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 0px"><font style="font-weight: bold; font-family: Arial; font-size: 11px">16.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-weight: bold; font-family: Arial; font-size: 11px">SHARE-BASED
COMPENSATION</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The
Company&#x2019;s share based compensation arrangements include stock
options, restricted share units (&#x201C;RSUs&#x201D;) and
performance share units (&#x201C;PSUs&#x201D;).</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">A summary of
share based compensation expense recognized in the statement of
income (loss) is as follows:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 41%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 27%; border-top: 1.5pt solid #000000; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Three
Months Ended</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">September
30</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 28%; border-top: 1.5pt solid #000000; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Nine
Months Ended</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">September
30</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%; border-bottom: 1px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(in thousands of
CAD dollars)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2020</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2019</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2020</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2019</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Share based
compensation expense for:</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Stock
options</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(138)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(151)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(434)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(640)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">RSUs</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(273)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(224)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(760)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(819)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%; border-bottom: 1px solid #000000">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">PSUs</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(58)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(90)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(179)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(313)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%; border-bottom: 3px double #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Share
based compensation expense</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(469)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(465)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(1,373)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(1,772)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">As at September
30, 2020, an additional $1,731,000 in share-based compensation
expense remains to be recognized up until August 2023.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">Stock
Options</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">A continuity
summary of the stock options granted under the Company&#x2019;s
stock-based compensation plan is presented below:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 21%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-top: 1.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Weighted-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 21%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Average</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 21%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Exercise</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 21%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: center"><font style="color: #000000; font-family: Arial; font-size: 11px">Number
of</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Price
per</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 21%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: center"><font style="color: #000000; font-family: Arial; font-size: 11px">Common</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Share</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 21%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: center"><font style="color: #000000; font-family: Arial; font-size: 11px">Shares</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(CAD)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 21%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td colspan="4" style="vertical-align: top; width: 56%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Stock options
outstanding &#x2013; December 31, 2019</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">13,827,243</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 11px;">$</font></font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 11px;">0.75</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 21%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Grants</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">3,569,000</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 11px;">0.46</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 21%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Exercises
<font style="font-size: 70%; vertical-align: top">(1)</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(140,000)</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 11px;">0.55</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 21%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Expiries</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(1,104,000)</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 11px;">1.09</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 21%; border-bottom: 1px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Forfeitures</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid rgb(0, 0, 0);">
<div style="text-align: right"><font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(562,500)</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid rgb(0, 0, 0);">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 1px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 11px;">0.69</font></font></div>
</td>
</tr><tr>
<td colspan="4" style="vertical-align: top; width: 56%; border-bottom: 3px double #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Stock options
outstanding &#x2013; September 30, 2020</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">15,589,743</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 11px;">$</font></font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 3px double #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 11px;">0.67</font></font></div>
</td>
</tr><tr>
<td colspan="4" style="vertical-align: top; width: 56%; border-bottom: 3px double #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Stock options
exercisable &#x2013; September 30, 2020</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">10,681,243</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 11px;">$</font></font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 3px double #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 11px;">0.73</font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-family: Arial; font-size: 11px">(1)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px">The weighted average share
price at the date of exercise was CAD$0.69.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">A summary of the
Company&#x2019;s stock options outstanding at September 30, 2020 is
presented below:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 21%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-top: 1.5pt solid #000000">
<div style="text-align: center"><font style="color: #000000; font-family: Arial; font-size: 11px">Weighted</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-top: 1.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Weighted-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 21%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: center"><font style="color: #000000; font-family: Arial; font-size: 11px">Average</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Average</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 21%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: center"><font style="color: #000000; font-family: Arial; font-size: 11px">Remaining</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Exercise</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 21%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Range of
Exercise</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: center"><font style="color: #000000; font-family: Arial; font-size: 11px">Contractual</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: center"><font style="color: #000000; font-family: Arial; font-size: 11px">Number
of</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Price
per</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 21%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Prices per
Share</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: center"><font style="color: #000000; font-family: Arial; font-size: 11px">Life</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: center"><font style="color: #000000; font-family: Arial; font-size: 11px">Common</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Share</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 21%; border-bottom: 1px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(CAD)</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 1px solid #000000">
<div style="text-align: center"><font style="color: #000000; font-family: Arial; font-size: 11px">(Years)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: center"><font style="color: #000000; font-family: Arial; font-size: 11px">Shares</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(CAD)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 21%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="4" style="vertical-align: top; width: 56%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Stock options
outstanding</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="4" style="vertical-align: top; width: 56%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$ 0.25 to $
0.49</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">4.44</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left"><font style="color: #000000; font-family: Arial; font-size: 11px">3,465,000</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">0.46</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 21%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$ 0.50 to $
0.74</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">2.39</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: left"><font style="color: #000000; font-family: Arial; font-size: 11px">6,973,143</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">0.64</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 21%; border-bottom: 1px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$ 0.75 to $
0.99</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 1px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">1.44</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid rgb(0, 0, 0);">
<div style="text-align: left"><font style="color: #000000; font-family: Arial; font-size: 11px">5,151,600</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid rgb(0, 0, 0);">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 1px solid rgb(0, 0, 0);">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">0.85</font></div>
</td>
</tr><tr>
<td colspan="4" style="vertical-align: top; width: 56%; border-bottom: 3px double #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Stock options
outstanding &#x2013; September 30, 2020</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 3px double #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">2.53</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 3px double #000000">
<div style="text-align: left"><font style="color: #000000; font-family: Arial; font-size: 11px">15,589,743</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 3px double #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">0.67</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 12px; font-family: Arial">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 11px">&#xA0;14</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000"></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family: inherit; font-size: inherit;padding-top: 0px; padding-bottom: 0px; margin-left: auto; margin-right: 0px; width: 100%;">
<tr>
<td style="width: 50%; border-bottom: 1px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><img src="denisonlogo-small.jpg"></div>
</td>
<td style="width: 50%; vertical-align: bottom; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Arial">&#xA0;<font style="font-weight: bold; color: #4d4d4d; font-size: 11px">INTERIM
CONSOLIDATED FINANCIAL STATEMENTS</font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Options
outstanding at September 30, 2020 expire between November 2020 and
August 2025.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">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 assumptions used in the model to determine the fair value of
options granted:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 39%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 30%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 28%; border-top: 1.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 19px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Nine Months
Ended</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 39%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 30%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 28%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 19px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">September 30,
2020</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 39%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 30%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 28%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 39%">
<div style="text-align: left; margin-left: 0px; margin-right: 18px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Risk-free
interest rate</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 30%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 28%">
<div style="text-align: right; margin-left: 0px; margin-right: 19px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">0.27% -
0.67%</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 39%">
<div style="text-align: left; margin-left: 0px; margin-right: 18px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Expected stock
price volatility</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 30%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 28%">
<div style="text-align: right; margin-left: 0px; margin-right: 18px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">44.16% -
52.81%</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 39%">
<div style="text-align: justify; margin-left: 0px; margin-right: 18px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Expected
life</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 30%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 28%">
<div style="text-align: right; margin-left: 0px; margin-right: 18px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">3.4
years</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 39%">
<div style="text-align: left; margin-left: 0px; margin-right: 18px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Expected dividend
yield</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 30%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 28%">
<div style="text-align: right; margin-left: 0px; margin-right: 18px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 41%; border-bottom: 3px double #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 18px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Fair value
per share under options granted</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 30%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 28%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 18px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">CAD$0.15
&#x2013; CAD$0.25</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">Share
Units</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The Company has a
share unit plan which provides for the granting of share unit
awards to directors, officers, employees and consultants of the
Company. Under the plan, all share unit grants, vesting periods and
performance conditions therein are approved by the Company&#x2019;s
board of directors. Share unit grants are either in the form of
RSUs or PSUs. RSUs granted under the plan, to-date, vest ratably
over a period of three years. PSUs granted in 2018 vest ratably
over a period of five years, based upon the achievement of certain
non-market performance vesting conditions, PSUs granted in 2019
vest ratably over a period of four years and PSUs granted in 2020
vest ratably over a period of three years.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">A continuity
summary of the RSUs and PSUs of the Company granted under the share
unit plan is presented below:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 41%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 27%; border-top: 1.5pt solid #000000; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">RSUs</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 28%; border-top: 1.5pt solid #000000; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">PSUs</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Weighted</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Weighted</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Average</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Average</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Number
of</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Fair
Value</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Number
of</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Fair
Value</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Common</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Per
RSU</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Common</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Per
PSU</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Shares</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(CAD)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Shares</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(CAD)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Units outstanding
&#x2013; December 31, 2019</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">2,754,099</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">$</font></font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">0.70</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2,140,000</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">0.65</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Grants</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">3,304,750</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">0.39</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">180,000</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">0.38</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Exercises</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(238,950)</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">0.69</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%; border-bottom: 1px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Forfeitures</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(169,000)</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">0.59</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(180,000)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">0.65</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%; border-bottom: 3px double #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Units outstanding
&#x2013; September 30, 2020</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">5,650,899</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">$</font></font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 3px double #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">0.52</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2,140,000</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 3px double #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">0.63</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%; border-bottom: 3px double #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Units
vested &#x2013; September 30, 2020</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">970,670</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">$</font></font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 3px double #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">0.69</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">820,000</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 3px double #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">0.65</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 0px"><font style="font-weight: bold; font-family: Arial; font-size: 11px">17.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-weight: bold; font-family: Arial; font-size: 11px">ACCUMULATED
OTHER COMPREHENSIVE INCOME (LOSS)</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The accumulated
other comprehensive income (loss) balance consists of:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 43%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-top: 1.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">At September
30</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-top: 1.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">At December
31</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%; border-bottom: 1px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(in thousands of
CAD dollars)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">2020</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">2019</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Cumulative
foreign currency translation</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 11px;">$</font></font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">406</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 11px;">$</font></font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">410</font></font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Unamortized
experience gain-post employment liability</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Gross</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">983</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">983</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%; border-bottom: 1px solid #000000">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Tax
effect</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(259)</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 18%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(259)</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 11px;">$</font></font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">1,130</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 11px;">$</font></font></div>
</td>
<td style="vertical-align: top; width: 18%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">1,134</font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 12px; font-family: Arial">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 11px">&#xA0;15</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000"></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family: inherit; font-size: inherit;padding-top: 0px; padding-bottom: 0px; margin-left: auto; margin-right: 0px; width: 100%;">
<tr>
<td style="width: 50%; border-bottom: 1px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><img src="denisonlogo-small.jpg"></div>
</td>
<td style="width: 50%; vertical-align: bottom; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Arial">&#xA0;<font style="font-weight: bold; color: #4d4d4d; font-size: 11px">INTERIM
CONSOLIDATED FINANCIAL STATEMENTS</font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 0px"><font style="font-weight: bold; font-family: Arial; font-size: 11px">18.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-weight: bold; font-family: Arial; font-size: 11px">SUPPLEMENTAL
FINANCIAL INFORMATION</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The components of
operating expenses are as follows:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 40%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 27%; border-top: 1.5pt solid #000000; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Three
Months Ended</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">September
30</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 28%; border-top: 1.5pt solid #000000; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Nine
Months Ended</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">September
30</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%; border-bottom: 1px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(in thousands of
CAD dollars)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2020</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2019</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2020</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2019</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Cost of goods and
services sold:</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Cost of goods
sold &#x2013; mineral concentrates</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(526)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Operating
overheads:</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Mining, other
development expense</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(454)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(294)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(1,001)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(1,012)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Milling,
conversion expense</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(84)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(485)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(830)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(2,241)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Less
absorption:</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: justify; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">-Mineral
properties</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">13</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">14</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">38</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">36</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%; border-bottom: 1px solid #000000">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Cost of
services</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(1,773)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(2,059)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(5,147)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(6,362)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Cost of goods and
services sold</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(2,298)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(2,824)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(7,466)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(9,579)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Reclamation asset
amortization</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(60)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(53)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(182)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(159)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Selling
expenses</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(14)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%; border-bottom: 1px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Sales royalties
and non-income taxes</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(64)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%; border-bottom: 3px double #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Operating
expenses</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(2,358)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(2,877)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(7,726)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(9,738)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The components of
other income (expense) are as follows:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 41%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 27%; border-top: 1.5pt solid #000000; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Three
Months Ended</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">September
30</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 28%; border-top: 1.5pt solid #000000; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Nine
Months Ended</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">September
30</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%; border-bottom: 1px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(in thousands of
CAD dollars)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2020</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2019</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2020</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2019</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Gains (losses)
on:</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Foreign
exchange</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(81)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(159)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">1</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Disposal of
property, plant and equipment</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(note
9)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">5</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">407</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">5</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Investment fair
value through profit (loss)</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(note
7)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(1,133)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(825)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(2,094)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(1,172)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%; border-bottom: 1px solid #000000">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Other</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(104)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(108)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(501)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(290)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%; border-bottom: 3px double #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Other
income (expense)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(1,318)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(928)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(2,347)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(1,456)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The components of
finance income (expense) are as follows:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 41%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 27%; border-top: 1.5pt solid #000000; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Three
Months Ended</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">September
30</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 28%; border-top: 1.5pt solid #000000; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Nine
Months Ended</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">September
30</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%; border-bottom: 1px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(in thousands of
CAD dollars)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2020</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2019</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2020</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2019</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Interest
income</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">60</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">141</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">216</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">479</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Interest
expense</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(1)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(1)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(4)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(4)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Accretion
expense</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Deferred
revenue (note 10)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(772)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(801)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(2,309)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(2,402)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Post-employment
benefits (note 11)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(17)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(18)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(51)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(53)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Reclamation
obligations (note 12)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(338)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(340)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(1,014)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(1,020)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%; border-bottom: 1px solid #000000">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Debt
obligations (note 13)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(13)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(18)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(43)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(58)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%; border-bottom: 3px double #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Finance
income (expense)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(1,081)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(1,037)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(3,205)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(3,058)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Arial; font-size: 12px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Arial; font-size: 12px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Arial; font-size: 12px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 12px; font-family: Arial">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 11px">&#xA0;16</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000"></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family: inherit; font-size: inherit;padding-top: 0px; padding-bottom: 0px; margin-left: auto; margin-right: 0px; width: 100%;">
<tr>
<td style="width: 50%; border-bottom: 1px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><img src="denisonlogo-small.jpg"></div>
</td>
<td style="width: 50%; vertical-align: bottom; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Arial">&#xA0;<font style="font-weight: bold; color: #4d4d4d; font-size: 11px">INTERIM
CONSOLIDATED FINANCIAL STATEMENTS</font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">A summary of
depreciation expense recognized in the statement of income (loss)
is as follows:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 41%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 27%; border-top: 1.5pt solid #000000; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Three
Months Ended</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">September
30</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 28%; border-top: 1.5pt solid #000000; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Nine
Months Ended</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">September
30</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%; border-bottom: 1px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(in thousands of
CAD dollars)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2020</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2019</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2020</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2019</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Operating
expenses</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Mining, other
development expense</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(2)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(2)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Milling,
conversion expense</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(62)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(482)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(798)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(2,223)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Cost of
services</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(47)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(72)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(147)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(206)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Exploration and
evaluation</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(45)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(57)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(141)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(163)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%; border-bottom: 1px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">General and
administrative</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(32)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(32)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(96)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(95)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%; border-bottom: 3px double #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Depreciation
expense-gross</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(186)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(643)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(1,184)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(2,689)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">A summary of
employee benefits expense recognized in the statement of income
(loss) is as follows:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 41%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 27%; border-top: 1.5pt solid #000000; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Three
Months Ended</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">September
30</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 28%; border-top: 1.5pt solid #000000; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Nine
Months Ended</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">September
30</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%; border-bottom: 1px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(in thousands of
CAD dollars)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2020</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2019</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2020</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2019</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Salaries and
short-term employee benefits</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(1,831)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(1,981)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(5,534)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(6,521)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Share-based
compensation (note 16)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(469)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(465)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(1,373)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(1,772)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%; border-bottom: 1px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Termination
benefits</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(29)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(512)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%; border-bottom: 3px double #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Employee
benefits expense</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(2,300)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(2,475)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(6,907)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(8,805)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The change in
non-cash working capital items in the consolidated statements of
cash flows is as follows:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 40%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 28%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: middle; width: 28%; border-top: 1.5pt solid #000000; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Nine
Months Ended</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">September
30</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%; border-bottom: 1px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(in thousands of
CAD dollars)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2020</font></div>
</td>
<td style="vertical-align: middle; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2019</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Change in
non-cash working capital items:</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Trade and other
receivables</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">1,013</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">97</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Inventories</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">157</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(36)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Prepaid expenses
and other assets</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">151</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">257</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%; border-bottom: 1px solid #000000">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Accounts payable
and accrued liabilities</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(1,454)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2,348</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%; border-bottom: 3px double #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Change
in non-cash working capital items</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(133)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2,666</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 0px"><font style="font-weight: bold; font-family: Arial; font-size: 11px">19.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-weight: bold; font-family: Arial; font-size: 11px">SEGMENTED
INFORMATION</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">Business
Segments</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The Company
operates in three primary segments &#x2013; the Mining segment, the
Closed Mine Services segment and the Corporate and Other segment.
The Mining segment includes activities related to exploration,
evaluation and development, mining, milling (including toll
milling) and the sale of mineral concentrates. The Closed Mine
Services segment includes the results of the Company&#x2019;s
environmental services business which provides mine decommissioning
and other services to third parties. The Corporate and Other
segment includes management fee income earned from UPC and general
corporate expenses not allocated to the other segments. Management
fee income from UPC has been included with general corporate
expenses due to the shared infrastructure between the two
activities.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 12px; font-family: Arial">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 11px">&#xA0;17</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000"></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family: inherit; font-size: inherit;padding-top: 0px; padding-bottom: 0px; margin-left: auto; margin-right: 0px; width: 100%;">
<tr>
<td style="width: 50%; border-bottom: 1px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><img src="denisonlogo-small.jpg"></div>
</td>
<td style="width: 50%; vertical-align: bottom; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Arial">&#xA0;<font style="font-weight: bold; color: #4d4d4d; font-size: 11px">INTERIM
CONSOLIDATED FINANCIAL STATEMENTS</font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">For the nine
months ended September 30, 2020, reportable segment results were as
follows:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 29%; border-top: 1.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(in thousands of
CAD dollars)</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-top: 1.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-top: 1.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-top: 1.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Mining</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-top: 1.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Closed</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Mine</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Services</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-top: 1.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Corporate</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">and
Other</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-top: 1.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Total</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
Statement of Operations:</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Revenues</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2,062</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">6,197</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2,070</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">10,329</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
Expenses:</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Operating
expenses</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(2,579)</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(5,144)</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(3)</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(7,726)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Exploration and
evaluation</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(5,780)</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(5,780)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">General and
administrative</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(19)</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(5,700)</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(5,719)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(8,378)</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(5,144)</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(5,703)</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(19,225)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%; border-bottom: 4px double #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Segment income
(loss)</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(6,316)</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">1,053</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(3,633)</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(8,896)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
Revenues &#x2013; supplemental:</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Uranium
concentrate sales</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">852</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">-</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 4px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">852</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Environmental
services</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">6,197</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">-</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">6,197</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Management fees
(note 20)</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">2,070</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">2,070</font></font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 40%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Toll milling
services&#x2013;deferred revenue (note 10)</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">1,210</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">-</font></font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">1,210</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2,062</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">6,197</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">2,070</font></font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">10,329</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
Capital additions:</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%; border-bottom: 4px double #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Property, plant
and equipment</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">138</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">15</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">153</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
Long-lived assets:</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Plant and
equipment</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Cost</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">99,994</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">4,546</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">908</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">105,448</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Accumulated
depreciation</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(25,473)</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(3,148)</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(400)</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(29,021)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Mineral
properties</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">179,619</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">179,619</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">254,140</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">1,398</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">508</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">256,046</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">For the three
months ended September 30, 2020, reportable segment results were as
follows:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 29%; border-top: 1.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(in thousands of
CAD dollars)</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-top: 1.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-top: 1.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-top: 1.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Mining</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-top: 1.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Closed</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Mine</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Services</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-top: 1.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Corporate</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">and
Other</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-top: 1.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Total</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
Statement of Operations:</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Revenues</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">95</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2,065</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">583</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2,743</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
Expenses:</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Operating
expenses</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(585)</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(1,770)</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(3)</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(2,358)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Exploration and
evaluation</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(1,744)</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(1,744)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">General and
administrative</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(2,110)</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(2,110)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(2,329)</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(1,770)</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(2,113)</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(6,212)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%; border-bottom: 4px double #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Segment income
(loss)</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(2,234)</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">295</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(1,530)</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(3,469)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
Revenues &#x2013; supplemental:</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Environmental
services</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2,065</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2,065</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Management fees
(note 20)</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">583</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">583</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 40%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Toll milling
services&#x2013;deferred revenue (note 10)</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">95</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">95</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">95</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2,065</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">583</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2,743</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 12px; font-family: Arial">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 11px">&#xA0;18</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000"></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family: inherit; font-size: inherit;padding-top: 0px; padding-bottom: 0px; margin-left: auto; margin-right: 0px; width: 100%;">
<tr>
<td style="width: 50%; border-bottom: 1px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><img src="denisonlogo-small.jpg"></div>
</td>
<td style="width: 50%; vertical-align: bottom; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Arial">&#xA0;<font style="font-weight: bold; color: #4d4d4d; font-size: 11px">INTERIM
CONSOLIDATED FINANCIAL STATEMENTS</font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">For the nine
months ended September 30, 2019, reportable segment results were as
follows:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 29%; border-top: 1.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(in thousands of
CAD dollars)</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-top: 1.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-top: 1.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-top: 1.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Mining</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-top: 1.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Closed</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Mines</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Services</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-top: 1.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Corporate</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">and
Other</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-top: 1.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Total</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
Statement of Operations:</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Revenues</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">3,243</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">6,866</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">1,484</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">11,593</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
Expenses:</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Operating
expenses</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(3,376)</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(6,362)</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(9,738)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Exploration and
evaluation</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(11,846)</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(11,846)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">General and
administrative</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(17)</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(5,671)</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(5,688)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(15,239)</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(6,362)</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(5,671)</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(27,272)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%; border-bottom: 4px double #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Segment income
(loss)</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(11,996)</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">504</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(4,187)</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(15,679)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
Revenues &#x2013; supplemental:</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Environmental
services</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">6,866</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">6,866</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Management fees
(note 20)</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">1,484</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">1,484</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 40%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Toll milling
services&#x2013;deferred revenue (note 10)</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">3,243</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">3,243</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">3,243</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">6,866</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">1,484</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">11,593</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
Capital additions:</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%; border-bottom: 4px double #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Property, plant
and equipment</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">549</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">272</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">38</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">859</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
Long-lived assets:</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Plant and
equipment</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Cost</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">99,108</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">4,718</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">908</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">104,734</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Accumulated
depreciation</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(23,507)</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(3,102)</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(272)</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(26,881)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Mineral
properties</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">179,393</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">179,393</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">254,994</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">1,616</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">636</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">257,246</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">For the three
months ended September 30, 2019, reportable segment results were as
follows:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 29%; border-top: 1.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(in thousands of
CAD dollars)</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-top: 1.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-top: 1.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-top: 1.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Mining</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-top: 1.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Closed</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Mine</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Services</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-top: 1.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Corporate</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">and
Other</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-top: 1.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Total</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
Statement of Operations:</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Revenues</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">696</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2,222</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">560</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">3,478</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
Expenses:</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Operating
expenses</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(818)</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(2,059)</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(2,877)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Exploration and
evaluation</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(4,591)</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(4,591)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">General and
administrative</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(2)</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(1,655)</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(1,657)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(5,411)</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(2,059)</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(1,655)</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(9,125)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%; border-bottom: 4px double #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Segment income
(loss)</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(4,715)</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">163</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(1,095)</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(5,647)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
Revenues &#x2013; supplemental:</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Environmental
services</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2,222</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2,222</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Management fees
(note 20)</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">560</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">560</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 40%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Toll milling
services&#x2013;deferred revenue (note 10)</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">696</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">696</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">696</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2,222</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">560</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">3,478</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 12px; font-family: Arial">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 11px">&#xA0;19</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000"></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family: inherit; font-size: inherit;padding-top: 0px; padding-bottom: 0px; margin-left: auto; margin-right: 0px; width: 100%;">
<tr>
<td style="width: 50%; border-bottom: 1px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><img src="denisonlogo-small.jpg"></div>
</td>
<td style="width: 50%; vertical-align: bottom; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Arial">&#xA0;<font style="font-weight: bold; color: #4d4d4d; font-size: 11px">INTERIM
CONSOLIDATED FINANCIAL STATEMENTS</font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 0px"><font style="font-weight: bold; font-family: Arial; font-size: 11px">20.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-weight: bold; font-family: Arial; font-size: 11px">RELATED
PARTY TRANSACTIONS</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 24px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">Uranium
Participation Corporation</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The current
management services agreement (&#x201C;MSA&#x201D;) with UPC became
effective on April 1, 2019 and has a term of five years (the
&#x201C;Term&#x201D;). Under the MSA, Denison receives the following
management fees from UPC: a) a base fee of $400,000 per annum,
payable in equal quarterly installments; b) a variable fee equal to
(i) 0.3% per annum of UPC&#x2019;s total assets in excess of $100
million and up to and including $500 million, and (ii) 0.2% per
annum of UPC&#x2019;s total assets in excess of $500 million; 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 acquisition of or sale of U<font style="font-size: 70%; vertical-align: bottom">3</font>O<font style="font-size: 70%; vertical-align: bottom">8</font> or UF<font style="font-size: 70%; vertical-align: bottom">6</font>); and d) a
commission of 1.0% of the gross value of any purchases or sales of
U<font style="font-size: 70%; vertical-align: bottom">3</font>O<font style="font-size: 70%; vertical-align: bottom">8</font> or UF<font style="font-size: 70%; vertical-align: bottom">6</font> or gross interest
fees payable to UPC in connection with any uranium loan
arrangements.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The MSA may be
terminated during the Term by Denison upon the provision of 180
days written notice. The MSA may be terminated during the Term by
UPC (i) in the event of a material breach, (ii) within 90 days of
certain events surrounding a change of both of the individuals
serving as Chief Executive Officer and Chief Financial Officer of
UPC, and / or a change of control of Denison, or (iii) upon the
provision of 30 days written notice and, subject to certain
exceptions, a cash payment to Denison of an amount equal to the
base and variable management fees that would otherwise be payable
to Denison (calculated based on UPC&#x2019;s current uranium
holdings at the time of termination) for the lesser period of a)
three years, or b) the remaining term of the MSA.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The following
transactions were incurred with UPC for the periods
noted:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 41%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 27%; border-top: 1.5pt solid #000000; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Three
Months Ended</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">September
30</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 28%; border-top: 1.5pt solid #000000; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Nine
Months Ended</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">September
30</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%; border-bottom: 1px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(in thousands of
CAD dollars)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2020</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2019</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2020</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2019</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Management
fees:</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Base and variable
fees</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">509</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">453</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">1,523</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">1,374</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Commission
fees</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">74</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">107</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">247</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">110</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%; border-bottom: 1px solid #000000">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Discretionary
fees</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">300</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">583</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">560</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2,070</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">1,484</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">At September 30,
2020, accounts receivable includes $350,000 (December 31, 2019:
$236,000) due from UPC with respect to the fees indicated
above.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">Korea
Electric Power Corporation (&#x201C;KEPCO&#x201D;)</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">As at September
30, 2020, KEPCO, through its subsidiaries including KHNP Canada
Energy Ltd., holds 58,284,000 shares of Denison representing a
share interest of approximately 9.31% and is also the largest
member of a consortium of investors that make up Korea Waterbury
Uranium Limited Partnership (&#x201C;KWULP&#x201D;). The Waterbury
Lake property is owned by Denison and KWULP through their
respective interests in Waterbury Lake Uranium Corporation
(&#x201C;WLUC&#x201D;) and WLULP.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">In June 2020,
Denison funded a portion of the approved fiscal 2020 program for
Waterbury Lake which has had the impact of further diluting
KWULP&#x2019;s interest in the WLULP. As a result, Denison earned an
additional 0.14% interest in the WLULP, increasing Denison&#x2019;s
interest to 66.71% from 66.57%. The additional interest has been
accounted for using an effective date of June 30, 2020 and has
resulted in Denison recording its increased pro-rata share of the
assets and liabilities of Waterbury Lake, the majority of which
relates to an addition to mineral property assets of
$100,000.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">Other</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">During the nine
months ended September 30, 2020, the Company incurred investor
relations, administrative service fees and certain pass-through
expenses of $191,000 (September 30, 2019: $199,000) with Namdo
Management Services Ltd, which shares a common director with
Denison. These services were incurred in the normal course of
operating a public company. At September 30, 2020, an amount of
$nil (December 31, 2019: $nil) was due to this
company.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 12px; font-family: Arial">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 11px">&#xA0;20</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000"></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family: inherit; font-size: inherit;padding-top: 0px; padding-bottom: 0px; margin-left: auto; margin-right: 0px; width: 100%;">
<tr>
<td style="width: 50%; border-bottom: 1px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><img src="denisonlogo-small.jpg"></div>
</td>
<td style="width: 50%; vertical-align: bottom; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Arial">&#xA0;<font style="font-weight: bold; color: #4d4d4d; font-size: 11px">INTERIM
CONSOLIDATED FINANCIAL STATEMENTS</font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">Compensation
of Key Management Personnel</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">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&#x2019;s executive officers, vice-presidents and members of
its Board of Directors.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The following
compensation was awarded to key management personnel:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 41%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 27%; border-top: 1.5pt solid #000000; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Three
Months Ended</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">September
30</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 28%; border-top: 1.5pt solid #000000; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Nine
Months Ended</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">September
30</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%; border-bottom: 1px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(in thousands of
CAD dollars)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2020</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2019</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2020</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2019</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Salaries and
short-term employee benefits</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(465)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(407)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(1,420)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(1,536)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Share-based
compensation</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(383)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(384)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(1,133)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(1,499)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%; border-bottom: 1px solid #000000">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Termination
benefits</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(481)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%; border-bottom: 3px double #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Key
management personnel compensation</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(848)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(791)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(2,553)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(3,516)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 0px"><font style="font-weight: bold; font-family: Arial; font-size: 11px">21.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-weight: bold; font-family: Arial; font-size: 11px">INCOME
TAXES</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">For the nine
months ended September 30, 2020, Denison recognized deferred tax
recoveries of $1,260,000. The deferred tax recovery includes the
recognition of previously unrecognized Canadian tax assets of
$1,252,000 relating to the February 2020 renunciation of the tax
benefits associated with the Company&#x2019;s $4,715,000
flow-through share issue in December 2019.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 0px"><font style="font-weight: bold; font-family: Arial; font-size: 11px">22.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-weight: bold; font-family: Arial; font-size: 11px">FAIR
VALUE OF FINANCIAL INSTRUMENTS</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">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:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 11px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px">Level 1 &#x2013; Unadjusted
quoted prices in active markets for identical assets or
liabilities;</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 11px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px">Level 2 &#x2013; Inputs other
than quoted prices that are observable for the asset or liability
either directly or indirectly; and</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 11px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px">Level 3 &#x2013; Inputs that
are not based on observable market data.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The fair value of
financial instruments which trade in active markets, such as share
and warrant equity instruments, is based on quoted market prices at
the balance sheet date. The quoted market price used to value
financial assets held by the Company is the current closing price.
Warrants that do not trade in active markets have been valued using
the Black-Scholes pricing model. Debt instruments have been valued
using the effective interest rate for the period that the Company
expects to hold the instrument and not the rate to
maturity.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">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.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">During the nine
months ended September 30, 2020, there were no transfers between
levels 1, 2 and 3 and there were no changes in valuation
techniques.</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 12px; font-family: Arial">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 11px">&#xA0;21</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000"></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family: inherit; font-size: inherit;padding-top: 0px; padding-bottom: 0px; margin-left: auto; margin-right: 0px; width: 100%;">
<tr>
<td style="width: 50%; border-bottom: 1px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><img src="denisonlogo-small.jpg"></div>
</td>
<td style="width: 50%; vertical-align: bottom; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Arial">&#xA0;<font style="font-weight: bold; color: #4d4d4d; font-size: 11px">INTERIM
CONSOLIDATED FINANCIAL STATEMENTS</font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The following
table illustrates the classification of the Company&#x2019;s
financial assets within the fair value hierarchy as at September
30, 2020 and December 31, 2019:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 41%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-top: 1.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">September
30</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-top: 1.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">December
31</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Financial</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Fair</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2020</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2019</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Instrument</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Value</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Fair</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Fair</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%; border-bottom: 1px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(in thousands of
CAD dollars)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px"><font style="color: #000000">Category</font><font style="font-size: 70%; vertical-align: top; color: #000000">(1)</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Hierarchy</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Value</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Value</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Financial
Assets:</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Cash and
equivalents</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Category
B</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">6,518</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">8,190</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Trade and other
receivables</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Category
B</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">3,010</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">4,023</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Investments</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Equity
instruments-shares</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Category
A</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Level
1</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">9,717</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">11,971</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Equity
instruments-warrants</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Category
A</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Level
2</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">93</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">133</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Restricted
cash and equivalents</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Elliot Lake
reclamation trust fund</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Category
B</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">3,055</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2,859</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Credit
facility pledged assets</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Category
B</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">9,000</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">9,000</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%; border-bottom: 1px solid #000000">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Reclamation
letter of credit collateral</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Category
B</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">135</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">135</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">31,528</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">36,311</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Financial
Liabilities:</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Accounts
payable and accrued liabilities</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Category
C</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">6,480</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">7,930</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%; border-bottom: 1px solid #000000">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Debt
obligations</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Category
C</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">640</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">1,002</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">7,120</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">8,932</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-family: Arial; font-size: 11px">(1)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px">Financial instrument
designations are as follows: Category A=Financial assets and
liabilities at fair value through profit and loss; Category
B=Financial assets at amortized cost; and Category C=Financial
liabilities at amortized cost.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 0px"><font style="font-weight: bold; font-family: Arial; font-size: 11px">23.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-weight: bold; font-family: Arial; font-size: 11px">CONTINGENCIES</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">Specific
Legal Matters</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; font-family: Arial; font-size: 11px">Mongolia
Mining Division Sale &#x2013; Arbitration Proceedings with Uranium
Industry</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">In November 2015,
the Company sold all of its mining assets and operations located in
Mongolia to Uranium Industry a.s (&#x201C;UI&#x201D;) pursuant to an
amended and restated share purchase agreement (the &#x201C;GSJV
Agreement&#x201D;). The primary assets at that time were the
exploration licenses for the Hairhan, Haraat, Gurvan Saihan and
Ulzit projects. As consideration for the sale per the GSJV
Agreement, the Company received cash consideration of USD$1,250,000
prior to closing and the rights to receive additional contingent
consideration of up to USD$12,000,000.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">On September 20,
2016, the Mineral Resources Authority of Mongolia
(&#x201C;MRAM&#x201D;) formally issued mining license certificates
for all four projects, triggering Denison&#x2019;s right to receive
contingent consideration of USD$10,000,000 (collectively, the
&#x201C;Mining License Receivable&#x201D;). The original due date for
payment of the Mining License Receivable by UI was November 16,
2016.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Under an
extension agreement between UI and the Company, the payment due
date of the Mining License Receivable was extended from November
16, 2016 to July 16, 2017 (the &#x201C;Extension Agreement&#x201D;).
As consideration for the extension, UI agreed to pay interest on
the Mining License Receivable amount at a rate of 5% per year,
payable monthly up to July 16, 2017 and they also agreed to pay a
USD$100,000 instalment amount towards the balance of the Mining
License Receivable amount. The required payments were not
made.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">On February 24,
2017, the Company served notice to UI that it was in default of its
obligations under the GSJV Agreement and the Extension Agreement
and on December 12, 2017, the Company filed a Request for
Arbitration between the Company and UI under the Arbitration Rules
of the London Court of International Arbitration. Hearings in front
of the arbitration panel were held in December 2019. The final
award was rendered by an arbitration panel on July 27, 2020, with
the panel finding in favour of Denison and ordering UI to pay the
Company USD$10,000,000 plus interest at a rate of 5% per annum from
November 16, 2016, plus certain legal and arbitration
costs.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 12px; font-family: Arial">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 11px">&#xA0;22</font></div>
</div>
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<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family: inherit; font-size: inherit;padding-top: 0px; padding-bottom: 0px; margin-left: auto; margin-right: 0px; width: 100%;">
<tr>
<td style="width: 50%; border-bottom: 1px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><img src="denisonlogo-small.jpg"></div>
</td>
<td style="width: 50%; vertical-align: bottom; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Arial">&#xA0;<font style="font-weight: bold; color: #4d4d4d; font-size: 11px">INTERIM
CONSOLIDATED FINANCIAL STATEMENTS</font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 48px; margin-right: 0px; text-indent: -24px">
<font style="text-decoration: underline; font-family: Arial; font-size: 11px">Arbitration
Proceedings with Orano Canada Inc. (&#x201C;Orano Canada&#x201D;) and
OURD (Canada) Co., Ltd. (&#x201C;OURD&#x201D;)</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Denison commenced
arbitration with Orano Canada and OURD in October 2019, with
Denison&#x2019;s initial written submission made on March 9, 2020.
The arbitration relates to certain payments made under the joint
venture agreement for the MLJV. Denison claims that these payments
were required in breach of OURD and Orano&#x2019;s contractual and
other obligations. Denison seeks approximately $6.5 million with
respect to these payments, an unquantified amount for further
damages and related contractual relief. Proceedings in front of the
arbitration panel were held in October 2020, and the parties have
exchanged final written post-hearing submissions.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 0px"><font style="font-weight: bold; font-family: Arial; font-size: 11px">24.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-weight: bold; font-family: Arial; font-size: 11px">SUBSEQUENT
EVENTS</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">Share
Issue</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">On October 14,
2020, the Company completed a public offering of 51,347,321 common
shares at a price of USD$0.37 per share for gross proceeds of
approximately CAD$24,962,000 (USD$18,999,000), which included the
partial exercise by the underwriters of their over-allotment
option. The proceeds of the offering are anticipated to be used to
fund evaluation and environmental assessment activities on
Denison&#x2019;s Wheeler River project, as well as for general
working capital purposes.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
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<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>a2020-09dmcmdafiling.htm
<DESCRIPTION>MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2020
<TEXT>
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<title>a2020-09dmcmdafiling</title>
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<font style="font-family: Times New Roman; font-size: 13px;"><font style="font-weight: bold">
&#xA0;Exhibit 99.2</font><br></font></div>
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<font style="font-weight: bold; color: #4D4D4D; font-family: Arial; font-size: 11px">
MANAGEMENT&#x2019;S DISCUSSION &amp; ANALYSIS</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #006600; font-family: Arial; font-size: 16px">
MANAGEMENT&#x2019;S DISCUSSION &amp; ANALYSIS</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #006600; font-weight: bold; font-family: Arial; font-size: 16px">
FOR THE THREE AND NINE MONTHS ENDED</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #006600; font-weight: bold; font-family: Arial; font-size: 16px">
SEPTEMBER 30, 2020</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 45px; text-indent: 0px">
<font style="font-weight: bold; color: #006600; font-family: Arial; font-size: 13px">
TABLE OF CONTENTS</font></div>
<div style="text-align: center">
<table cellpadding="0" cellspacing="0" style="text-align: left; margin: 0px auto; width: 80%; font-family: inherit; font-size: inherit; background-color: rgb(204, 238, 204);">
<tr>
<td style="width: 50%">
<div><font style="font-family: Arial;">&#xA0;<font style="font-size: 13px;"><font style="text-decoration: underline; color: #0000FF">2020
THIRD QUARTER PERFORMANCE HIGHLIGHTS</font></font></font></div>
</td>
<td style="width: 50%">
<div style="text-align: right"><font style="font-family: Arial;">&#xA0;2</font></div>
</td>
</tr><tr>
<td style="width: 50%">
<div><font style="font-family: Arial;">&#xA0;<font style="font-size: 13px;"><font style="text-decoration: underline; color: #0000FF">ABOUT
DENISON</font></font></font></div>
</td>
<td style="width: 50%">
<div style="text-align: right"><font style="font-family: Arial;">&#xA0;2</font></div>
</td>
</tr><tr>
<td style="width: 50%">
<div><font style="font-family: Arial;">&#xA0;<font style="font-size: 13px;"><font style="text-decoration: underline; color: #0000FF">RESULTS
OF OPERATIONS</font></font></font></div>
</td>
<td style="width: 50%">
<div style="text-align: right"><font style="font-family: Arial;">&#xA0;4</font></div>
</td>
</tr><tr>
<td style="width: 50%">
<div><font style="font-family: Arial;">&#xA0;&#xA0;&#xA0;&#xA0;
&#xA0;&#xA0;&#xA0; <font style="font-size: 13px;">
<font style="text-decoration: underline; color: #0000FF">Wheeler
River Project</font></font></font></div>
</td>
<td style="width: 50%">
<div style="text-align: right"><font style="font-family: Arial;">&#xA0;7</font></div>
</td>
</tr><tr>
<td style="width: 50%">
<div><font style="font-family: Arial;">&#xA0;&#xA0;&#xA0;&#xA0;
&#xA0;&#xA0;&#xA0; <font style="font-size: 13px;">
<font style="text-decoration: underline; color: #0000FF">Other
Properties</font></font></font></div>
</td>
<td style="width: 50%">
<div style="text-align: right"><font style="font-family: Arial;">&#xA0;11</font></div>
</td>
</tr><tr>
<td style="width: 50%">
<div><font style="font-family: Arial;">&#xA0;<font style="font-size: 13px;"><font style="text-decoration: underline; color: #0000FF">LIQUIDITY
AND CAPITAL RESOURCES</font></font></font></div>
</td>
<td style="width: 50%">
<div style="text-align: right"><font style="font-family: Arial;">&#xA0;12</font></div>
</td>
</tr><tr>
<td style="width: 50%">
<div><font style="font-family: Arial;">&#xA0;<font style="font-size: 13px;"><font style="text-decoration: underline; color: #0000FF">OUTLOOK
FOR 2020</font></font></font></div>
</td>
<td style="width: 50%">
<div style="text-align: right"><font style="font-family: Arial;">&#xA0;15</font></div>
</td>
</tr><tr>
<td style="width: 50%">
<div><font style="font-family: Arial;">&#xA0;<font style="font-size: 13px;"><font style="text-decoration: underline; color: #0000FF">ADDITIONAL
INFORMATION</font></font></font></div>
</td>
<td style="width: 50%">
<div style="text-align: right"><font style="font-family: Arial;">&#xA0;16</font></div>
</td>
</tr><tr>
<td style="width: 50%">
<div><font style="font-family: Arial;">&#xA0;<font style="font-size: 13px;"><font style="text-decoration: underline; color: #0000FF">CAUTIONARY
STATEMENT REGARDING FORWARD-LOOKING
STATEMENTS</font></font></font></div>
</td>
<td style="width: 50%">
<div style="text-align: right"><font style="font-family: Arial;">&#xA0;17</font></div>
</td>
</tr></table>
</div>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">This
Management&#x2019;s Discussion and Analysis (&#x2018;MD&amp;A&#x2019;)
of Denison Mines Corp. and its subsidiary companies and joint
arrangements (collectively, &#x2018;Denison&#x2019; or the
&#x2018;Company&#x2019;) provides a detailed analysis of the
Company&#x2019;s business and compares its financial results with
those of the previous year. This MD&amp;A is dated as of November
5, 2020 and should be read in conjunction with the Company&#x2019;s
unaudited interim condensed consolidated financial statements and
related notes for the three and nine months ended September 30,
2020. The unaudited interim condensed consolidated financial
statements are prepared in accordance with International Financial
Reporting Standards (&#x2018;IFRS&#x2019;) as issued by the
International Accounting Standards Board (&#x2018;IASB&#x2019;),
applicable to the preparation of the interim financial statements,
including International Accounting Standards (&#x2018;IAS&#x2019;)
34, Interim Financial Reporting. Readers are also encouraged to
consult the audited consolidated financial statements and MD&amp;A
for the year ended December 31, 2019. All dollar amounts in this
MD&amp;A are expressed in Canadian dollars, unless otherwise
noted.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Additional
information about Denison, including the Company&#x2019;s press
releases, quarterly and annual reports, Annual Information Form and
Form 40-F is available through the Company&#x2019;s filings with the
securities regulatory authorities in Canada at www.sedar.com
(&#x2018;SEDAR&#x2019;) and the United States at
www.sec.gov/edgar.shtml (&#x2018;EDGAR&#x2019;).</font></div>
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<table cellpadding="0" cellspacing="0" style="text-align: left; margin: 0 auto;width: 100%;; font-family: inherit; font-size: inherit">
<tr>
<td style="width: 50%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><img src="denisonlogo-small.jpg"></div>
</td>
<td style="width: 50%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right"><font>&#xA0;</font><font style="font-weight: bold; color: #4D4D4D; font-family: Arial; font-size: 11px">MANAGEMENT&#x2019;S
DISCUSSION &amp; ANALYSIS</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 16px">
<a name="_Toc55457084">
<!--anchor--></a><font style="color: #006600">2020 THIRD QUARTER
PERFORMANCE HIGHLIGHTS</font></font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 12px">
<font style="font-weight: bold; color: #003300; font-size: 11px">&#x25A0;</font></div>
<div style="text-align: justify; display: table-cell"><font style="color: #003300; font-weight: bold; font-family: Arial; font-size: 11px">
Resumed evaluation and exploration field activities at Wheeler
River</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">In July 2020,
Denison announced the resumption of evaluation field activities at
the Company&#x2019;s 90% owned Wheeler River Uranium Project
(&#x2018;Wheeler River&#x2019; or the &#x2018;Project&#x2019;) with the
initiation of an In-Situ Recovery (&#x2018;ISR&#x2019;) field program
(&#x2018;2020 Field Program&#x2019;) focused on the high-grade
Phoenix uranium deposit (&#x2018;Phoenix&#x2019;). Field activities
were gradually expanded late in the third quarter to allow for the
initiation the Company&#x2019;s planned exploration activities. In
order to ensure the Company's operations comply with all applicable
health and safety guidelines associated with the COVID-19 pandemic,
all operating procedures at the Company's Wheeler River site have
been reviewed and adapted to incorporate physical distancing and
enhanced hygiene protocols, as well as special travel protocols
designed by Denison for northern Saskatchewan.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 12px">
<font style="font-weight: bold; color: #003300; font-size: 11px">&#x25A0;</font></div>
<div style="text-align: justify; display: table-cell"><font style="color: #003300; font-weight: bold; font-family: Arial; font-size: 11px">
Completed the 2020 ISR Field Program</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">In October 2020,
Denison announced the safe and successful completion of the 2020
Field Program, which was designed to build additional confidence in
the results of an independent hydrogeologic model developed by
Petrotek Corporation (&#x2018;Petrotek&#x2019;) for Phoenix, and to
support the design and permitting of further field work expected to
be incorporated into a future Feasibility Study (&#x2018;FS&#x2019;).
The hydrogeologic model developed for Phoenix is based on actual
field data collected during an extensive field test program
completed at Phoenix in 2019 (the &#x2018;2019 Field Test&#x2019;),
with the model and associated simulations having already
demonstrated "proof-of-concept" for the application of the ISR
mining method at Phoenix, with respect to potential operational
extraction and injection rates (see press release dated June 4,
2020).</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<div style="display: table-row">
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<font style="font-weight: bold; color: #003300; font-size: 11px">&#x25A0;</font></div>
<div style="text-align: justify; display: table-cell"><font style="color: #003300; font-weight: bold; font-family: Arial; font-size: 11px">
Capitalized the Company to fund future evaluation and environmental
assessment activities for Wheeler River</font></div>
</div>
</div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">In October 2020,
Denison successfully completed a public offering of 51,347,321
common shares at a price of US$0.37 per common share for gross
proceeds of CAD$24,962,000 (US$18,999,000), which includes
4,347,321 common shares granted to the underwriters through the
exercise, in part, of an over-allotment option. The proceeds of the
offering are anticipated to be used to fund evaluation and
environmental assessment (&#x2018;EA&#x2019;) activities on the
Wheeler River project, as well as for general working capital
purposes.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #006600; font-family: Arial; font-size: 16px">
<a name="_Toc55457085"><!--anchor--></a>ABOUT
DENISON</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Denison Mines
Corp. was formed under the laws of Ontario and is a reporting
issuer in all Canadian provinces and territories. Denison&#x2019;s
common shares are listed on the Toronto Stock Exchange (the
&#x2018;TSX&#x2019;) under the symbol &#x2018;DML&#x2019; and on the
NYSE American exchange under the symbol
&#x2018;DNN&#x2019;.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Denison is a
uranium exploration and development company with interests focused
in the Athabasca Basin region of northern Saskatchewan, Canada. The
Company&#x2019;s flagship project is the 90% owned Wheeler River
Uranium Project, which is the largest undeveloped uranium project
in the infrastructure rich eastern portion of the Athabasca Basin
region. A Pre-feasibility Study (&#x2018;PFS&#x2019;) was completed
for Wheeler River in late 2018, considering the potential economic
merit of developing the Phoenix deposit as an ISR operation and the
Gryphon deposit as a conventional underground mining operation.
Denison's interests in Saskatchewan also include a 22.5% ownership
interest in the McClean Lake Joint Venture (&#x2018;MLJV&#x2019;),
which includes several uranium deposits and the McClean Lake
uranium mill, which is contracted to process ore from the Cigar
Lake mine under a toll milling agreement (see RESULTS OF OPERATIONS
below for more details), plus a 25.17% interest in the Midwest
deposits and a 66.71% interest in the J Zone and Huskie deposits on
the Waterbury Lake property. The Midwest, J Zone and Huskie
deposits are located within 20 kilometres of the McClean Lake mill.
In addition, Denison has an extensive portfolio of exploration
projects in the Athabasca Basin region.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Denison is
engaged in mine decommissioning and environmental services through
its Closed Mines group (formerly Denison Environmental Services),
which manages Denison&#x2019;s Elliot Lake reclamation projects and
provides post-closure mine and maintenance services to a variety of
industry and government clients.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Denison is also
the manager of Uranium Participation Corporation
(&#x2018;UPC&#x2019;), a publicly traded company listed on the TSX
under the symbol &#x2018;U&#x2019;, which invests in uranium oxide in
concentrates (&#x2018;U<font style="font-size: 70%; vertical-align: bottom">3</font>O<font style="font-size: 70%; vertical-align: bottom">8</font>&#x2019;) and
uranium hexafluoride (&#x2018;UF<font style="font-size: 70%; vertical-align: bottom">6</font>&#x2019;).</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Arial;"><font style="font-size: 12px;">&#xA0;</font></font></div>

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</div>
</div>

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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Arial;"><img src="denisonlogo-small.jpg"></font></div>
</td>
<td style="width: 50%; vertical-align: bottom; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Arial;">&#xA0;<font style="font-weight: bold; color: rgb(77, 77, 77); font-size: 11px;">MANAGEMENT&#x2019;S
DISCUSSION &amp; ANALYSIS</font></font></div>
</td>
</tr></table>
</div>

<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Arial;"><font style="font-size: 12px;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-weight: bold; font-size: 13px; font-family: Arial"><a name="_Toc55457084">&#xA0;</a><font style="color: #006600">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #006600; font-family: Arial; font-size: 16px">
RISK AND UNCERTAINTY</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The outbreak of
the novel coronavirus (&#x2018;COVID-19&#x2019;) has disrupted and is
expected to continue to disrupt the Company&#x2019;s previously
disclosed business and operational plans for fiscal 2020. The
length or severity of these disruptions are unknown at this point
in time. The significant social and economic disruptions that have
emerged, or could emerge, as a result of the COVID-19 pandemic
include (i) restrictions that governments impose to address the
COVID-19 outbreak, (ii) restrictions that the Company and its
contractors and subcontractors impose to ensure the safety of
employees and others, (iii) shortages and / or unexpected sickness
of employees, (iv) unavailability of contractors and
subcontractors, (v) interruption of supplies from third parties
upon which the Company relies, and (vi) unusually high levels of
volatility in capital markets and limitations on the availability
of capital.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Disruptions of
this nature necessitated a change in the Company&#x2019;s business
plans for 2020 and they may have a material adverse effect on the
Company&#x2019;s business, financial condition and results of
operations. Such adverse effects could be rapid and unexpected.
Management is closely monitoring the situation and is actively
adapting work plans to mitigate adverse effects where possible. See
OUTLOOK FOR 2020 below for the Company&#x2019;s most updated plans
for the year.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #006600; font-family: Arial; font-size: 16px">
SELECTED QUARTERLY FINANCIAL INFORMATION</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<tr>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(in
thousands)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-top: 1.5pt solid #000000; border-bottom: 3px double #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 24px">
<font style="font-weight: bold; color: #000000; font-family: Arial; font-size: 11px">
As at</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Arial; font-size: 11px">
September 30,</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Arial; font-size: 11px">
2020</font></div>
</td>
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<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-top: 1.5pt solid #000000; border-bottom: 3px double #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 24px">
<font style="font-weight: bold; color: #000000; font-family: Arial; font-size: 11px">
As at</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Arial; font-size: 11px">
December 31,</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Arial; font-size: 11px">
2019</font></div>
</td>
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<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
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</td>
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<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
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<td style="vertical-align: top; width: 67%">
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<font style="font-weight: bold; font-family: Arial; font-size: 11px">
Financial Position:</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 67%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Cash and cash
equivalents</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 10px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">6,518</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 10px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">8,190</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 67%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Working
capital<font style="font-size: 70%; vertical-align: top">(1)</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 10px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">10,773</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 10px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">1,597</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 67%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Property, plant
and equipment</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 10px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">256,046</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 10px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">257,259</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 67%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Total
assets</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 10px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">293,557</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 10px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">299,998</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 67%; border-bottom: 3px double #000000">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Arial; font-size: 11px">Total long-term
liabilities<font style="font-size: 70%; vertical-align: top">(2)</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: left; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: middle; width: 15%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 10px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">75,915</font></div>
</td>
<td style="vertical-align: middle; width: 2%; border-bottom: 3px double #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: middle; width: 15%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 10px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">74,903</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-family: Arial; font-size: 11px">(1)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px">At September 30, 2020, the
Company&#x2019;s working capital includes $9,717,000 in portfolio
investments and a non-cash deferred revenue liability of $4,597,000
(December 31, 2019 &#x2013; $nil portfolio investments and non-cash
deferred revenue liability of $4,580,000).</font></div>
</div>
</div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-family: Arial; font-size: 11px">(2)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px">Predominantly comprised of
the non-current portion of deferred revenue, non-current
reclamation obligations, and deferred income tax
liabilities.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 27%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-top: 1.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Arial; font-size: 11px">
2020</font></div>
</td>
<td style="vertical-align: middle; width: 3%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-top: 1.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Arial; font-size: 11px">
2020</font></div>
</td>
<td style="vertical-align: middle; width: 3%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-top: 1.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Arial; font-size: 11px">
2020</font></div>
</td>
<td style="vertical-align: middle; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-top: 1.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Arial; font-size: 11px">
2019</font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align: top; width: 47%; border-bottom: 1px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(in
thousands, except for per share amounts)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Arial; font-size: 11px">
Q3</font></div>
</td>
<td style="vertical-align: top; width: 3%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Arial; font-size: 11px">
Q2</font></div>
</td>
<td style="vertical-align: top; width: 3%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Arial; font-size: 11px">
Q1</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Arial; font-size: 11px">
Q4</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 27%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align: top; width: 47%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
Results of Operations:</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align: top; width: 47%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Total
revenues</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: -6px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">2,743</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">&#xA0;&#xA0;$</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">2,926</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">&#xA0;&#xA0;$</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">4,660</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">3,956</font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align: top; width: 47%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Net
loss</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: -6px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(5,482)</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div style="text-align: left; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">&#xA0;&#xA0;$</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(1,043)</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div style="text-align: left; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">&#xA0;&#xA0;$</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(6,663)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(1,498)</font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align: bottom; width: 47%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Basic and diluted
loss per share</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: -6px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(0.01)</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div style="text-align: left; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">&#xA0;&#xA0;$</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(0.00)</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div style="text-align: left; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">&#xA0;&#xA0;$</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(0.01)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(0.00)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 27%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-top: 1.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Arial; font-size: 11px">
2019</font></div>
</td>
<td style="vertical-align: middle; width: 3%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-top: 1.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Arial; font-size: 11px">
2019</font></div>
</td>
<td style="vertical-align: middle; width: 3%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-top: 1.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Arial; font-size: 11px">
2019</font></div>
</td>
<td style="vertical-align: middle; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-top: 1.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Arial; font-size: 11px">
2018</font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align: top; width: 47%; border-bottom: 1px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(in
thousands, except for per share amounts)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Arial; font-size: 11px">
Q3</font></div>
</td>
<td style="vertical-align: top; width: 3%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Arial; font-size: 11px">
Q2</font></div>
</td>
<td style="vertical-align: top; width: 3%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Arial; font-size: 11px">
Q1</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Arial; font-size: 11px">
Q4</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 27%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align: top; width: 47%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
Results of Operations:</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align: top; width: 47%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Total
revenues</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: -6px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">3,478</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">&#xA0;&#xA0;$</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">4,139</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">&#xA0;&#xA0;$</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">3,976</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">4,144</font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align: top; width: 47%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Net
loss</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: -6px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(6,424)</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div style="text-align: left; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">&#xA0;
$</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(4,884)</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div style="text-align: left; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">&#xA0;
$</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(5,335)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(13,642)</font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align: bottom; width: 47%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Basic and diluted
loss per share</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: -6px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(0.01)</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div style="text-align: left; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">&#xA0;
$</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(0.01)</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div style="text-align: left; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">&#xA0;
$</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(0.01)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(0.02)</font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align: top; width: 47%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 3%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 3%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
Significant items causing variations in quarterly
results</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 11px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px">The Company&#x2019;s toll
milling revenues fluctuate due to the timing of uranium processing
at the McClean Lake mill as well as changes to the estimated
mineral resources of the Cigar Lake mine. See RESULTS OF OPERATIONS
below for further details.</font></div>
</div>
</div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 11px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px">Revenues from the Closed
Mines group fluctuate due to the timing of projects, which vary
throughout the year in the normal course of business.</font></div>
</div>
<font style="font-family: Arial; font-size: 11px;">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: center; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;3</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left">
<table cellpadding="0" cellspacing="0" style="text-align: left; margin: 0 auto;width: 100%;; font-family: inherit; font-size: inherit">
<tr>
<td style="width: 50%">
<div><img src="denisonlogo-small.jpg"></div>
</td>
<td style="width: 50%; vertical-align: bottom;">
<div style="text-align: right"><font>&#xA0; <font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(77, 77, 77); font-size: 11px;">MANAGEMENT&#x2019;S
DISCUSSION &amp; ANALYSIS</font></font></font></div>
</td>
</tr></table>
</div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-family: Arial; font-size: 11px;"><br></font></div>
</div>
</div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-family: Arial; font-size: 11px;">&#xA0;</font></div>
</div>
</div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 11px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px">Operating expenses fluctuate
due to the timing of projects at both the MLJV and the Closed Mines
group, which vary throughout the year in the normal course of
business.</font></div>
</div>
</div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 11px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px">Exploration expenses are
generally largest in the first and third quarters, due to the
timing of the winter and/or summer exploration programs in
Saskatchewan. Due to restrictions related to the COVID-19 pandemic,
the 2020 exploration program did not commence until late in the
third quarter and will run until December, 2020.</font></div>
</div>
</div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 11px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px">The Company&#x2019;s results
are also impacted, from time to time, by other non-recurring events
arising from its ongoing activities, as discussed below where
applicable.</font></div>
</div>
</div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 11px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px">Denison temporarily suspended
activities related to the EA and other discretionary items related
to the Wheeler River project late in the first quarter of 2020 due
in part to the COVID-19 pandemic. The reduced net loss in the third
quarter of 2020 reflects a significant reduction in evaluation
expenditures resulting from the Company&#x2019;s response to
COVID-19 and other prudent fiscal measures.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 16px">
<a name="_Toc55457086">
<!--anchor--></a><font style="color: #006600">RESULTS OF
OPERATIONS</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
REVENUES</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-weight: bold; font-family: Arial; font-size: 11px">
McClean Lake Uranium Mill</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">McClean Lake is
located on the eastern edge of the Athabasca Basin in northern
Saskatchewan, approximately 750 kilometres north of Saskatoon.
Denison holds a 22.5% ownership interest in the MLJV and the
McClean Lake uranium mill, one of the world&#x2019;s largest uranium
processing facilities, which is currently processing ore from the
Cigar Lake mine under a toll milling agreement. The MLJV is a joint
venture between Orano Canada Inc. (&#x2018;Orano Canada&#x2019;) with
a 70% interest, Denison with a 22.5% interest, and OURD (Canada)
Co. Ltd. with a 7.5% interest.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">In February 2017,
Denison closed an arrangement with Anglo Pacific Group PLC and one
of its wholly owned subsidiaries (the &#x2018;APG
Arrangement&#x2019;) under which Denison received an upfront payment
of $43,500,000 in exchange for its right to receive future toll
milling cash receipts from the MLJV under the current toll milling
agreement with the Cigar Lake Joint Venture (&#x2018;CLJV&#x2019;)
from July 1, 2016 onwards. The APG Arrangement consists of certain
contractual obligations of Denison to forward to APG the cash
proceeds of future toll milling revenue earned by the Company
related to the processing of the specified Cigar Lake ore through
the McClean Lake mill, and as such, the upfront payment was
accounted for as deferred revenue.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">On March 23,
2020, in response to the COVID-19 pandemic, the operator of the
CLJV announced a decision to suspend production at the Cigar Lake
mine for a minimum of four weeks. At the same time, the operator of
the MLJV announced that the McClean Lake mill would also suspend
operations for the duration of the CLJV shutdown. In April 2020,
the operator of the CLJV announced that the shut-down at the Cigar
Lake mine would be extended for an indeterminate period of time. In
July 2020, the operators of both the CLVJ and the MLJV announced
that mining and milling operations would restart in September 2020.
As noted above, Denison has sold the toll milling revenue to be
earned from the processing of the Cigar Lake ore to APG pursuant to
the APG Arrangement. While the temporary suspension of operations
at the McClean Lake mill resulted in a decrease in revenue
recognized by Denison, the impact was non-cash and was limited to a
reduction in the drawdown of the Company&#x2019;s deferred revenue
balance.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">During the three
and nine months ended September 30, 2020, the McClean Lake mill
processed 0.4 and 4.6 million pounds U<font style="font-size: 70%; vertical-align: bottom">3</font>O<font style="font-size: 70%; vertical-align: bottom">8</font> for the CLJV,
respectively (September 30, 2019 &#x2013; 2.7 and 12.6 million
pounds U<font style="font-size: 70%; vertical-align: bottom">3</font>O<font style="font-size: 70%; vertical-align: bottom">8</font>) and recorded
toll milling revenue of $95,000 and $1,210,000, respectively
(September 30, 2019 &#x2013; $696,000 and $3,243,000). The decrease
in toll milling revenue in the current three and nine month
periods, as compared to the prior year, is predominantly due to the
decrease in mill production in the current periods resulting from
the shut-down of the Cigar Lake mine, which commenced in late March
2020 and concluded in mid-September 2020.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">During the three
and nine months ended September 30, 2020, the Company also recorded
accounting accretion expense of $772,000 and $2,309,000,
respectively, on the toll milling deferred revenue balance
(September 30, 2019&#xA0; &#x2013; $801,000 and $2,402,000). The
annual accretion expense will decrease over the life of the
contract as the deferred revenue liability decreases over
time.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-weight: bold; font-family: Arial; font-size: 11px">
Mineral Sales</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Mineral sales
revenue for the three and nine months ended September 30, 2020 was
$nil and $852,000, respectively (September 30, 2019 - $nil and
$nil). Mineral sales revenue earned in the first quarter of 2020
was from the sale of 26,004 pounds U<font style="font-size: 70%; vertical-align: bottom">3</font>O<font style="font-size: 70%; vertical-align: bottom">8</font> from inventory at
an average price of $32.76 per pound.</font></div>
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</td>
<td style="width: 50%; vertical-align: bottom; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Arial">&#xA0;<font style="font-weight: bold; color: #4d4d4d; font-size: 11px">MANAGEMENT&#x2019;S
DISCUSSION &amp; ANALYSIS</font></font></div>
</td>
</tr></table>
</div>
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial">&#xA0;</font></div>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
Closed Mine Services</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Mine
decommissioning and environmental services are provided through
Denison&#x2019;s Closed Mines group, which has provided long-term
care and maintenance for closed mine sites since 1997. With offices
in Ontario, the Yukon Territory and Quebec, the Closed Mines group
manages Denison&#x2019;s Elliot Lake reclamation projects and
provides post-closure mine care and maintenance services to various
customers.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Revenue from
Closed Mines services during the three and nine months ended
September 30, 2020 was $2,065,000 and $6,197,000, respectively
(September 30, 2019 - $2,222,000 and $6,866,000). The decrease in
revenue during the three and nine months ended September 30, 2020,
as compared to the prior period, was due to a decrease in activity
at certain care and maintenance sites.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
Management Services Agreement with UPC</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Denison provides
general administrative and management services to UPC. Management
fees and commissions earned by Denison provide a source of cash
flow to partly offset corporate administrative expenditures
incurred by the Company during the year.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">During the three
and nine months ended September 30, 2020, revenue from the
Company&#x2019;s management contract with UPC was $583,000 and
$2,070,000, respectively (September 30, 2019 - $560,000 and
$1,484,000). The increase in revenues during the nine months ended
September 30, 2020, compared to the prior year, was due to an
increase in management fees earned based on UPC&#x2019;s monthly net
asset value (&#x2018;NAV&#x2019;), an increase in commission-based
management fees, as well as an increase in discretionary management
fees due to a $300,000 fee awarded to Denison related to
non-routine activities performed by the Company. The increase in
revenues during the three months ended September 30, 2020, compared
to the prior year, was due to an increase in NAV-based management
fees, slightly offset by a decrease in commission-based fees.
UPC&#x2019;s balance sheet consists primarily of uranium held either
in the form of U<font style="font-size: 70%; vertical-align: bottom">3</font>O<font style="font-size: 70%; vertical-align: bottom">8</font> or UF<font style="font-size: 70%; vertical-align: bottom">6</font>, which is
accounted for at its fair value. The increase in NAV-based
management fees in both the three and nine months ended September
30, 2020 was due to the increase in the average fair value of
UPC&#x2019;s uranium holdings during the three and nine months ended
September 30, 2020, compared to the prior year, resulting from
higher uranium spot prices during the second and third quarters of
2020. Denison earns a 1% commission on the gross value of
UPC&#x2019;s uranium purchases and sales. The decrease in
commission-based management fees during the three months ended
September 30, 2020 was due to a decrease in uranium purchases and
sales by UPC during the current period, while the increase in
commission-based fees in the nine-months ended September 30, 2020,
compared to the prior year, was due to an increase in uranium
purchase and sales transactions, as compared to the prior
year.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
OPERATING EXPENSES</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-weight: bold; font-family: Arial; font-size: 11px">
Canada Mining</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Operating
expenses of the Canadian mining segment include depreciation and
development costs, as well as cost of sales related to the sale of
uranium.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Operating
expenses in the three and nine months ended September 30, 2020 were
$585,000 and $2,579,000, respectively (September 30, 2019 &#x2013;
$818,000 and $3,376,000), including depreciation expense relating
to the McClean Lake mill of $62,000 and $798,000 (September 30,
2019 - $482,000 and $2,223,000), as a result of processing
approximately 0.4 and 4.6 million pounds U<font style="font-size: 70%; vertical-align: bottom">3</font>O<font style="font-size: 70%; vertical-align: bottom">8</font>, respectively,
for the CLJV (September 30, 2019 &#x2013; 2.7 and 12.6 million
pounds).</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">In the three and
nine months ended September 30, 2020, operating expenses also
included development and other operating costs related to the MLJV
of $523,000 and $1,781,000 (September 30, 2019 &#x2013; $336,000 and
$1,153,000). The development and other operating costs for the
three months ended September 30, 2020 predominantly related to the
advancement of the Surface Access Borehole Resource Extraction
(&#x2018;SABRE&#x2019;) mining technology, as part of a multi-year
test mining program operated by Orano Canada within the MLJV. The
development and other operating costs for the nine months ended
September 30, 2020 included (i) $526,000 in cost of sales, selling
expenses of $14,000, and sales royalties and resource surcharges of
$64,000 related to the sale of 26,004 pounds of U<font style="font-size: 70%; vertical-align: bottom">3</font>O<font style="font-size: 70%; vertical-align: bottom">8</font>, and (ii)
$823,000 in costs related to SABRE. As a result of the COVID-19
pandemic, the operator of the MLJV has decided to defer the
completion of the SABRE mining test, originally planned for 2020,
until 2021.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
Closed Mine Services</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Operating
expenses during the three and nine months ended September 30, 2020
totaled $1,770,000 and $5,144,000 respectively (September 30, 2019
- $2,059,000 and $6,362,000). The expenses relate primarily to care
and maintenance services provided to clients, and include labour
and other costs.</font></div>
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</td>
<td style="width: 50%; vertical-align: bottom; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Arial;">&#xA0;<font style="font-weight: bold; color: #4d4d4d; font-size: 11px">MANAGEMENT&#x2019;S
DISCUSSION &amp; ANALYSIS</font></font></div>
</td>
</tr></table>
</div>

<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The decrease in
operating expenses in the current periods, as compared to the prior
year, is predominantly due to a reduction in activity at certain
care and maintenance sites, as well as a decrease in salaries and
other costs associated with a reduction in headcount following a
restructuring completed during the fourth quarter of 2019, when the
Company discontinued its environmental consulting
business.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-weight: bold; font-family: Arial; font-size: 11px">
CANADIAN MINERAL PROPERTY EXPLORATION &amp; EVALUATION</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">During the three
and nine months ended September 30, 2020, Denison&#x2019;s share of
exploration and evaluation expenditures were $1,744,000 and
$5,780,000, respectively (September 30, 2019 - $4,591,000 and
$11,846,000). The decrease in exploration and evaluation
expenditures during the three and nine months ended September 30,
2020, compared to the prior period, was predominantly due to a
decrease in winter exploration activities, as well as a decrease in
evaluation expenditures due to the decision, in March 2020, to
temporarily suspend the EA program and other discretionary items at
Wheeler River due in part to the COVID-19 pandemic. See WHEELER
RIVER PROJECT below for further details.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Exploration
spending in the Athabasca Basin is generally seasonal in nature,
with spending higher during the winter field season (January to
mid-April) and summer field season (June to mid-October). Due to
the COVID-19 pandemic, the timing of exploration expenditures in
2020 is slightly different than in past years, with the majority of
expenditures deferred until the third and fourth
quarter.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The following
tables summarize the 2020 exploration and evaluation activities
completed through October 27, 2020. The exploration drilling
relates to the Company&#x2019;s exploration program at Wheeler
River, while the evaluation drilling relates to the installation of
regional groundwater sampling holes as part of the Wheeler River
2020 Field Program. All exploration and evaluation expenditure
information in this MD&amp;A relates to the three and nine months
ending September 30, 2020.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-weight: bold; color: #003300; font-family: Arial; font-size: 11px">
CANADIAN EXPLORATION ACTIVITIES</font></div>
</td>
</tr><tr style="background-color: #dee9c9">
<td style="vertical-align: middle; width: 20%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #003300; font-family: Arial; font-size: 11px">
Property</font></div>
</td>
<td style="vertical-align: middle; width: 25%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #003300; font-family: Arial; font-size: 11px">
Denison&#x2019;s ownership</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 26%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
<font style="color: #003300">Exploration
drilling</font><font style="font-size: 70%; vertical-align: top; color: #003300">(6)</font></font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 29%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #003300; font-family: Arial; font-size: 11px">
Other activities</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Wheeler
River</font></div>
</td>
<td style="vertical-align: middle; width: 25%">
<div style="text-align: center; margin-left: 0px; margin-right: 21px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">90%<font style="font-size: 70%; vertical-align: top">(1)</font></font></div>
</td>
<td style="vertical-align: middle; width: 24%">
<div style="text-align: center; margin-left: 0px; margin-right: 9px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">5,460 m (12
holes)</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 30%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 0%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Waterbury
Lake</font></div>
</td>
<td style="vertical-align: middle; width: 25%">
<div style="text-align: center; margin-left: 0px; margin-right: 21px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">66.71%<font style="font-size: 70%; vertical-align: top">(2)</font></font></div>
</td>
<td style="vertical-align: middle; width: 24%">
<div style="text-align: center; margin-left: 0px; margin-right: 9px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">-</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 30%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Geophysical
surveys</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 0%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Murphy
Lake</font></div>
</td>
<td style="vertical-align: middle; width: 25%">
<div style="text-align: center; margin-left: 0px; margin-right: 21px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">100% <font style="font-size: 70%; vertical-align: top">(3)</font></font></div>
</td>
<td style="vertical-align: middle; width: 24%">
<div style="text-align: center; margin-left: 0px; margin-right: 9px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">-</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 30%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Geophysical
surveys</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 0%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Moon
Lake</font></div>
</td>
<td style="vertical-align: middle; width: 25%">
<div style="text-align: center; margin-left: 0px; margin-right: 21px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">55.55%<font style="font-size: 70%; vertical-align: top">(4)</font></font></div>
</td>
<td style="vertical-align: middle; width: 24%">
<div style="text-align: center; margin-left: 0px; margin-right: 9px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">-</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 30%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Geophysical
surveys</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 0%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Moon Lake
North</font></div>
</td>
<td style="vertical-align: middle; width: 25%">
<div style="text-align: center; margin-left: 0px; margin-right: 21px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">100%<font style="font-size: 70%; vertical-align: top">(3)</font></font></div>
</td>
<td style="vertical-align: middle; width: 24%">
<div style="text-align: center; margin-left: 0px; margin-right: 9px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">-</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 30%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Geophysical
surveys</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 0%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Moon Lake
South</font></div>
</td>
<td style="vertical-align: middle; width: 25%">
<div style="text-align: center; margin-left: 0px; margin-right: 21px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">75%<font style="font-size: 70%; vertical-align: top">(5)</font></font></div>
</td>
<td style="vertical-align: middle; width: 24%">
<div style="text-align: center; margin-left: 0px; margin-right: 9px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">-</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 30%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Geophysical
surveys</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 0%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 20%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">South
Dufferin</font></div>
</td>
<td style="vertical-align: middle; width: 25%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 21px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">100%<font style="font-size: 70%; vertical-align: top">(3)</font></font></div>
</td>
<td style="vertical-align: middle; width: 24%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 9px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">-</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 30%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Soil
sampling</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 0%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #c4d79d">
<td style="vertical-align: middle; width: 20%; border-bottom: 4px double #003300">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #003300; font-family: Arial; font-size: 11px">
&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Total</font></div>
</td>
<td style="vertical-align: middle; width: 25%; border-bottom: 4px double #003300">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 26%; border-bottom: 4px double #003300">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="color: #003300; font-weight: bold; font-family: Arial; font-size: 11px">
5,460 m (12 holes)</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 29%; border-bottom: 4px double #003300">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Notes:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(1) The
Company&#x2019;s ownership interest as at September 30, 2020. JCU
(Canada) Exploration Company Limited (&#x2018;JCU&#x2019;) is funding
their 10% portion of exploration and evaluation expenditures during
2020 and ownership interests are unchanged for 2020.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(2) The
Company&#x2019;s ownership position as at September 30, 2020. The
partner, Korea Waterbury Uranium Limited Partnership
(&#x2018;KWULP&#x2019;), has elected not to fund the 2020 exploration
program and will dilute its ownership interest. As a result,
Denison&#x2019;s ownership will increase.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(3) The
Company&#x2019;s ownership position as at September 30,
2020.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(4) The
Company&#x2019;s ownership position as at December 31, 2019. The
partner, Uranium One Inc. has elected not to fund the 2020
exploration program and will dilute its ownership interest. As a
result, Denison&#x2019;s ownership interest will
increase.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(5) In accordance
with the January 2016 letter agreement with CanAlaska Uranium Ltd,
Denison ownership interest increased to 75% in the Moon Lake South
claim in February 2020.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(6) The Company
reports total exploration metres drilled and the number of holes
that were successfully completed to their target
depth.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Arial">&#xA0;</font></div>
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-family: Arial"><font style="font-size: 11px">&#xA0;6</font></font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000"><font style="font-family: Arial">&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-family: Arial"><font style="font-size: 11px">&#xA0;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family: inherit; font-size: inherit;padding-top: 0px; padding-bottom: 0px; margin-left: auto; margin-right: auto; width: 100%;">
<tr>
<td style="width: 50%; border-bottom: 1px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Arial"><img src="denisonlogo-small.jpg"></font></div>
</td>
<td style="width: 50%; vertical-align: bottom; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Arial">&#xA0;<font style="font-weight: bold; color: #4d4d4d; font-size: 11px">MANAGEMENT&#x2019;S
DISCUSSION &amp; ANALYSIS</font></font></div>
</td>
</tr></table>
</div>
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr style="background-color: #a2d18b">
<td colspan="5" style="vertical-align: middle; width: 100%; border-top: 1.5pt solid #003300; border-bottom: 4px double #003300">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #003300; font-weight: bold; font-family: Arial; font-size: 11px">
CANADIAN EVALUATION ACTIVITIES</font></div>
</td>
</tr><tr style="background-color: #dee9c9">
<td style="vertical-align: middle; width: 20%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #003300; font-family: Arial; font-size: 11px">
Property</font></div>
</td>
<td style="vertical-align: middle; width: 23%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #003300; font-family: Arial; font-size: 11px">
Denison&#x2019;s ownership</font></div>
</td>
<td style="vertical-align: middle; width: 23%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
<font style="color: #003300">Evaluation drilling</font><font style="font-size: 70%; vertical-align: top; color: #003300">(3)</font></font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 34%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #003300; font-family: Arial; font-size: 11px">
Other activities</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Wheeler
River</font></div>
</td>
<td style="vertical-align: middle; width: 23%">
<div style="text-align: center; margin-left: 0px; margin-right: 21px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">90%<font style="font-size: 70%; vertical-align: top">(1)</font></font></div>
</td>
<td style="vertical-align: middle; width: 23%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">705 m (5 small
diameter wells)</font></div>
</td>
<td style="vertical-align: middle; width: 34%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">ISR Field
Testing,</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Engineering,
Environmental Assessment</font></div>
</td>
<td style="vertical-align: top; width: 0%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 20%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Waterbury
Lake</font></div>
</td>
<td style="vertical-align: middle; width: 23%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 21px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">66.71%<font style="font-size: 70%; vertical-align: top">(2)</font></font></div>
</td>
<td style="vertical-align: middle; width: 23%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 9px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: middle; width: 34%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 21px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Concept Study,
PEA Activities</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 0%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #c4d79d">
<td style="vertical-align: middle; width: 20%; border-bottom: 4px double #003300">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #003300; font-family: Arial; font-size: 11px">
&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Total</font></div>
</td>
<td style="vertical-align: middle; width: 23%; border-bottom: 4px double #003300">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 23%; border-bottom: 4px double #003300">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="color: #003300; font-weight: bold; font-family: Arial; font-size: 11px">
705 m (5 holes)</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 34%; border-bottom: 4px double #003300">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Notes:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(1) The
Company&#x2019;s ownership interest as at September 30, 2020. JCU is
funding their 10% portion of exploration and evaluation
expenditures during 2020 and ownership interests are unchanged for
2020.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(2) The
Company&#x2019;s ownership position as at September 30, 2020. The
partner, KWULP, has elected not to fund the 2020 evaluation program
and will dilute its ownership interest. As a result,
Denison&#x2019;s ownership will increase.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(3) Small
diameter evaluation drilling includes HQ/PQ sized diamond drilling
of new holes for the purposes of regional groundwater sampling.
Figures include total evaluation metres drilled and total number of
holes completed.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The
Company&#x2019;s land position in the Athabasca Basin, as of
September 30, 2020, is illustrated in the figure below. The
Company&#x2019;s Athabasca land package did not change during the
third quarter of 2020, remaining at 268,725 hectares (204
claims).</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #003300; font-family: Arial; font-size: 12px">
<a name="_Toc55457087"><!--anchor--></a>Wheeler
River Project</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">A PFS was
completed for Wheeler River in late 2018, considering the potential
economic merit of developing the Phoenix deposit as an ISR
operation and the Gryphon deposit as a conventional underground
mining operation.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Further details
regarding Wheeler River, including the estimated mineral reserves
and resources, are provided in the Technical Report for the Wheeler
River project titled &#x2018;Pre-feasibility Study Report for the
Wheeler River Uranium Project, Saskatchewan, Canada&#x2019; with an
effective date of September 24, 2018 (&#x2018;PFS Technical
Report&#x2019;). A copy of the PFS Technical Report is available on
Denison&#x2019;s website and under its profile on each of SEDAR and
EDGAR.</font></div>
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</div>
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</div>
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</td>
<td style="width: 50%; vertical-align: bottom; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Arial">&#xA0;<font style="font-weight: bold; color: #4d4d4d; font-size: 11px">MANAGEMENT&#x2019;S
DISCUSSION &amp; ANALYSIS</font></font></div>
</td>
</tr></table>
</div>
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Arial">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Given recent
social, financial and market disruptions in connection with
COVID-19, and certain fiscal prudence measures, Denison suspended
certain activities at Wheeler River, including the formal parts of
the EA program, which is on the critical path to achieving the
project development schedule outlined in the PFS Technical Report.
The Company is not currently able to estimate the impact to the
project development schedule outlined in the PFS Technical Report,
and users are cautioned that certain of the estimates provided
therein, particularly regarding the start of pre-production
activities in 2021 and first production in 2024 should not be
relied upon.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The location of
the Wheeler River property, as well as the Phoenix and Gryphon
deposits, and existing and proposed infrastructure, is shown on the
map provided below.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; font-weight: bold; font-style: italic; font-family: Arial; font-size: 11px">
Evaluation Program</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">During the three
and nine months ended September 30, 2020, Denison&#x2019;s share of
evaluation costs at Wheeler River were $683,000 and $2,424,000,
respectively (September 30, 2019 - $4,062,000 and
$6,741,000).</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The Denison
project team have safely and successfully completed the 2020 Field
Program largely during the third quarter, with adherence to strict
protocols for the prevention of COVID-19 in the workplace. During
the field program, hydrogeological data using the well-field that
was developed as part of the 2019 Field Test was subjected to
verification testing for comparison to previous results. In
addition, five regional wells were installed to determine
groundwater movement to support the EA, where it is expected the
Company will have to demonstrate an understanding of the existing
regional groundwater quality and the potential impact of a freeze
containment system on groundwater movement.</font></div>
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</td>
<td style="width: 50%; vertical-align: bottom; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Arial">&#xA0;<font style="font-weight: bold; color: #4d4d4d; font-size: 11px">MANAGEMENT&#x2019;S
DISCUSSION &amp; ANALYSIS</font></font></div>
</td>
</tr></table>
</div>
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<font style="font-weight: bold; font-style: italic; font-family: Arial; font-size: 11px">
Engineering Activities</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="text-decoration: underline; font-family: Arial; font-size: 11px">
ISR Field Test</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The<font style="color: #545454">&#xA0;</font><font style="color: #000000">hydrogeologic model for Phoenix, developed by
Petrotek, produced demonstration of "proof of concept" for the
application of ISR mining method at Phoenix, with respect to
potential operational extraction and injection rates (see Denison
press release dated June 4, 2020). The hydrogeologic model was
developed based on actual field data collected from the 2019 Field
Test (see Denison press release dated December 18, 2019).&#xA0;
Based on the positive results from the hydrogeologic model, the
Company developed and commenced the 2020 Field Program. The purpose
of the additional test work completed in 2020 was to further
evaluate and de-risk the ISR mining conditions present at Phoenix
by supplementing the extensive dataset acquired as part of the 2019
Field Test. The hydrogeological data collected as part of the 2020
Field Program is expected to build additional confidence in the
Company&#x2019;s understanding of the fluid pathways within Test
Area 1 and Test Area 2 of the 2019 Field Test, to further validate
the Company&#x2019;s hydrogeologic model for Phoenix, and to support
the design and permitting of field tests in future years, which are
expected to support a future FS.</font></font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Key
elements of the completed 2020 Field Program included:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-style: italic; color: #000000; font-size: 11px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-style: italic; color: #000000; font-family: Arial; font-size: 11px">
Hydrogeological test work</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">17 pump and
injection tests were completed between Test Area 1 and Tests Area 2
at Phoenix Zone A. The data collected from these tests will
supplement the extensive dataset acquired as part of the 2019 Field
Test and is expected to provide additional insight into individual
well capacities and the overall hydrogeological network of the
deposit areas.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-style: italic; color: #000000; font-size: 11px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-style: italic; color: #000000; font-family: Arial; font-size: 11px">
Permeameter Analysis</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Over 1,000
additional drill core samples were collected from historic holes,
dried, and analyzed for permeability and porosity. The samples were
selected to refine our understanding of the mineralized
hydrogeologic horizons, including the low permeability basement
rocks, and the overlying sandstone.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-style: italic; color: #000000; font-size: 11px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-style: italic; color: #000000; font-family: Arial; font-size: 11px">
Rock Mechanics</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Mineralized
core samples were collected and shipped to SNC Lavalin (Saskatoon)
for rock mechanics tests including tensile strength and uniaxial
compressive strength. The samples targeted various previously
identified hydrogeologic units including the Upper Clay Zone, Lower
Clay Zone and High-Grade Friable Zone. The results from these tests
will be utilized to better define the design of certain
permeability enhancement techniques for subsequent field
programs.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-style: italic; color: #000000; font-size: 11px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-style: italic; color: #000000; font-family: Arial; font-size: 11px">
Groundwater Sampling</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Groundwater
samples were collected from eight different environmental
monitoring wells in the Phoenix deposit area. The sampling occurred
at several horizons within each well, including horizons above,
below and within the Phoenix ore zone. The samples have been sent
to the Saskatchewan Research Council (&#x2018;SRC&#x2019;) for
analysis. Once received, the data from these samples will be
utilized to support the design and permitting of additional field
tests expected to be incorporated into a future FS.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<div style="display: table-row">
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<font style="font-style: italic; color: #000000; font-size: 11px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-style: italic; color: #000000; font-family: Arial; font-size: 11px">
Installation of Additional Environmental Monitoring
Wells</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Five
additional monitoring wells were installed in two clusters, located
approximately 500 metres northeast of Phoenix and 750 metres
southeast of Phoenix. The additional monitoring wells will allow
for the collection of groundwater flow information at locations
further away from the Phoenix deposit than had been previously
studied, providing additional data for the site groundwater model
&#x2013; which will allow for proper long-term monitoring and the
modelling of groundwater impacts through construction, operations
and decommissioning, each of which will be an important element of
the effects assessments in an Environmental Impact Statement
(&#x2018;EIS&#x2019;).</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-style: italic; font-family: Arial; font-size: 11px">
Environmental and Sustainability Activities</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; font-family: Arial; font-size: 11px">
EA Process</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The Company
identified the EA process as a key element of the Wheeler River
project's critical path. Accordingly, Denison is undertaking
various studies and assessments as part of the EA process, which
are intended to culminate in the preparation of the project
EIS.</font></div>
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<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Arial">&#xA0;<font style="font-weight: bold; color: #4d4d4d; font-size: 11px">MANAGEMENT&#x2019;S
DISCUSSION &amp; ANALYSIS</font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Arial">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The EA is a
planning and decision-making tool, which involves predicting
potential environmental effects throughout the project lifecycle
(construction, operation, decommissioning and post-decommissioning)
at the site, and within the local and regional assessment areas.
The EA objectives are to minimize or avoid adverse environmental
effects before they occur and incorporate environmental factors
into the decision-making processes. In addition to predictions
made, effective monitoring programs will be developed based on the
results of the assessments and implemented as part of the "plan,
do, check, act" style system for continual improvement and adaptive
management. The EA work builds upon the comprehensive environmental
baseline dataset Denison has prepared for the Wheeler River
project, as well as feedback collected from community engagement
activities completed to date.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; font-family: Arial; font-size: 11px">
EA Activities</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">In preparation
for the future re-start of the formal EA process, Denison focused
its efforts in the third quarter on several areas designed to
progress the Project&#x2019;s effects assessment as well as the
draft submission of the EIS. Two key components of the work
completed in the quarter are the development of an EA design basis,
as well as the installation and testing of additional regional
groundwater sampling wells to further establish baseline
conditions.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The EA design
basis is determined in order to predict, with some certainty, each
Project output that has the potential to impact the environment
from the start of construction through final decommissioning. The
EA design basis includes the following Project
outputs:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 11px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px">Air emissions from all
anticipated sources;</font></div>
</div>
</div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 11px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px">Project
footprint;</font></div>
</div>
</div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 11px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px">Water management, with intake
and effluent quality and volumes;</font></div>
</div>
</div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 11px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px">Waste management, included
contaminate estimates and volumes;</font></div>
</div>
</div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 11px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px">Truck transport, including
load details; and</font></div>
</div>
</div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 11px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px">Workforce
requirements.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Different from
the engineering design, the EA basis should provide enough
flexibility to accommodate design changes as the Project advances
through to completion of a future FS, as well as detailed design,
and operations. The outputs must be defensible to the regulators
with enough engineering design support or examples from similar
operations to ensure the predicted assessment does not overestimate
or underestimate impacts to the environment.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">A major focus for
regulators and the public for an ISR mine is expected to be the
potential impacts to the groundwater and perceived impacts to
nearby lakes. Accordingly, Denison installed five additional
groundwater monitoring wells at locations selected based on
regional and local groundwater movement. Collection of data on
groundwater flow and chemistry has commenced, with well screens set
within each well at depths where there is higher sandstone
fracturing in order to provide data on potential pathways for water
movement from the deposit. The combined data will be analyzed to
develop a conceptual site model predicting the effects to the
surface environment, if any, from the proposed ISR mining
operation. Additionally, the information collected through this
process is expected to be important in the development of
monitoring and mitigation plans to support mine operations in the
future.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; font-family: Arial; font-size: 11px">
Environmental Baseline Data Collection</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">In October 2020,
Denison Mines Corp. entered into an agreement with Aquatic Life
Ltd. (&#x2018;Aquatic Life&#x2019;) for use of their remote
monitoring equipment and related reporting platforms and predictive
algorithms. &#xA0;The monitoring equipment will provide on-demand
reporting of water flow and chemistry data at the five regional
groundwater monitoring wells. The agreement allows Denison to
utilize and evaluate the equipment at no cost, in exchange for
providing Aquatic Life with a test site for the equipment as well
as support in the development of its firmware.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; font-weight: bold; font-style: italic; font-family: Arial; font-size: 11px">
Exploration Program</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Denison&#x2019;s
share of exploration costs at Wheeler River were $801,000 and
$1,195,000 during the three and nine months ended September 30,
2020, respectively (September 30, 2019 &#x2013; $693,000 and
$2,467,000).</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The 2020
exploration drilling program at Wheeler River commenced late in the
third quarter. <font style="color: #000000">The program is expected
to include approximately 12,000 metres of diamond drilling, planned
in 27-30 drill holes. The drill program is designed to be executed
in several phases, with an initial focus on the area proximal to
the Phoenix deposit where further exploration and delineation
drilling is warranted to identify potential additional
mineralization that could be included as part of a future FS. Of
particular focus is the area around Zone B, where previous
exploration results suggest that the potential for additional
mineralization remains outside of the current extents of the
mineral resource. The program has also been designed to test for
additional mineralization at Phoenix Zone C (where there are
previous mineralized intercepts, but where no mineral resource is
currently estimated) and to explore regional target areas elsewhere
on the property with the potential to produce a discovery that
could become a satellite deposit potentially amenable to ISR
mining.</font></font></div>
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<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-family: Arial"><font style="font-size: 11px">&#xA0;10</font></font></div>
</div>
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</div>
</div>
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</td>
<td style="width: 50%; vertical-align: bottom; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Arial">&#xA0;<font style="font-weight: bold; color: #4d4d4d; font-size: 11px">MANAGEMENT&#x2019;S
DISCUSSION &amp; ANALYSIS</font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Arial">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Arial">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">As
of October 27, 2020, the Company has completed approximately 5,460
metres of drilling, representing roughly 44% of the planned
program. A total of 12 holes have been completed to target depth,
as well as three holes that were abandoned either due to excessive
deviation or drilling difficulties. All drill holes completed to
date have been located outside of the previously delineated
mineralized zones, with results highlighted by the following
mineralized intercepts:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="color: #000000; font-size: 11px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px"><font style="color: #000000">WR-765D1 (Phoenix Zone B) intersected uranium
mineralization straddling the unconformity contact, grading 0.39%
eU</font><font style="font-size: 70%; vertical-align: bottom; color: #000000">3</font><font style="color: #000000">O</font><font style="font-size: 70%; vertical-align: bottom; color: #000000">8</font>
<font style="color: #000000">over 3.8 metres (from 399.85 to 403.65
metres) &#x2013; approximately 15.0 metres east of WR-333 (which
previously intersected 14.6% U</font><font style="font-size: 70%; vertical-align: bottom; color: #000000">3</font><font style="color: #000000">O</font><font style="font-size: 70%; vertical-align: bottom; color: #000000">8</font>
<font style="color: #000000">over 6.0 metres);
and</font></font></div>
</div>
</div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="color: #000000; font-size: 11px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px"><font style="color: #000000">WR-771 (Phoenix Zone C) encountered uranium
mineralization approximately 4 metres below the unconformity
contact, grading 0.86% eU</font><font style="font-size: 70%; vertical-align: bottom; color: #000000">3</font><font style="color: #000000">O</font><font style="font-size: 70%; vertical-align: bottom; color: #000000">8</font>
<font style="color: #000000">over 1.2 metres (from 375.15 to 376.35
metres) &#x2013; approximately 28.8 metres to the southwest of
WR-368 (which previously intersected 1.59% U</font><font style="font-size: 70%; vertical-align: bottom; color: #000000">3</font><font style="color: #000000">O</font><font style="font-size: 70%; vertical-align: bottom; color: #000000">8</font>
<font style="color: #000000">over 2.0 metres).</font></font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">The
remaining targets at Phoenix are continually re-prioritized by
incorporating the results of each completed hole in real-time.
Dependent on results, exploration drilling at Phoenix is expected
to be completed in early to mid-November 2020, with the expectation
that the focus of the exploration drill program will shift to
regional drill targets that have been prioritized based on their
potential to result in the discovery of satellite uranium deposits
that may be amenable to ISR mining.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 12px">
<a name="_Toc55457088">
<!--anchor--></a><font style="color: #006600">Other
Properties</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; font-weight: bold; font-style: italic; font-family: Arial; font-size: 11px">
Exploration Program</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Denison&#x2019;s
share of exploration costs at its exploration pipeline properties
during the three and nine months ended September 30, 2020 was
$308,000 and $1,830,000 respectively (September 30, 2019 &#x2013;
$99,000 and $2,700,000).</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">During the third
quarter of 2020, the Company completed a helicopter-supported soil
sampling program on its wholly-owned South Dufferin Project. A
total of 3,042 soil samples were collected across two sampling
grids to identify surface geochemical anomalies that may be
indicative of a uranium mineralizing system. The results of this
program will be used in conjunction with existing geophysical data
to plan future exploration activities on the South Dufferin
Project. All samples have been submitted to ALS Laboratories for
analysis. Approximately 75% of the sample results have been
received to date, with the remainder expected in early November
2020. Completed analysis and interpretation of the results of the
soil sampling program is expected to occur during the fourth
quarter.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The Company
continues to review, prioritize and rationalize its Athabasca Basin
exploration portfolio with the planned objective of continuing to
explore its highest priority projects, with the potential to
deliver significant and meaningful new discoveries.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; font-weight: bold; font-style: italic; font-family: Arial; font-size: 11px">
Evaluation Program</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Denison&#x2019;s
share of evaluation costs at its exploration pipeline properties
during the three and nine months ended September 30, 2020 was
$90,000 and $111,000, respectively (September 30, 2019 - $nil and
$nil). The costs are predominantly related to the concept study
completed for the J Zone deposit on the Waterbury Lake property in
July 2020 (&#x2018;J Zone Concept Study&#x2019;). The J Zone Concept
Study examined the potential future development of the J Zone
deposit using the ISR mining method. The J Zone Concept Study was
prepared by Denison&#x2019;s in-house project development team under
the oversight of David Bronkhorst, P.Eng., the Company&#x2019;s Vice
President, Operations, and was reviewed and approved by the
Technical Committee of the Company&#x2019;s Board of
Directors.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The costs in the
third quarter also reflect the initiation of an independent
Preliminary Economic Analysis (&#x2018;PEA&#x2019;), the results of
which are expected in the fourth quarter of 2020. The cost of
completing the PEA is included in the Company&#x2019;s current
estimate of mineral property exploration and evaluation
expenditures in the OUTLOOK FOR 2020.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Waterbury Lake is
located within the north eastern portion of the Athabasca Basin in
northern Saskatchewan. A description of the property, including the
mineral resource estimate for the J Zone deposit is described in an
independent technical report, prepared in accordance with NI
43-101, titled &#x201C;Technical Report with an Updated Mineral
Resource Estimate for the Waterbury Lake Property, Northern
Saskatchewan, Canada&#x201D;, dated December 21, 2018.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The internal J
Zone Concept Study undertaken by the Company on the J Zone deposit
is preliminary in nature, and the results may not be maintained
once through the advancement of a PEA or other subsequent
studies.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px;">&#xA0;</font></div>
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<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-family: Arial"><font style="font-size: 11px">&#xA0;11</font></font></div>
</div>
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</div>
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<td style="width: 50%; vertical-align: bottom; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Arial">&#xA0;<font style="font-weight: bold; color: #4d4d4d; font-size: 11px">MANAGEMENT&#x2019;S
DISCUSSION &amp; ANALYSIS</font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Arial">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Arial">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
GENERAL AND ADMINISTRATIVE EXPENSES</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">During the three
and nine months ended September 30, 2020, total general and
administrative expenses were $2,110,000 and $5,719,000,
respectively (September 30, 2019 - $1,657,000 and $5,688,000).
These costs are mainly comprised of head office salaries and
benefits, office costs in multiple regions, audit and regulatory
costs, legal fees, investor relations expenses, project costs, and
all other costs related to operating a public company with listings
in Canada and the United States. The increase in general and
administrative expenses during the three months ended September 30,
2019, as compared to the prior period, was predominantly the result
of an increase in legal costs related to arbitration proceedings
between the Company and a third party, slightly offset by a
decrease in travel and investor relations expenses driven by
reduced investor relations opportunities due to the COVID-19
pandemic. The increase in general and administrative expense during
the nine months ended September 30, 2020 is due to the increase in
legal costs discussed above, offset by a decrease in employee costs
driven by a decrease in the cash bonus expense in the second
quarter. The cash bonus expense decreased in the current year in
part due to a decrease in the overall bonus amount approved and
recorded in 2020 in relation to performance from fiscal 2019, as
compared to the bonus approved and recorded in 2019 related to
fiscal 2018, as well as a change in the timing of the recognition
of the expense related to the 2019 bonus. The Company&#x2019;s
management team received their 2019 bonus in the form of a grant of
restricted share units (&#x2018;RSU&#x2019;s&#x2019;) in 2020 rather
than cash, and these RSUs are being expensed over a three-year
vesting period. Cash bonuses, by comparison, are fully expensed
when they are approved.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
OTHER INCOME AND EXPENSES</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">During the three
and nine months ended September 30, 2020, the Company recognized
losses of $1,318,000 and $2,347,000 in other income/expense,
respectively (September 30, 2019 &#x2013; losses of $928,000 and
$1,456,000). The losses in the three and nine months ended
September 30, 2020 are predominantly due to losses of $1,133,000
and $2,094,000, respectively (September 30, 2019 &#x2013; losses of
$825,000 and $1,172,000) recognized on investments carried at fair
value. The Company&#x2019;s investments consist of investments in
other publicly traded entities. Gains and losses on investments
carried at fair value are driven by the closing share price of the
related investee at the end of the quarter.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
EQUITY SHARE OF LOSS FROM ASSOCIATES</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">During the fourth
quarter of 2019, the Company determined that it no longer exercised
significant influence over GoviEx Uranium Inc.
(&#x2018;GoviEx&#x2019;) and began accounting for its investment in
the common shares of GoviEx as a portfolio investment at fair value
through profit and loss. As a result, during the three and nine
months ended September 30, 2020, the Company recorded $nil in
equity gain or loss from associates. During the three and nine
months ended September 30, 2019, the Company recognized losses of
$220,000 and $426,000, respectively, from its equity share of
GoviEx. The loss in the three months ended September 30, 2019 was
primarily due to an equity loss of $218,000, while the loss during
the nine months ended September 30, 2019 was due to an equity loss
of $678,000, offset by a dilution gain of $252,000.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 13px">
<a name="_Toc55457089">
<!--anchor--></a><font style="color: #006600">LIQUIDITY AND CAPITAL
RESOURCES</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Cash and cash
equivalents were $6,518,000 at September 30, 2020 (December 31,
2019 &#x2013; $8,190,000).</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The decrease in
cash and cash equivalents of $1,672,000 since December 31, 2019 was
due to net cash used in operations of $8,480,000, offset by net
cash provided by investing activities of $258,000 and net cash
provided by financing activities of $6,550,000.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Net cash used in
operating activities of $8,480,000 was predominantly due to the net
loss for the period, adjusted for non-cash items and changes in
working capital items.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Net cash provided
by investing activities of $258,000 consists primarily of the
proceeds from the sale of certain portfolio investments and
property, plant and equipment, offset by a net increase in
restricted cash related to the annual funding of the Elliot Lake
reclamation trust less current year withdrawals, as well as
expenditures for property, plant and equipment.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Net cash provided
by financing activities of $6,550,000 relates primarily to the net
proceeds from its public offering of common shares pursuant to the
2020 Short Form Prospectus (defined below) pursuant to which the
Company issued 28,750,000 common shares at a price of USD$0.20 on
April 6, 2020 (&#x2018;April 2020 Offering&#x2019;), for gross
proceeds of $8,041,000 (USD$5,750,000), slightly offset by cash
payments related to the Company&#x2019;s lease and short term debt
obligations.</font></div>
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<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-family: Arial"><font style="font-size: 11px">&#xA0;12</font></font></div>
</div>
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</div>
</div>
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<table cellpadding="0" cellspacing="0" style="text-align: left; font-family: inherit; font-size: inherit;padding-top: 0px; padding-bottom: 0px; margin-left: auto; margin-right: auto; width: 100%;">
<tr>
<td style="width: 50%; border-bottom: 1px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Arial"><img src="denisonlogo-small.jpg"></font></div>
</td>
<td style="width: 50%; vertical-align: bottom; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Arial">&#xA0;<font style="font-weight: bold; color: #4d4d4d; font-size: 11px">MANAGEMENT&#x2019;S
DISCUSSION &amp; ANALYSIS</font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Arial">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Arial">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">On June 2, 2020,
the Company filed a short form base shelf prospectus (&#x2018;2020
Shelf Prospectus&#x2019;) with the securities regulatory authorities
in each of the provinces and territories in Canada and in the
United States. The Company may issue securities, in amounts, at
prices, and on terms to be determined based on market conditions at
the time of sale and as set forth in the 2020 Shelf Prospectus, for
an aggregate offering amount of up to $175,000,000 during the 25
month period beginning on June 2, 2020. In October 2020, the
Company issued 51,347,321 common shares pursuant to a prospectus
supplement to the 2020 Shelf Prospectus. See SUBSEQUENT EVENTS for
further details.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Refer to OUTLOOK
FOR 2020 below for details of the Company&#x2019;s working capital
requirements for the remainder of 2020.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
Use of Proceeds</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; font-family: Arial; font-size: 11px">
2019 Flow Through Financing</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">As at September
30, 2020, the Company has spent $2,686,000 towards its obligation
to spend $4,715,460 on eligible Canadian exploration expenditures
under the terms of the flow-through share financing completed in
December 2019. Denison anticipates that it will meet its
obligations under the December 2019 flow-through share financing
during 2020.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; font-family: Arial; font-size: 11px">
2020 Equity Financing</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">As disclosed in
the Company&#x2019;s Short Form Prospectus dated April 6, 2020
(&#x2018;2020 Short Form Prospectus&#x2019;), the net proceeds of the
April 2020 Offering are being utilized to supplement the
Company&#x2019;s cash working capital to fund its business
operations through 2020 and into 2021. During the period between
the close of the financing in April and September 30, 2020, the
Company&#x2019;s use of proceeds has been in line with that
disclosed in the 2020 Short Form Prospectus.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The use of
proceeds in the 2020 Short Form Prospectus anticipated further
curtailment to the Company&#x2019;s exploration and evaluation
activity levels in early 2021 that were based on then-current
market conditions and other operational constraints arising from
the COVID-19 pandemic. As noted in the prospectus, the
Company&#x2019;s use of its available funds was based on its
projections and preliminary plans and was subject to change should
there be changes in market and/or other business
conditions.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Subsequent to
quarter end, the Company closed a bought deal public offering of
51,347,321 common shares at a price of US$0.37 per share for gross
proceeds of $24,962,000 (US$18,999,000) by way of a prospectus
supplement to the 2020 Shelf Prospectus. See SUBSEQUENT EVENTS for
further details. As a result of this financing, as well as the
ability to resume certain activities under strict COVID-19 safety
protocols, it is expected that the anticipated further curtailment
of exploration and evaluation activities will no longer be
necessary; therefore, the outlook for expenditures disclosed in the
use of the proceeds from the 2020 Short Form Prospectus for the
remainder of 2020 and early 2021 is anticipated to change. See
OUTLOOK FOR 2020 for further details. Formal budgets for 2021 have
not yet been finalized and approved, so the scope of the change
cannot be fully quantified at this time and will be disclosed with
the Company&#x2019;s 2021 Budget.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
Revolving Term Credit Facility</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">On January 29,
2020, the Company entered into an agreement with the Bank of Nova
Scotia (&#x2018;BNS&#x2019;) to extend the maturity date of the
Company&#x2019;s credit facility to January 31, 2021 (&#x2018;2020
Credit Facility&#x2019;). Under the 2020 Credit Facility, the
Company continues to have access to letters of credit of up to
$24,000,000, which is fully utilized for non-financial letters of
credit in support of reclamation obligations. All other terms of
the 2020 Credit Facility (tangible net worth covenant, pledged
cash, investments amount and security for the facility) remain
unchanged by the amendment &#x2013; including a requirement to
provide $9,000,000 in cash collateral on deposit with BNS to
maintain the 2020 Credit Facility.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #006600; font-family: Arial; font-size: 16px">
TRANSACTIONS WITH RELATED PARTIES</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
Uranium Participation Corporation</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The
Company&#x2019;s current management services agreement with UPC
(&#x2018;MSA&#x2019;) has a term of five years (the
&#x2018;Term&#x2019;), expiring on March 31, 2024. Under the MSA,
Denison receives the following management fees from UPC: a) a base
fee of $400,000 per annum, payable in equal quarterly installments;
b) a variable fee equal to (i) 0.3% per annum of UPC&#x2019;s total
assets in excess of $100 million and up to and including $500
million, and (ii) 0.2% per annum of UPC&#x2019;s total assets in
excess of $500 million; 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 acquisition of or sale
of U<font style="font-size: 70%; vertical-align: bottom">3</font>O<font style="font-size: 70%; vertical-align: bottom">8</font> or UF<font style="font-size: 70%; vertical-align: bottom">6</font>); and d) a
commission of 1.0% of the gross value of any purchases or sales of
U<font style="font-size: 70%; vertical-align: bottom">3</font>O<font style="font-size: 70%; vertical-align: bottom">8</font> or UF<font style="font-size: 70%; vertical-align: bottom">6</font> or gross interest
fees payable to UPC in connection with any uranium loan
arrangements.</font></div>
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</div>
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</div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Arial"><img src="denisonlogo-small.jpg"></font></div>
</td>
<td style="width: 50%; vertical-align: bottom; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Arial">&#xA0;<font style="font-weight: bold; color: #4d4d4d; font-size: 11px">MANAGEMENT&#x2019;S
DISCUSSION &amp; ANALYSIS</font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Arial">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Arial">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The MSA may be
terminated during the Term by Denison upon the provision of 180
days written notice. The MSA may be terminated during the Term by
UPC (i) in the event of a material breach, (ii) within 90 days of
certain events surrounding a change of both of the individuals
serving as Chief Executive Officer and Chief Financial Officer of
UPC, and / or a change of control of Denison, or (iii) upon the
provision of 30 days written notice and, subject to certain
exceptions, a cash payment to Denison of an amount equal to the
base and variable management fees that would otherwise be payable
to Denison (calculated based on UPC&#x2019;s current uranium
holdings at the time of termination) for the lesser period of a)
three years, or b) the remaining term of the MSA.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The following
amounts were earned from UPC for the periods ended:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
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<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: middle; width: 29%; border-top: 1.5pt solid #000000; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Three
Months Ended</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-top: 1.5pt solid #000000; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: middle; width: 29%; border-top: 1.5pt solid #000000; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Nine
Months Ended</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">September
<font style="color: #000000">30,</font></font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">September
<font style="color: #000000">30,</font></font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">September
<font style="color: #000000">30,</font></font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">September
<font style="color: #000000">30,</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%; border-bottom: 1px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(in
thousands)</font></div>
</td>
<td style="vertical-align: top; width: 1%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2020</font></div>
</td>
<td style="vertical-align: top; width: 1%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2019</font></div>
</td>
<td style="vertical-align: top; width: 1%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2020</font></div>
</td>
<td style="vertical-align: top; width: 1%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2019</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Management Fee
Revenue</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Base and variable
fees</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div style="text-align: center; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">509</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div style="text-align: center; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">453</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div style="text-align: center; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">1,523</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div style="text-align: center; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">1,374</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Commission
fees</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">74</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">107</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">247</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">110</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%; border-bottom: 1px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Discretionary
fees</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">300</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 40%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 3px double #000000">
<div style="text-align: center; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 3px double #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">583</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 3px double #000000">
<div style="text-align: center; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 3px double #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">560</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 3px double #000000">
<div style="text-align: center; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 3px double #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2,070</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 3px double #000000">
<div style="text-align: center; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 3px double #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">1,484</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">At September 30,
2020, accounts receivable includes $350,000 (December 31, 2019
&#x2013; $236,000) due from UPC with respect to the fees and
transactions discussed above.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
Korea Electric Power Corporation (&#x2018;KEPCO&#x2019;) and Korea
Hydro &amp; Nuclear Power (&#x2018;KHNP&#x2019;)</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">As at September
30, 2020, KEPCO, through its subsidiaries including KHNP Canada
Energy Ltd., holds 58,284,000 shares of Denison representing a
share interest of approximately 9.31% and is also the largest
member of a consortium of investors that make up KWULP. The
Waterbury lake property is owned by Denison and KWULP through their
respective interests in Waterbury Lake Uranium Corporation
(&#x2018;WLUC&#x2019;) and Waterbury Lake Uranium Limited Partnership
(&#x2018;WLULP&#x2019;).</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">KWULP has elected
not to fund their share of the 2020 spending program and will
dilute their interest in the property. In June 2020, Denison funded
$300,000 of the approved fiscal 2020 program for Waterbury Lake
which resulted in the further dilution of KWULP&#x2019;s interest in
the WLULP. As a result, Denison earned an additional 0.14% interest
in the WLULP, increasing Denison&#x2019;s interest to 66.71% from
66.57%. The additional interest has been accounted for using an
effective date of June 30, 2020 and has resulted in Denison
recording its increased pro-rata share of the assets and
liabilities of Waterbury Lake, the majority of which relates to an
addition to mineral property assets of $100,000.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
Other</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">During the nine
months ended September 30, 2020, the Company incurred investor
relations, administrative service fees and certain pass-through
expenses of $191,000 (September 30, 2019: $199,000) with Namdo
Management Services Ltd, which shares a common director with
Denison. These services were incurred in the normal course of
operating a public company. At September 30, 2020, an amount of
$nil (December 31, 2019: $nil) was due to this
company.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #006600; font-family: Arial; font-size: 16px">
COMPENSATION OF KEY MANAGEMENT PERSONNEL</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">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&#x2019;s executive officers, vice-presidents and members of
its Board of Directors.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Arial">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-family: Arial"><font style="font-size: 11px">&#xA0;14</font></font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000"><font style="font-family: Arial">&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-family: Arial"><font style="font-size: 11px">&#xA0;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family: inherit; font-size: inherit;padding-top: 0px; padding-bottom: 0px; margin-left: auto; margin-right: auto; width: 100%;">
<tr>
<td style="width: 50%; border-bottom: 1px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Arial"><img src="denisonlogo-small.jpg"></font></div>
</td>
<td style="width: 50%; vertical-align: bottom; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Arial">&#xA0;<font style="font-weight: bold; color: #4d4d4d; font-size: 11px">MANAGEMENT&#x2019;S
DISCUSSION &amp; ANALYSIS</font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Arial">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Arial">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The following
compensation was awarded to key management personnel:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 40%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: middle; width: 29%; border-top: 1.5pt solid #000000; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Three
Months Ended</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-top: 1.5pt solid #000000; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: middle; width: 29%; border-top: 1.5pt solid #000000; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Nine
Months Ended</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">September
<font style="color: #000000">30,</font></font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">September
<font style="color: #000000">30,</font></font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">September
<font style="color: #000000">30,</font></font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">September
<font style="color: #000000">30,</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%; border-bottom: 1px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(in
thousands)</font></div>
</td>
<td style="vertical-align: top; width: 1%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2020</font></div>
</td>
<td style="vertical-align: top; width: 1%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2019</font></div>
</td>
<td style="vertical-align: top; width: 1%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2020</font></div>
</td>
<td style="vertical-align: top; width: 1%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2019</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Salaries and
short-term employee benefits</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div style="text-align: center; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(465)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div style="text-align: center; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(407)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div style="text-align: center; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(1,420)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div style="text-align: center; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(1,536)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Share-based
compensation</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(383)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(384)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(1,133)</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(1,499)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%; border-bottom: 1px solid #000000">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Termination
benefits</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(481)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 40%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 3px double #000000">
<div style="text-align: center; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 3px double #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(848)</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 3px double #000000">
<div style="text-align: center; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 3px double #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(791)</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 3px double #000000">
<div style="text-align: center; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 3px double #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(2,553)</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 3px double #000000">
<div style="text-align: center; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 3px double #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(3,516)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The increase in
salaries and short-term employee benefits in the three months ended
September 30, 2020 was due to changes in the composition of the
Company&#x2019;s key management personnel.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #006600; font-family: Arial; font-size: 16px">
OFF-BALANCE SHEET ARRANGEMENTS</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The Company does
not have any off-balance sheet arrangements.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #006600; font-family: Arial; font-size: 16px">
SUBSEQUENT EVENTS</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">On October 14,
2020, the Company completed a public offering by way of a
prospectus supplement to the 2020 Shelf Prospectus of 51,347,321
common shares at a price of US$0.37 per share for gross proceeds of
CAD$24,962,000 (US$18,999,000). The offering includes 4,347,321
shares granted to the underwriters through the exercise, in part,
of an over-allotment option. The proceeds of the offering are
anticipated to be used to fund evaluation and environmental
assessment activities on Denison&#x2019;s Wheeler River project, as
well as for general working capital purposes.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #006600; font-family: Arial; font-size: 16px">
OUTSTANDING SHARE DATA</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">At November 5,
2020, there were 677,668,423 common shares issued and outstanding,
stock options outstanding for 15,571,743 Denison common shares, and
7,790,899 share units outstanding for a total of 701,031,065 common
shares on a fully-diluted basis.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 16px">
<a name="_Toc55457090">
<!--anchor--></a><font style="color: #006600">OUTLOOK FOR
2020</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">As at September
30, 2020, the Company has made the following changes to its outlook
for 2020.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Development and
operations expenditures have decreased by $282,000, predominantly
due to reductions in planned expenditures related to the SABRE
project within the MLJV.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Mineral property
exploration and evaluation expenditures have increased by $701,000
due to the ramping up of evaluation activities during the third and
fourth quarters of 2020, including the installation of additional
environmental monitoring wells and other 2020 ISR Field Program
activities (see WHEELER RIVER PROJECT above for further details).
The increase in expenditures in the 2020 outlook reflect a ramp up
of evaluation and environmental assessment related activities
designed to ensure that the EA and future FS support activities can
advance as quickly as possible following a decision to resume the
formal EA process.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The net inflow
from the Closed Mines segment has been increased by $161,000,
predominantly due to reductions in operating expenses that have
been achieved throughout the year.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The net inflow
from UPC management services has been reduced by $110,000 due to a
reduction in the NAV-based fees estimated for the year, due to a
decrease in uranium prices from the time the previous outlook was
prepared.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Corporate
administration and other expenditures have decreased by $44,000 due
to further reductions in travel and other investor relations
expenditures resulting from the COVID-19 pandemic.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Arial">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-family: Arial"><font style="font-size: 11px">&#xA0;15</font></font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000"><font style="font-family: Arial">&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-family: Arial"><font style="font-size: 11px">&#xA0;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family: inherit; font-size: inherit;padding-top: 0px; padding-bottom: 0px; margin-left: auto; margin-right: auto; width: 100%;">
<tr>
<td style="width: 50%; border-bottom: 1px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Arial"><img src="denisonlogo-small.jpg"></font></div>
</td>
<td style="width: 50%; vertical-align: bottom; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Arial">&#xA0;<font style="font-weight: bold; color: #4d4d4d; font-size: 11px">MANAGEMENT&#x2019;S
DISCUSSION &amp; ANALYSIS</font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Arial">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Arial">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr style="background-color: #a2d18b">
<td style="vertical-align: middle; width: 38%; border-top: 1.5pt solid #000000; border-bottom: 1px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(in
thousands)</font></div>
</td>
<td style="vertical-align: middle; width: 3%; border-top: 1.5pt solid #000000; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 20%; border-top: 1.5pt solid #000000; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
PREVIOUS 2020 OUTLOOK<font style="font-size: 70%; vertical-align: top">(1)</font></font></div>
</td>
<td style="vertical-align: middle; width: 20%; border-top: 1.5pt solid #000000; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
CURRENT 2020 OUTLOOK</font></div>
</td>
<td style="vertical-align: middle; width: 20%; border-top: 1.5pt solid #000000; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
Actual to</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
September 30, 2020<font style="font-size: 70%; vertical-align: top">(3)</font></font></div>
</td>
</tr><tr style="background-color: #f3fff3">
<td style="vertical-align: middle; width: 38%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
Canada Mining Segment</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 20%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 20%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #f3fff3">
<td style="vertical-align: middle; width: 38%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Mineral
Sales</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 6px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">852</font></div>
</td>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 6px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">852</font></div>
</td>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 6px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">852</font></div>
</td>
</tr><tr style="background-color: #f3fff3">
<td style="vertical-align: middle; width: 38%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Development &amp;
Operations</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 6px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(2,446)</font></div>
</td>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 6px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(2,164)</font></div>
</td>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 6px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(1,777)</font></div>
</td>
</tr><tr style="background-color: #f3fff3">
<td style="vertical-align: middle; width: 38%; border-bottom: 1px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Mineral Property
Exploration &amp; Evaluation</font></div>
</td>
<td style="vertical-align: middle; width: 3%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 20%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 6px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(8,592)</font></div>
</td>
<td style="vertical-align: middle; width: 20%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 6px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(9,293)</font></div>
</td>
<td style="vertical-align: middle; width: 20%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 6px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(5,786)</font></div>
</td>
</tr><tr style="background-color: #f3fff3">
<td style="vertical-align: middle; width: 38%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 6px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(10,186)</font></div>
</td>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 6px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(10,605)</font></div>
</td>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 6px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(6,711)</font></div>
</td>
</tr><tr style="background-color: #f3fff3">
<td style="vertical-align: middle; width: 38%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
Closed Mines Segment</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 20%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 20%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #f3fff3">
<td style="vertical-align: middle; width: 38%; border-bottom: 1px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Closed Mines
Environmental Services</font></div>
</td>
<td style="vertical-align: middle; width: 3%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 20%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 6px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">1,353</font></div>
</td>
<td style="vertical-align: middle; width: 20%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 6px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">1,514</font></div>
</td>
<td style="vertical-align: middle; width: 20%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 6px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">1,237</font></div>
</td>
</tr><tr style="background-color: #f3fff3">
<td style="vertical-align: middle; width: 38%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 6px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">1,353</font></div>
</td>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 6px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">1,514</font></div>
</td>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 6px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">1,237</font></div>
</td>
</tr><tr style="background-color: #f3fff3">
<td style="vertical-align: middle; width: 38%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
Corporate and Other Segment</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 20%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 20%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 20%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #f3fff3">
<td style="vertical-align: middle; width: 38%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">UPC Management
Services</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 6px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">2,686</font></div>
</td>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 6px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">2,576</font></div>
</td>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 6px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">2,067</font></div>
</td>
</tr><tr style="background-color: #f3fff3">
<td style="vertical-align: middle; width: 38%; border-bottom: 1px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Corporate
Administration &amp; Other</font></div>
</td>
<td style="vertical-align: middle; width: 3%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 20%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 6px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(5,625)</font></div>
</td>
<td style="vertical-align: middle; width: 20%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 6px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(5,581)</font></div>
</td>
<td style="vertical-align: middle; width: 20%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 6px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(4,552)</font></div>
</td>
</tr><tr style="background-color: #f3fff3">
<td style="vertical-align: middle; width: 38%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 3%; border-bottom: 1px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 20%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 6px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(2,939)</font></div>
</td>
<td style="vertical-align: middle; width: 20%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 6px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(3,005)</font></div>
</td>
<td style="vertical-align: middle; width: 20%; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 6px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(2,485)</font></div>
</td>
</tr><tr style="background-color: #a2d18b">
<td style="vertical-align: middle; width: 38%; border-bottom: 3px double #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
Total<font style="font-size: 70%; vertical-align: top">(2)</font></font></div>
</td>
<td style="vertical-align: middle; width: 3%; border-bottom: 3px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 20%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 6px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
$&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;(11,772)</font></div>
</td>
<td style="vertical-align: middle; width: 20%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 6px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
$ (12,096)</font></div>
</td>
<td style="vertical-align: middle; width: 20%; border-bottom: 3px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 6px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
$&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;(7,959)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 78px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Notes:</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-family: Arial; font-size: 11px">1.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px">Previous Outlook as reported
in the Company&#x2019;s June 30, 2020 MD&amp;A</font></div>
</div>
</div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-family: Arial; font-size: 11px">2.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px">Only material operations
shown.</font></div>
</div>
</div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-family: Arial; font-size: 11px">3.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px">The budget is prepared on a
cash basis.<font style="font-size: 11px">&#xA0;</font>As a result,
actual amounts represent a non-GAAP measure. Compared to segment
loss as presented in the Company&#x2019;s unaudited interim
consolidated financial statements for the nine months ended
September 30, 2020, actual amounts reported above includes $153,000
in capital additions and excludes the $1,090,000 net impact of
non-cash items and other adjustments.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #006600; font-family: Arial; font-size: 16px">
<a name="_Toc55457091">
<!--anchor--></a>ADDITIONAL INFORMATION</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #006600; font-family: Arial; font-size: 12px">
RISK FACTORS</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The following
risk factors, and those set forth in Denison&#x2019;s Annual
Information Form dated March 13, 2020 under the heading &#x2018;Risk
Factors&#x2019;, are risks and other factors Denison has identified
that could influence the Company&#x2019;s business, operations,
financial condition and expectations as set forth in its
forward-looking statements. Such risk factors are not, and should
not be construed as being exhaustive, and other circumstances that
are currently not foreseen by management of Denison could arise to
negatively affect Denison&#x2019;s business and its
shareholders.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
COVID-19 Outbreaks</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The outbreak of
the novel coronavirus (COVID-19) has disrupted and is expected to
continue to disrupt the Company&#x2019;s business and operational
plans, including the Company&#x2019;s previously disclosed business
and operational plans for fiscal 2020, which could have a material
adverse effect on the Company&#x2019;s business, financial condition
and results of operations. Such adverse effects could be rapid and
unexpected.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The significant
social and economic disruptions that have emerged, or may still
emerge, as a result of the COVID-19 pandemic include (i)
restrictions that governments impose to address the COVID-19
outbreak, (ii) restrictions that the Company and its contractors
and subcontractors impose to ensure the safety of employees and
others, (iii) shortages and / or unexpected sickness of employees,
(iv) unavailability of contractors and subcontractors, (v)
interruption of supplies from third parties upon which the Company
relies, and (vi) unusually high levels of volatility in capital
markets and limitations on availability of capital for the Company
and its joint venture counterparties.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">These disruptions
may severely impact the Company&#x2019;s ability to carry out its
business plans for 2020 and beyond. For example, on March 20, 2020
the Company announced a temporary suspension of activities related
to the EA for the Wheeler River project due to the process
requiring extensive in-person engagement and consultation with
various interested parties. The decision to suspend the EA was due
in part to significant social and economic disruptions that have
emerged as a result of the COVID-19 pandemic. The EA process is a
key element of the Wheeler River project&#x2019;s critical path and
as a result, there is a risk that the development schedule and/or
the capital and operating cost projections and related economic
indicators in the Wheeler PFS Report may be varied
significantly.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Arial">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-family: Arial"><font style="font-size: 11px">&#xA0;16</font></font></div>
</div>
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<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-family: Arial"><font style="font-size: 11px">&#xA0;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family: inherit; font-size: inherit;padding-top: 0px; padding-bottom: 0px; margin-left: auto; margin-right: auto; width: 100%;">
<tr>
<td style="width: 50%; border-bottom: 1px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Arial"><img src="denisonlogo-small.jpg"></font></div>
</td>
<td style="width: 50%; vertical-align: bottom; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Arial">&#xA0;<font style="font-weight: bold; color: #4d4d4d; font-size: 11px">MANAGEMENT&#x2019;S
DISCUSSION &amp; ANALYSIS</font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Arial">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Arial">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">It is presently
not possible to predict the extent or durations of any disruptions
to the Company&#x2019;s current and future operations.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
Denison has a history of negative operating cash flows and may
continue to experience negative operating cash flow</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Denison has had
negative operating cash flows for recent past financial reporting
periods. Denison anticipates that it will continue to have negative
operating cash flows until such time, if at all, its Wheeler River
project goes into production. In order to fund operations until
such time, Denison will require substantial additional financing
which may be through the issuance of equity or debt securities.
There can be no assurance that additional capital or other types of
financing will be available when needed or that these financings
will be on terms favourable to Denison.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #006600; font-family: Arial; font-size: 12px">
QUALIFIED PERSON</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The technical
information contained in this MD&amp;A related to the 2020 ISR
Field Program and the Wheeler River PFS has been reviewed and
approved by David Bronkhorst, P.Eng, Denison's Vice President,
Operations, who is a Qualified Person in accordance with the
requirements of NI 43-101.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The technical
information contained in this MD&amp;A related to the Exploration
Drilling Program has been reviewed and approved by Andrew Yackulic,
P. Geo, Denison's Director, Exploration, who is a Qualified Person
in accordance with the requirements of NI 43-101.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #006600; font-weight: bold; font-family: Arial; font-size: 12px">
ASSAY PROCEDURES AND DATA VERIFICATION</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The Company
reports preliminary radiometric equivalent grades
(&#x2018;eU<font style="font-size: 70%; vertical-align: bottom">3</font>O<font style="font-size: 70%; vertical-align: bottom">8</font>&#x2019;), derived
from a calibrated down-hole total gamma probe, during or upon
completion of its exploration programs and subsequently reports
definitive U<font style="font-size: 70%; vertical-align: bottom">3</font>O<font style="font-size: 70%; vertical-align: bottom">8</font> assay grades
following sampling and chemical analysis of the mineralized drill
core. Uranium assays are performed on split core samples by the
Saskatchewan Research Council (&#x2018;SRC&#x2019;) Geoanalytical
Laboratories using an ISO/IEC 17025:2005 accredited method for the
determination of U<font style="font-size: 70%; vertical-align: bottom">3</font>O<font style="font-size: 70%; vertical-align: bottom">8</font> weight %. Sample
preparation involves crushing and pulverizing core samples to 90%
passing -106 microns. The resultant pulp is digested using
aqua-regia and the solution analyzed for U<font style="font-size: 70%; vertical-align: bottom">3</font>O<font style="font-size: 70%; vertical-align: bottom">8</font> weight % using
ICP-OES. Geochemical results from composite core samples are
reported as parts per million (&#x2018;ppm&#x2019;) obtained from a
partial HNO<font style="font-size: 70%; vertical-align: bottom">3</font>:HCl digest with
an ICP-MS finish. Boron values are obtained through NaO<font style="font-size: 70%; vertical-align: bottom">2</font>/NaCO<font style="font-size: 70%; vertical-align: bottom">3</font> fusion followed
by an ICP-OES finish. All data are subject to verification
procedures by qualified persons employed by Denison prior to
disclosure. For further details on Denison&#x2019;s sampling,
analysis, quality assurance program and quality control measures
and data verification procedures please see Denison's Annual
Information Form dated March 13, 2020 available on the
Company&#x2019;s website and filed under the Company's profile on
SEDAR (<font style="text-decoration: underline; color: #0000FF">www.sedar.com</font>)
and in its Form 40-F available on EDGAR at <font style="text-decoration: underline; color: #0000FF">www.sec.gov/edgar.shtml</font><font style="text-decoration: underline; color: #0000FF">.</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 13px">
<a name="_Toc55457092">
<!--anchor--></a><font style="color: #006600">CAUTIONARY STATEMENT
REGARDING FORWARD-LOOKING STATEMENTS</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Certain
information contained in this MD&amp;A constitutes
&#x2018;forward-looking information&#x2019;, within the meaning of
the applicable United States and Canadian legislation concerning
the business, operations and financial performance and condition of
Denison.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Generally, these
forward-looking statements can be identified by the use of
forward-looking terminology such as &#x2018;plans&#x2019;,
&#x2018;expects&#x2019;, &#x2018;budget&#x2019;,
&#x2018;scheduled&#x2019;, &#x2018;estimates&#x2019;,
&#x2018;forecasts&#x2019;, &#x2018;intends&#x2019;,
&#x2018;anticipates&#x2019;, or &#x2018;believes&#x2019;, or the
negatives and/or variations of such words and phrases, or state
that certain actions, events or results &#x2018;may&#x2019;,
&#x2018;could&#x2019;, &#x2018;would&#x2019;, &#x2018;might&#x2019; or
&#x2018;will be taken&#x2019;, &#x2018;occur&#x2019;, &#x2018;be
achieved&#x2019; or &#x2018;has the potential to&#x2019;.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">In particular,
this MD&amp;A contains forward-looking information pertaining to
the following: Denison&#x2019;s plans and objectives for 2020 and
beyond, including resumption of ISR field testing and exploration
activities at Phoenix, the impacts of COVID-19, temporary
suspension of the EA and other non-discretionary activities and the
projections made in the 2020 Outlook; hydrogeologic modelling for
the Phoenix deposit and demonstration of &#x201C;proof of
concept&#x201D;, and estimates and assumptions within such; the
benefits to be derived from corporate transactions; the estimates
of Denison's mineral reserves and mineral resources; exploration,
development and expansion plans and objectives, including the
results of, and estimates and assumptions within, the PFS, and
statements regarding anticipated budgets, fees, expenditures and
timelines; assumptions regarding the potential for completion of a
FS for Wheeler River, and work to be completed in connection
therewith; results of, and estimates and assumptions within, the
Concept Study for J Zone and plans for a PEA with respect thereto;
expectations regarding Denison&#x2019;s joint venture ownership
interests and the continuity of its agreements with its partners;
expectations regarding adding to its mineral reserves and resources
through acquisitions or exploration; expectations regarding the
toll milling of Cigar Lake ores; expectations regarding revenues
and expenditures from its Closed Mines operations; expectations
regarding revenues from the UPC management contract; and the annual
operating budget and capital expenditure programs, estimated
exploration and development expenditures and reclamation costs and
Denison's share of same. Statements relating to &#x2018;mineral
reserves&#x2019; or &#x2018;mineral resources&#x2019; 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.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Arial">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-family: Arial"><font style="font-size: 11px">&#xA0;17</font></font></div>
</div>
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<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-family: Arial"><font style="font-size: 11px">&#xA0;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family: inherit; font-size: inherit;padding-top: 0px; padding-bottom: 0px; margin-left: auto; margin-right: auto; width: 100%;">
<tr>
<td style="width: 50%; border-bottom: 1px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Arial"><img src="denisonlogo-small.jpg"></font></div>
</td>
<td style="width: 50%; vertical-align: bottom; border-bottom: 1px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Arial">&#xA0;<font style="font-weight: bold; color: #4d4d4d; font-size: 11px">MANAGEMENT&#x2019;S
DISCUSSION &amp; ANALYSIS</font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Arial">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Arial">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">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. For example, if market
conditions remain volatile and/or COVID-19 mitigation measures
result in more social and economic disruptions, Denison may need to
further re-assess its discretionary and non-discretionary
expenditures and programs for 2020 and beyond, which could have
significant impacts on Denison and/or the advancement of its
projects. Denison believes that the expectations reflected in this
forward-looking information are reasonable but no assurance can be
given that these expectations will prove to be accurate and results
may differ materially from those anticipated in this
forward-looking information. For a discussion in respect of risks
and other factors that could influence forward-looking events,
please refer to the factors discussed in Denison&#x2019;s Annual
Information Form dated March 13, 2020 under the heading &#x2018;Risk
Factors&#x2019; and under the heading &#x2018;Risk Factors&#x2019;
above. These factors are not, and should not be construed as being
exhaustive.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Accordingly,
readers should not place undue reliance on forward-looking
statements. The forward-looking information contained in this
MD&amp;A is expressly qualified by this cautionary statement. Any
forward-looking information and the assumptions made with respect
thereto speaks only as of the date of this MD&amp;A. 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.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px"><font style="font-weight: bold">Cautionary Note to United States Investors
Concerning Estimates of Measured, Indicated and Inferred Mineral
Resources and Probable Mineral Reserves:</font> This MD&amp;A may
use the terms 'measured', 'indicated' and 'inferred' mineral
resources. United States investors are advised that while such
terms have been prepared in accordance with the definition
standards on mineral reserves of the Canadian Institute of Mining,
Metallurgy and Petroleum referred to in Canadian National
Instrument 43-101 Mineral Disclosure Standards (&#x2018;NI
43-101&#x2019;) and are recognized and required by Canadian
regulations, these terms are not defined under Industry Guide 7
under the United States Securities Act and, until recently, have
not been permitted to be used in reports and registration
statements filed with the United States Securities and Exchange
Commission (&#x2018;SEC&#x2019;). 'Inferred mineral resources' 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. <font style="font-weight: bold">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.&#xA0;</font> In addition,
the terms &#x201C;mineral reserve&#x201D;, &#x201C;proven mineral
reserve&#x201D; and &#x201C;probable mineral reserve&#x201D; for the
purposes of NI 43-101 differ from the definitions and allowable
usage in Industry Guide 7.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Effective
February 2019, the SEC adopted amendments to its disclosure rules
to modernize the mineral property disclosure requirements for
issuers whose securities are registered with the SEC under the
Exchange Act and as a result, the SEC now recognizes estimates of
&#x201C;measured mineral resources&#x201D;, &#x201C;indicated mineral
resources&#x201D; and &#x201C;inferred mineral resources&#x201D;. In
addition, the SEC has amended its definitions of &#x201C;proven
mineral reserves&#x201D; and &#x201C;probable mineral reserves&#x201D;
to be &#x201C;substantially similar&#x201D; to the corresponding
definitions under the CIM Standards, as required under NI 43-101.
However, information regarding mineral resources or mineral
reserves in Denison&#x2019;s disclosure may not be comparable to
similar information made public by United States
companies.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: center; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-family: Arial;"><font style="font-size: 13px;">18</font></font></font></div>
</div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>interimcertceo.htm
<DESCRIPTION>FORM 51-109F2 CEO CERTIFICATION OF INTERIM FILINGS
<TEXT>
<html>
<head>
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<font style="font-weight: bold">&#xA0; <font style="font-family: Times New Roman; font-size: 13px">Exhibit
99.3</font><br></font></div>
</div>
</div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Arial; font-size: 11px">
</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px;">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Arial; font-size: 11px">
FORM 52-109F2</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Arial; font-size: 11px">
CERTIFICATION OF INTERIM FILINGS</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">I,
David D. Cates, President and Chief Executive Officer of Denison
Mines Corp., certify the following:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px;">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Arial; font-size: 11px">1.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px"><font style="font-weight: bold; font-style: italic">Review:</font> I have
reviewed the interim financial report and interim MD&amp;A
(together, the "interim filings") of Denison Mines Corp. (the
"issuer") for the interim period ended September 30,
2020.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Arial; font-size: 11px">2.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px"><font style="font-weight: bold; font-style: italic">No
misrepresentations:</font> Based on my knowledge, having exercised
reasonable diligence, the interim filings do not contain any untrue
statement of a material fact or omit to state a material fact
required to be stated or that is necessary to make a statement not
misleading in light of the circumstances under which it was made,
with respect to the period covered by the interim
filings.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Arial; font-size: 11px">3.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px"><font style="font-weight: bold; font-style: italic">Fair presentation:</font>
Based on my knowledge, having exercised reasonable diligence, the
interim financial report together with the other financial
information included in the interim filings fairly present in all
material respects the financial condition, financial performance
and cash flows of the issuer, as of the date of and for the periods
presented in the interim filings.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Arial; font-size: 11px">4.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px"><font style="font-weight: bold; font-style: italic">Responsibility:</font> The
issuer's other certifying officer(s) and I are responsible for
establishing and maintaining disclosure controls and procedures
(DC&amp;P) and internal control over financial reporting (ICFR), as
those terms are defined in National Instrument 52-109 <font style="font-style: italic">Certification of Disclosure in Issuers' Annual
and Interim Filings</font>, for the issuer.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Arial; font-size: 11px">5.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px"><font style="font-weight: bold; font-style: italic">Design:</font> Subject to
the limitations, if any, described in paragraphs 5.2 and 5.3, the
issuer's other certifying officer(s) and I have, as at the end of
the period covered by the interim filings</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Arial; font-size: 11px">(a)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px">designed DC&amp;P, or caused
it to be designed under our supervision, to provide reasonable
assurance that</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 108px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 36px">
<font style="font-family: Arial; font-size: 11px">(i)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px">material information relating
to the issuer is made known to us by others, particularly during
the period in which the interim filings are being prepared;
and</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 108px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 36px">
<font style="font-family: Arial; font-size: 11px">(ii)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px">information required to be
disclosed by the issuer in its annual filings, interim filings or
other reports filed or submitted by it under securities legislation
is recorded, processed, summarized and reported within the time
periods specified in securities legislation; and</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Arial; font-size: 11px">(b)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px">designed ICFR, or caused it
to be designed under our supervision, to provide reasonable
assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in
accordance with the issuer's GAAP.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Arial; font-size: 11px">5.1</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px"><font style="font-weight: bold; font-style: italic">Control framework:</font>
The control framework the issuer's other certifying officer(s) and
I used to design the issuer's ICFR is <font style="font-style: italic">Internal Control &#x2013; Integrated
Framework</font> (COSO Framework) published by The Committee of
Sponsoring Organizations of the Treadway Commission
(COSO).</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Arial; font-size: 11px">5.2</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px"><font style="font-weight: bold; font-style: italic">ICFR:</font> Not
applicable.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Arial; font-size: 11px">5.3</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px"><font style="font-weight: bold; font-style: italic">Limitation on scope of
design:</font> Not applicable.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Arial; font-size: 11px">6.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px"><font style="font-weight: bold">Reporting changes in ICFR:</font> The issuer
has disclosed in its interim MD&amp;A any change in the issuer's
ICFR that occurred during the period beginning on July 1, 2020 and
ended on September 30, 2020 that has materially affected, or is
reasonably likely to materially affect, the issuer's
ICFR.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Date:
November 5, 2020</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-family: Times New Roman; font-size: 13px"><font style="font-family: Arial;"><font style="font-style: italic"><font style="text-decoration: underline"><font style="font-size: 11px">(signed)
"David Cates"
&#xA0;</font></font></font></font></font><br></font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-family: Arial; font-size: 11px"><font style="color: #000000">Name:</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: justify; display: table-cell"><font style="color: #000000; font-family: Arial; font-size: 11px">David D.
Cates</font></div>
</div>
</div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-family: Arial; font-size: 11px"><font style="color: #000000">Title:</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: justify; display: table-cell"><font style="color: #000000; font-family: Arial; font-size: 11px">President and
Chief Executive Officer</font></div>
</div>
</div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>5
<FILENAME>interimcertcfo.htm
<DESCRIPTION>FORM 51-109F2 CFO CERTIFICATION OF INTERIM FILINGS
<TEXT>
<html>
<head>
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<font style="font-weight: bold">&#xA0;Exhibit 99.4</font>
<font style="font-family: Times New Roman; font-size: 13px"><br>
</font></div>
</div>
</div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Arial; font-size: 11px">
</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px;">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Arial; font-size: 11px">
FORM 52-109F2</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Arial; font-size: 11px">
CERTIFICATION OF INTERIM FILINGS</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">I,
Gabriel (Mac) McDonald, Executive Vice President and Chief
Financial Officer of Denison Mines Corp., certify the
following:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px;">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Arial; font-size: 11px">1.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px"><font style="font-weight: bold; font-style: italic">Review:</font> I have
reviewed the interim financial report and interim MD&amp;A
(together, the "interim filings") of Denison Mines Corp. (the
"issuer") for the interim period ended September 30,
2020.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Arial; font-size: 11px">2.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px"><font style="font-weight: bold; font-style: italic">No
misrepresentations:</font> Based on my knowledge, having exercised
reasonable diligence, the interim filings do not contain any untrue
statement of a material fact or omit to state a material fact
required to be stated or that is necessary to make a statement not
misleading in light of the circumstances under which it was made,
with respect to the period covered by the interim
filings.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Arial; font-size: 11px">3.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px"><font style="font-weight: bold; font-style: italic">Fair presentation:</font>
Based on my knowledge, having exercised reasonable diligence, the
interim financial report together with the other financial
information included in the interim filings fairly present in all
material respects the financial condition, financial performance
and cash flows of the issuer, as of the date of and for the periods
presented in the interim filings.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Arial; font-size: 11px">4.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px"><font style="font-weight: bold; font-style: italic">Responsibility:</font> The
issuer's other certifying officer(s) and I are responsible for
establishing and maintaining disclosure controls and procedures
(DC&amp;P) and internal control over financial reporting (ICFR), as
those terms are defined in National Instrument 52-109 <font style="font-style: italic">Certification of Disclosure in Issuers' Annual
and Interim Filings</font>, for the issuer.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Arial; font-size: 11px">5.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px"><font style="font-weight: bold; font-style: italic">Design:</font> Subject to
the limitations, if any, described in paragraphs 5.2 and 5.3, the
issuer's other certifying officer(s) and I have, as at the end of
the period covered by the interim filings</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Arial; font-size: 11px">(a)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px">designed DC&amp;P, or caused
it to be designed under our supervision, to provide reasonable
assurance that</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 108px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 36px">
<font style="font-family: Arial; font-size: 11px">(i)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px">material information relating
to the issuer is made known to us by others, particularly during
the period in which the interim filings are being prepared;
and</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 108px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 36px">
<font style="font-family: Arial; font-size: 11px">(ii)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px">information required to be
disclosed by the issuer in its annual filings, interim filings or
other reports filed or submitted by it under securities legislation
is recorded, processed, summarized and reported within the time
periods specified in securities legislation; and</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Arial; font-size: 11px">(b)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px">designed ICFR, or caused it
to be designed under our supervision, to provide reasonable
assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in
accordance with the issuer's GAAP.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Arial; font-size: 11px">5.1</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px"><font style="font-weight: bold; font-style: italic">Control framework:</font>
The control framework the issuer's other certifying officer(s) and
I used to design the issuer's ICFR is <font style="font-style: italic">Internal Control &#x2013; Integrated
Framework</font> (COSO Framework) published by The Committee of
Sponsoring Organizations of the Treadway Commission
(COSO).</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Arial; font-size: 11px">5.2</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px"><font style="font-weight: bold; font-style: italic">ICFR:</font> Not
applicable.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Arial; font-size: 11px">5.3</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px"><font style="font-weight: bold; font-style: italic">Limitation on scope of
design:</font> Not applicable.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Arial; font-size: 11px">6.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px"><font style="font-weight: bold">Reporting changes in ICFR:</font> The issuer
has disclosed in its interim MD&amp;A any change in the issuer's
ICFR that occurred during the period beginning on July 1, 2020 and
ended on September 30, 2020 that has materially affected, or is
reasonably likely to materially affect, the issuer's
ICFR.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Date:
November 5, 2020</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;"><font style="font-family: Arial;">
<font style="font-style: italic"><font style="text-decoration: underline"><font style="font-size: 11px">(signed)
"Gabriel McDonald"</font></font></font></font><br></font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-family: Arial; font-size: 11px"><font style="color: #000000">Name:</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: justify; display: table-cell"><font style="color: #000000; font-family: Arial; font-size: 11px">Gabriel (Mac)
McDonald</font></div>
</div>
</div>
<div style="display: table">
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<div style="display: table-cell; width: 48px"><font style="font-family: Arial; font-size: 11px"><font style="color: #000000">Title:</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: justify; display: table-cell"><font style="color: #000000; font-family: Arial; font-size: 11px">Executive
Vice President and Chief Financial Officer</font></div>
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<DOCUMENT>
<TYPE>EX-99.5
<SEQUENCE>6
<FILENAME>a2020-09dmcnrfilingedgar.htm
<DESCRIPTION>PRESS RELEASE DATED NOVEMBER 5, 2020
<TEXT>
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<title>a2020-09dmcnrfilingedgar</title>
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<font style="font-family: Times New Roman; font-size: 13px;"><font style="font-weight: bold">Exhibit 99.5</font><br></font></div>
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<font style="font-family: Arial; font-size: 11px">Denison Mines
Corp.</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">1100 &#x2013; 40
University Ave</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Toronto, ON M5J
1T1</font></div>
<div style="text-align: right; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">www.denisonmines.com</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="color: #000000; font-family: Arial; font-size: 13px">PRESS
RELEASE</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="color: #000000; font-weight: bold; font-family: Arial; font-size: 13px">
DENISON REPORTS RESULTS FROM Q3 2020</font></div>
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<font style="font-family: Arial; font-size: 13px;">&#xA0;</font></div>
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<font style="font-family: Arial; font-size: 11px"><font style="font-weight: bold; color: #000000">Toronto, ON &#x2013; November 5,
2020. Denison Mines Corp.</font> <font style="color: #000000">(&#x201C;Denison&#x201D; or the
&#x201C;Company&#x201D;) (DML: TSX, DNN: NYSE MKT) today filed its
Condensed Consolidated Financial Statements and Management&#x2019;s
Discussion &amp; Analysis (&#x201C;MD&amp;A&#x201D;) for the quarter
ended September 30, 2020. Both documents can be found on the
Company&#x2019;s website at</font> <font style="text-decoration: underline; color: #0000FF">www.denisonmines.com</font>
<font style="color: #000000">or on SEDAR (at</font> <font style="text-decoration: underline; color: #0000FF">www.sedar.com</font><font style="color: #000000">)
and EDGAR (at</font> <font style="text-decoration: underline; color: #0000FF">www.sec.gov/edgar.shtml</font><font style="color: #000000">).
The highlights provided below are derived from these documents and
should be read in conjunction with them. All amounts in this
release are in Canadian dollars unless otherwise
stated.</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px"><a name="_Toc456603674"><!--anchor--></a><font style="color: #000000">David Cates, President and CEO of Denison
commented</font><font style="font-style: italic; color: #000000">,&#xA0;&#x201C;</font><font style="font-style: italic">Our
third quarter highlights illustrate the recent effort made by
Denison to ensure the Company remains on track for the future
development of the Phoenix In-Situ Recovery (&#x2018;ISR&#x2019;)
operation, which has the potential to become one of the lowest cost
uranium mining operation in the world.&#xA0; Our team developed
responsible return to work protocols and resumed field activity at
the Wheeler River site &#x2013; including the completion of an ISR
field program designed to build confidence in the &#x2018;Proof of
Concept&#x2019; hydrogeologic model, which was announced in June and
represents a significant project de-risking milestone.&#xA0; The
2020 ISR field program also included the completion of
environmental field work necessary to support the design and
permitting of further ISR test work. On the financial front, the
Company successfully completed a well-supported and significantly
up-sized public offering in early October &#x2013; raising gross
proceeds of approximately US$19 million.&#xA0;&#xA0; At the end of
October, the Company is estimated to have over CAD$29 million in
cash and remains debt free.&#xA0; Taken together, our operations
and balance sheet are poised to support the future advancement of
the Environmental Assessment and Feasibility Study for Wheeler
River through 2021 and beyond, as we move towards a definitive
development decision.</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Arial; font-size: 11px">
The uranium market has steadied through the balance of the third
quarter, following the announcement of the restart of the Cigar
Lake mine and Denison&#x2019;s 22.5% owned McClean Lake uranium
mill.&#xA0; The spot price has support around US$30/lb
U<font style="font-size: 70%; vertical-align: bottom">3</font>O<font style="font-size: 70%; vertical-align: bottom">8</font>
&#x2013; roughly 60% above the lows the commodity reached in late
2016 &#x2013; and is set to benefit from a resumption of nuclear
utility purchasing activity as COVID-19 related protocols have been
developed and deployed throughout the sector over the last several
months.&#xA0; Nuclear energy has answered the call to provide
reliable and cost competitive energy during this time and is well
positioned to participate in green energy initiatives being
considered around the world to create economic stimulus and
accelerate global plans to decarbonize the energy
mix.&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Arial; font-size: 11px">
With this positive outlook for the nuclear energy sector, Denison
is pleased to be nearing completion of its Preliminary Economic
Assessment for the J Zone uranium deposit on the Company&#x2019;s
Waterbury Lake property, assessing the applicability of the ISR
mining method to potentially mine the deposit. If results are
positive and applicable approvals obtained, J Zone could become the
Company&#x2019;s second ISR development-stage project.<font style="color: #000000">&#x201D;</font></font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="color: #000000; font-weight: bold; font-family: Arial; font-size: 13px">
HIGHLIGHTS</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-weight: bold; color: #000000; font-size: 11px">&#x25A0;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; color: #000000; font-family: Arial; font-size: 11px">
Resumed evaluation and exploration field activities at Wheeler
River</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">In July 2020,
Denison announced the resumption of evaluation field activities at
the Company&#x2019;s 90% owned Wheeler River Uranium Project
(&#x2018;Wheeler River&#x2019; or the &#x2018;Project&#x2019;) with the
initiation of an In-Situ Recovery (&#x2018;ISR&#x2019;) field program
(&#x2018;2020 Field Program&#x2019;) focused on the high-grade
Phoenix uranium deposit (&#x2018;Phoenix&#x2019;). Field activities
were gradually expanded late in the third quarter to allow for the
initiation the Company&#x2019;s planned exploration activities. In
order to ensure the Company's operations comply with all applicable
health and safety guidelines associated with the COVID-19 pandemic,
all operating procedures at the Company's Wheeler River site have
been reviewed and adapted to incorporate physical distancing and
enhanced hygiene protocols, as well as special travel protocols
designed by Denison for northern Saskatchewan.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 12px">
<font style="font-weight: bold; color: #000000; font-size: 11px">&#x25A0;</font></div>
<div style="text-align: justify; display: table-cell"><font style="color: #000000; font-weight: bold; font-family: Arial; font-size: 11px">
Completed the 2020 ISR Field Program</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">In October
2020, Denison announced the safe and successful completion of the
2020 Field Program, which was designed to build additional
confidence in the results of an independent hydrogeologic model
developed by Petrotek Corporation (&#x2018;Petrotek&#x2019;) for
Phoenix, and to support the design and permitting of further field
work expected to be incorporated into a future Feasibility Study
(&#x2018;FS&#x2019;). The hydrogeologic model developed for Phoenix
is based on actual field data collected during an extensive field
test program completed at Phoenix in 2019 (the &#x2018;2019 Field
Test&#x2019;), with the model and associated simulations having
already demonstrated "proof-of-concept" for the application of the
ISR mining method at Phoenix, with respect to potential operational
extraction and injection rates (see press release dated June 4,
2020).</font></div>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 12px">
<font style="font-weight: bold; color: #000000; font-size: 11px">&#x25A0;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; color: #000000; font-family: Arial; font-size: 11px">
Capitalized the Company to fund future evaluation and environmental
assessment activities for Wheeler River</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">In October
2020, Denison successfully completed a public offering of
51,347,321 common shares at a price of US$0.37 per common share for
gross proceeds of CAD$24,962,000 (US$18,999,000), which includes
4,347,321 common shares granted to the underwriters through the
exercise, in part, of an over-allotment option. The proceeds of the
offering are anticipated to be used to fund evaluation and
environmental assessment (&#x2018;EA&#x2019;) activities on the
Wheeler River project, as well as for general working capital
purposes.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Arial; font-size: 13px">
About Wheeler River</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px"><font style="color: #000000">Wheeler River is the largest undeveloped uranium
project in the infrastructure rich eastern portion of the Athabasca
Basin region, in northern Saskatchewan and is a joint venture
between Denison (90% and operator) and JCU (Canada) Exploration
Company Limited (10%). The project is host to the high-grade
Phoenix and Gryphon uranium deposits, discovered by Denison in 2008
and 2014, respectively, estimated to have combined Indicated
Mineral Resources of 132.1 million pounds U</font><font style="font-size: 70%; vertical-align: bottom; color: #000000">3</font><font style="color: #000000">O</font><font style="font-size: 70%; vertical-align: bottom; color: #000000">8</font>
<font style="color: #000000">(1,809,000 tonnes at an average grade
of 3.3% U</font><font style="font-size: 70%; vertical-align: bottom; color: #000000">3</font><font style="color: #000000">O</font><font style="font-size: 70%; vertical-align: bottom; color: #000000">8</font><font style="color: #000000">),
plus combined Inferred Mineral Resources of 3.0 million pounds
U</font><font style="font-size: 70%; vertical-align: bottom; color: #000000">3</font><font style="color: #000000">O</font><font style="font-size: 70%; vertical-align: bottom; color: #000000">8</font>
<font style="color: #000000">(82,000 tonnes at an average grade of
1.7% U</font><font style="font-size: 70%; vertical-align: bottom; color: #000000">3</font><font style="color: #000000">O</font><font style="font-size: 70%; vertical-align: bottom; color: #000000">8</font><font style="color: #000000">).</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px"><font style="color: #000000">A pre-feasibility study (&#x2018;PFS&#x2019;) was
completed in late 2018, considering the potential economic merit of
developing the Phoenix deposit as an ISR operation and the Gryphon
deposit as a conventional underground mining operation. Taken
together, the project is estimated to have mine production of 109.4
million pounds U</font><font style="font-size: 70%; vertical-align: bottom; color: #000000">3</font><font style="color: #000000">O</font><font style="font-size: 70%; vertical-align: bottom; color: #000000">8</font>
<font style="color: #000000">over a 14-year mine life, with a base
case pre-tax net present value (&#x2018;NPV&#x2019;) of $1.31 billion
(8% discount rate), Internal Rate of Return (&#x2018;IRR&#x2019;) of
38.7%, and initial pre-production capital expenditures of $322.5
million. The Phoenix ISR operation is estimated to have a
stand-alone base case pre-tax NPV of $930.4 million (8% discount
rate), IRR of 43.3%, initial pre-production capital expenditures of
$322.5 million, and industry leading average operating costs of
US$3.33/lb U</font><font style="font-size: 70%; vertical-align: bottom; color: #000000">3</font><font style="color: #000000">O</font><font style="font-size: 70%; vertical-align: bottom; color: #000000">8</font><font style="color: #000000">.
The PFS was prepared on a project (100% ownership) and pre-tax
basis, as each of the partners to the Wheeler River Joint Venture
are subject to different tax and other
obligations.&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px"><font style="color: #000000">Further details regarding the PFS, including
additional scientific and technical information, as well as
after-tax results attributable to Denison's ownership interest, are
described in greater detail in the NI 43-101 Technical Report
titled "Pre-feasibility Study for the Wheeler River Uranium
Project, Saskatchewan, Canada" dated October 30, 2018 with an
effective date of September 24, 2018. A copy of this report is
available on Denison's website and under its profile on SEDAR
at</font> <font style="color: #000000">www.sedar.com</font>
<font style="color: #000000">and on EDGAR at</font> <font style="color: #000000">www.sec.gov/edgar.shtml</font><font style="color: #000000">.</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Given
recent social, financial and market disruptions, Denison has
suspended certain activities at Wheeler River, including the EA
program, which is on the critical path to achieving the project
development schedule outlined in the PFS. Given the uncertainty
associated with the duration of suspension, the Company is not
currently able to estimate the impact to the project development
schedule outlined in the PFS, and users are cautioned against
relying on the estimates provided therein regarding the start of
pre-production activities in 2021 and first production in
2024.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Arial; font-size: 13px">
About Denison</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Denison Mines
Corp. was formed under the laws of Ontario and is a reporting
issuer in all Canadian provinces. Denison&#x2019;s common shares are
listed on the Toronto Stock Exchange (the &#x2018;TSX&#x2019;) under
the symbol &#x2018;DML&#x2019; and on the NYSE American exchange
under the symbol &#x2018;DNN&#x2019;.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Denison is a
uranium exploration and development company with interests focused
in the Athabasca Basin region of northern Saskatchewan, Canada. In
addition to the Company&#x2019;s flagship project, Wheeler River,
Denison's interests in Saskatchewan include a 22.5% ownership
interest in the McClean Lake Joint Venture (&#x2018;MLJV&#x2019;),
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 deposits and a 66.71% interest in the J Zone and Huskie
deposits on the Waterbury Lake property. The Midwest, J Zone and
Huskie deposits are located within 20 kilometres of the McClean
Lake mill. In addition, Denison has an extensive portfolio of
exploration projects in the Athabasca Basin region.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
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<font style="font-family: Arial; font-size: 11px">Denison is
engaged in mine decommissioning and environmental services through
its Closed Mines group (formerly Denison Environmental Services),
which manages Denison&#x2019;s Elliot Lake reclamation projects and
provides post-closure mine and maintenance services to a variety of
industry and government clients.</font></div>
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<font style="font-family: Arial; font-size: 11px">Denison is also
the manager of Uranium Participation Corporation
(&#x2018;UPC&#x2019;), a publicly traded company listed on the TSX
under the symbol &#x2018;U&#x2019;, which invests in uranium oxide in
concentrates (&#x2018;U<font style="font-size: 70%; vertical-align: bottom">3</font>O<font style="font-size: 70%; vertical-align: bottom">8</font>&#x2019;) and
uranium hexafluoride (&#x2018;UF<font style="font-size: 70%; vertical-align: bottom">6</font>&#x2019;).</font></div>
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<font style="font-family: Arial; font-size: 11px">The technical
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been reviewed and approved by David Bronkhorst, P.Eng, Denison's
Vice President, Operations, who is a Qualified Person in accordance
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<font style="font-family: Arial; font-size: 11px">Mineral resource
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approved by Andrew Yackulic, P. Geo, Denison's Director,
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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
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<font style="font-family: Arial; font-size: 11px">Certain
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the business, operations and financial performance and condition of
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<font style="font-family: Arial; font-size: 11px">Generally, these
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<font style="font-family: Arial; font-size: 11px">In particular,
this press release contains forward-looking information pertaining
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objectives, including the results of, and estimates and assumptions
within, the PFS, the plans and objectives for ISR and the related
field and hydrogeological testing results, models, &#x201C;proof of
concept&#x201D;, plans and objectives; expectations, plans and
objectives of a future FS for Wheeler and any work to be undertaken
in respect thereto; the suspension of EA activities and anticipated
results of such suspension; the impact of COVID-19 on
Denison&#x2019;s operations; evaluation activities and plans for a
PEA for the J Zone deposit and projections with respect thereto;
projections with respect to use of proceeds of recent financings;
the estimates of Denison's mineral reserves and mineral resources;
expectations regarding Denison&#x2019;s joint venture ownership
interests; expectations regarding the continuity of its agreements
with third parties; and its interpretations of, and expectations
for, nuclear power and uranium supply, demand and related market
factors. Statements relating to &#x2018;mineral reserves&#x2019; or
&#x2018;mineral resources&#x2019; 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.</font></div>
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<font style="font-family: Arial; font-size: 11px">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. For example, the
results and underlying assumptions and interpretations of the PFS
as well as the ISR field test and hydrogeological test programs
discussed herein may not be maintained after further testing or be
representative of actual conditions within the applicable deposits.
In addition, Denison may decide or otherwise be required to extend
the EA and/or otherwise discontinue testing, evaluation and
development work, including a FS at Wheeler River or PEA for J Zone
at Waterbury Lake, if it is unable to maintain or otherwise secure
the necessary approvals or resources (such as testing facilities,
capital funding, etc.). Denison believes that the expectations
reflected in this forward-looking information are reasonable, but
no assurance can be given that these expectations will prove to be
accurate and results may differ materially from those anticipated
in this forward-looking information. For a discussion in respect of
risks and other factors that could influence forward-looking
events, please refer to the factors discussed in Denison&#x2019;s
Annual Information Form dated March 13, 2020 under the heading
&#x2018;Risk Factors&#x2019;. These factors are not, and should not
be construed as being exhaustive.</font></div>
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<font style="font-family: Arial; font-size: 11px">Accordingly,
readers should not place undue reliance on forward-looking
statements. The forward-looking information contained in this press
release is expressly qualified by this cautionary statement. Any
forward-looking information and the assumptions made with respect
thereto speaks only as of the date of this press release. Denison
does not undertake any obligation to publicly update or revise any
forward-looking information after the date of this press release to
conform such information to actual results or to changes in
Denison's expectations except as otherwise required by applicable
legislation.</font></div>
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<font style="font-family: Arial; font-size: 11px"><font style="font-weight: bold">Cautionary Note to United States Investors
Concerning Estimates of Measured, Indicated and Inferred Mineral
Resources and Probable Mineral Reserves:</font> This press release
may use the terms 'measured', 'indicated' and 'inferred' mineral
resources. United States investors are advised that while such
terms have been prepared in accordance with the definition
standards on mineral reserves of the Canadian Institute of Mining,
Metallurgy and Petroleum referred to in Canadian National
Instrument 43-101 Mineral Disclosure Standards (&#x2018;NI
43-101&#x2019;) and are recognized and required by Canadian
regulations, these terms are not defined under Industry Guide 7
under the United States Securities Act and, until recently, have
not been permitted to be used in reports and registration
statements filed with the United States Securities and Exchange
Commission (&#x2018;SEC&#x2019;).</font></div>
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<font style="font-family: Arial; font-size: 11px">'Inferred mineral
resources' 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. <font style="font-weight: bold">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.</font> In addition, the terms &#x201C;mineral
reserve&#x201D;, &#x201C;proven mineral reserve&#x201D; and
&#x201C;probable mineral reserve&#x201D; for the purposes of NI
43-101 differ from the definitions and allowable usage in Industry
Guide 7. Effective February 2019, the SEC adopted amendments to its
disclosure rules to modernize the mineral property disclosure
requirements for issuers whose securities are registered with the
SEC under the Exchange Act and as a result, the SEC now recognizes
estimates of &#x201C;measured mineral resources&#x201D;,
&#x201C;indicated mineral resources&#x201D; and &#x201C;inferred
mineral resources&#x201D;. In addition, the SEC has amended its
definitions of &#x201C;proven mineral reserves&#x201D; and
&#x201C;probable mineral reserves&#x201D; to be &#x201C;substantially
similar&#x201D; to the corresponding definitions under the CIM
Standards, as required under NI 43-101. However, information
regarding mineral resources or mineral reserves in Denison&#x2019;s
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by United States companies.</font></div>
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