<SEC-DOCUMENT>0001104659-20-038856.txt : 20200326
<SEC-HEADER>0001104659-20-038856.hdr.sgml : 20200326
<ACCEPTANCE-DATETIME>20200326164504
ACCESSION NUMBER:		0001104659-20-038856
CONFORMED SUBMISSION TYPE:	F-10/A
PUBLIC DOCUMENT COUNT:		9
FILED AS OF DATE:		20200326
DATE AS OF CHANGE:		20200326

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:		F-10/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-237381
		FILM NUMBER:		20746642

	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>F-10/A
<SEQUENCE>1
<FILENAME>tm2013752d3_f10a.htm
<DESCRIPTION>F-10/A
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B>As filed with the Securities and
Exchange Commission on March 26, 2020</B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"> <B>Registration No. 333-237381 </B> </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 18pt"><B>UNITED
STATES</B></FONT><B><FONT STYLE="font-size: 10pt"><BR>
</FONT><FONT STYLE="font-size: 18pt">SECURITIES AND EXCHANGE COMMISSION</FONT><FONT STYLE="font-size: 10pt"><BR>
Washington, D.C. 20549 </FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <FONT STYLE="font-size: 18pt"><B>FORM
F-10/A</B></FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> &nbsp;<B>(AMENDMENT NO. 1)</B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REGISTRATION STATEMENT<BR>
UNDER THE SECURITIES ACT OF 1933</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DENISON MINES CORP.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact Name of Registrant as Specified In
Its Charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Not applicable</B><BR>
(Translation of Registrant&rsquo;s Name Into English (if Applicable))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; padding-right: 3pt; padding-left: 3pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Ontario, Canada</B></FONT></TD>
    <TD STYLE="width: 34%; padding-right: 3pt; padding-left: 3pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1090</B></FONT></TD>
    <TD STYLE="width: 33%; padding-right: 3pt; padding-left: 3pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><B>98-0622284</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Province or Other Jurisdiction of</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Incorporation or Organization)</P></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Primary Standard Industrial</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Classification Code Number</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(if Applicable))</P></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(I.R.S. Employer Identification</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Number (if Applicable))</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>1100-40 University Avenue</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Toronto Ontario, M5J 1T1 Canada</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Telephone: (416) 979-1991</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address and Telephone Number of Registrant&rsquo;s
Principal Executive Offices)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>C T Corporation System</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>28 Liberty Street</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>New York, New York 10005</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Telephone: (212) 894-8940</B><BR>
(Name, Address (Including Zip Code) and Telephone Number (Including Area Code)<BR>
of Agent For Service in the United States)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Copies to:</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>&nbsp;</I></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; width: 25%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Michael H. Taylor</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>McMillan LLP</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>1055 W. Georgia Street, Suite 1500</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Royal Centre</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PO Box 11117</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Vancouver, British Columbia V6E 4N7</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Canada </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Telephone: (604) 691-7410</B></P></TD>
    <TD STYLE="width: 25%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Trisha Robertson</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Blakes, Cassels &amp; Graydon LLP</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>595 Burrard Street, Suite 2600</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Three Bentall Centre</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Vancouver, British Columbia V7X 1L3</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Canada</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Telephone: (604) 631-3320</B></P></TD>
    <TD STYLE="width: 25%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Amanda Willett</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Denison Mines Corp.</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>1100-40 University Avenue</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Toronto, Ontario </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>M5J 1T1 </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Canada</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Telephone: (416) 979-1991</B></P></TD>
    <TD STYLE="width: 25%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Shona C. Smith</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Thomas M. Rose</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Troutman Sanders LLP</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>100 SW Main Street, Suite 1000</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Portland, Oregon 97204 </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Telephone: (503) 290-2335</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Approximate date of commencement of
proposed sale of the securities to the public</U>:</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">As soon as practicable after the effective
date of this Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Province of Ontario, Canada</U></B><BR>
(Principal Jurisdiction Regulating This Offering)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">It is proposed that this filing shall become
effective (check appropriate box):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</FONT></TD>
    <TD><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">upon filing with the Commission, pursuant to Rule 467(a) (if in connection with an offering being made contemporaneously in the United States and Canada).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.</FONT></TD>
    <TD><FONT STYLE="font-family: Wingdings; font-size: 10pt">x</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">at some future date (check appropriate box below)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD>
    <TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">pursuant to Rule 467(b) on (date) at (time) (designate a time not sooner than 7 calendar days after filing).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">pursuant to Rule 467(b) on (date) at (time) (designate a time 7 calendar days or sooner after filing) because the securities regulatory authority in the review jurisdiction has issued a receipt or notification of clearance on (date).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">pursuant to Rule 467(b) as soon as practicable after notification of the Commission by the Registrant or the Canadian securities regulatory authority of the review jurisdiction that a receipt or notification of clearance has been issued with respect hereto.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Wingdings; font-size: 10pt">x</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">after the filing of the next amendment to this Form (if preliminary material is being filed).</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to the home jurisdiction&rsquo;s
shelf prospectus offering procedures, check the following box. </FONT><FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>The Registrant hereby
amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registration
Statement shall become effective as provided in Rule 467 under the Securities Act of 1933 or on such date as the Commission, acting
pursuant to Section 8(a) of the Act, may determine. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PART I<BR>
<BR>
INFORMATION REQUIRED TO BE DELIVERED TO OFFEREES OR PURCHASERS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: red"><I></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: red"> <I>A copy of this amended
and restated preliminary short form prospectus has been filed with the securities regulatory authorities in each of the provinces
of Canada, except Qu&eacute;bec, but has not yet become final for the purpose of the sale of securities. Information contained
in this amended and restated preliminary short form prospectus may not be complete and may have to be amended. The securities
may not be sold until a receipt for the short form prospectus is obtained from the securities regulatory authorities.</I> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: red"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Red"><B><I>Information
contained herein is subject to completion or amendment. A registration statement relating to these securities has been filed with
the United States Securities and Exchange Commission but is not yet effective. These securities may not be sold nor may offers
to buy be accepted prior to the time the registration statement becomes effective. This prospectus shall not constitute an offer
to sell or the solicitation of an offer to buy, nor shall there be any sale of securities in any state in which such offer, solicitation
or sale would be unlawful prior to registration or qualification under the securities laws of any such state.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>No securities regulatory authority
has expressed an opinion about these securities and it is an offence to claim otherwise. This short form prospectus constitutes
a public offering of these securities only in those jurisdictions where they may be lawfully offered for sale and therein only
by persons permitted to sell such securities.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Information has been incorporated
by reference in this prospectus from documents filed with securities commissions or similar authorities in Canada.</I></B><I>
Copies of the documents incorporated herein by reference may be obtained on request without charge from the Corporate Secretary
of Denison Mines Corp., at 40 University Avenue, Suite 1100, Toronto, Ontario, M5J 1T1, telephone: 416-979-1991 and are also available
electronically at www.sedar.com.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"> <FONT STYLE="color: Red"><B>SUBJECT
TO COMPLETION DATED MARCH 26, 2020</B></FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Red"><B>&nbsp;</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; width: 51%; font-size: 10pt; text-align: justify; text-indent: 0">New Issue</TD>
    <TD STYLE="padding: 0; width: 49%; font-size: 10pt; text-align: right; text-indent: 0"> March 26, 2020 </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B>AMENDED AND RESTATED PRELIMINARY
SHORT FORM PROSPECTUS</B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> &nbsp; </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B>AMENDING AND RESTATING THE PRELIMINARY
SHORT FORM PROSPECTUS DATED MARCH 25, 2020</B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="tm2013752d3_f10x001.jpg" ALT="" STYLE="height: 57.6pt; width: 285.1pt"><BR STYLE="clear: both">
<B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B>DENISON MINES CORP.</B> </P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> &nbsp; </P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B>US$5,000,000</B> </P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> &nbsp; </P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B>25,000,000 COMMON SHARES</B> </P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> This short form prospectus (the &ldquo;<B>Prospectus</B>&rdquo;)
qualifies the distribution (the &ldquo;<B>Offering</B>&rdquo;) of 25,000,000 common shares (the &ldquo;<B>Offered Shares</B>&rdquo;)
of Denison Mines Corp. (&ldquo;<B>Denison</B>&rdquo; or the &ldquo;<B>Company</B>&rdquo;) at a price of US$0.20 per Offered Share
(the &ldquo;<B>Offering Price</B>&rdquo;). The Offered Shares are being offered and sold pursuant to the terms of an underwriting
agreement (the &ldquo;<B>Underwriting Agreement</B>&rdquo;) dated March 26, 2020 among Denison, Cantor Fitzgerald Canada Corporation
(&ldquo;<B>CFCC</B>&rdquo;), as sole bookrunner, and Haywood Securities Inc. (&ldquo;<B>Haywood</B>&rdquo; and together with CFCC,
the &ldquo;<B>Co-Lead Underwriters</B>&rdquo;), on behalf of themselves and BMO Nesbitt Burns Inc., Scotia Capital Inc., TD Securities
Inc., Canaccord Genuity Corp. and Raymond James Ltd. (together with the Co-Lead Underwriters, the &ldquo;<B>Underwriters</B>&rdquo;).
See &ldquo;<I>Plan of Distribution</I>&rdquo;. The Offered Shares will be offered in the United States and Canada through the
Underwriters either directly or through their respective U.S. or Canadian broker-dealer affiliates or agents. The Offering is
being made concurrently in the United States under the terms of a registration statement on Form F-10 (the &ldquo;<B>U.S. Registration
Statement</B>&rdquo;) filed with the United States Securities and Exchange Commission (the &ldquo;<B>SEC</B>&rdquo;) under the
Securities Act of 1933, as amended (the &ldquo;<B>Securities Act</B>&rdquo;). </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0 auto; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid"> &nbsp; </DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="font-size: 14pt"><B>Price
US$0.20 per Offered Share</B></FONT> </P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0 auto; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid"> &nbsp; </DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 42%; text-align: left"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 18%; text-align: center"> <FONT STYLE="font-size: 10pt"><B>Price to the
    Public</B></FONT> </TD>
    <TD STYLE="width: 2%; text-align: center"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 18%; text-align: center"> <FONT STYLE="font-size: 10pt"><B>Underwriters&rsquo;
    Fee<SUP>(1)</SUP></B></FONT> </TD>
    <TD STYLE="width: 2%; text-align: center"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 18%; text-align: center"> <FONT STYLE="font-size: 10pt"><B>Proceeds<BR>
    to Denison<SUP>(2)</SUP></B></FONT> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 10pt">Per Offered Share</FONT> </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt"><B>US$0.20</B></FONT> </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt"><B>US$0.012</B></FONT> </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt"><B>US$0.188</B></FONT> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 10pt">Total<SUP>(3)</SUP></FONT> </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt"><B>US$5,000,000</B></FONT> </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt"><B>US$300,000</B></FONT> </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt"><B>US$4,700,000</B></FONT> </TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid"> &nbsp; </DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Notes: </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"> <FONT STYLE="font-size: 8pt">(1)</FONT> </TD><TD STYLE="text-align: justify"> <FONT STYLE="font-size: 8pt">In
                                         consideration of the services rendered by the Underwriters in connection with the Offering,
                                         Denison has agreed to pay the Underwriters a fee (the &ldquo;<B>Underwriters&rsquo; Fee</B>&rdquo;)
                                         equal to 6.0% of the gross proceeds of the Offering, including proceeds realized from
                                         the sale of any additional Offered Shares pursuant to the exercise of the Over-Allotment
                                         Option (as defined herein). See &ldquo;<I>Plan of Distribution</I>&rdquo;.</FONT> </TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"> <FONT STYLE="font-size: 8pt">(2)</FONT> </TD><TD STYLE="text-align: justify"> <FONT STYLE="font-size: 8pt">Before
                                         deducting the expenses related to the Offering, estimated at C$400,000, which, together
                                         with the Underwriters&rsquo; Fee, will be paid by Denison from the proceeds of the Offering.
                                         See &ldquo;<I>Use of Proceeds</I>&rdquo;.</FONT> </TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"> <FONT STYLE="font-size: 8pt">(3)</FONT> </TD><TD STYLE="text-align: justify"> <FONT STYLE="font-size: 8pt">Denison
                                         granted to the Underwriters an over-allotment option (the &ldquo;<B>Over-Allotment Option</B>&rdquo;),
                                         exercisable in whole or in part at any time until the date that is 30 days following
                                         the Closing Date (as defined below), to purchase up to an additional 3,750,000 Offered
                                         Shares (the &ldquo;<B>Over-Allotment Shares</B>&rdquo;), representing 15% of the number
                                         of Offered Shares sold under the Offering, on the same terms as set forth above to cover
                                         over-allotments, if any, and for market stabilization purposes. If the Over-Allotment
                                         Option is exercised in full, the total &ldquo;Price to the Public&rdquo;, &ldquo;Underwriters&rsquo;
                                         Fee&rdquo; and &ldquo;Proceeds to Denison&rdquo; will be US$5,750,000, US$345,000 and
                                         US$5,405,000 (before estimated expenses of C$400,000), respectively.</FONT> </TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Prospectus also qualifies the distribution
of the Over-Allotment Shares issuable upon the exercise of the Over-Allotment Option. See &ldquo;<I>Plan of Distribution</I>&rdquo;.
A purchaser who acquires Over-Allotment Shares forming part of the Underwriters&rsquo; over-allotment position acquires such securities
under this Prospectus, regardless of whether the over-allotment position is ultimately filled through the exercise of the Over-Allotment
Option or through secondary market purchases.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless the context otherwise requires,
when used herein, all references to &ldquo;Offering&rdquo; and &ldquo;Offered Shares&rdquo; include any Over-Allotment Shares issuable
upon exercise of the Over-Allotment Option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table sets out the number
of Over-Allotment Shares issuable under the Over-Allotment Option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; width: 20%; text-align: center"> <FONT STYLE="font-size: 10pt"><B>Underwriters&rsquo;
    position</B></FONT> </TD>
    <TD STYLE="width: 1%; text-align: center"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 25%; text-align: center"> <FONT STYLE="font-size: 10pt"><B>Maximum
    size or number of securities available</B></FONT> </TD>
    <TD STYLE="width: 1%; text-align: center"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 27%; text-align: center"> <FONT STYLE="font-size: 10pt"><B>Exercise
    period</B></FONT> </TD>
    <TD STYLE="width: 1%; text-align: center"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 25%; text-align: center"> <FONT STYLE="font-size: 10pt"><B>Exercise
    price</B></FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">Over-Allotment
    Option</FONT> </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">3,750,000 Over-Allotment
    Shares</FONT> </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">Up to 30 days from
    the Closing Date</FONT> </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> US$0.20 per Over-Allotment Share </P></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Offering Price was determined by negotiation
between the Company and the CFCC, on behalf of the Underwriters. The Underwriters, as principals, conditionally offer the Offered Shares,
subject to prior sale, if, as and when issued by Denison and accepted by the Underwriters in accordance with the conditions contained
in the Underwriting Agreement referred to under &ldquo;<I>Plan of Distribution</I>&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to applicable laws, the Underwriters
may, in connection with the Offering, effect transactions which stabilize or maintain the market price of the Common Shares (as
defined below) at levels other than those which might otherwise prevail on the open market. Such transactions, if commenced, may
be discontinued at any time. The Underwriters propose to initially offer either directly, or through their broker-dealer affiliates
or agents, the Offered Shares at the Offering Price. After a reasonable effort has been made to sell all of the Offered Shares
at the Offering Price, the Underwriters may subsequently reduce the selling price to purchasers. <B>Accordingly, the Underwriters
may offer the Offered Shares at a price lower than that stated above. </B>Any such reduction will not affect the proceeds received
by the Company <B>See &ldquo;<I>Plan of Distribution</I>&rdquo;</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cantor Fitzgerald &amp; Co. is not registered
as an investment dealer in any Canadian jurisdiction and, accordingly, will only sell the Offered Shares into the United States
and will not, directly or indirectly, solicit offers to purchase or sell the Offered Shares in Canada.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The common shares of Denison (the &ldquo;<B>Common
Shares</B>&rdquo;) are listed on the Toronto Stock Exchange (the &ldquo;<B>TSX</B>&rdquo;) under the trading symbol &ldquo;DML&rdquo;
and listed on the NYSE American LLC (&ldquo;<B>NYSE American</B>&rdquo;) under the symbol &ldquo;DNN&rdquo;. On March 25, 2020,
the last trading day prior to the date hereof, the closing price of the Common Shares on the TSX was C$0.360 and on the NYSE American
was US$0.255. Denison has applied to list the Offered Shares distributed hereunder on the TSX and the NYSE American. Listing will
be subject to Denison fulfilling all the listing requirements of such exchanges. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>An investment in the Offered Shares
should be considered speculative due to various factors, including the nature of the Company&rsquo;s business. The risk factors
outlined or incorporated by reference in this Prospectus should be carefully reviewed and considered by prospective purchasers.
See &ldquo;<I>Cautionary Note Regarding Forward-Looking Statements</I>&rdquo; and &ldquo;<I>Risk Factors</I>&rdquo;.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>We are permitted under a multijurisdictional
disclosure system adopted by the securities regulatory authorities in Canada and the United States to prepare this Prospectus in
accordance with the disclosure requirements of Canada. Prospective investors in the United States should be aware that such requirements
are different from those of the United States. Financial statements included or incorporated by reference herein have been prepared
in accordance with International Financial Reporting Standards (&ldquo;IFRS&rdquo;) as issued by the International Accounting Standards
Board and are also subject to Canadian auditing and auditor independence standards and thus may not be comparable to financial
statements of United States companies.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white"><B>Purchasers
of the Offered Shares should be aware that the acquisition of the Offered Shares may have tax consequences both in the United States
and in Canada. Such consequences for purchasers who are resident in, or citizens of, the United States or who are resident in Canada
may not be described fully herein. Prospective purchasers are advised to consult their own tax advisors regarding the application
of Canadian or United States federal income tax laws to their particular circumstances, as well as any other provincial, state,
foreign and other tax consequences of acquiring, holding or disposing of the Offered Shares and related securities. See &ldquo;<I>Certain
Canadian Federal Income Tax Considerations</I>&rdquo; and &ldquo;<I>Material United States Federal Income Tax Considerations for
U.S. Holders</I>&rdquo;.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Your ability to enforce civil liabilities
under the U.S. federal securities laws may be affected adversely because we are incorporated under the laws of Canada, some of
our officers and directors and some or all of the experts named in this Prospectus are Canadian residents, and our assets are located
outside of the United States.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NEITHER THE U.S. SECURITIES AND EXCHANGE
COMMISSION (THE &ldquo;SEC&rdquo;), NOR ANY STATE SECURITIES REGULATOR HAS APPROVED OR DISAPPROVED THE SECURITIES OFFERED HEREBY
OR PASSED UPON THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENCE.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Subscriptions for the Offered Shares
will be received subject to rejection or allotment in whole or in part and the right is reserved to close the subscription books
at any time without notice. The closing of the Offering is expected to occur on or about April 9, 2020 or such later date as the
Company and the Underwriters may agree (the &ldquo;<B>Closing Date</B>&rdquo;), however the Offered Shares are to be taken up
by the Underwriters, if at all, on or before a date that is not later than 42 days after the date of the receipt for the final
short form prospectus. Except in certain limited circumstances, it is expected that one or more global certificates (in physical
or electronic form) evidencing the Offered Shares distributed under this Prospectus in Canada will be issued in registered form
to CDS Clearing and Depository Services Inc. (&ldquo;<B>CDS</B>&rdquo;) and will be deposited with CDS on the Closing Date. No
certificates evidencing the Offered Shares will be issued to Canadian resident purchasers, except in certain limited circumstances
(including, without limitation, as described below), and registration of such securities will be made in the depository service
of CDS. Canadian resident purchasers of Offered Shares will receive only a customer confirmation from the Underwriters or other
registered dealer who is a CDS participant and from or through whom a beneficial interest in the Offered Shares is purchased.
See &ldquo;<I>Plan of Distribution</I>&rdquo;. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Jun Gon Kim, a director of the Company,
resides outside of Canada and has appointed Blakes Vancouver Services Inc., c/o Blake, Cassels &amp; Graydon LLP, 595 Burrard Street,
P.O. Box 49314, Suite 2600, Three Bentall Centre, Vancouver, British Columbia, V7X 1L3, Canada as the agent for service of process
in Canada. Purchasers are advised that it may not be possible for investors to enforce judgments obtained in Canada against any
person or company that is incorporated, continued or otherwise organized under the laws of a foreign jurisdiction or resides outside
of Canada, even if the party has appointed an agent for service of process. See &ldquo;<I>Agent for Service of Process&rdquo;.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Denison&rsquo;s head and registered office
is located at 1100 &ndash; 40 University Avenue, Toronto, Ontario, M5J 1T1, Canada.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All references in this Prospectus to &ldquo;dollars&rdquo;,
 &ldquo;C$&rdquo; or &ldquo;$&rdquo; are to Canadian dollars, unless otherwise stated. References to &ldquo;US$&rdquo; or &ldquo;U.S.$&rdquo;
are to United States dollars.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Prospective investors should rely only
on the information contained in or incorporated by reference into this Prospectus. Neither the Company nor the Underwriters has
authorized anyone to provide prospective investors with different information. Information contained on the Company&rsquo;s website
shall not be deemed to be a part of this Prospectus or incorporated by reference herein and should not be relied upon by prospective
investors for the purpose of determining whether to invest in the Offered Shares. Neither the Company nor the Underwriters are
making an offer of the Offered Shares in any jurisdiction where the offer or sale is not permitted. Prospective investors should
not assume that the information contained in this Prospectus is accurate as of any date other than the date on the front of this
Prospectus, or the date of any documents incorporated by reference herein. The Company&rsquo;s business, operating results, financial
condition and prospects may have changed since the date of this Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 5; Options: NewSection -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="text-align: center; width: 34%">(iii)</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TABLE OF CONTENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 87%; font-size: 10pt; font-weight: bold; text-align: left; padding-left: 0in"><A HREF="#a_001">ABOUT THIS PROSPECTUS</A></TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; font-weight: bold; text-align: right"><A HREF="#a_001">1</A></TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-left: 0in">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-left: 0in"><A HREF="#a_002">ELIGIBILITY FOR INVESTMENT</A></TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><A HREF="#a_002">1</A></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-left: 0in">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-left: 0in"><A HREF="#a_003">CAUTIONARY NOTE TO UNITED STATES INVESTORS CONCERNING DISCLOSURE REQUIREMENTS AND ESTIMATES OF MEASURED, INDICATED AND INFERRED MINERAL RESOURCES</A></TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><A HREF="#a_003">1</A></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-left: 0in">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-left: 0in"><A HREF="#a_004">CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION</A></TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><A HREF="#a_004">3</A></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-left: 0in">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-left: 0in"><A HREF="#a_005">DOCUMENTS FILED AS PART OF THE REGISTRATION STATEMENT</A></TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><A HREF="#a_005">5</A></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-left: 0in">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-left: 0in"><A HREF="#a_006">FINANCIAL AND EXCHANGE RATE INFORMATION</A></TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><A HREF="#a_006">5</A></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-left: 0in">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-left: 0in"><A HREF="#a_007">DOCUMENTS INCORPORATED BY REFERENCE</A></TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><A HREF="#a_007">6</A></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-left: 0in">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-left: 0in"><A HREF="#a_008">MARKETING MATERIALS</A></TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><A HREF="#a_008">7</A></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-left: 0in">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-left: 0in"><A HREF="#a_009">THE COMPANY</A></TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><A HREF="#a_009">7</A></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-left: 0in">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-left: 0in"><A HREF="#a_010">CONSOLIDATED CAPITALIZATION</A></TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><A HREF="#a_010">10</A></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-left: 0in">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-left: 0in"><A HREF="#a_011">USE OF PROCEEDS</A></TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><A HREF="#a_011">10</A></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-left: 0in">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-left: 0in"><A HREF="#a_012">PLAN OF DISTRIBUTION</A></TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><A HREF="#a_012">12</A></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-left: 0in">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-left: 0in"><A HREF="#a_013">CERTAIN CANADIAN FEDERAL INCOME TAX CONSIDERATIONS</A></TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><A HREF="#a_013">16</A></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-left: 0in">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-left: 0in"><A HREF="#a_014">MATERIAL UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS FOR U.S. HOLDERS</A></TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><A HREF="#a_014">20</A></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-left: 0in">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-left: 0in"><A HREF="#a_015">DESCRIPTION OF SECURITIES BEING DISTRIBUTED</A></TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><A HREF="#a_015">25</A></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-left: 0in">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-left: 0in"><A HREF="#a_016">PRIOR SALES</A></TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><A HREF="#a_016">25</A></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-left: 0in">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-left: 0in"><A HREF="#a_017">TRADING PRICE AND VOLUME</A></TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><A HREF="#a_017">27</A></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-left: 0in">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-left: 0in"><A HREF="#a_018">RISK FACTORS</A></TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><A HREF="#a_018">28</A></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-left: 0in">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-left: 0in"><A HREF="#a_019">AUDITOR, TRANSFER AGENT AND REGISTRAR</A></TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><A HREF="#a_019">40</A></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-left: 0in">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-left: 0in"><A HREF="#a_020">AGENT FOR SERVICE OF PROCESS</A></TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><A HREF="#a_020">40</A></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-left: 0in">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-left: 0in"><A HREF="#a_021">LEGAL MATTERS</A></TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><A HREF="#a_021">41</A></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-left: 0in">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-left: 0in"><A HREF="#a_022">INTERESTS OF EXPERTS</A></TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><A HREF="#a_022">41</A></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-left: 0in">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-left: 0in"><A HREF="#a_023">WHERE YOU CAN FIND MORE INFORMATION</A></TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><A HREF="#a_023">42</A></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-left: 0in">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-left: 0in"><A HREF="#a_024">ENFORCEABILITY OF CIVIL LIABILITIES</A></TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><A HREF="#a_024">42</A></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-left: 0in">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-left: 0in"><A HREF="#a_025">PURCHASER&rsquo;S STATUTORY RIGHTS OF WITHDRAWAL AND RESCISSION</A></TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><A HREF="#a_025">42</A></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-left: 0in">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>




<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_001"></A>ABOUT THIS
PROSPECTUS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Prospective investors should rely only
on the information contained in or incorporated by reference into this Prospectus. Neither the Company nor the Underwriters has
authorized anyone to provide prospective investors with different information. Information contained on the Company&rsquo;s website
shall not be deemed to be a part of this Prospectus or incorporated by reference herein and should not be relied upon by prospective
investors for the purpose of determining whether to invest in the Offered Shares. Neither the Company nor the Underwriters are
making an offer of the Offered Shares in any jurisdiction where the offer or sale is not permitted. Prospective investors should
not assume that the information contained in this Prospectus is accurate as of any date other than the date on the front of this
Prospectus, or the date of any documents incorporated by reference herein. The Company&rsquo;s business, operating results, financial
condition and prospects may have changed since the date of this Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Market data and certain industry forecasts
used in this Prospectus and the documents incorporated by reference in this Prospectus were obtained from market research, publicly
available information and industry publications. We believe that these sources are generally reliable, but the accuracy and completeness
of this information is not guaranteed. We have not independently verified such information, and we do not make any representation
as to the accuracy of such information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In this Prospectus, unless the context
otherwise requires, references to &ldquo;we&rdquo;, &ldquo;us&rdquo;, &ldquo;our&rdquo; or similar terms, as well as references
to &ldquo;Denison&rdquo; or the &ldquo;Company&rdquo;, refer to Denison Mines Corp. together with our subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has filed with the SEC, under
the Securities Act, the U.S. Registration Statement relating to the Offered Shares. This Prospectus does not contain all of the
information contained in the U.S. Registration Statement, certain items of which are contained in the exhibits to the U.S. Registration
Statement as permitted by the rules and regulations of the SEC. Statements included in this Prospectus or the documents incorporated
by reference herein about the contents of any contract, agreement or other document referred to are not necessarily complete, and
in each instance, prospective investors should refer to the exhibits for a complete description of the matter involved. Each such
statement is qualified in its entirety by such reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_002"></A>ELIGIBILITY
FOR INVESTMENT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the opinion of Blake, Cassels &amp;
Graydon LLP (&ldquo;<B>Blakes</B>&rdquo;), counsel to the Company, and McMillan LLP (&ldquo;<B>McMillan</B>&rdquo;), counsel to
the Underwriters, based on the provisions of the <I>Income Tax Act</I> (Canada) (the &ldquo;<B>Tax Act</B>&rdquo;) and the regulations
thereunder (the &ldquo;<B>Regulations</B>&rdquo;), as of the date hereof, the Offered Shares, if issued on the date hereof, would
be &ldquo;qualified investments&rdquo; under the Tax Act for trusts governed by registered retirement savings plans (&ldquo;<B>RRSPs</B>&rdquo;),
registered retirement income funds (&ldquo;<B>RRIFs</B>&rdquo;), deferred profit sharing plans, registered education savings plans
(&ldquo;<B>RESPs</B>&rdquo;), registered disability savings plans (&ldquo;<B>RDSPs</B>&rdquo;) and tax-free savings accounts (&ldquo;<B>TFSAs</B>&rdquo;)
(each, a &ldquo;<B>Registered Plan</B>&rdquo;), if and provided that the Offered Shares are listed on a &ldquo;designated stock
exchange&rdquo;, as defined in the Tax Act (which currently includes the TSX).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notwithstanding the foregoing, if the Offered
Shares are a &ldquo;prohibited investment&rdquo; for an RRSP, RRIF, RESP, RDSP or TFSA for purposes of the Tax Act, the annuitant,
subscriber or holder thereof, as the case may be, will be subject to a penalty tax as set out in the Tax Act. Provided that for
purposes of the Tax Act the annuitant of an RRSP or RRIF, the holder of a TFSA or RDSP or subscriber of a RESP, as the case may
be, deals at arm&rsquo;s length with the Company and does not have a &ldquo;significant interest&rdquo; (as defined in the Tax
Act for purposes of the prohibited investment rules) in the Company, the Offered Shares will not be a &ldquo;prohibited investment&rdquo;
for such RRSPs, RRIFs, RDSPs, TFSAs and RESPs, as the case may be, under the Tax Act on the date hereof. In addition, the Offered
Shares will not be a prohibited investment if such securities are &ldquo;excluded property&rdquo; as defined in the Tax Act, for
an RRSP, RRIF, RDSP, TFSA or RESP. Annuitants of an RRSP or RRIF, holders of a TFSA or RDSP or subscribers of a RESP should consult
their own tax advisors to ensure the Offered Shares would not be a prohibited investment in their particular circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_003"></A>CAUTIONARY
NOTE TO UNITED STATES INVESTORS CONCERNING DISCLOSURE REQUIREMENTS AND</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">ESTIMATES OF MEASURED, INDICATED AND INFERRED MINERAL RESOURCES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are permitted under a multijurisdictional
disclosure system adopted by the securities regulatory authorities in Canada and the United States to prepare this Prospectus in
accordance with the disclosure requirements of Canada. Prospective investors in the United States should be aware that such requirements
are different from those of the United States. Financial statements included or incorporated by reference herein have been prepared
in accordance with IFRS as issued by the International Accounting Standards Board and are also subject to Canadian auditing and
auditor independence standards and thus may not be comparable to financial statements of United States companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is subject to the reporting
requirements of the applicable Canadian securities laws, and as a result reports the mineral reserves and mineral resources of
the projects it has an interest in according to Canadian standards. Technical disclosure regarding our properties included herein
and in the documents incorporated herein by reference has not been prepared in accordance with the requirements of U.S. securities
laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The terms &ldquo;mineral reserve&rdquo;,
 &ldquo;proven mineral reserve&rdquo; and &ldquo;probable mineral reserve&rdquo; are Canadian mining terms as defined in accordance
with National Instrument 43-101 &ndash; Standards of Disclosure for Mineral Projects (&ldquo;<B>NI 43-101</B>&rdquo;), which references
the guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum (the &ldquo;<B>CIM</B>&rdquo;) &ndash; CIM
Definition Standards on Mineral Resources and Mineral Reserves (&ldquo;<B>CIM Standards</B>&rdquo;), adopted by the CIM Council,
as amended. These definitions differ from the definitions in Industry Guide 7 (&ldquo;<B>Industry Guide 7</B>&rdquo;) under the
Securities Act. Under Industry Guide 7, mineralization may not be classified as a &ldquo;reserve&rdquo; unless the determination
has been made that the mineralization could be economically and legally produced or extracted at the time of the reserve determination.
Under Industry Guide 7 standards, a &ldquo;final&rdquo; or &ldquo;bankable&rdquo; feasibility study is required to report reserves,
the three-year historical average price is used in any reserve or cash flow analysis to designate reserves and the primary environmental
analysis or report must be filed with the appropriate governmental authority. Denison has not prepared a feasibility study for
the purposes of NI 43-101 or the requirements of the SEC in connection with its probable mineral reserves disclosure, and therefore
such mineral reserve disclosure is not comparable to information from U.S. companies subject to the reporting and disclosure requirements
of the SEC. Further, until recently, the SEC has not recognized the reporting of mineral deposits which do not meet the Industry
Guide 7 definition of &ldquo;reserve&rdquo;. In addition, the terms &ldquo;mineral resource&rdquo;, &ldquo;measured mineral resource&rdquo;,
 &ldquo;indicated mineral resource&rdquo; and &ldquo;inferred mineral resource&rdquo; are defined in and required to be disclosed
by NI 43-101; however, these terms are not defined terms under Industry Guide 7 and, until recently, have not been permitted to
be used in reports and registration statements filed with the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 United States Securities Exchange Act of 1934, as amended (the &ldquo;<B>Exchange Act</B>&rdquo;). These amendments became
effective February 25, 2019 (the &ldquo;<B>SEC Modernization Rules</B>&rdquo;) with compliance required for the first fiscal year
beginning on or after January 1, 2021. The SEC Modernization Rules replace the historical disclosure requirements for mining registrants
that were included in SEC Industry Guide 7, which will be rescinded from and after the required compliance date of the SEC Modernization
Rules. As a result of the adoption of the SEC Modernization Rules, the SEC now recognizes estimates of &ldquo;measured mineral
resources&rdquo;, &ldquo;indicated mineral resources&rdquo; and &ldquo;inferred mineral resources&rdquo;. In addition, the SEC
has amended its definitions of &ldquo;proven mineral reserves&rdquo; and &ldquo;probable mineral reserves&rdquo; to be &ldquo;substantially
similar&rdquo; to the corresponding definitions under the CIM Standards, as required under NI 43-101. Accordingly, during the period
leading up to the compliance date of the SEC Modernization Rules, information regarding mineral resources or mineral reserves contained
or referenced in the financial statements included or incorporated by reference herein may not be comparable to similar information
made public by United States companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">United States investors are cautioned that
there are differences in the definitions under the SEC Modernization Rules and the CIM Standards. Accordingly, there is no assurance
any mineral reserves or mineral resources that the Company may report as &ldquo;proven mineral reserves&rdquo;, &ldquo;probable
mineral reserves&rdquo;, &ldquo;measured mineral resources&rdquo;, &ldquo;indicated mineral resources&rdquo; and &ldquo;inferred
mineral resources&rdquo; under NI 43-101 would be the same had the Company prepared the reserve or resource estimates under the
standards adopted under the SEC Modernization Rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">United States investors are also cautioned
that while the SEC will now recognize &ldquo;indicated mineral resources&rdquo; and &ldquo;inferred mineral resources&rdquo;, investors
should not assume that any part or all of the mineralization in these categories will ever be converted into a higher category
of mineral resources or into mineral reserves. Mineralization described using these terms has a greater amount of uncertainty as
to their existence and feasibility than mineralization that has been characterized as reserves. Accordingly, prospective investors
are cautioned not to assume that any &ldquo;indicated mineral resources&rdquo; or &ldquo;inferred mineral resources&rdquo; that
the Company reports are or will be economically or legally mineable. Further, &ldquo;inferred mineral resources&rdquo; have a greater
amount of uncertainty as to their existence and as to whether they can be mined legally or economically. Therefore, United States
investors are also cautioned not to assume that all or any part of the &ldquo;inferred mineral resources&rdquo; exist. In accordance
with Canadian securities laws, estimates of &ldquo;inferred mineral resources&rdquo; cannot form the basis of feasibility or other
economic studies, except in limited circumstances where permitted under NI 43-101.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accordingly, information included or incorporated
by reference herein containing descriptions of the Company&rsquo;s mineral deposits may not be comparable to similar information
made public by U.S. companies subject to the reporting and disclosure requirements under the United States federal securities laws
and the rules and regulations thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_004"></A>CAUTIONARY
NOTE REGARDING FORWARD-LOOKING INFORMATION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain information contained in this Prospectus
and the documents incorporated by reference herein concerning the business, operations and financial performance and condition
of Denison constitutes forward-looking information within the meaning of the United States <I>Private Securities Litigation Reform
Act of 1995</I> and similar Canadian legislation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Generally, the use of words and phrases
like &ldquo;plans&rdquo;, &ldquo;expects&rdquo;, &ldquo;is expected&rdquo;, &ldquo;budget&rdquo;, &ldquo;scheduled&rdquo;, &ldquo;estimates&rdquo;,
 &ldquo;forecasts&rdquo;, &ldquo;intends&rdquo;, &ldquo;anticipates&rdquo;, or &ldquo;believes&rdquo;, or the negatives and/or variations
of such words and phrases, or statements that certain actions, events or results &ldquo;may&rdquo;, &ldquo;could&rdquo;, &ldquo;would&rdquo;,
 &ldquo;might&rdquo; or &ldquo;will&rdquo; &ldquo;be taken&rdquo;, &ldquo;occur&rdquo;, &ldquo;be achieved&rdquo; or &ldquo;has
the potential to&rdquo; and similar expressions are intended to identify forward-looking information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Forward-looking information involves known
and unknown risks, uncertainties, material assumptions and other factors that may cause actual results or events to differ materially
from those expressed or implied by such forward-looking statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Denison believes that the expectations
and assumptions reflected in this forward-looking information are reasonable, but no assurance can be given that these expectations
will prove to be correct. Forward-looking information should not be unduly relied upon. This information speaks only as of the
date of this Prospectus, and Denison will not necessarily update this information, unless required to do so by securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Examples of Forward-Looking Information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Prospectus and the documents incorporated
by reference herein contain forward-looking information in a number of places, including statements pertaining to Denison&rsquo;s:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">the timing and closing of the Offering;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">the satisfaction of the conditions to closing of the Offering, including the receipt, in a timely
manner, of regulatory and other require approvals;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">the proposed use of proceeds of the Offering;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">expectations regarding raising capital;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">exploration, evaluation and development plans and objectives;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">plans for capital expenditure programs, exploration and development expenditures and reclamation
costs and timing, including Denison&rsquo;s 2020 outlook;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">results of its Wheeler River Pre-Feasibility Study, including expected capital and operating costs,
and plans with respect to the Environmental Assessment and Feasibility Study process;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">expectations regarding the process for and receipt of regulatory approvals, permits and licences
under governmental and other applicable regulatory regimes;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">estimates of its mineral reserves and mineral resources;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">the realization of mineral reserve and mineral resource estimates;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">expectations about 2020 and future market prices, production costs and global uranium supply and
demand;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">expectations regarding ongoing joint arrangements and Denison's share of same;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">expectations regarding additions to its mineral reserves and resources through acquisitions and
exploration;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">expectations regarding the toll milling of Cigar Lake ores, and the relationships with its contractual
partners with respect thereto;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">future royalty and tax payments and rates; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">expectations regarding possible impacts of litigation and regulatory actions.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Statements relating to &ldquo;mineral resources&rdquo;
are deemed to be forward-looking information, as they involve the implied assessment, based on certain estimates and assumptions
that the mineral resources described can be profitably produced in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Material Risks</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Denison's actual results could differ materially
from those anticipated. Management has identified the following risk factors which could have a material impact on the Company
or the trading price of its Common Shares:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">the capital intensive nature of mining industry and the uncertainty of funding;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">global financial conditions, including market reaction to COVID-19;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">risks related to the COVID-19 outbreak;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">the speculative nature of exploration and development projects;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">the imprecision of mineral reserve and mineral resource estimates;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">the risks of, and market impacts on, developing mineral properties;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">risks associated with the selection of novel mining methods, including the Company&rsquo;s proposed
in-situ uranium recovery production method;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">dependence on obtaining licenses, and other regulatory and policy risks;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">uncertainty regarding engagement with Canada&rsquo;s First Nations and M&eacute;tis;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">environment, health and safety risks;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">global demand and international trade restrictions;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">the impact of uranium price volatility on the valuation of Denison&rsquo;s mineral reserves and
mineral resources and the market price of its Common Shares;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">uncertainty regarding public acceptance of nuclear energy and competition from other energy sources;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">volatility in the market price of the Company&rsquo;s Common Shares;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">the risk of dilution from future equity financings;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">dependence on other operators of the Company&rsquo;s projects;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">reliance on contractors, experts and other third parties;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">the risk of failure to realize benefits from transactions;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">the risk of Denison&rsquo;s inability to exploit, expand and replace its mineral reserves and mineral
resources;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">competition for properties;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">risk of challenges to property title and/or contractual interests in Denison&rsquo;s properties;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">the risk of failure by Denison to meet its obligations to its creditors;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">change of control restrictions;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">uncertainty as to reclamation and decommissioning liabilities and timing;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">potential for technical innovation rendering Denison&rsquo;s products and services obsolete;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">liabilities inherent in mining operations and the adequacy of insurance coverage;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">the ability of Denison to ensure compliance with anti-bribery and anti-corruption laws;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">the uncertainty regarding risks posed by climate change;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">the reliance of the Company on its information systems and the risk of cyberattacks on those systems;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">dependence on key personnel including the ability to keep essential operational staff in place
as a result of COVID-19;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT> </TD><TD STYLE="text-align: justify"> potential
                                         conflicts of interest for the Company&rsquo;s directors who are engaged in similar businesses; </TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">limitations of disclosure and internal controls;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">the potential influence of Denison&rsquo;s largest Shareholder, Korea Electric Power Corporation
(&ldquo;<B>KEPCO</B>&rdquo;) and its subsidiary, Korea Hydro &amp; Nuclear Power (&ldquo;<B>KHNP</B>&rdquo;);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">volatility in the market price of the Common Shares;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT> </TD><TD STYLE="text-align: justify"> risks
                                         associated with future sales of Common Shares by existing shareholders; </TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">the risk of dilution from future equity or debt financings;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT> </TD><TD STYLE="text-align: justify"> risks
                                         associated with the Company&rsquo;s use of proceeds from the sale of its securities; </TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">the history of the Company with respect to not paying dividends and anticipation of not paying
dividends in the foreseeable future;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">absence of a market through which the Company&rsquo;s securities, other than Common Shares, may
be sold;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">risks related to dilution to existing shareholders if stock options or share purchase warrants
are exercised; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">risks related to the liquidity of the Common Shares.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The risk factors listed above are discussed
in more detail later in this Prospectus (see &ldquo;<I>Risk Factors</I>&rdquo;). The risk factors discussed in this Prospectus
are not, and should not be construed as being, exhaustive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Material assumptions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The forward looking statements in this
Prospectus and the documents incorporated by reference herein are based on material assumptions, including the following, which
may prove to be incorrect:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">our budget, including expected exploration levels and costs and the assumptions regarding market
conditions and other factors upon which we have based our expenditure expectations;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">our ability to continue as a going concern;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">our ability to raise additional capital to proceed with our exploration and development plans;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">financial markets will not in the long term be adversely impacted by the COVID-19 crisis;</TD></TR>                                                                                                                                                                                                                                                                   <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">our operations and key suppliers are essential services, and our employees, contractors and subcontractors will be
available, to continue operations;</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"> </P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">our ability to obtain all necessary regulatory approvals, permits and licenses for our planned
activities under governmental and other applicable regulatory regimes;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">our expectations regarding the demand for, and supply of, uranium, the outlook for long-term contracting,
changes in regulations, public perception of nuclear power, and the construction of new and ongoing operation of existing nuclear
power plants;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">our expectations regarding spot prices and realized prices for uranium;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">our expectations regarding tax rates, currency exchange rates, and interest rates;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">our decommissioning and reclamation obligations and the status and ongoing maintenance of agreements
with third parties with respect thereto;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">our mineral reserve and resource estimates, and the assumptions upon which they are based;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">our, and our contractors&rsquo;, ability to comply with current and future environmental, safety
and other regulatory requirements and to obtain and maintain required regulatory approvals; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">our operations are not significantly disrupted as a result of political instability, nationalization,
terrorism, sabotage, pandemics, social or political activism, breakdown, natural disasters, governmental or political actions,
litigation or arbitration proceedings, equipment or infrastructure failure, labour shortages, transportation disruptions or accidents,
or other development or exploration risks.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="text-transform: none"><A NAME="a_005"></A>DOCUMENTS
FILED AS PART OF THE REGISTRATION STATEMENT</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following documents have been or will
be filed with the SEC as part of the U.S. Registration Statement of which this Prospectus forms a part: (i)&nbsp;the documents
listed under the heading &ldquo;<I>Documents Incorporated by Reference</I>&rdquo;; (ii)&nbsp;powers of attorney from our directors
and officers included on the signature pages of the U.S. Registration Statement; (iii)&nbsp;the Underwriting Agreement; (iv) the
consent of PricewaterhouseCoopers LLP, the consent of McMillan LLP and the consent of Blake, Cassels &amp; Graydon LLP; and (v)
the consent of each &ldquo;qualified person&rdquo; for the purposes of NI 43-101 listed on the Exhibit Index of the registration
statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_006"></A>FINANCIAL
AND EXCHANGE RATE INFORMATION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The annual consolidated financial statements
of the Company incorporated by reference in this Prospectus have been prepared in accordance with IFRS as issued by the International
Accounting Standards Board (IASB) and are reported in Canadian dollars. They may not be comparable to financial statements of United
States companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless otherwise indicated, all references
to &ldquo;$&rdquo;, &ldquo;C$&rdquo; or &ldquo;dollars&rdquo; in this Prospectus refer to Canadian Dollars. References to &ldquo;US$&rdquo;
or &ldquo;U.S.$&rdquo; in this Prospectus refer to U.S. Dollars.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table sets forth (i) the
rate of exchange for the U.S. dollar, expressed in Canadian dollars, in effect at the end of the periods indicated; (ii) the average
exchange rates for the U.S. dollar, expressed in Canadian dollars, during such periods; and (iii) the high and low exchange rates
for the U.S. dollar, expressed in Canadian dollars, during such periods, each based on the daily rate of exchange as reported by
the Bank of Canada for the conversion of one U.S. dollar into Canadian dollars:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><DIV STYLE="padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>US$
to C$ </B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Fiscal Year Ended December
31</B></P> </DIV></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 46%; font-size: 10pt; text-align: justify">Rate at the end of period</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 15%; font-size: 10pt; text-align: right">1.2988</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 15%; font-size: 10pt; text-align: right">1.3642</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 15%; font-size: 10pt; text-align: right">1.2545</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Average rate during period</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1.3269</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1.2957</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1.2986</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify">Highest rate during period</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1.3600</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1.3642</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1.3743</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Lowest rate during period</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1.2988</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1.2288</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1.2128</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The daily average exchange rate on
March 25, 2020 as reported by the Bank of Canada for the conversion of U.S. dollars into Canadian dollars was US$1.00 equals C$1.4302
(C$1.00 = US$0.6992) (the &ldquo;<B>Exchange Rate</B>&rdquo;). </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_007"></A>DOCUMENTS
INCORPORATED BY REFERENCE</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Information has been incorporated by
reference in this Prospectus from documents filed with securities commissions or similar authorities in Canada.</B> Copies of the
documents incorporated herein by reference may be obtained on request without charge from the Corporate Secretary of Denison at
40 University Avenue, Suite 1100, Toronto, Ontario, M5J 1T1, Canada, telephone: 416-979-1991 or by accessing the disclosure documents
through the Internet on the Canadian System for Electronic Document Analysis and Retrieval (&ldquo;<B>SEDAR</B>&rdquo;), at www.sedar.com.
Documents filed with, or furnished to, the SEC are available through the SEC&rsquo;s Electronic Data Gathering and Retrieval System,
or EDGAR, at www.sec.gov. Our filings through SEDAR and EDGAR are not incorporated by reference in this Prospectus except as specifically
set forth herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following documents of Denison filed
with the securities commissions or similar authorities in Canada are incorporated by reference in this Prospectus:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">the annual information form for the fiscal year ended December 31, 2019, dated as of March 13,
2020 (the &ldquo;<B>AIF</B>&rdquo;);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">the audited annual consolidated financial statements of the Company as at and for the years ended
December 31, 2019 and 2018, together with the notes thereto, management&rsquo;s report on internal control over financial reporting,
and the report of Independent Registered Public Accounting Firm thereon (the &ldquo;<B>Annual Financial Statements</B>&rdquo;);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">management&rsquo;s discussion and analysis of financial condition and results of operations of
the Company for the year ended December 31, 2019, dated March 5, 2020 (the &ldquo;<B>Annual MD&amp;A</B>&rdquo;);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">the management information circular of the Company dated March 20, 2019 regarding the annual general
meeting of shareholders of the Company that was held on May 2, 2019; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">material change report dated March 23, 2020 regarding the Company&rsquo;s announcement of a temporary
suspension of activities related to the environmental assessment for the Wheeler River project and other discretionary activities.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Any document of the type
referred to in Section 11.1 of Form 44-101F1 &ndash; <I>Short Form Prospectus</I> filed by the Company with a securities commission
or similar regulatory authority in Canada after the date of this Prospectus and prior to the termination of the distribution shall
be deemed to be incorporated by reference in this Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>In addition, to the extent that any
document or information incorporated by reference into this Prospectus is included in any report on Form 6-K, Form 40-F or Form
20-F (or any respective successor form) that is filed with or furnished to the SEC after the date of this Prospectus, such document
or information shall be deemed to be incorporated by reference as an exhibit to the U.S. Registration Statement of which this Prospectus
forms a part. In addition, the Company may incorporate by reference into this Prospectus, or the U.S. Registration Statement of
which it forms a part, other information from documents that the Company will file with or furnish to the SEC pursuant to Section
13(a) or 15(d) of the Exchange Act, if and to the extent expressly provided therein.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Any statement contained in this Prospectus
or in a document incorporated or deemed to be incorporated by reference in this Prospectus shall be deemed to be modified or superseded
for the purposes of this Prospectus to the extent that a statement contained herein or in any subsequently filed document which
also is or is deemed to be incorporated by reference in this Prospectus modifies or supersedes that statement. Any statement so
modified or superseded shall not constitute a part of this Prospectus except as so modified or superseded. The modifying or superseding
statement need not state that it has modified or superseded a prior statement or include any information set forth in the document
that it modifies or supersedes. The making of a modifying or superseding statement shall not be deemed an admission for any purposes
that the modified or superseded statement, when made, constituted a misrepresentation, an untrue statement of a material fact or
an omission to state a material fact that is required to be stated or that is necessary to make a statement not misleading in light
of the circumstances in which it was made.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Information contained on the Company&rsquo;s
website www.denisonmines.com, is not part of this Prospectus, is not incorporated herein by reference and may not be relied upon
by investors in connection with an investment in the Offered Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_008"></A>MARKETING
MATERIALS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any &ldquo;template version&rdquo; of any
 &ldquo;marketing materials&rdquo; (as such terms are defined in National Instrument 41-101 &ndash; <I>General Prospectus Requirements</I>)
that are utilized by the Underwriters in connection with the Offering are not part of this Prospectus to the extent that the contents
of the template version of the marketing materials have been modified or superseded by a statement contained in this Prospectus.
Any template version of any marketing materials that has been, or will be, filed on SEDAR before the termination of the distribution
under the Offering (including any amendments to, or an amended version of, any template version of any marketing materials) is
deemed to be incorporated into this Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_009"></A>THE COMPANY</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>The following description of the Company
is, in some instances, derived from selected information about us contained in the documents incorporated by reference into this
Prospectus. This description does not contain all of the information about us and our properties and business that you should consider
before investing in any securities. You should carefully read the entire Prospectus, including the section titled &ldquo;Risk Factors&rdquo;
that immediately follows this description of the Company, as well as the documents incorporated by reference into this Prospectus,
before making an investment decision. </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Name, Address and Incorporation</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Denison was formed by articles of amalgamation
as International Uranium Corporation (&ldquo;<B>IUC</B>&rdquo;) effective May 9, 1997 pursuant to the <I>Business Corporations
Act</I> (Ontario) (the &ldquo;<B>OBCA</B>&rdquo;). On December 1, 2006, IUC combined its business and operations with Denison Mines
Inc. (&ldquo;<B>DMI</B>&rdquo;), by plan of arrangement under the OBCA (the &ldquo;<B>IUC Arrangement</B>&rdquo;). Pursuant to
the IUC Arrangement, all of the issued and outstanding shares of DMI were acquired in exchange for IUC&rsquo;s shares. Effective
December 1, 2006, IUC&rsquo;s articles were amended to change its name to &ldquo;Denison Mines Corp.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Through its 2013 acquisitions of JNR Resources
Inc. (&ldquo;<B>JNR</B>&rdquo;), Fission Energy Corp. (&ldquo;<B>Fission</B>&rdquo;) and Rockgate Capital Corp. and its 2014 acquisition
of International Enexco Limited, Denison increased its project portfolio in Canada, primarily in the Athabasca Basin region in
northern Saskatchewan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In 2015 and 2016, Denison completed transactions
to further its objective of focusing its business on the Company&rsquo;s core assets in the Athabasca Basin region, completing
the sale of its interest in the Gurvan Saihan Joint Venture (&ldquo;<B>GSJV</B>&rdquo;) in Mongolia to Uranium Industry a.s. (&ldquo;<B>UI</B>&rdquo;)
in 2015 (the &ldquo;<B>Mongolia Transaction</B>&rdquo;) and completing a transaction with GoviEx Uranium Inc. (&ldquo;<B>GoviEx</B>&rdquo;)
in 2016 to combine their respective African uranium mineral interests, with GoviEx acquiring Denison&rsquo;s uranium mineral interests
in Zambia, Mali and Namibia (the &ldquo;<B>Africa Transaction</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The registered and head office of Denison
is located at 1100 &ndash; 40 University Avenue, Toronto, Ontario, M5J 1T1, Canada.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is a reporting issuer in all
of the provinces of Canada. The Company&rsquo;s Common Shares are listed on the TSX under the symbol &ldquo;DML&rdquo; and the
NYSE American under the symbol &ldquo;DNN&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has five active subsidiaries:
(i) Denison Mines Inc., which was incorporated under the laws of Ontario; (ii) Denison AB Holdings Corp., which was incorporated
under the laws of British Columbia; (iii) Denison Waterbury Corp., which was incorporated under the laws of Ontario, through which
the Company holds its interests in Waterbury Lake Uranium Corp. and Waterbury Lake Uranium LP, which were acquired by Denison as
part of the Fission acquisition in April 2013; (iv) 9373721 Canada Inc., which was incorporated under the laws of Canada; and (v)
Denison Mines (Bermuda) I Ltd., which was incorporated under the laws of Bermuda.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Inter-Corporate Relationships</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The chart below illustrates the Company&rsquo;s
inter-corporate relationships of its active subsidiaries as at the date hereof:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="tm2013752d3_f10x002.jpg" ALT="" STYLE="height: 227.55pt; width: 473.9pt"><BR STYLE="clear: both">
<B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>Denison Asset Overview</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Uranium Exploration and Development
</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Denison&rsquo;s uranium exploration properties
are principally held directly by the Company or indirectly through DMI, Denison Waterbury Corp. and Denison AB Holdings Corp. Denison&rsquo;s
key assets in the Athabasca Basin in Northern Saskatchewan are:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">A 90% interest in, and operator of, the Wheeler River project, which is host to the Phoenix and
Gryphon uranium deposits &ndash; together representing the largest undeveloped uranium project in the infrastructure rich eastern
portion of the Athabasca Basin region.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">A 66.57% interest in, and operator of, the Waterbury Lake project, which includes the J Zone and
Huskie uranium deposits.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">A 22.50% interest in the McClean Lake uranium processing facility and uranium deposits, through
its interest in the McClean Lake Joint Venture (&ldquo;<B>MLJV</B>&rdquo;) operated by Orano Canada Inc. (&ldquo;<B>Orano Canada</B>&rdquo;).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">A 25.17% interest in the Midwest uranium project, operated by Orano Canada, which is host to the
Midwest Main and Midwest A deposits.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">An extensive portfolio of exploration properties in the Athabasca Basin.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Services </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company generates cash flow through
the following areas of its business:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">Management of Uranium Participation Corporation (&ldquo;<B>UPC</B>&rdquo;)</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Pursuant to a management services
agreement, DMI serves as the manager of UPC, a publicly-traded company listed on the TSX under the symbol &ldquo;U&rdquo;, which
invests in uranium oxide in concentrates (U<SUB>3</SUB>O<SUB>8</SUB>) and uranium hexafluoride (UF<SUB>6</SUB>).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">The Closed Mines division of DMI (formerly Denison Environmental Services)</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">DMI provides mine care &amp;
maintenance, decommissioning, environmental and other services to select third party customers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Toll Milling</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Denison is a party to a toll-milling arrangement
through its 22.50% interest in the MLJV, whereby ore is processed for the Cigar Lake Joint Venture at the McClean Lake processing
facility (the &ldquo;<B>Cigar Toll Milling</B>&rdquo;). In February 2017, Denison completed a financing (the &ldquo;<B>APG Transaction</B>&rdquo;)
with Anglo Pacific Group PLC (&ldquo;<B>APG</B>&rdquo;) and its wholly owned subsidiary Centaurus Royalties Ltd. for gross proceeds
to Denison of C$43.5 million. The APG Transaction monetized a portion of Denison&rsquo;s future share of the Cigar Toll Milling,
providing Denison with the financial flexibility to advance its interests in the Athabasca Basin, including the Wheeler River project.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">While the APG Transaction monetized certain
future toll milling receipts from the Cigar Toll Milling, Denison retains a 22.5% strategic ownership stake in the MLJV and McClean
Lake processing facility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Litigation</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Mongolia Arbitration</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the terms of the Amended and
Restated Share Purchase Agreement between Denison and UI dated November 25, 2015 (the &ldquo;<B>GSJV Purchase Agreement</B>&rdquo;)
with respect to the Mongolia Transaction, the Company had sold its interest in the GSJV effective December 1, 2015. In connection
with the closing the Company received US$1,250,000 and retained rights to receive additional proceeds from contingent payments
of up to US$12,000,000, for total consideration of up to US$13,250,000. The contingent payments are payable as follows: (1) US$5,000,000
within 60 days of the issuance of a mining licence for an area covered by any of the four principal exploration licences held by
the GSJV, being the Hairhan, Haraat, Gurvan Saihan and Ulzit projects (the &quot;<B>First Project</B>&quot;); (2) US$5,000,000
within 60 days of the issuance of a mining licence for an area covered by any of the other exploration licences held by the GSJV
(the &quot;<B>Second Project</B>&quot;); (3) US$1,000,000 within 365 days following the production of an aggregate of 1,000 pounds
U3O8 from the operation of the First Project; and (4) US$1,000,000 within 365 days following the production of an aggregate of
1,000 pounds U3O8 from the operation of the Second Project.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The issuance by the Mongolian government
of mining licence certificates for the Hairhan, Haraat, Gurvan Saihan and Ulzit projects in 2016 triggered an obligation for UI
to make an aggregate of US$10,000,000 of contingent payments to Denison by November 16, 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to an extension agreement entered
into between the Company and UI in January 2017 (the &ldquo;<B>Extension Agreement</B>&rdquo;), the payment due date for the contingent
payments was extended from November 16, 2016 to July 16, 2017. As consideration for the extension, UI agreed to pay interest on
the contingent payments at a rate of 5% per year, payable monthly up to July 16, 2017 and agreed to pay a US$100,000 installment
amount towards the balance of contingent payments. The first payment under the Extension Agreement was due on or before January
31, 2017. The required payments were not made and UI is in breach of the GSJV Purchase Agreement and the Extension Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February 24, 2017, the Company served
notice to UI that UI was in default of its obligations under the GSJV Agreement and the Extension Agreement and that the contingent
payments and all interest payable thereon are immediately due and payable. On December 12, 2017, the Company filed a Request for
Arbitration under the Arbitration Rules of the London Court of International Arbitration in conjunction with the default of UI&rsquo;s
obligations under the GSJV and Extension agreements. In response, UI counterclaimed (the &ldquo;<B>Counterclaim</B>&rdquo;) against
the Company alleging various breaches of the GSJV Purchase Agreement, fraudulent and negligent misrepresentation. The Company views
the Counterclaim as frivolous and without merit. Hearings in front of the three-person arbitration panel were held in December
2019, and all anticipated formal submissions to the panel have been made by each party. The arbitration panel&rsquo;s findings
are expected to be issued in 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Other Arbitration</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Denison commenced arbitration with Orano
Canada and OURD in October 2019, with Denison&rsquo;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&rsquo;s contractual and other obligations. Denison seeks approximately C$6.5 million with respect to these payments,
an unquantified amount for further damages and related contractual relief. The arbitral tribunal has set hearing dates for July
2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_010"></A>CONSOLIDATED
CAPITALIZATION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following represents the Company&rsquo;s
share capital both before and after the issuance of the Offered Shares under the Offering:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"> Designation
    of Shares </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"> Number of
    Shares Authorized </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B>Outstanding
                                         on December 31,&nbsp;2019<SUP>(1)</SUP>&nbsp;</B> </P></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B>Outstanding
                                         on March 26, 2020, after giving effect to the Offering (without exercise of Over-Allotment
                                         Option)<SUP>(2)&nbsp;</SUP></B> </P></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B>Outstanding
                                         on March 26, 2020, after giving effect to the Offering (including exercise in full of
                                         Over-Allotment Option)<SUP>(3)</SUP>&nbsp;</B> </P></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 20%; font-size: 10pt; text-align: center; padding-left: 5.4pt"> Common </TD><TD STYLE="width: 1%; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="width: 19%; font-size: 10pt; text-align: center; padding-left: 5.4pt"> Unlimited </TD><TD STYLE="width: 1%; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="width: 17%; font-size: 10pt; text-align: right"> 597,192,153 </TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="width: 17%; font-size: 10pt; text-align: right"> 622,192,153 </TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="width: 17%; font-size: 10pt; text-align: right"> 625,942,153 </TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"> &nbsp; </TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 8pt">Notes:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 8pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">As at
                                         December 31, 2019, there were 13,827,243 Common Shares issuable upon the exercise of
                                         outstanding stock options and 4,894,099 Common Shares issuable upon the conversion of
                                         outstanding share units. See &ldquo;<I>Prior Sales</I>&rdquo;.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"> <FONT STYLE="font-size: 8pt">(2)</FONT> </TD><TD STYLE="text-align: justify"> <FONT STYLE="font-size: 8pt">Reflects
                                         the issuance of 25,000,000 Offered Shares pursuant to the Offering.</FONT> </TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-size: 8pt">&nbsp;</FONT> </P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"> <FONT STYLE="font-size: 8pt">(3)</FONT> </TD><TD STYLE="text-align: justify"> <FONT STYLE="font-size: 8pt">Reflects
                                         the issuance of 25,000,000 Offered Shares pursuant to the Offering and assumes the issuance
                                         of 3,750,000 Over-Allotment Shares pursuant to the Over-Allotment Option.</FONT> </TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_011"></A>USE OF PROCEEDS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The estimated net proceeds received
by the Company from the Offering (assuming no exercise of the Over-Allotment Option) will be C$6,322,000 (based on the Exchange
Rate and determined after deducting the Underwriters&rsquo; Fee of US$300,000 and estimated expenses of the Offering of C$400,000)
If the Over-Allotment Option is exercised in full, the estimated net proceeds received by the Company from the Offering will be
C$7,330,000 (based on the Exchange Rate, determined after deducting the Underwriters&rsquo; Fee of US$345,000 and estimated expenses
of the Offering of&nbsp;C$400,000). </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Denison currently intends, subject to its
sole discretion to change such allocation after the date of this Prospectus, to use the net proceeds, in addition to existing working
capital, to fund Denison&rsquo;s business activities planned for the remainder of 2020 and into 2021, as well as for general working
capital purposes, as follows (all amounts in C$):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; font-size: 10pt; text-align: justify; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">A</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">B</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">C</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">D = A-B-C</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">E</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">F=D+E</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: bottom; padding: 0; font-size: 10pt; text-align: center; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><B>Previously disclosed Outlook 2020<SUP>(1)<BR> </SUP>(&lsquo;000)</B></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Less: Estimated January &ndash; February 2020<SUP>(2)</SUP></B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(&lsquo;000)</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Less: Adjustments<BR> &nbsp;to Outlook 2020, as described below<BR> (&lsquo;000)</TD><TD STYLE="white-space: nowrap; text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Outlook <BR> for the remainder of 2020<BR> (&lsquo;000)</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Outlook for January &ndash; February 2021<BR> (&lsquo;000)</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total 12-month Outlook to Feb 2021<BR> (&lsquo;000)</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; width: 22%; font-size: 10pt; text-align: justify; text-indent: 0">Mineral Sales</TD><TD STYLE="width: 1%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">791</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">-</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">791</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">-</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">791</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0; font-size: 10pt; text-align: justify; text-indent: 0">Development &amp; Operations</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(5,181</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(116</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(2,500</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-size: 10pt; text-align: left">)<SUP>(3)</SUP></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(2,565</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(264</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(2,829</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; font-size: 10pt; text-align: justify; text-indent: 0">Exploration</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(5,967</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(853</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(5,114</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(5,114</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0; font-size: 10pt; text-align: justify; text-indent: 0">Evaluation</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(3,006</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(1,146</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(750</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-size: 10pt; text-align: left">)<SUP>(4)</SUP></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(1,110</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(520</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(1,630</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; font-size: 10pt; text-align: justify; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(13,363</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(2,115</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(3,250</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(7,998</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(784</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(8,782</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0; font-size: 10pt; text-align: justify; text-indent: 0">Closed Mines Environmental Services</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,014</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">300</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">714</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">300</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,014</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; font-size: 10pt; text-align: justify; text-indent: 0">UPC Management Services</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,009</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">284</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,725</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">284</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,009</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0; font-size: 10pt; text-align: justify; text-indent: 0">Corporate Administration &amp; Other</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(5,200</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(932</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(4,268</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(959</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(5,227</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0">Net forecasted cash outflow</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(15,540</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(2,463</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(3,250</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(9,827</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(1,159</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(10,986</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="21" STYLE="padding: 0; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="21" STYLE="padding: 0; font-size: 10pt; text-align: right">Cash Working Capital Estimated at February 29, 2020<SUP>(5)</SUP></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">5,000</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="21" STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0"> Net proceeds from the Offering
    (as above) </TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: right"><P STYLE="margin: 0pt 0"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,322</FONT> </P>


</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="21" STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0"> Cash working capital at February&nbsp;28,
    2021 </TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><P STYLE="margin: 0pt 0"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">336</FONT> </P>


</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left"> &nbsp; </TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 8pt"><B><I>Notes:</I></B></FONT></TD><TD STYLE="text-align: justify"></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 8pt">(1)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">December
                                         31, 2019 Management Discussion &amp; Analysis &ndash; &ldquo;Outlook 2020&rdquo;.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 8pt">(2)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Internal
                                         estimate of cash outflow in the period, not audited.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 8pt">(3)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">The
                                         SABRE test mining program was deferred until mid-2021. Refer discussion below.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 8pt">(4)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">With
                                         a formal decision to suspend the EA, Denison expects a reduction in regulatory fees payable
                                         to the CNSC in 2020 of approximately $650,000. Additionally certain other evaluation
                                         costs were also eliminated due to the suspension.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 8pt">(5)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">To
                                         determine Cash Working Capital, the Company adjusted regular working capital for non-cash
                                         items, e.g. Deferred Revenue.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition to the available funds referenced
above, the Company has additional financial resources which may be available, if necessary, to fund operations. These financial
resources consist of portfolio investments with a market value or approximately $6.0 million at March 23, 2020, including Denison&rsquo;s
investment in GoviEx Uranium Inc. valued at $5.2 million at March 23, 2020. The actual amount realizable by Denison in the event
that a decision is made to liquidate these investments to fund activities will be dependent on then-current market conditions and
other factors outside of Denison&rsquo;s control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company intends to spend the available
funds and, if required, financial resources as set forth above based on annual budgets approved by the Company&rsquo;s Board of
Directors (the &ldquo;<B>Board</B>&rdquo;) for 2020 and those expected to be approved for the beginning of 2021, consistent with
established internal control guidelines. There may, however, be circumstances where, for sound business reasons, a reallocation
of the net proceeds may be necessary. The actual amount that the Company spends in connection with each of the intended uses of
proceeds may vary significantly from the amounts specified above and will depend on a number of factors, including those referred
to under &ldquo;<I>Risk Factors</I>&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company generates no operating revenue
from the exploration and evaluation activities on its property interests and has negative cash flow from operating activities.
The Company anticipates that it will continue to have negative cash flow until such time that commercial production is achieved
at a particular project. To the extent that the Company has negative operating cash flows in future periods in excess of amounts
disclosed above in the Use of Proceeds table, it may need to deploy a portion of its existing working capital or additional financial
resources to fund such negative cash flow.&nbsp; See &ldquo;<I>Risk Factors &mdash; Capital Intensive Industry and Uncertainty
of Funding</I>&rdquo;, and &ldquo;<I>Risk Factors &mdash; Dilution from Future Sales or Issuances of Debt or Equity Securities</I>&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Business Objectives and Milestones</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Denison&rsquo;s uranium exploration and
development activities are focused on its projects in the Athabasca Basin region of northern Saskatchewan, Canada. Denison&rsquo;s
90% owned Wheeler River Project, is the Company&rsquo;s flagship asset and represents the largest undeveloped uranium project in
the infrastructure rich eastern portion of the Athabasca Basin region, in northern Saskatchewan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company announced its plans for 2020
in its annual MD&amp;A for the year ended December 31, 2019 (the &ldquo;<B>2020 Outlook</B>&rdquo;). In addition to the plans
included in the 2020 Outlook, the Company identified two work programs that are required to support the advancement of Wheeler
River, in accordance with the project schedule outlined in the Pre-Feasibility Study (&ldquo;<B>PFS</B>&rdquo;), but that are
considered discretionary subject to the Company raising sufficient additional capital on terms considered acceptable to the Company.
These discretionary programs include: (1) the continuation of its Environmental Assessment (&ldquo;<B>EA</B>&rdquo;) and submission
of a draft Environmental Impact Assessment (&ldquo;<B>EIS</B>&rdquo;) to the Federal and Provincial regulators (approximately
$7.0 million), and (2) the completion of further In-Situ Recovery (&ldquo;<B>ISR</B>&rdquo;) field testing to support wellfield
designs for a future Feasibility Study (approximately $6.6 million).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> 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. During the first quarter of 2019, Denison
submitted a Project Description to the Canadian Nuclear Safety Commission (&quot;CNSC&quot;) and a Technical Proposal to the Saskatchewan
Ministry of Environment (&ldquo;<B>SK MOE</B>&rdquo;) to support the advancement of an ISR uranium mine at Wheeler River. This
work followed the release of the Pre-Feasibility Study (&quot;PFS&quot;) 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. The Project Description and Technical Proposal were accepted by the applicable regulators, marking the formal
start of the EA process. In late December 2019, Denison received a Record of Decision from the CNSC on the scope of the factors
to be taken into account for the Wheeler EA, which indicate that the EA will follow the CNSC&rsquo;s generic guidelines. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March 20, 2020, the Company announced
a decision to temporarily suspend the EA process and other discretionary activities due to the significant social and economic
disruption that has emerged as a result of the COVID-19 pandemic and the Company's commitment to ensure employee safety, support
public health efforts to limit transmission of COVID-19, and exercise prudent financial discipline.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company identified the EA process as
a key element of the Project's critical path. Accordingly, the decision to temporarily suspend the EA process is expected to impact
the project development schedule outlined in the PFS for Wheeler River. The Company withdraws certain forward looking information
included in the PFS &ndash; specifically the start date of pre-development activities in 2021 and the expected date for first production
from the Phoenix deposit in 2024. Given the uncertainty associated with the duration of the suspension, the Company is not currently
able to estimate the overall impact to the project development schedule. Further information, including a revised development schedule,
will be provided as appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Additionally, as part of the announcement
on March 20, 2020, the Company announced the discretionary work programs related to the draft submission of the EIS and the completion
of further ISR field testing, are no longer expected to be undertaken during 2020. This decision is linked to the decision to suspend
the EA process, thus altering the project development schedule, and the significant economic disruption associated with the COVID-19
pandemic, which has impacted the Company&rsquo;s assessment of the probability of raising sufficient additional capital, on terms
acceptable to the Company, that would be used to fund this additional work during the year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The social and economic disruption associated
with the COVID-19 pandemic has also impacted the plans of the McClean Lake Joint Venture (&ldquo;<B>MLJV</B>&rdquo;) for the SABRE
test mining program and the planned completion of field work during the second and third quarter of 2020. On March 20, 2020, Denison
was advised by Orano Canada, the operator of the MLJV, that it was deferring the work planned for 2020 as part of the SABRE test
mining program, owing to concerns around COVID-19. Orano expects to reschedule the field work to occur during the second and third
quarter of 2021. The costs associated with the original budget for the SABRE test mining program were included in the 2020 Outlook
under &ldquo;Development &amp; Operations&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">With the Company&rsquo;s decision to suspend
the Wheeler River EA and defer the discretionary work programs, as well as Orano&rsquo;s decision to defer the SABRE test mining
program, the Company&rsquo;s activities over the next 12 months are expected to be considerably lower than in previous years, and
have been designed to focus on achieving the following objectives and milestones:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Development &amp; Operations</I></B>
 &ndash; Completion of required reclamation / care &amp; maintenance work at the Company&rsquo;s closed mine sites in the Elliot
Lake region of northern Ontario, and rendering of services for post-closure mine care and maintenance services to a variety of
industry and government clients across Canada.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Exploration</I></B> &ndash; Completion
of a planned exploration program for Wheeler River with a total budget of approximately $3.4 million. Exploration activities at
Wheeler River are expected to involve a diamond drilling program of an estimated 12,310 metres in approximately 27 to 30 drill
holes. The program is expected to be focused at the Phoenix deposit, where additional exploration and delineation drilling is warranted
based on previous exploration drilling and the positive results returned from recent ISR field tests. Additionally, exploration
activities are planned for the balance of 2020 to support the completion of smaller various exploration programs planned on the
Company&rsquo;s other property interests in the Athabasca Basin, with a total budget for 2020 of approximately $2.6 million. These
exploration activities are expected to be required in order for the Company to meet its obligation to spend $4,715,000 on eligible
Canadian exploration expenditures related to the completion of an equity financing of common shares on a flow-through basis in
2019 (&ldquo;<B>2019 FT Financing</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At present, the exploration activities
planned for 2020 are expected to continue; however, there is significant uncertainty regarding government regulations for all work
sites in Canada resulting from the COVID-19 pandemic. Government regulations could result in changes to the Company&rsquo;s exploration
plans, which could have an impact on the Company&rsquo;s ability to meet its spending obligations related to the 2019 FT Financing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Evaluation</I></B> &ndash; The Company
intends to maintain its environmental and technical teams in 2020, despite the decision to suspend the EA and defer the discretionary
work programs related to Wheeler River. During 2020, personnel are expected to selectively advance certain small scopes of work,
outside of the large discretionary work programs that have been deferred, to position the Company to quickly resume project development
activities in the future in an attempt to ultimately minimize the impact of the EA suspension and ISR field test deferral to the
project schedule.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Corporate Administration &amp; Other</I></B>
 &ndash; Corporate administration activities include those related to head office and executive personnel, maintaining the Company&rsquo;s
corporate offices, supporting financial audit, regulatory compliance and legal matters, as well as investor relations and all other
activities related to operating a public company with listings in Canada and the United States. Corporate administration activities
also include providing the UPC management services. The costs associated with these activities outlined above, do not include non-cash
share-based compensation expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_012"></A>PLAN OF
DISTRIBUTION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Offered Shares will be offered in each
of the provinces of Canada, except Qu&eacute;bec, and in the United States pursuant to the multi-jurisdictional disclosure system
implemented by the SEC and the securities regulatory authorities in Canada.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Under the terms of the
Underwriting Agreement between Denison and the Underwriters, Denison has agreed to sell, and the Underwriters have severally agreed
to purchase from Denison, on the Closing Date, subject to the terms and conditions contained in the Underwriting Agreement, 25,000,000
Offered Shares at the Offering Price, payable in cash to Denison against delivery of the Offered Shares. The obligations of the
Underwriters under the Underwriting Agreement may be terminated at their discretion upon the occurrence of certain events specified
in the Underwriting Agreement including &ldquo;material adverse change out&rdquo;, &ldquo;disaster out&rdquo;, &nbsp;&ldquo;litigation
out&rdquo;, &ldquo;market out&rdquo;, and &ldquo;breach out&rdquo; rights of termination.&nbsp; In consideration for their services
in connection with the Offering, the Underwriters will be paid the Underwriters&rsquo; Fee equal to 6.0% of the gross proceeds
of the Offering (US$0.012 per Offered Share, for an aggregate fee payable by the Company of US$300,000, exclusive of any Underwriters&rsquo;
Fee payable in connection with the Over-Allotment Shares). Subject to the terms and conditions of the Underwriting Agreement, the
Company has agreed to sell to the Underwriters, and each Underwriter has severally agreed to purchase, at the Offering Price less
the Underwriting Fee set forth on the cover page of this Prospectus, the number of Offered Shares listed next to its name in the
following table:</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 60%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify"> &nbsp; </TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"> Number of
    Offered Shares </TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 82%; font-size: 10pt; text-align: justify; padding-bottom: 1pt"> Cantor Fitzgerald Canada Corporation </TD><TD STYLE="width: 1%; font-size: 10pt; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; width: 15%; font-size: 10pt; text-align: right"> 13,750,000 </TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 1pt"> Haywood Securities Inc. </TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"> 6,250,000 </TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 1pt"> BMO Nesbitt Burns Inc. </TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"> 1,250,000 </TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 1pt"> Scotia Capital Inc. </TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"> 1,250,000 </TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 1pt"> TD Securities Inc. </TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"> 1,250,000 </TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 1pt"> Canaccord Genuity Corp. </TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"> 625,000 </TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 1pt"> Raymond James Ltd. </TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"> 625,000 </TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt"> Total </TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"> 25,000,000 </TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left"> &nbsp; </TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Denison granted to the Underwriters
the Over-Allotment Option, exercisable in whole or in part at any time until the date that is 30 days following the Closing Date
and pursuant to which the Underwriters may purchase up to an additional 3,750,000 Offered Shares, representing 15% of the Offered
Shares, on the same terms as set forth above to cover over-allotments, if any, made in connection with the Offering and for market-stabilization
purposes. This Prospectus qualifies the distribution of securities on the exercise of the Over-Allotment Option. A purchaser who
acquires securities forming part of the Underwriters&rsquo; over-allocation position acquires those securities under this Prospectus,
regardless of whether the over-allocation position is ultimately filled through the exercise of the Over-Allotment Option or secondary
market purchases. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The obligations of the Underwriters under
the Underwriting Agreement are several, and not joint, nor joint and several, and may be terminated upon the occurrence of certain
stated events. In the event that any Underwriter does not purchase its applicable percentage of Offered Shares, the remaining Underwriters
shall not be obligated to purchase Offered Shares, however, the remaining Underwriters shall have the right, exercisable at their
option, to purchase on a pro rata basis (or on such other basis as may be agreed to by the remaining Underwriters) all, but not
less than all, of the Offered Shares which would otherwise have been purchased by the defaulting Underwriter or Underwriters. Denison
has agreed to indemnify the Underwriters against certain liabilities, including liabilities under applicable Canadian securities
legislation, and to contribute to payments that the Underwriters may be required to make in respect thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Offering Price of the Offered Shares
was determined by negotiation between the Company and CFCC, on behalf of the Underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The expenses of the Offering, not including
the Underwriters&rsquo; Fee, are estimated to be C$400,000 and are payable by Denison. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Denison has agreed, subject to certain
exceptions, that it will not, and will cause its officers and directors not to, create, issue or sell, or enter into an agreement
to create, issue or sell, Common Shares or any securities convertible or exchangeable for Common Shares for a period of 90 days
subsequent to the Closing Date without the consent of CFCC, subject to certain exceptions, which consent may not be unreasonably
withheld or delayed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has applied to list the Offered
Shares distributed under this Prospectus on the TSX and the NYSE American. Listing will be subject to the Company fulfilling all
the listing requirements of such exchanges. Closing of the Offering is conditional on the Offered Shares being conditionally approved
for listing on such exchanges.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Underwriters propose to offer the Offered
Shares initially at the Offering Price specified on the cover page of this Prospectus. After the Underwriters have made a reasonable
effort to sell all of the Offered Shares at the price specified on the cover page, the offering price may be decreased and may
be further changed from time to time to an amount not greater than that set out on the cover page, and the compensation realized
by the Underwriters will be decreased by the amount that the aggregate price paid by the purchasers of the Offered Shares is less
than the amount paid by the Underwriters to Denison.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to policy statements of certain
securities regulators, the Underwriters may not, throughout the period of distribution, bid for or purchase Common Shares. The
foregoing restriction is subject to certain exceptions including: (i) a bid or purchase permitted under the Universal Market Integrity
Rules for Canadian Marketplaces of the Investment Industry Regulatory Organization of Canada relating to market stabilization and
passive market making activities; and (ii) a bid or purchase made for and on behalf of a customer where the order was not solicited
during the period of the distribution, provided that the bid or purchase was for the purpose of maintaining a fair and orderly
market and not engaged in for the purpose of creating actual or apparent active trading in, or raising the price of, such securities.
Consistent with these requirements, and in connection with this distribution, the Underwriters may over-allot Common Shares and
may effect transactions that stabilize or maintain the market price of the Common Shares at levels other than those which otherwise
might prevail on the open market including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">stabilizing transactions;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">short sales;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">purchases to cover positions created by short sales;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">imposition of penalty bids; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">syndicate covering transactions.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Stabilizing transactions consist of bids
or purchases made for the purpose of preventing or retarding a decline in the market price of the Common Shares while the Offering
is in progress. These transactions may also include making short sales of the Common Shares, which involve the sale by the Underwriters
of a greater number of Common Shares than they are required to purchase in the Offering. Short sales may be &ldquo;covered short
sales&rdquo;, which are short positions in an amount not greater than the Over-Allotment Option, or may be &ldquo;naked short sales&rdquo;,
which are short positions in excess of that amount. The Underwriters may create a naked short position if they are concerned that
there may be downward pressure on the price of the Common Shares in the open market that could adversely affect investors who purchase
in the Offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Underwriters must close out any naked
short position by purchasing Common Shares in the open market. The Underwriters may close out any covered short position with the
Common Shares acquired on exercise of the Over-Allotment Option or by purchasing Common Shares in the open market. In making this
determination, the Underwriters will consider, among other things, the price of Common Shares available for purchase in the open
market compared to the price at which they purchased Offered Shares through the Over-Allotment Option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Underwriters also may impose a penalty
bid. This occurs when a particular Underwriter is required to pay to the Underwriters a portion of the Underwriters&rsquo; Fee
received by it because the syndicate has repurchased Common Shares sold by or for the account of that Underwriter in stabilizing
or short covering transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a result of these activities, the price
of the Offered Shares may be higher than the price that otherwise might exist in the open market. If these activities are commenced,
they may be discontinued by the Underwriters at any time. The Underwriters may carry out these transactions on the TSX, on the
NYSE American, in the over-the-counter market or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Offered Shares will be delivered at
the Closing Date to the Underwriters in &ldquo;book-entry only&rdquo; form and must be purchased or transferred through a CDS participant
so long as they are held through CDS. Denison will cause a global certificate or certificates (in physical or electronic form)
representing any Offered Shares to be delivered to, and registered in the name of, CDS or its nominee. So long as the Offered Shares
are held through CDS, rights of shareholders must be exercised through, and all payments or other property to which such holder
is entitled will be made or delivered by, CDS or the CDS participant through which the shareholder holds such Offered Shares. Each
person who acquires Offered Shares under the Offering will receive only a customer confirmation of purchase from the Underwriter
or registered dealer from or through which the Offered Shares are acquired in accordance with the practices and procedures of that
Underwriter or registered dealer. The practices of registered dealers may vary, but generally customer confirmations are issued
promptly after execution of a customer order. CDS is responsible for establishing and maintaining book-entry accounts for its CDS
participants having interests in the Offered Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">It is expected that delivery of the Offered
Shares will be made against payment therefor on or about the Closing Date specified on the front of this Prospectus, which will
not be two business days following the date of the final short form prospectus (this settlement cycle being referred to as &ldquo;T+2&rdquo;).
Under Rule 15c6-1 of the Exchange Act, trades in the secondary market are generally required to settle in two business days, unless
the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade their Offered Shares prior to
the Closing Date will be required, by virtue of the fact that the Offered Shares will not settle in T+2, to specify an alternate
settlement cycle at the time of any such trade to prevent a failed settlement. Purchasers of Offered Shares who wish to trade their
Offered Shares prior to the Closing Date should consult their own advisors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Notice to Investors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>European Economic Area</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In relation to each Member State of the
European Economic Area , no offer of any securities which are the subject of the offering contemplated by this Prospectus has been
or will be made to the public in that Member State other than any offer where a prospectus has been or will be published in relation
to such securities that has been approved by the competent authority in that Member State or, where appropriate, approved in another
Member State and notified to the relevant competent authority in that Member State in accordance with the Prospectus Directive,
except that an offer of such securities may be made to the public in that Member State:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">to any legal entity which is a &quot;qualified investor&quot;
as defined in the Prospectus Directive;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">to fewer than 150, natural or legal persons (other than
qualified investors as defined in the Prospectus Directive), as permitted under the Prospectus Directive, subject to obtaining
the prior consent of the representatives of the underwriters for any such offer; or</TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">in any other circumstances falling within Article 3(2)
of the Prospectus Directive,</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">provided that no such offer of securities
shall require the Company or any of the Underwriters to publish a prospectus pursuant to Article 3 of the Prospectus Directive
or supplement a prospectus pursuant to Article 16 of the Prospectus Directive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the purposes of this provision, the
expression an &quot;offer to the public&quot; in relation to any securities in any Member State means the communication in any
form and by any means of sufficient information on the terms of the offer and the securities to be offered so as to enable an investor
to decide to purchase or subscribe the securities, as the same may be varied in that Member State by any measure implementing the
Prospectus Directive in that Member State and the expression &quot;Prospectus Directive&quot; means Directive 2003/71/EC (and amendments
thereto, including the 2010 PD Amending Directive), and includes any relevant implementing measure in the Member State and the
expression &quot;2010 PD Amending Directive&quot; means Directive 2010/73/EU.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>United Kingdom</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Prospectus is only being distributed
to, and is only directed at, persons in the United Kingdom that are qualified investors (as defined in the Prospectus Directive)
that are also (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005, as amended, referred to herein as the &quot;Order&quot;, and/or (ii) high net worth entities falling within
Article 49(2)(a) to (d) of the Order and other persons to whom it may lawfully be communicated or caused to be communicated. Each
such person is referred to herein as a &quot;Relevant Person&quot;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Prospectus and its contents are confidential
and should not be distributed, published or reproduced (in whole or in part) or disclosed by recipients to any other persons in
the United Kingdom. Any person in the United Kingdom that is not a Relevant Person should not act or rely on this document or any
of its contents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any invitation or inducement to engage
in investment activity (within the meaning of Section 21 of the Financial Services and Markets Act 2000 (the &quot;<B>FSMA</B>&quot;)
may only be communicated or caused to be communicated in connection with the issue or sale of the securities in circumstances in
which Section 21(1) of the FSMA does not apply. All applicable provisions of the FSMA must be complied with in respect of anything
done by any person in relation to the securities in, from or otherwise involving the United Kingdom.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Hong Kong</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No securities have been offered or sold,
and no securities may be offered or sold, in Hong Kong, by means of any document, other than to persons whose ordinary business
is to buy or sell shares or debentures, whether as principal or agent; or to &quot;professional investors&quot; as defined in the
Securities and Futures Ordinance (Cap. 571) of Hong Kong and any rules made under that Ordinance; or in other circumstances which
do not result in the document being a &quot;prospectus&quot; as defined in the Companies Ordinance (Cap. 32) of Hong Kong or which
do not constitute an offer to the public within the meaning of the Companies Ordinance (Cap.32) of Hong Kong. No document, invitation
or advertisement relating to the securities has been issued or may be issued or may be in the possession of any person for the
purpose of issue (in each case whether in Hong Kong or elsewhere), which is directed at, or the contents of which are likely to
be accessed or read by, the public of Hong Kong (except if permitted under the securities laws of Hong Kong) other than with respect
to securities which are or are intended to be disposed of only to persons outside Hong Kong or only to &quot;professional investors&quot;
as defined in the Securities and Futures Ordinance (Cap. 571) of Hong Kong and any rules made under that Ordinance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Prospectus has not been registered
with the Registrar of Companies in Hong Kong. Accordingly, this Prospectus may not be issued, circulated or distributed in Hong
Kong, and the securities may not be offered for subscription to members of the public in Hong Kong. Each person acquiring the securities
will be required, and is deemed by the acquisition of the securities, to confirm that such person is aware of the restriction on
offers of the securities described in this Prospectus and the relevant offering documents and that such person is not acquiring,
and has not been offered any securities in circumstances that contravene any such restrictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Japan</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Offering has not been and will not
be registered under the Financial Instruments and Exchange Law of Japan (Law No. 25 of 1948 of Japan, as amended), or FIEL, and
an initial purchaser will not offer or sell any securities, directly or indirectly, in Japan or to, or for the benefit of, any
resident of Japan (which term as used herein means, unless otherwise provided herein, any person resident in Japan, including any
corporation or other entity organized under the laws of Japan), or to others for re-offering or resale, directly or indirectly,
in Japan or to a resident of Japan, except pursuant to an exemption from the registration requirements of, and otherwise in compliance
with, the FIEL and any other applicable laws, regulations and ministerial guidelines of Japan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Singapore</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Prospectus has not been and will not
be lodged or registered with the Monetary Authority of Singapore. Accordingly, this Prospectus and any other document or material
in connection with the offer or sale, or the invitation for subscription or purchase of the securities may not be issued, circulated
or distributed, nor may the securities be offered or sold, or be made the subject of an invitation for subscription or purchase,
whether directly or indirectly, to the public or any member of the public in Singapore other than (i) to an institutional investor
under Section 274 of the Securities and Futures Act, Chapter 289 of Singapore, or the SFA, (ii) to a relevant person as defined
under Section 275(2), or any person pursuant to Section 275(1A) of the SFA, and in accordance with the conditions, specified in
Section 275 of the SFA, or (iii) otherwise pursuant to, and in accordance with the conditions of any other applicable provision
of the SFA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Where the securities are subscribed or
purchased under Section 275 of the SFA by a relevant person which is:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a corporation (which is not an accredited investor as defined under Section 4A of the SFA) the
sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of
whom is an accredited investor; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments
and each beneficiary is an accredited investor,</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">shares, debentures and units of shares
and debentures of that corporation or the beneficiaries' rights and interest in that trust shall not be transferable for six months
after that corporation or that trust has acquired the Offered Shares under Section 275 of the SFA except:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">to an institutional investor under Section 274 of the SFA or to a relevant person defined in Section
275(2) of the SFA, or to any person pursuant to an offer that is made on terms that such shares, debentures and units of shares
and debentures of that corporation or such rights and interest in that trust are acquired at a consideration of not less than $200,000
(or its equivalent in a foreign currency) for each transaction, whether such amount is to be paid for in cash or by exchange of
securities or other assets, and further for corporations, in accordance with the conditions, specified in Section 275 of the SFA;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">where no consideration is given for the transfer; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">where the transfer is by operation of law.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_013"></A>CERTAIN
CANADIAN FEDERAL INCOME TAX CONSIDERATIONS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following is, as of the date hereof,
a general summary of the principal Canadian federal income tax considerations under the Tax&nbsp;Act and the Regulations generally
applicable to a holder who acquires Offered Shares as beneficial owner pursuant to this Prospectus and who, at all relevant times,
for the purposes of the Tax&nbsp;Act, deals at arm&rsquo;s length with the Company and the Underwriters, is not affiliated with
the Company or the Underwriters, and will acquire and hold such Offered Shares as capital property (each, a &ldquo;<B>Holder</B>&rdquo;),
all within the meaning of the Tax&nbsp;Act. Offered Shares will generally be considered to be capital property to a Holder unless
the Holder holds or uses the Offered Shares or is deemed to hold or use the Offered Shares in the course of carrying on a business
of trading or dealing in securities or has acquired them or is deemed to have acquired them in a transaction or transactions considered
to be an adventure in the nature of&nbsp;trade.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This summary does not apply to a Holder
(a)&nbsp;that is a &ldquo;financial institution&rdquo; for purposes of the mark-to-market rules contained in the Tax&nbsp;Act;
(b)&nbsp;an interest in which is or would constitute a &ldquo;tax shelter investment&rdquo; as defined in the Tax&nbsp;Act; (c)&nbsp;that
is a &ldquo;specified financial institution&rdquo; as defined in the Tax&nbsp;Act; (d)&nbsp;that is a corporation resident in Canada
(for&nbsp;the purpose of the Tax&nbsp;Act) or a corporation that does not deal at arm&rsquo;s length (for&nbsp;purposes of the
Tax&nbsp;Act) with a corporation resident in Canada, and that is or becomes as part of a transaction or event or series of transactions
or events that includes the acquisition of the Offered Shares, controlled by a non-resident person, or group of non-resident persons
not dealing with each other at arm&rsquo;s length, for the purposes of the foreign affiliate dumping rules in Section&nbsp;212.3
of the Tax&nbsp;Act; (e)&nbsp;that reports its &ldquo;Canadian tax results&rdquo;, as defined in the Tax Act, in a currency other
than Canadian currency; (f)&nbsp;that is exempt from tax under the Tax&nbsp;Act; or (g)&nbsp;that has entered into, or will enter
into, a &ldquo;synthetic disposition arrangement&rdquo; or a &ldquo;derivative forward agreement&rdquo; with respect to the Offered
Shares, as those terms are defined in the Tax&nbsp;Act. Such Holders should consult their own tax advisors with respect to an investment
in Offered&nbsp;Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This summary does not address the deductibility
of interest by a Holder who has borrowed money or otherwise incurred debt in connection with the acquisition of Offered&nbsp;Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This summary is based upon the current
provisions of the Tax&nbsp;Act and the Regulations in force as of the date hereof, any specific proposals to amend the Tax&nbsp;Act
and the Regulations (the&nbsp;&ldquo;<B>Tax Proposals</B>&rdquo;) which have been announced by or on behalf the Minister of Finance
(Canada) prior to the date hereof, the current provisions of the <I>Canada-United&nbsp;States Tax Convention</I> (1980) (the&nbsp;&ldquo;<B>Canada-U.S.&nbsp;Tax
Convention</B>&rdquo;), and our understanding of the current published administrative policies and assessing practices of the Canada
Revenue Agency (the&nbsp;&ldquo;<B>CRA</B>&rdquo;). This summary assumes that the Tax Proposals will be enacted in the form proposed
and does not take into account or anticipate any other changes in law, whether by way of judicial, legislative or governmental
decision or action, nor does it take into account provincial, territorial or foreign income tax legislation or considerations,
which may differ from the Canadian federal income tax considerations discussed herein. No assurances can be given that the Tax
Proposals will be enacted as proposed or at all, or that legislative, judicial or administrative changes will not modify or change
the statements expressed herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>This summary is not exhaustive of all
possible Canadian federal income tax considerations applicable to an investment in Offered Shares. This summary is of a general
nature only and is not intended to be, nor should it be construed to be, legal or income tax advice to any particular Holder. Holders
should consult their own income tax advisors with respect to the tax consequences applicable to them based on their own particular
circumstances.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Currency Conversion</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For purposes of the Tax Act, all amounts
must be computed in Canadian dollars using the Bank of Canada rate for the day on which such amount arose or such other rate as
is acceptable to the CRA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Residents of Canada</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following portion of this summary is
generally applicable to a Holder who, for the purposes of the Tax&nbsp;Act, is resident or deemed to be resident in Canada at all
relevant times (each, a &ldquo;<B>Resident Holder</B>&rdquo;). Certain Resident Holders whose Offered Shares might not otherwise
qualify as capital property may be entitled to make an irrevocable election pursuant to subsection&nbsp;39(4) of the Tax&nbsp;Act
to have the Offered Shares, and every other &ldquo;Canadian security&rdquo; (as&nbsp;defined by the Tax&nbsp;Act) owned by such
Resident Holder in the taxation year of the election and in all subsequent taxation years, deemed to be capital property. Resident
Holders should consult their own tax advisors for advice as to whether an election under subsection&nbsp;39(4) of the Tax&nbsp;Act
is available or advisable in their particular circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Taxation of Dividends
Received</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the case of a Resident Holder who is
an individual (including certain trusts), dividends (including deemed dividends) received on the Offered Shares will be included
in the Resident Holder&rsquo;s income and be subject to the gross-up and dividend tax credit rules applicable to taxable dividends
received by an individual from taxable Canadian corporations, including the enhanced gross-up and dividend tax credit for &ldquo;eligible
dividends&rdquo; properly designated as such by the Company. There may be limitations on the ability of the Company to designate
dividends as eligible dividends.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the case of a Resident Holder that is
a corporation, such dividends (including deemed dividends) received on the Offered Shares will be included in the Resident Holder&rsquo;s
income and will normally be deductible in computing such Resident Holder&rsquo;s taxable income, subject to all restrictions under
the Tax Act. In certain circumstances, subsection&nbsp;55(2) of the Tax&nbsp;Act will treat a taxable dividend received by a Resident
Holder that is in a corporation as proceeds of disposition or a capital gain. Resident Holders that are corporations should consult
their own tax advisors having regard to their own circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A Resident Holder that is a &ldquo;Canadian-controlled
private corporation&rdquo; (as&nbsp;defined in the Tax&nbsp;Act) may be liable to pay an additional tax (refundable in certain
circumstances) on its &ldquo;aggregate investment income&rdquo; (as&nbsp;defined in the Tax&nbsp;Act) for the year, which is defined
to include an amount in respect of&nbsp;dividends.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A Resident Holder that is a &ldquo;private
corporation&rdquo; or &ldquo;subject corporation&rdquo; (as&nbsp;such terms are defined in the Tax&nbsp;Act) may be liable to pay
a tax (refundable in certain circumstances) under Part&nbsp;IV of the Tax&nbsp;Act on dividends received or deemed to be received
on the Offered Shares to the extent that such dividends are deductible in computing the Resident Holder&rsquo;s taxable income
for the&nbsp;year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dividends received by a Resident Holder
who is an individual (including certain trusts) may result in such Resident Holder being liable for minimum tax under the Tax Act.
Resident Holders who are individuals should consult their own tax advisors in this regard.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Disposition of
Offered Shares</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A Resident Holder who disposes of, or is
deemed to have disposed of, an Offered Share (other than to the Company, unless purchased by the Company in the open market in
the manner in which shares are normally purchased by any member of the public in the open market) will realize a capital gain (or&nbsp;incur
a capital loss) equal to the amount by which the proceeds of disposition in respect of the Offered Share exceed (or&nbsp;are exceeded
by) the aggregate of the adjusted cost base to the Resident Holder of such Offered Share immediately before the disposition or
deemed disposition and any reasonable expenses incurred for the purpose of making the disposition. The adjusted cost base to a
Resident Holder of an Offered Share will be determined by averaging the cost of that Offered Share with the adjusted cost base
(determined immediately before the acquisition of the Offered Share) of all other Common Shares held as capital property at that
time by the Resident Holder. The tax treatment of capital gains and capital losses is discussed in greater detail below under the
subheading &ldquo;Taxation of Capital Gains and&nbsp;Losses&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Taxation of Capital
Gains and Losses</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Generally, one-half of any capital gain
(a&nbsp;&ldquo;<B>taxable capital gain</B>&rdquo;) realized by a Resident Holder must be included in the Resident Holder&rsquo;s
income for the taxation year in which the disposition occurs. Subject to and in accordance with the provisions of the Tax&nbsp;Act,
one-half of any capital loss incurred by a Resident Holder (an&nbsp;&ldquo;<B>allowable capital loss</B>&rdquo;) must generally
be deducted from taxable capital gains realized by the Resident Holder in the taxation year in which the disposition occurs. Allowable
capital losses in excess of taxable capital gains for the taxation year of disposition generally may be carried back and deducted
in the three preceding taxation years or carried forward and deducted in any subsequent year against taxable capital gains realized
in such years, in the circumstances and to the extent provided in the Tax&nbsp;Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A capital loss realized on the disposition
of an Offered Share by a Resident Holder that is a corporation may in certain circumstances be reduced by the amount of dividends
which have been previously received or deemed to have been received by the Resident Holder on the Offered Share. Similar rules
may apply where a corporation is, directly or indirectly through a trust or partnership, a member of a partnership or a beneficiary
of a trust that owns Offered Shares. A Resident Holder to which these rules may be relevant is urged to consult its own tax&nbsp;advisor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A Resident Holder that is throughout the
relevant taxation year a &ldquo;Canadian-controlled private corporation&rdquo; (as&nbsp;defined in the Tax&nbsp;Act) may be liable
to pay an additional tax (refundable in certain circumstances) on its &ldquo;aggregate investment income&rdquo; (as&nbsp;defined
in the Tax&nbsp;Act) for the year, which is defined to include an amount in respect of taxable capital&nbsp;gains.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Capital gains realized by a resident who
is an individual (including certain trusts) may result in such Resident Holder being liable for minimum tax under the Tax&nbsp;Act.
Resident Holders should consult their own tax advisors in this regard.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Non-Residents of
Canada</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following portion of this summary is
generally applicable to a Holder who, for purposes of the Tax&nbsp;Act and at all relevant times, is neither resident nor deemed
to be resident in Canada and does not use or hold, and will not be deemed to use or hold, Offered Shares in a business carried
on in Canada (each, a &ldquo;<B>Non-Resident Holder</B>&rdquo;). The term &ldquo;<B>U.S.&nbsp;Holder</B>,&rdquo; for the purposes
of this summary, means a Non-Resident Holder who, for purposes of the Canada-U.S.&nbsp;Tax Convention, is at all relevant times
a resident of the United&nbsp;States and is a &ldquo;qualifying person&rdquo; within the meaning of the Canada-U.S.&nbsp;Tax Convention.
In some circumstances, persons deriving amounts through fiscally transparent entities (including limited liability companies) may
be entitled to benefits under the Canada U.S. Tax Convention. U.S.&nbsp;Holders are urged to consult their own tax advisors to
determine their entitlement to benefits under the Canada-U.S.&nbsp;Tax Convention based on their particular circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Special considerations, which are not discussed
in this summary, may apply to a Non-Resident Holder that is an insurer that carries on an insurance business in Canada and elsewhere
or an authorized foreign bank (as&nbsp;defined in the Tax&nbsp;Act). Such Non-Resident Holders should consult their own&nbsp;advisors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Taxation of Dividends</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-style: normal">Subject
to an applicable tax treaty or convention, dividends paid or credited, or deemed to be paid or credited, to a Non Resident Holder
on the Offered Shares will be subject to Canadian withholding tax under the Tax Act at the rate of 25% of the gross amount of the
dividend. Such rate is generally reduced under the Canada U.S. Tax Convention to 15% if the beneficial owner of such dividend is
a U.S. Holder. The rate of withholding tax is further reduced to 5% if the beneficial owner of such dividend is a U.S. Holder that
is a company that owns, directly or indirectly, at least 10% of the voting stock of the Company. In addition, under the Canada
U.S. Tax Convention, dividends may be exempt from such Canadian withholding tax if paid to certain U.S. Holders that are qualifying
religious, scientific, literary, educational or charitable tax exempt organizations or qualifying trusts, companies, organizations
or arrangements operated exclusively to administer or provide pension, retirement or employee benefits or benefits for the self
employed under one or more funds or plans established to provide pension or retirement benefits or other employee benefits that
are exempt from tax in the United States and that have complied with specific administrative procedures. Non-Resident Holders should
consult their own tax advisors to determine their entitlement to benefits under any applicable tax treaty or convention based on
their particular circumstances.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Disposition of
Offered Shares</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A Non-Resident Holder will not be subject
to tax under the Tax&nbsp;Act in respect of any capital gain realized by such Non-Resident Holder on a disposition of Offered Shares,
unless the Offered Shares constitute &ldquo;taxable Canadian property&rdquo; (as&nbsp;defined in the Tax&nbsp;Act) of the Non-Resident
Holder at the time of the disposition and are not &ldquo;treaty-protected property&rdquo; (as&nbsp;defined in the Tax&nbsp;Act)
of the Non-Resident Holder at the time of the disposition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Generally, as long as the Offered Shares
are then listed on a designated stock exchange (which currently includes the TSX), the Offered Shares will not constitute taxable
Canadian property of a Non-Resident Holder, unless at any time during the 60-month period immediately preceding the disposition
the following two conditions are met concurrently: (a<B>)</B> the Non-Resident Holder, persons with which the Non-Resident Holder
does not deal at arm&rsquo;s length, partnerships whose members include, either directly or indirectly through one or more partnerships,
the Non-Resident Holder or persons which do not deal at arm&rsquo;s length with the Non-Resident Holder, or any combination of
them, owned 25% or more of the issued shares of any class or series of shares of the capital stock of the Company, and (b<B>)</B>
more than 50% of the fair market value of the Offered Shares was derived directly or indirectly, from one or any combination of
real or immovable property situated in Canada, &ldquo;Canadian resource properties&rdquo;, &ldquo;timber resource properties&rdquo;
(each as defined in the Tax&nbsp;Act), and options in respect of or interests in, or for civil law rights in, any such property
(whether or not such property exists).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Offered Shares of a U.S.&nbsp;Holder
will generally constitute &ldquo;treaty<B>-</B>protected property&rdquo; for purposes of the Tax&nbsp;Act unless the value of the
Offered Shares is derived principally from real property situated in Canada. For this purpose, &ldquo;real property&rdquo; has
the meaning that term has under the laws of Canada and includes any option or similar right in respect thereof and usufruct of
real property, rights to explore for or to exploit mineral deposits, sources and other natural resources and rights to amounts
computed by reference to the amount or value of production from such&nbsp;resources.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If Offered Shares are taxable Canadian
property of a Non-Resident Holder and are not treaty-protected property of the Non-Resident Holder at the time of their disposition,
the consequences above under &ldquo;Residents of Canada &ndash; Disposition of Offered Shares&rdquo; and &ldquo;Residents of Canada&nbsp;&mdash;
Taxation of Capital Gains and Losses&rdquo; will generally apply.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>Non-Resident Holders
who may hold Offered Shares as taxable Canadian property should consult their own&nbsp;advisors.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_014"></A>MATERIAL
UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS FOR U.S. HOLDERS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to the limitations and qualifications
stated herein, this discussion sets forth material U.S. federal income tax considerations relating to the acquisition, ownership
and disposition by U.S. Holders (as hereinafter defined) of the Offered Shares. The discussion is based on the Internal Revenue
Code of 1986, as amended, its legislative history, Treasury regulations thereunder (whether final, temporary or proposed), published
rulings and court decisions, and the Canada-U.S. Tax Convention, all as currently in effect and all subject to change at any time,
possibly with retroactive effect. This summary applies only to U.S. Holders. This discussion of a U.S. Holder&rsquo;s tax consequences
addresses only those persons that acquire Offered Shares in the Offering pursuant to this Prospectus and that hold those Offered
Shares as capital assets (generally, property held for investment). This summary also does not discuss the potential effects, whether
adverse or beneficial, of any proposed legislation that, if enacted, could be applied on a retroactive or prospective basis, or
the tax consequences of transactions effected prior or subsequent to, or concurrently with, the acquisition of any Offered Shares.
We have not and will not seek any rulings from the Internal Revenue Service (&ldquo;<B>IRS</B>&rdquo;) regarding the matters discussed
below, and there can be no assurance that the IRS will not take positions concerning the tax consequences of the acquisition, ownership
or disposition of Offered Shares that are different from those discussed below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This summary provides only a general discussion
and is not a complete analysis of all potential tax consequences arising from an investment in the Offered Shares. In addition,
it does not describe all of the tax consequences that may be relevant in light of a U.S. Holder&rsquo;s particular circumstances,
including non-U.S. tax consequences, state and local tax consequences, estate and gift tax consequences, alternative minimum tax
consequences, and tax consequences applicable to U.S. Holders subject to special rules, such as:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">banks, insurance companies, and certain other financial institutions;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">U.S. expatriates and certain former citizens or long-term residents of the United States;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">dealers or traders in securities who use a mark-to-market method of tax accounting;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">persons holding Offered Shares as part of a hedging transaction, &ldquo;straddle,&rdquo; wash sale,
conversion transaction or integrated transaction or persons entering into a constructive sale with respect to Offered Shares;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">persons whose &ldquo;functional currency&rdquo; for U.S. federal income tax purposes is not the
U.S. dollar;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">brokers, dealers or traders in securities, commodities or currencies;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">tax-exempt entities, qualified retirement plans, individual retirement accounts, other tax-deferred
accounts or government organizations;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">S corporations, partnerships, or other entities or arrangements classified as partnerships or otherwise
treated as pass-through entities for U.S. federal income tax purposes;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">regulated investment companies or real estate investment trusts;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">persons who acquired our Offered Shares pursuant to the exercise of any employee stock option or
otherwise as compensation;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">persons required to accelerate the recognition of any item of gross income with respect to our
Offered Shares as a result of such income being recognized on an applicable financial statement;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">persons holding our Offered Shares in connection with a trade or business, permanent establishment,
or fixed base outside the United States; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">persons who own (directly or through attribution) 10% or more (by vote or value) of our outstanding
Offered Shares.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If an entity or arrangement that is classified
as a partnership for U.S. federal income tax purposes holds Offered Shares, the U.S. federal income tax treatment of a partner
will generally depend on the status of the partner and the activities of the partnership. Any entity treated as a partnership and
partners in such partnerships are encouraged to consult their tax advisors as to the particular U.S. federal income tax consequences
of acquiring, holding and disposing of Offered Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the purposes of this summary, a &ldquo;U.S.
Holder&rdquo; is a holder who, for U.S. federal income tax purposes, is a beneficial owner of Offered Shares and is:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">An individual who is a citizen or resident of the United States;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a corporation, or other entity taxable as a corporation, created or organized in or under the laws
of the United States, any state therein or the District of Columbia;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">an estate the income of which is subject to U.S. federal income taxation regardless of its source;
or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a trust if (1) a U.S. court is able to exercise primary supervision over the administration of
the trust and one or more U.S. persons have authority to control all substantial decisions of the trust or (2) the trust has a
valid election in effect to be treated as a U.S. person under applicable U.S. Treasury Regulations.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">PERSONS CONSIDERING AN INVESTMENT IN OFFERED
SHARES SHOULD CONSULT THEIR OWN TAX ADVISORS AS TO THE PARTICULAR TAX CONSEQUENCES APPLICABLE TO THEM RELATING TO THE ACQUISITION,
OWNERSHIP AND DISPOSITION OF THE OFFERED SHARES, INCLUDING THE APPLICATION OF U.S. FEDERAL, STATE , LOCAL AND NON-U.S. TAX LAWS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Passive Foreign Investment Company Rules</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If we are classified as a passive foreign
investment company (&ldquo;<B>PFIC</B>&rdquo;) in any taxable year, a U.S. Holder will be subject to special rules generally intended
to reduce or eliminate any benefits from the deferral of U.S. federal income tax that a U.S. Holder could derive from investing
in a non-U.S. corporation that does not distribute all of its earnings on a current basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A non-U.S. corporation will be classified
as a PFIC for any taxable year in which, after applying certain look-through rules, either:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">at least 75% of its gross income is passive income (such as interest income); or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">at least 50% of its gross assets (determined on the basis of a quarterly average) is attributable
to assets that produce passive income or are held for the production of passive income.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We will be treated as owning our proportionate
share of the assets and earning our proportionate share of the income of any other corporation, the equity of which we own, directly
or indirectly, 25% or more (by value). Pursuant to proposed Treasury Regulations, we will also be treated as owning our proportionate
share of the assets and earning our proportionate share of the income of any partnership, the equity of which we own, directly
or indirectly, 25% or more (by value). In addition, if we own, directly or indirectly, less than 25% (by value) of the equity of
a partnership, our proportionate share of the income of the partnership will be treated as passive income, and the partnership
interest will be treated as a passive asset.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The determination of PFIC status is inherently
factual, is subject to a number of uncertainties, and can be determined only annually after the close of the tax year in question.
Additionally, the analysis depends, in part, on the application of complex U.S. federal income tax rules, which are subject to
differing interpretations. <B>There can be no assurance that the Company will or will not be determined to be a PFIC for the current
tax year or any prior or future tax year, and no opinion of legal counsel or ruling from the IRS concerning the status of the Company
as a PFIC has been obtained or will be requested. U.S. Holders should consult their own tax advisors regarding the PFIC status
of the Company.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If we are classified as a PFIC in any year
that a U.S. Holder owns any Common Shares, we will continue to be treated as a PFIC with respect to such U.S. Holder in all succeeding
years during which the U.S. Holder owns any Common Shares, regardless of whether we continue to meet the tests described above
unless (i) we cease to be a PFIC and the U.S. Holder has made a &ldquo;deemed sale&rdquo; election under the PFIC rules or (ii)
the U.S. Holder makes a Qualified Electing Fund Election (a &ldquo;<B>QEF Election</B>&rdquo;) for all taxable years during such
U.S. Holder&rsquo;s holding period in which we are a PFIC. If the &ldquo;deemed sale&rdquo; election is made, a U.S. Holder will
be deemed to have sold such U.S. Holder&rsquo;s Offered Shares at their fair market value and any gain from such deemed sale would
be subject to the &ldquo;excess distribution&rdquo; rules described below. After the deemed sale election, so long as we do not
become a PFIC in a subsequent taxable year, the U.S. Holder&rsquo;s Offered Shares with respect to which such election was made
will not be treated as shares in a PFIC and the U.S. Holder will not be subject to the rules described below with respect to any
 &ldquo;excess distribution&rdquo; the U.S. Holder receives from us or any gain from an actual sale or other disposition of the
Offered Shares. U.S. Holders should consult their tax advisors as to the possibility and consequences of making a deemed sale election
if we cease to be a PFIC and such election becomes available.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For each taxable year we are treated as
a PFIC, a U.S. Holder will be subject to special tax rules for any &ldquo;excess distribution&rdquo; such U.S. Holder receives
and any gain such U.S. Holder recognizes from a sale or other disposition (including, under certain circumstances, a pledge) of
Offered Shares, unless (i) such U.S. Holder makes a QEF Election or (ii) our Common Shares constitute &ldquo;marketable&rdquo;
securities, and such U.S. Holder makes a mark-to-market election as discussed below. Absent the making of a QEF Election or a mark-to-market
election, distributions a U.S. Holder receives in a taxable year that are greater than 125% of the average annual distributions
a U.S. Holder received during the shorter of the three preceding taxable years or the U.S. Holder&rsquo;s holding period for the
Offered Shares will be treated as an excess distribution. Under these special tax rules:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the excess distribution or gain will be allocated ratably over a U.S. Holder&rsquo;s holding period
for the Offered Shares;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the amount allocated to the current taxable year, and any taxable year prior to the first taxable
year in which we became a PFIC, will be treated as ordinary income; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the amount allocated to each other year will be subject to the highest tax rate in effect for that
year and the interest charge generally applicable to underpayments of tax will be imposed on the resulting tax attributable to
each such year.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The tax liability for amounts allocated
to years prior to the year of disposition or excess distribution cannot be offset by any net operating losses for such years, and
gains (but not losses) realized on the sale of the Offered Shares cannot be treated as capital, even if a U.S. Holder holds the
Offered Shares as capital assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, if we are a PFIC, a U.S. Holder
will generally be subject to similar rules with respect to distributions we receive from, and our dispositions of the stock of,
any of our direct or indirect subsidiaries that also are PFICs, as if such distributions were indirectly received by, and/or dispositions
were indirectly carried out by, such U.S. Holder. U.S. Holders should consult their tax advisors regarding the application of the
PFIC rules to our subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If a U.S. Holder makes an effective QEF
Election, the U.S. Holder will be required to include in gross income each year, whether or not we make distributions, as capital
gains, such U.S. Holder&rsquo;s pro rata share of our net capital gains and, as ordinary income, such U.S. Holder&rsquo;s pro rata
share of our earnings in excess of our net capital gains. Currently, we do not expect that we would provide the information necessary
for U.S. Holders to make a QEF Election if we determine that we are a PFIC. Thus, prospective investors should assume that a QEF
Election will not be available.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">U.S. Holders also can avoid the interest
charge on excess distributions or gain relating to the Offered Shares by making a mark-to-market election with respect to the Offered
Shares, provided that the Offered Shares are &ldquo;marketable.&rdquo; Offered Shares will be marketable if they are &ldquo;regularly
traded&rdquo; on certain U.S. stock exchanges or on a foreign stock exchange that meets certain conditions. For these purposes,
the Offered Shares will be considered regularly traded in any calendar year during which they are traded, other than in de minimis
quantities, on at least 15 days during each calendar quarter. Any trades, the principal purpose of which is to meet this requirement,
will be disregarded. Our Offered Shares are listed on the NYSE American, which is a qualified exchange for these purposes. Consequently,
if our Offered Shares remain listed on the NYSE American and are regularly traded, and you are a holder of Offered Shares, we expect
the mark-to-market election would be available to U.S. Holders if we are a PFIC. Each U.S. Holder should consult its own tax advisor
as to whether a mark-to-market election is available or advisable with respect to the Offered Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A U.S. Holder that makes a mark-to-market
election must include in ordinary income for each year the Company is a PFIC an amount equal to the excess, if any, of the fair
market value of the Offered Shares at the close of the taxable year over the U.S. Holder&rsquo;s adjusted tax basis in the Offered
Shares. An electing holder may also claim an ordinary loss deduction for the excess, if any, of the U.S. Holder&rsquo;s adjusted
basis in the Offered Shares over the fair market value of the Offered Shares at the close of the taxable year, but this deduction
is allowable only to the extent of any net mark-to-market gains for prior years. Gains from an actual sale or other disposition
of the Offered Shares will be treated as ordinary income, and any losses incurred on a sale or other disposition of the shares
will be treated as an ordinary loss to the extent of any net mark-to-market gains for prior years. Any loss in excess thereof will
be taxed as a capital loss, and capital losses are subject to significant limitations under the Code. Once made, the election cannot
be revoked without the consent of the IRS unless the Offered Shares cease to be marketable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">However, a mark-to-market election generally
cannot be made for equity interests in any lower-tier PFICs that we own, unless shares of such lower-tier PFIC are themselves &ldquo;marketable.&rdquo;
As a result, even if a U.S. Holder validly makes a mark-to-market election with respect to our Offered Shares, the U.S. Holder
may continue to be subject to the PFIC rules (described above) with respect to the U.S. Holder&rsquo;s indirect interest in any
of our investments that are treated as an equity interest in a PFIC. U.S. Holders should consult their tax advisors to determine
whether any of these elections would be available and if so, what the tax consequences of the alternative treatments would be in
their particular circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless otherwise provided by the U.S. Treasury
Department (&ldquo;<B>U.S. Treasury</B>&rdquo;), each U.S. shareholder of a PFIC is required to file an annual report containing
such information as the U.S. Treasury may require. A U.S. Holder&rsquo;s failure to file the annual report will cause the statute
of limitations for such U.S. Holder&rsquo;s U.S. federal income tax return to remain open with regard to the items required to
be included in such report until three years after the U.S. Holder files the annual report, and, unless such failure is due to
reasonable cause and not willful neglect, the statute of limitations for the U.S. Holder&rsquo;s entire U.S. federal income tax
return will remain open during such period. U.S. Holders should consult their tax advisors regarding the requirements of filing
such information returns under these rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">WE STRONGLY URGE YOU TO CONSULT YOUR TAX
ADVISOR REGARDING THE IMPACT OF OUR PFIC STATUS ON YOUR INVESTMENT IN THE OFFERED SHARES AS WELL AS THE APPLICATION OF THE PFIC
RULES TO YOUR INVESTMENT IN THE OFFERED SHARES.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Cash Dividends and Other Distributions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to the discussion under the heading
 &ldquo;<I>Passive Foreign Investment Company Rules</I>&rdquo; above, to the extent there are any distributions made with respect
to the Offered Shares, a U.S. Holder generally will be required to include such distributions in its gross income (including the
amount of Canadian taxes withheld, if any) as dividend income, but only to the extent that the distribution is paid out of our
current or accumulated earnings and profits (computed using U.S. federal income tax principles). The amount of the distribution
in excess of our current or accumulated earnings and profits is treated first as a non-taxable return of capital to the extent
of the U.S. Holder&rsquo;s adjusted tax basis in its Offered Shares and, thereafter, as capital gain recognized on a sale or exchange
on the day actually or constructively received by the U.S. Holder (as described below under the heading &ldquo;<I>Sale or Disposition
of Offered Shares</I>&rdquo;). There can be no assurance that we will maintain calculations of our earnings and profits in accordance
with U.S. federal income tax accounting principles. U.S. Holders should therefore assume that any distribution with respect to
the Offered Shares will constitute dividend income. Dividends paid on the Offered Shares will not be eligible for the dividends
received deduction allowed to U.S. corporations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dividends paid to a non-corporate U.S.
Holder by a &ldquo;qualified foreign corporation&rdquo; may be subject to reduced rates of taxation if certain holding period and
other requirements are met. A qualified foreign corporation generally includes a foreign corporation if (i) its Offered Shares
are readily tradable on an established securities market in the United States or it is eligible for benefits under a comprehensive
U.S. income tax treaty that includes an exchange of information provision and that the U.S. Treasury has determined is satisfactory
for these purposes and (ii) it is not a PFIC (as discussed above) for either the taxable year in which the dividend is paid or
the preceding taxable year. The Offered Shares are readily tradable on an established securities market, the NYSE American. We
may also be eligible for the benefits of the Canada-U.S. Tax Convention. Accordingly, subject to the PFIC rules discussed above,
we expect that a non-corporate U.S. Holder should qualify for the reduced tax rate on dividends so long as the applicable holding
period requirements are met. U.S. Holders should consult their own tax advisors regarding the availability of the reduced tax rate
on dividends in light of their particular circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Distributions paid in a currency other
than U.S. dollars will be included in a U.S. Holder&rsquo;s gross income in a U.S. dollar amount based on the spot exchange rate
in effect on the date of actual or constructive receipt, whether or not the payment is converted into U.S. dollars at that time.
The U.S. Holder will have a tax basis in such currency equal to such U.S. dollar amount, and any gain or loss recognized upon a
subsequent sale or conversion of the foreign currency for a different U.S. dollar amount will generally be U.S. source ordinary
income or loss.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the dividend is converted into U.S.
dollars on the date of receipt, a U.S. Holder generally should not be required to recognize foreign currency gain or loss in respect
of the dividend income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If a U.S. Holder is subject to Canadian
withholding taxes (at the rate applicable to such U.S. Holder) with respect to dividends paid on the Offered Shares, such U.S.
Holder may be entitled to receive either a deduction or a foreign tax credit for such Canadian taxes paid. Complex limitations
apply to the foreign tax credit. Dividends paid by us generally will constitute foreign source income and generally will be categorized
as &ldquo;passive category income.&rdquo; Because the foreign tax credit rules are complex, each U.S. Holder should consult its
own tax advisor regarding the foreign tax credit rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Sale or Disposition of Offered Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to the discussion under the heading
 &ldquo;<I>Passive Foreign Investment Company Rules</I>&rdquo; above, a U.S. Holder generally will recognize gain or loss on the
taxable sale or exchange of the Offered Shares in an amount equal to the difference between the U.S. dollar amount realized on
such sale or exchange (determined in the case of the Offered Shares sold or exchanged for currencies other than U.S. dollars by
reference to the spot exchange rate in effect on the date of the sale or exchange or, if the Offered Shares sold or exchanged are
traded on an established securities market and the U.S. Holder is a cash basis taxpayer or an electing accrual basis taxpayer,
which election must be applied consistently from year to year and cannot be changed without the consent of the IRS, the spot exchange
rate in effect on the settlement date) and the U.S. Holder&rsquo;s adjusted tax basis in the Offered Shares determined in U.S.
dollars. The initial tax basis of the Offered Shares to a U.S. Holder will be the U.S. Holder&rsquo;s U.S. dollar purchase price
for the Offered Shares (determined by reference to the spot exchange rate in effect on the date of the purchase, or if the Offered
Shares purchased are traded on an established securities market and the U.S. Holder is a cash basis taxpayer or an electing accrual
basis taxpayer, which election must be applied consistently from year to year and cannot be changed without the consent of the
IRS, the spot exchange rate in effect on the settlement date). An accrual basis U.S. Holder that does not make the special election
will recognize exchange gain or loss to the extent attributable to the difference between the exchange rates on the sale date and
the settlement date, and such exchange gain or loss generally will constitute ordinary income or loss.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to the discussion under the heading
 &ldquo;<I>Passive Foreign Investment Company Rules</I>&rdquo; above, such gain or loss will be capital gain or loss and will be
long-term gain or loss if the Offered Shares have been held for more than one year.. Under current law, long-term capital gains
of non-corporate U.S. Holders generally are eligible for reduced rates of taxation. The deductibility of capital losses is subject
to limitations. Capital gain or loss, if any, recognized by a U.S. Holder generally will be treated as U.S. source income or loss
for U.S. foreign tax credit purposes. U.S. Holders are encouraged to consult their own tax advisors regarding the availability
of the U.S. foreign tax credit in their particular circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Medicare Contribution Tax</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain U.S. Holders that are individuals,
estates or certain trusts, and whose incomes exceed certain thresholds, must pay a 3.8% tax, or &ldquo;Medicare contribution tax&rdquo;,
on their &ldquo;net investment income.&rdquo; Net investment income generally includes, among other things, dividend income and
net gains from the disposition of stock. A U.S. Holder that is an individual, estate or trust should consult its own tax advisor
regarding the applicability of the Medicare contribution tax to its income and gains in respect of its investment in our Offered
Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Information Reporting and Backup Withholding</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Payments of dividends and sales proceeds
that are made within the United States or through certain U.S.-related financial intermediaries generally are subject to information
reporting, and may be subject to backup withholding, unless (i) the U.S. Holder is a corporation or other exempt recipient or (ii)
in the case of backup withholding, the U.S. Holder provides a correct taxpayer identification number and certifies that it is not
subject to backup withholding on a duly executed IRS Form W-9 or otherwise establishes an exemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Backup withholding is not an additional
tax. The amount of any backup withholding from a payment to a U.S. Holder will be allowed as a credit against the U.S. Holder&rsquo;s
U.S. federal income tax liability and may entitle the U.S. Holder to a refund, provided that the required information is timely
furnished to the IRS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Certain Reporting Requirements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">U.S. Holders paying more than $100,000
for our Offered Shares generally may be required to file IRS Form 926 reporting the payment of the offer price for our Offered
Shares to us. Substantial penalties may be imposed upon a U.S. Holder that fails to comply. Each U.S. Holder should consult its
own tax advisor as to the possible obligation to file IRS Form 926.Certain U.S. Holders who are individuals (and, under regulations,
certain entities) may be required to report information relating to the Offered Shares, subject to certain exceptions (including
an exception for Offered Shares held in accounts maintained by certain U.S. financial institutions), by filing IRS Form 8938 (Statement
of Specified Foreign Financial Assets) with their federal income tax returns. Such U.S. Holders who fail to timely furnish the
required information may be subject to a penalty. Additionally, if a U.S. Holder does not file the required information, the statute
of limitations with respect to tax returns of the U.S. Holder to which the information relates may not close until three years
after such information is filed. U.S. Holders should consult their tax advisors regarding their reporting obligations with respect
to their ownership and disposition of the Offered Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">U.S. Holders should consult their own tax
advisors regarding their reporting obligations with respect to their acquisition, ownership and disposition of Offered Shares and
the application of the U.S. information reporting and withholding rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Information with Respect to Foreign
Financial Assets</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain U.S. Holders who are individuals
(and, under regulations, certain entities) may be required to report information relating to the Offered Shares, subject to certain
exceptions (including an exception for Offered Shares held in accounts maintained by certain U.S. financial institutions), by filing
IRS Form 8938 (Statement of Specified Foreign Financial Assets) with their federal income tax return. Such U.S. Holders who fail
to timely furnish the required information may be subject to a penalty. Additionally, if a U.S. Holder does not file the required
information, the statute of limitations with respect to tax returns of the U.S. Holder to which the information relates may not
close until three years after such information is filed. U.S. Holders should consult their tax advisers regarding their reporting
obligations with respect to their ownership and disposition of the Offered Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_015"></A>DESCRIPTION
OF SECURITIES BEING DISTRIBUTED</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The authorized share capital of the Company
consists of an unlimited number of Common Shares. As of the date of this Prospectus, there were 597,192,153 Common Shares issued
and outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, as of the date of this Prospectus,
there were 15,947,743 Common Shares issuable upon the exercise of outstanding stock options at a weighted average exercise price
of C$0.66 and 7,553,432 Common shares issuable upon the conversion of outstanding share units, for a total of 620,693,328 Common
Shares on a fully-diluted basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All of our Common Shares rank equally as
to voting rights, participation in a distribution of the assets of the Company on a liquidation, dissolution or winding-up of the
Company and entitlement to any dividends declared by the Company. The holders of our Common Shares are entitled to receive notice
of, and to attend and vote at, all meetings of shareholders (other than meetings at which only holders of another class or series
of shares are entitled to vote). Each Common Share carries the right to one vote. In the event of the liquidation, dissolution
or winding-up of the Company, the holders of our Common Shares will be entitled to receive, on a <I>pro rata</I> basis, all of
the assets remaining after the payment by the Company of all of its liabilities. The holders of our Common Shares are entitled
to receive any dividends declared by the Company in respect of the Common Shares, subject to the rights of holders of other classes
ranking in priority to our Common Shares with respect to the payment of dividends, on a <I>pro rata</I> basis. The Common Shares
do not carry any pre-emptive, subscription, redemption or conversion rights, nor do they contain any sinking or purchase fund provisions.
Any alteration of the rights attached to our Common Shares must be approved by at least two-thirds of the Common Shares voted at
a meeting of our shareholders. Provisions as to the modification, amendment or variation of such rights or provisions are contained
in our bylaws and in the OBCA. See &ldquo;<I>Risk Factors</I>&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_016"></A>PRIOR SALES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table summarizes the issuances
by Denison of Common Shares within the 12 months prior to the date of this Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; border-bottom: Black 0.5pt solid"><B>Date</B></P></TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-align: center; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Type
of Security</B></P></TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-align: center; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Price
per Security</B></P></TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-align: center; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Number
of Securities</B></P></TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; width: 25%; font-size: 10pt; text-align: left; text-indent: 0"><FONT STYLE="font-size: 10pt">May 6, 2019<SUP>(1)</SUP></FONT></TD><TD STYLE="padding: 0; width: 1%; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; width: 24%; font-size: 10pt; text-align: center; text-indent: 0">Common Shares</TD><TD STYLE="padding: 0; width: 1%; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; width: 1%; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; width: 22%; font-size: 10pt; text-align: right; text-indent: 0">-</TD><TD STYLE="padding: 0; width: 1%; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; width: 1%; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; width: 1%; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; width: 22%; font-size: 10pt; text-align: right; text-indent: 0">16,000</TD><TD STYLE="padding: 0; width: 1%; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"><FONT STYLE="font-size: 10pt">May 7, 2019<SUP>(1)</SUP></FONT></TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: center; text-indent: 0">Common Shares</TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0">-</TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0">11,000</TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"><FONT STYLE="font-size: 10pt">May 8, 2019<SUP>(1)</SUP></FONT></TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: center; text-indent: 0">Common Shares</TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0">-</TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0">11,000</TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"><FONT STYLE="font-size: 10pt">May 15, 2019<SUP>(1)</SUP></FONT></TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: center; text-indent: 0">Common Shares</TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0">-</TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0">368,000</TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"><FONT STYLE="font-size: 10pt">May 27, 2019<SUP>(1)</SUP></FONT></TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: center; text-indent: 0">Common Shares</TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0">-</TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0">11,000</TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"><FONT STYLE="font-size: 10pt">May 30, 2019<SUP>(1)</SUP></FONT></TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: center; text-indent: 0">Common Shares</TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0">-</TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0">7,333</TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"><FONT STYLE="font-size: 10pt">June 4, 2019<SUP>(2)</SUP></FONT></TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: center; text-indent: 0">Common Shares</TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">C$0.55</FONT></TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0">80,000</TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"><FONT STYLE="font-size: 10pt">June 5, 2019<SUP>(2)</SUP></FONT></TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: center; text-indent: 0">Common Shares</TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">C$0.60</FONT></TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0">300,500</TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"><FONT STYLE="font-size: 10pt">June 24, 2019<SUP>(2)</SUP></FONT></TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: center; text-indent: 0">Common Shares</TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">C$0.64</FONT></TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0">282,650</TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"><FONT STYLE="font-size: 10pt">August 19, 2019<SUP>(1)</SUP></FONT></TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: center; text-indent: 0">Common Shares</TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0">-</TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0">9,000</TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"><FONT STYLE="font-size: 10pt">November 28, 2019<SUP>(3)</SUP></FONT></TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: center; text-indent: 0">Common Shares</TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">C$0.58</FONT></TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0">32,262</TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"><FONT STYLE="font-size: 10pt">December 6, 2019<SUP>(4)</SUP></FONT></TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: center; text-indent: 0">Common Shares</TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">C$0.68</FONT></TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0">6,934,500</TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 8pt">Notes:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 8pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Issued
                                         pursuant to the settlement of vested share units.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 8pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Issued
                                         pursuant to the exercise of stock options, with the price per security being the exercise
                                         price of such options.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 8pt">(3)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Issued
                                         as partial consideration pursuant to an agreement with Eros Resources Corp (&ldquo;<B>Eros</B>&rdquo;)
                                         whereby Denison acquired Eros&rsquo; 17.42% minority interest in the Murphy Lake project.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 8pt">(4)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Issued
                                         pursuant to a &ldquo;bought deal&rdquo; private placement of flow-through Common Shares,
                                         for gross proceeds of approximately C$4.7 million.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table summarizes the grants
made by Denison of stock options of Denison, within the 12 months prior to the date of this Prospectus<FONT STYLE="font-size: 10pt"><SUP>(1)</SUP></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; border-bottom: Black 0.5pt solid"><B>Date</B></P></TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; border-bottom: Black 0.5pt solid"><B>Security</B></P></TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0"><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Price
per Security<SUP>(2)</SUP></B></P></TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0"><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Number
of Securities</B></P></TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; width: 25%; font-size: 10pt; text-align: left; text-indent: 0">August 12, 2019</TD><TD STYLE="padding: 0; width: 1%; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; width: 24%; font-size: 10pt; text-align: left; text-indent: 0">Stock options</TD><TD STYLE="padding: 0; width: 1%; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; width: 1%; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; width: 22%; font-size: 10pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">C$0.58</FONT></TD><TD STYLE="padding: 0; width: 1%; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; width: 1%; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; width: 1%; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; width: 22%; font-size: 10pt; text-align: right; text-indent: 0">27,000</TD><TD STYLE="padding: 0; width: 1%; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0">November 11, 2019</TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0">Stock options</TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">C$0.61</FONT></TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0">287,000</TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0">March 9, 2020</TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0">Stock options</TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">C$0.455</FONT></TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0">3,523,000</TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 8pt">Notes:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 8pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">As of
                                         the date of this Prospectus, there were 15,947,743 stock options outstanding.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 8pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">The &ldquo;price
                                         per security&rdquo; in the table above is the exercise price of the stock options granted.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table summarizes the grants
made by Denison of share units of Denison, within the 12 months prior to the date of this Prospectus<FONT STYLE="font-size: 10pt"><SUP>(1)</SUP></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; border-bottom: Black 0.5pt solid"><B>Date</B></P></TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; border-bottom: Black 0.5pt solid"><B>Security</B></P></TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0"><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Price
per Security<SUP>(2)</SUP></B></P></TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0"><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Number
of Securities</B></P></TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; width: 25%; font-size: 10pt; text-align: left; text-indent: 0">March 18, 2019</TD><TD STYLE="padding: 0; width: 1%; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; width: 24%; font-size: 10pt; text-align: left; text-indent: 0">Restricted Share Units</TD><TD STYLE="padding: 0; width: 1%; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; width: 1%; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; width: 22%; font-size: 10pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">C$0.71</FONT></TD><TD STYLE="padding: 0; width: 1%; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; width: 1%; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; width: 1%; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; width: 22%; font-size: 10pt; text-align: right; text-indent: 0">1,924,000</TD><TD STYLE="padding: 0; width: 1%; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0">April 2, 2019</TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0">Performance Share Units</TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">C$0.71</FONT></TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0">240,000</TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0">August 12, 2019</TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0">Restricted Share Units</TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">C$0.57</FONT></TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0">13,000</TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0">March 16, 2020</TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0">Restricted Share Units</TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">C$0.32</FONT></TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0">2,745,000</TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 8pt">Notes:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 8pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">As of
                                         the date of this Prospectus, there were 7,553,432 share units outstanding.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 8pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">The &ldquo;price
                                         per security&rdquo; in the above table is the closing price on the date prior to issuance.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_017"></A>TRADING
PRICE AND VOLUME</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Denison&rsquo;s outstanding Common Shares
are listed for trading on the TSX under the symbol &ldquo;DML&rdquo;. The following table sets forth information relating to the
trading of the Common Shares on the TSX for the periods indicated:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; border-bottom: Black 0.5pt solid"> <B>Month</B> </P></TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-align: center; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"> <B>High<BR>
                                         (C$)</B> </P></TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-align: center; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"> <B>Low<BR>
                                         (C$)</B> </P></TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-align: center; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"> <B>Volume</B> </P></TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; width: 61%; font-size: 10pt; text-align: justify; text-indent: 0"> March 1 to 25, 2020 </TD><TD STYLE="padding: 0; width: 1%; font-size: 10pt; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="padding: 0; width: 1%; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; width: 10%; font-size: 10pt; text-align: right; text-indent: 0"> 0.490 </TD><TD STYLE="padding: 0; width: 1%; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; width: 1%; font-size: 10pt; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="padding: 0; width: 1%; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; width: 10%; font-size: 10pt; text-align: right; text-indent: 0"> 0.235 </TD><TD STYLE="padding: 0; width: 1%; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; width: 1%; font-size: 10pt; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="padding: 0; width: 1%; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; width: 10%; font-size: 10pt; text-align: right; text-indent: 0"> 7,406,973 </TD><TD STYLE="padding: 0; width: 1%; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0; font-size: 10pt; text-align: justify; text-indent: 0"> February 2020 </TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0"> 0.510 </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0"> 0.415 </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0"> 6,655,698 </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; font-size: 10pt; text-align: justify; text-indent: 0"> January 2020 </TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0"> 0.540 </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0"> 0.430 </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0"> 10,849,179 </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0; font-size: 10pt; text-align: justify; text-indent: 0"> December 2019 </TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0"> 0.570 </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0"> 0.505 </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0"> 7,333,202 </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; font-size: 10pt; text-align: justify; text-indent: 0"> November 2019 </TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0"> 0.640 </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0"> 0.550 </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0"> 3,821,352 </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0; font-size: 10pt; text-align: justify; text-indent: 0"> October 2019 </TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0"> 0.650 </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0"> 0.590 </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0"> 3,737,299 </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; font-size: 10pt; text-align: justify; text-indent: 0"> September 2019 </TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0"> 0.680 </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0"> 0.580 </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0"> 4,655,528 </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0; font-size: 10pt; text-align: justify; text-indent: 0"> August 2019 </TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0"> 0.640 </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0"> 0.520 </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0"> 6,600,425 </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; font-size: 10pt; text-align: justify; text-indent: 0"> July 2019 </TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0"> 0.720 </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0"> 0.570 </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0"> 10,807,341 </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0; font-size: 10pt; text-align: justify; text-indent: 0"> June 2019 </TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0"> 0.720 </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0"> 0.670 </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0"> 3,930,049 </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; font-size: 10pt; text-align: justify; text-indent: 0"> May 2019 </TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0"> 0.730 </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0"> 0.660 </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0"> 4,560,053 </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0; font-size: 10pt; text-align: justify; text-indent: 0"> April 2019 </TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0"> 0.780 </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0"> 0.680 </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0"> 8,924,513 </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; font-size: 10pt; text-align: justify; text-indent: 0"> March 2019 </TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0"> 0.750 </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0"> 0.660 </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0"> 7,750,542 </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0; font-size: 10pt; text-align: justify; text-indent: 0"> Source: TMX Datalinx </TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Denison&rsquo;s outstanding Common Shares
are listed for trading on the NYSE American under the symbol &ldquo;DNN&rdquo;. The following table sets forth information relating
to the trading of the Common Shares on the NYSE American for the periods indicated:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; border-bottom: Black 0.5pt solid"> <B>Month</B> </P></TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"> <B>High<BR>
                                         (US$)</B> </P></TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"> <B>Low<BR>
                                         (US$)</B> </P></TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"> <B>Volume</B> </P></TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; width: 61%; font-size: 10pt; text-align: justify; text-indent: 0"> March 1 to 25, 2020 </TD><TD STYLE="padding: 0; width: 1%; font-size: 10pt; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="padding: 0; width: 1%; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; width: 10%; font-size: 10pt; text-align: right; text-indent: 0"> 0.380 </TD><TD STYLE="padding: 0; width: 1%; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; width: 1%; font-size: 10pt; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="padding: 0; width: 1%; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; width: 10%; font-size: 10pt; text-align: right; text-indent: 0"> 0.190 </TD><TD STYLE="padding: 0; width: 1%; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; width: 1%; font-size: 10pt; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="padding: 0; width: 1%; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; width: 10%; font-size: 10pt; text-align: right; text-indent: 0"> 2,983,950 </TD><TD STYLE="padding: 0; width: 1%; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0; font-size: 10pt; text-align: justify; text-indent: 0"> February 2020 </TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0"> 0.390 </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0"> 0.310 </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0"> 1,414,687 </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; font-size: 10pt; text-align: justify; text-indent: 0"> January 2020 </TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0"> 0.417 </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0"> 0.321 </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0"> 1,515,904 </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0; font-size: 10pt; text-align: justify; text-indent: 0"> December 2019 </TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0"> 0.431 </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0"> 0.385 </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0"> 1,265,584 </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; font-size: 10pt; text-align: justify; text-indent: 0"> November 2019 </TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0"> 0.480 </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0"> 0.420 </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0"> 1,026,715 </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0; font-size: 10pt; text-align: justify; text-indent: 0"> October 2019 </TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0"> 0.490 </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0"> 0.450 </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0"> 2,187,883 </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; font-size: 10pt; text-align: justify; text-indent: 0"> September 2019 </TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0"> 0.513 </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0"> 0.441 </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0"> 1,749,814 </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0; font-size: 10pt; text-align: justify; text-indent: 0"> August 2019 </TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0"> 0.485 </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0"> 0.388 </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0"> 1,357,487 </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; font-size: 10pt; text-align: justify; text-indent: 0"> July 2019 </TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0"> 0.550 </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0"> 0.430 </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0"> 744,051 </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0; font-size: 10pt; text-align: justify; text-indent: 0"> June 2019 </TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0"> 0.550 </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0"> 0.510 </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0"> 774,258 </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; font-size: 10pt; text-align: justify; text-indent: 0"> May 2019 </TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0"> 0.540 </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0"> 0.490 </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0"> 1,883,836 </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0; font-size: 10pt; text-align: justify; text-indent: 0"> April 2019 </TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0"> 0.587 </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0"> 0.510 </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0"> 1,922,055 </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; font-size: 10pt; text-align: justify; text-indent: 0"> March 2019 </TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0"> 0.560 </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0"> 0.491 </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0"> 2,153,148 </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0; font-size: 10pt; text-align: justify; text-indent: 0"> Source: Bloomberg </TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0"> &nbsp; </TD><TD STYLE="padding: 0; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_018"></A>RISK FACTORS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Investing in our securities is speculative
and involves a high degree of risk due to the nature of our business and the present stage of its development. The following risk
factors, as well as risks currently unknown to us, could materially adversely affect our future business, operations and financial
condition and could cause them to differ materially from the estimates described in forward-looking statements relating to the
Company, or its business, property or financial results, each of which could cause purchasers of our securities to lose part or
all of their investment. The risks set out below are not the only risks we face; risks and uncertainties not currently known to
us or that we currently deem to be immaterial may also materially and adversely affect our business, financial condition, results
of operations and prospects. Before deciding whether to invest in any securities of the Company, investors should consider carefully
the risks discussed below and the risks incorporated by reference in this Prospectus (including subsequently filed documents incorporated
by reference). </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Risks Relating to the Company and the
Mining Industry</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Capital Intensive Industry and Uncertainty
of Funding</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The exploration and development of mineral
properties and any operation of mines and facilities requires a substantial amount of capital and the ability of the Company to
proceed with any of its plans with respect thereto depends on its ability to obtain financing through joint ventures, equity financing,
debt financing or other means. The proceeds from this Offering will be used to fund the Company&rsquo;s planned exploration and
development expenditures through until the end of fiscal 2020. To continue with its exploration and development following the end
of fiscal 2020, the Company anticipates that it will require additional financing. General market conditions, volatile uranium
markets, a claim against the Company, a significant disruption to the Company's business or operations or other factors may make
it difficult to secure financing necessary to fund the substantial capital that is typically required in order to continue to advance
a mineral project, such as the Wheeler River project, through the testing, permitting and feasibility processes to a production
decision or to place a property, such as the Wheeler River project, into commercial production. Similarly, there is uncertainty
regarding the Company's ability to fund additional exploration of the Company's projects or the acquisition of new projects. In
addition, the Company has committed a significant portion of its short to medium term cash flows in connection with the APG Transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There is no assurance that the Company
will be successful in obtaining required financing as and when needed on acceptable terms, and failure to obtain such additional
financing could result in the delay or indefinite postponement of any or all of the Company's exploration, development or other
growth initiatives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Global Financial Conditions</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Global financial conditions continue to
be subject to volatility arising from international geopolitical developments and global economic phenomenon, as well as general
financial market turbulence, including a significant recent market reaction to the novel coronavirus (COVID-19), resulting in a
significant reduction in in many major market indices and in Denison's share price. Access to public financing and credit can be
negatively impacted by the effect of these events on Canadian and global credit markets. The health of the global financing and
credit markets may impact the ability of Denison to obtain equity or debt financing in the future and the terms at which financing
or credit is available to Denison. These instances of volatility and market turmoil could adversely impact Denison's operations
and the trading price of the Common Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>COVID-19 Outbreaks</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The outbreak of the novel coronavirus
(COVID-19) may cause disruptions to the Company&rsquo;s business and operational plans. These disruptions may include
disruptions resulting from (i) shortages of employees, (ii) unavailability of contractors and subcontractors, (iii)
interruption of supplies from third parties upon which the Company relies, (iv) restrictions that governments impose to
address the COVID-19 outbreak, and (v) restrictions that the Company and its contractors and subcontractors impose to ensure
the safety of employees and others. Further, it is presently not possible to predict the extent or durations of these
disruptions. These disruptions may have a material adverse effect on the Company&rsquo;s business, financial condition and
results of operations. Such adverse effect could be rapid and unexpected. These disruptions may severely impact the
Company&rsquo;s ability to carry out its  business plans for 2020 in accordance with the Use of Proceeds section above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Speculative Nature of Exploration
and Development</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Exploration for minerals and the development
of mineral properties is speculative, and involves significant uncertainties and financial risks that even a combination of careful
evaluation, experience and technical knowledge may not eliminate. While the discovery of an ore body may result in substantial
rewards, few properties which are explored prove to return the discovery of a commercially mineable deposit and/or are ultimately
developed into producing mines. As at the date hereof, many of Denison's projects are preliminary in nature and mineral resource
estimates include inferred mineral resources, which are considered too speculative geologically to have the economic considerations
applied that would enable them to be categorized as mineral reserves. Mineral resources that are not mineral reserves do not have
demonstrated economic viability. Major expenses may be required to properly evaluate the prospectivity of an exploration property,
to develop new ore bodies and to estimate mineral resources and establish mineral reserves. There is no assurance that the Company's
uranium deposits are commercially mineable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Imprecision of Mineral Reserve and
Resource Estimates</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mineral reserve and resource figures are
estimates, and no assurances can be given that the estimated quantities of uranium are in the ground and could be produced, or
that Denison will receive the prices assumed in determining its mineral reserves. Such estimates are expressions of judgment based
on knowledge, mining experience, analysis of drilling results and industry best practices. Valid estimates made at a given time
may significantly change when new information becomes available. While Denison believes that the Company's estimates of mineral
reserves and mineral resources are well established and reflect management's best estimates, by their nature, mineral reserve and
resource estimates are imprecise and depend, to a certain extent, upon statistical inferences and geological interpretations, which
may ultimately prove inaccurate. Furthermore, market price fluctuations, as well as increased capital or production costs or reduced
recovery rates, may render mineral reserves and resources uneconomic and may ultimately result in a restatement of mineral reserves
and resources. The evaluation of mineral reserves or resources is always influenced by economic and technological factors, which
may change over time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Risks of, and Market Impacts on,
Developing Mineral Properties</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Denison's uranium production
is dependent in part on the successful development of its known ore bodies, discovery of new ore bodies and/or revival of previously
existing mining operations. It is impossible to ensure that Denison's current exploration and development programs will result
in profitable commercial mining operations. Where the Company has been able to estimate the existence of mineral resources and
mineral reserves, such as for the Wheeler River project, substantial expenditures are still required to establish economic feasibility
for commercial development and to obtain the required environmental approvals, permitting and assets to commence commercial operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Development projects are subject to the
completion of successful feasibility studies, engineering studies and environmental assessments, the issuance of necessary governmental
permits and the availability of adequate financing. The economic feasibility of development projects is based upon many factors,
including, among others: the accuracy of mineral reserve and resource estimates; metallurgical recoveries; capital and operating
costs of such projects; government regulations relating to prices, taxes, royalties, infrastructure, land tenure, land use, importing
and exporting, and environmental protection; political and economic climate; and uranium prices, which are historically cyclical.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Subject to the availability of capital,
if a feasibility study is completed for the Wheeler River Project in the future, such a feasibility study, and any estimates of
mineral reserves and mineral resources, development costs, operating costs and estimates of future cash flow contained therein,
will be based on Denison's interpretation of the information available to-date. Development projects have no operating history
upon which to base developmental and operational estimates. Particularly for development projects, economic analyses and feasibility
studies contain estimates based upon many factors, including estimates of mineral reserves, the interpretation of geologic and
engineering data, anticipated tonnage and grades of ore to be mined and processed, the configuration of the ore body, expected
recovery rates of uranium from the ore, estimated operating costs, anticipated climatic conditions and other factors. As a result,
it is possible that actual capital and operating costs and economic returns will differ significantly from those estimated for
a project prior to production. For example, the capital and operating cost projections and related economic indicators in the
Wheeler PFS Report may vary significantly from the capital and operating costs and economic returns estimated by a final feasibility
study or actual expenditures. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The decision as to whether a property,
such as the Wheeler River project, contains a commercial mineral deposit and should be brought into production will depend upon
the results of exploration programs and/or feasibility studies, and the recommendations of duly qualified engineers and/or geologists,
all of which involves significant expense and risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">It is not unusual in the mining industry
for new mining operations to take longer than originally anticipated to bring into a producing phase, and to require more capital
than anticipated. Any of the following events, among others, could affect the profitability or economic feasibility of a project
or delay or stop its advancement: unavailability of necessary capital, unexpected problems during the start-up phase delaying production,
unanticipated changes in grade and tonnes of ore to be mined and processed, unanticipated adverse geological conditions, unanticipated
metallurgical recovery problems, incorrect data on which engineering assumptions are made, unavailability of labour, increased
costs of processing and refining facilities, unavailability of economic sources of power and water, unanticipated transportation
costs, changes in government regulations (including regulations with respect to the environment, prices, royalties, duties, taxes,
permitting, restrictions on production, quotas on exportation of minerals, environmental, etc.), fluctuations in uranium prices,
and accidents, labour actions and force majeure events.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The ability to sell and profit from the
sale of any eventual mineral production from a property will be subject to the prevailing conditions in the applicable marketplace
at the time of sale. The demand for uranium and other minerals is subject to global economic activity and changing attitudes of
consumers and other end-users' demand.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Many of these factors are beyond the control
of a mining company and therefore represent a market risk which could impact the long term viability of Denison and its operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Going Concern Risk </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s financial statements
have been prepared on a going concern basis under which an entity is considered to be able to realize its assets and satisfy its
liabilities in the ordinary course of business. The Company&rsquo;s future operations are dependent upon the identification and
successful completion of equity or debt financings and the achievement of profitable operations at an indeterminate time in the
future. There can be no assurances that the Company will be successful in completing equity or debt financings or in achieving
profitability. The financial statements do not give effect to any adjustments relating to the carrying values and classifications
of assets and liabilities that would be necessary should the Company be unable to continue as a going concern.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Risks Associated with the Selection
of Novel Mining Methods</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As disclosed in the Wheeler PFS Report,
Denison has selected the ISR mining method for production at the Phoenix deposit. While test work completed to date indicates that
ground conditions and the mineral reserves estimated to be contained within the deposit are amenable to extraction by way of ISR,
actual conditions could be materially different from those estimated based on the Company's technical studies completed to-date.
While industry best practices have been utilized in the development of its estimates, actual results may differ significantly.
Denison will need to complete substantial additional work to further advance and/or confirm its current estimates and projections
for development to the level of a feasibility study. As a result, it is possible that actual costs and economic returns of any
mining operations may differ materially from Denison's best estimates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Dependence on Obtaining Licenses
and other Regulatory and Policy Risks</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Uranium mining and milling operations and
exploration activities, as well as the transportation and handling of the products produced, are subject to extensive regulation
by federal, provincial and state governments including the Saskatchewan Government and the Canadian Nuclear Safety Commission.
Such regulations relate to production, development, exploration, exports, imports, taxes and royalties, labour standards, occupational
health, waste disposal, protection and remediation of the environment, mine decommissioning and reclamation, mine safety, toxic
substances, transportation safety and emergency response, and other matters. Compliance with such laws and regulations is currently,
and has historically, increased the costs of exploring, drilling, developing, constructing, operating and closing Denison's mines
and processing facilities. It is possible that the costs, delays and other effects associated with such laws and regulations may
impact Denison's decision with respect to exploration and development properties, including whether to proceed with exploration
or development, or that such laws and regulations may result in Denison incurring significant costs to remediate or decommission
properties that do not comply with applicable environmental standards at such time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The development of mines and related facilities
is contingent upon governmental approvals that are complex and time consuming to obtain and which involve multiple governmental
agencies. Environmental and regulatory review has become a long, complex and uncertain process that can cause potentially significant
delays. Obtaining these government approvals includes among other things, obtaining environmental assessments and engaging with
local communities. See &ldquo;<I>Engagement with Canada&rsquo;s First Nations and Metis</I>&rdquo; for more information regarding
Denison&rsquo;s community engagement. In addition, future changes in governments, regulations and policies, such as those affecting
Denison's mining operations and uranium transport, could materially and adversely affect Denison's results of operations and financial
condition in a particular period or its long-term business prospects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The ability of the Company to obtain and
maintain permits and approvals and to successfully explore and evaluate properties and/or develop and operate mines may be adversely
affected by real or perceived impacts associated with its activities that affect the environment and human health and safety at
its projects and in the surrounding communities. The real or perceived impacts of the activities of other mining companies, locally
or globally, may also adversely affect our ability to obtain and maintain permits and approvals. The Company is uncertain as to
whether all necessary permits will be obtained or renewed on acceptable terms or in a timely manner. Any significant delays in
obtaining or renewing such permits or licences in the future could have a material adverse effect on Denison.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 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&rsquo;s
critical path and as a result, there is a risk that the development schedule outlined in the Wheeler PFS Report will be impacted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Denison expends significant financial and
managerial resources to comply with such laws and regulations. Denison anticipates it will have to continue to do so as the historic
trend toward stricter government regulation may continue. Because legal requirements are frequently changing and subject to interpretation,
Denison is unable to predict the ultimate cost of compliance with these requirements or their effect on operations. While the Company
has taken great care to ensure full compliance with its legal obligations, there can be no assurance that the Company has been
or will be in full compliance with all of these laws and regulations, or with all permits and approvals that it is required to
have.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Failure to comply with applicable laws,
regulations and permitting requirements, even inadvertently, may result in enforcement actions. These actions may result in orders
issued by regulatory or judicial authorities causing operations to cease or be curtailed, and may include corrective measures requiring
capital expenditures, installation of additional equipment or remedial actions. Companies engaged in uranium exploration operations
may be required to compensate others who suffer loss or damage by reason of such activities and may have civil or criminal fines
or penalties imposed for violations of applicable laws or regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Engagement with Canada's First Nations
and Metis</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">First Nations and Metis rights, entitlements
and title claims may impact Denison's ability and that of its joint venture partners to pursue exploration, development and mining
at its Saskatchewan properties. Pursuant to historical treaties, First Nations in northern Saskatchewan ceded title to most traditional
lands but continue to assert title to the minerals within the lands. Metis people have not signed treaties; they assert aboriginal
rights throughout Saskatchewan, including aboriginal title over most if not all of the Company's project lands.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Managing relations with the local First
Nations and Metis communities is a matter of paramount importance to Denison. Engagement with, and consideration of other rights
of, potentially affected Indigenous peoples may require accommodations, including undertakings regarding funding, contracting,
environmental practices, employment and other matters and can be difficult. This may affect the timetable and costs of exploration,
evaluation and development of the Company's projects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company's relationships with communities
of interest are critical to ensure the future success of its existing operations and the construction and development of its projects.
There is an increasing level of public concern relating to the perceived effect of mining activities on the environment and on
communities impacted by such activities. Adverse publicity relating to the mining industry generated by non-governmental organizations
and others could have an adverse effect on the Company's reputation or financial condition and may impact its relationship with
the communities in which it operates. While the Company is committed to operating in a socially responsible manner, there is no
guarantee that the Company's efforts in this regard will mitigate this potential risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The inability of the Company to maintain
positive relationships with communities of interest, including local First Nations and Metis, may result in additional obstacles
to permitting, increased legal challenges, or other disruptions to the Company's exploration, development and production plans,
and could have a significant adverse impact on the Company's share price and financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Environmental, Health and Safety
Risks</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Denison has expended significant financial
and managerial resources to comply with environmental protection laws, regulations and permitting requirements in each jurisdiction
where it operates, and anticipates that it will be required to continue to do so in the future as the historical trend toward stricter
environmental regulation may continue. The uranium industry is subject to, not only the worker health, safety and environmental
risks associated with all mining businesses, including potential liabilities to third parties for environmental damage, but also
to additional risks uniquely associated with uranium mining and processing. The possibility of more stringent regulations exists
in the areas of worker health and safety, the disposition of wastes, the decommissioning and reclamation of mining and processing
sites, and other environmental matters each of which could have a material adverse effect on the costs or the viability of a particular
project.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Denison's facilities operate under various
operating and environmental permits, licences and approvals that contain conditions that must be met, and Denison's right to pursue
its development plans is dependent upon receipt of, and compliance with, additional permits, licences and approvals. Failure to
obtain such permits, licenses and approvals and/or meet any conditions set forth therein could have a material adverse effect on
Denison's financial condition or results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although the Company believes its operations
are in compliance, in all material respects, with all relevant permits, licences and regulations involving worker health and safety
as well as the environment, there can be no assurance regarding continued compliance or ability of the Company to meet stricter
environmental regulation, which may also require the expenditure of significant additional financial and managerial resources.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mining companies are often targets of actions
by non-governmental organizations and environmental groups in the jurisdictions in which they operate. Such organizations and groups
may take actions in the future to disrupt Denison's operations. They may also apply pressure to local, regional and national government
officials to take actions which are adverse to Denison's operations. Such actions could have an adverse effect on Denison's ability
to advance its projects and, as a result, on its financial position and results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Global Demand and International Trade
Restrictions</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The international uranium industry, including
the supply of uranium concentrates, is relatively small compared to other minerals, and is generally highly competitive and heavily
regulated. Worldwide demand for uranium is directly tied to the demand for electricity produced by the nuclear power industry,
which is also subject to extensive government regulation and policies. In addition, the international marketing of uranium is subject
to governmental policies and certain trade restrictions. For example, the supply and marketing of uranium from Russia and from
certain republics of the former Soviet Union is, to some extent, impeded by a number of international trade agreements and policies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the United States, certain uranium producers
filed a petition with the U.S. Department of Commerce (&ldquo;<B>DOC</B>&rdquo;) to investigate the import of uranium into the
U.S. under Section 232 of the 1962 Trade Expansion Act. The DOC completed its investigation and, in July 2019, presented its findings
to the President of the United States whom is empowered to use tariffs or other means to adjust the imports of goods or materials
from other countries if it deems the quantity or circumstances surrounding those imports to threaten national security. The U.S.
President ultimately concluded that uranium imports do not threaten national security and no trade actions were implemented under
Section 232. The U.S. Administration, however, ordered a further review of the nuclear supply chain in the U.S. and commissioned
the Nuclear Fuels Working Group (&ldquo;<B>NFWG</B>&rdquo;). The results of the NFWG review, and any recommendations therefrom,
have not yet been made public.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The uncertainty surrounding this Section
232 trade action and the subsequent NFWG review is believed to have impacted the uranium purchasing activities of nuclear utilities,
especially in the U.S., and consequently negatively impacted the market price of uranium and the uranium industry as a whole. Depending
on the outcome of the NWFG's review, there is the potential for this to have further negative impacts on the uranium market globally.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Restrictive trade agreements, governmental
policies and/or trade restrictions are beyond the control of Denison and may affect the supply of uranium available for use in
markets like the United States and Europe, which are currently the largest markets for uranium in the world. Similarly, trade restrictions
could impact the ability to supply uranium to developing markets, such as China and India. If substantial changes are made to the
regulations affecting global marketing and supply of uranium, the Company's business, financial condition and results of operations
may be materially adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Volatility and Sensitivity to Market
Prices</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The value of the Company's mineral resources,
mineral reserves and estimates of the viability of future production for its projects is heavily influenced by long and short term
market prices of U<SUB>3</SUB>0<SUB>8</SUB>. Historically, these prices have seen significant fluctuations, and have been and will
continue to be affected by numerous factors beyond Denison's control. Such factors include, among others: demand for nuclear power,
political, economic and social conditions in uranium producing and consuming countries, public and political response to nuclear
incidents, reprocessing of used reactor fuel and the re-enrichment of depleted uranium tails, sales of excess civilian and military
inventories (including from the dismantling of nuclear weapons) by governments and industry participants, uranium supplies from
other secondary sources, and production levels and costs of production from primary uranium suppliers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Uranium prices failing to reach or sustain
projected levels can impact operations by requiring a reassessment of the economic viability of the Company's projects, and such
reassessment alone may cause substantial delays and/or interruptions in project development, which could have a material adverse
effect on the results of operations and financial condition of Denison.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Public Acceptance of Nuclear Energy
and Competition from Other Energy Sources</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Growth of the uranium and nuclear power
industry will depend upon continued and increased acceptance of nuclear technology as a clean means of generating electricity.
Because of unique political, technological and environmental factors that affect the nuclear industry, including the risk of a
nuclear incident, the industry is subject to public opinion risks that could have an adverse impact on the demand for nuclear power
and increase the regulation of the nuclear power industry. Nuclear energy competes with other sources of energy, including oil,
natural gas, coal and hydro-electricity. These other energy sources are, to some extent, interchangeable with nuclear energy, particularly
over the longer term. Technical advancements in, and government subsidies for, renewable and other alternate forms of energy, such
as wind and solar power, could make these forms of energy more commercially viable and put additional pressure on the demand for
uranium concentrates. Sustained lower prices of alternate forms of energy may result in lower demand for uranium concentrates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Current estimates project increases in
the world's nuclear power generating capacities, primarily as a result of a significant number of nuclear reactors that are under
construction, planned, or proposed in China, India and various other countries around the world. Market projections for future
demand for uranium are based on various assumptions regarding the rate of construction and approval of new nuclear power plants,
as well as continued public acceptance of nuclear energy around the world. The rationale for adopting nuclear energy can be varied,
but often includes the clean and environmentally friendly operation of nuclear power plants, as well as the affordability and round-the-clock
reliability of nuclear power. A change in public sentiment regarding nuclear energy could have a material impact on the number
of nuclear power plants under construction, planned or proposed, which could have a material impact on the market's and the Company's
expectations for the future demand for uranium and the future price of uranium.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Reliance on Other Operators</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At some of its properties, Denison is not
the operator and therefore is not in control of all of the activities and operations at the site. As a result, Denison is and will
be, to a certain extent, dependent on the operators for the nature and timing of activities related to these properties and may
be unable to direct or control such activities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As an example, Orano Canada is the operator
and majority owner of the McClean Lake and Midwest joint ventures in Saskatchewan, Canada. The McClean Lake mill employs unionized
workers who work under collective agreements. Orano Canada, as the operator, is responsible for most operational and production
decisions and all dealings with unionized employees. Orano Canada may not be successful in its attempts to renegotiate the collective
agreements, which may impact mill and mining operations. Similarly, Orano Canada is responsible for all licensing and dealings
with various regulatory authorities. Orano Canada maintains the regulatory licences in order to operate the McClean Lake mill,
all of which are subject to renewal from time to time and are required in order for the mill to operate in compliance with applicable
laws and regulations. Any lengthy work stoppages, or disruption to the operation of the mill or mining operations as a result of
a licensing matter or regulatory compliance, may have a material adverse impact on the Company's future cash flows, earnings, results
of operations and financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Reliance on Contractors and Experts</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In various aspects of its operations, Denison
relies on the services, expertise and recommendations of its service providers and their employees and contractors, whom often
are engaged at significant expense to the Company. For example, the decision as to whether a property contains a commercial mineral
deposit and should be brought into production will depend in large part upon the results of exploration programs and/or feasibility
studies, and the recommendations of duly qualified third party engineers and/or geologists. In addition, while Denison emphasizes
the importance of conducting operations in a safe and sustainable manner, it cannot exert absolute control over the actions of
these third parties when providing services to Denison or otherwise operating on Denison's properties. Any material error, omission,
act of negligence or act resulting in environmental pollution, accidents or spills, industrial and transportation accidents, work
stoppages or other actions could adversely affect the Company's operations and financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Benefits Not Realized From Transactions</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Denison has completed a number of transactions
over the last several years, including without limitation the acquisition of International Enexco Ltd., the acquisition of Fission,
the acquisition of JNR, the sale of its mining assets and operations located in the United States to Energy Fuels Inc., the Mongolia
Transaction, the optioning of the Moore Lake property to Skyharbour Resources Ltd., the acquisition of an 80% interest in the Hook-Carter
property from ALX, the acquisition of an interest in the Moon Lake property from CanAlaska, entering into the APG Transaction and
Cameco Transaction. Despite Denison's belief that these transactions, and others which may be completed in the future, will be
in Denison's best interest and benefit the Company and Denison's shareholders, Denison may not realize the anticipated benefits
of such transactions or realize the full value of the consideration paid or received to complete the transactions. This could result
in significant accounting impairments or write-downs of the carrying values of mineral properties or other assets and could adversely
impact the Company and the price of its Common Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Inability to Exploit, Expand and
Replace Mineral Reserves and Mineral Resources</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Denison's mineral reserves and resources
at its Wheeler River, Waterbury Lake, McClean Lake and Midwest projects are Denison's material future sources of possible uranium
production. Unless other mineral reserves or resources are discovered or acquired, Denison's sources of future production for uranium
concentrates will decrease over time if its current mineral reserves and resources are depleted. There can be no assurance that
Denison's future exploitation, exploration, development and acquisition efforts will be successful in replenishing its mineral
reserves and resources. In addition, while Denison believes that many of its properties demonstrate development potential, there
can be no assurance that they can or will be successfully developed and put into production in future years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Competition for Properties</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Significant competition exists for the
limited supply of mineral lands available for acquisition. Participants in the mining business include large established companies
with long operating histories. In certain circumstances, the Company may be at a disadvantage in acquiring new properties as competitors
may have greater financial resources and more technical staff. Accordingly, there can be no assurance that the Company will be
able to compete successfully to acquire new properties or that any such acquired assets would yield resources or reserves or result
in commercial mining operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Property Title Risk</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has investigated its rights
to explore and exploit all of its material properties and, to the best of its knowledge, those rights are in good standing. However,
no assurance can be given that such rights will not be revoked, or significantly altered, to its detriment. There can also be no
assurance that the Company's rights will not be challenged or impugned by third parties, including the Canadian federal, provincial
and local governments, as well as by First Nations and Metis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There is also a risk that Denison's title
to, or interest in, its properties may be subject to defects or challenges. If such defects or challenges cover a material portion
of Denison's property, they could have a material adverse effect on Denison's results of operations, financial condition, reported
mineral reserves and resources and/or long-term business prospects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Ability to Maintain Obligations under
Credit Facility and Other Debt</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The 2020 Credit Facility has a term of
one year, and will need to be renewed on or before January 31, 2021. There is no certainty what terms of any renewal may be, or
any assurance that such renewal will be made available to Denison.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Denison is required to satisfy certain
financial covenants in order to maintain its good standing under the Credit Facility. Denison is also subject to a number of restrictive
covenants under the Credit Facility and the APG Transaction, such as restrictions on Denison's ability to incur additional indebtedness
and sell, transfer of otherwise dispose of material assets. Denison may from time to time enter into other arrangements to borrow
money in order to fund its operations and expansion plans, and such arrangements may include covenants that have similar obligations
or that restrict its business in some way.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Events may occur in the future, including
events out of Denison's control, which could cause Denison to fail to satisfy its obligations under the Credit Facility, APG Transaction
or other debt instruments. In such circumstances, the amounts drawn under Denison's debt agreements may become due and payable
before the agreed maturity date, and Denison may not have the financial resources to repay such amounts when due. The Credit Facility
and APG Transaction are secured by DMI's main properties by a pledge of the shares of DMI. If Denison were to default on its obligations
under the Credit Facility, APG Transaction or other secured debt instruments in the future, the lender(s) under such debt instruments
could enforce their security and seize significant portions of Denison's assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Change of Control Restrictions</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The APG Transaction and certain other of
Denison's agreements contain provisions that could adversely impact Denison in the case of a transaction that would result in a
change of control of Denison or certain of its subsidiaries. In the event that consent is required from our counterparty and our
counterparty chooses to withhold its consent to a merger or acquisition, then such party could seek to terminate certain agreements
with Denison, including certain agreements forming part of the APG Transaction, or require Denison to buy the counterparty's rights
back from them, which could adversely affect Denison's financial resources and prospects. If applicable, these restrictive contractual
provisions could delay or discourage a change in control of our company that could otherwise be beneficial to Denison or its shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Decommissioning and Reclamation</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As owner of the Elliot Lake decommissioned
sites and part owner of the McClean Lake mill, McClean Lake mines, the Midwest uranium project and certain exploration properties,
and for so long as the Company remains an owner thereof, the Company is obligated to eventually reclaim or participate in the reclamation
of such properties. Most, but not all, of the Company's reclamation obligations are secured, and cash and other assets of the Company
have been reserved to secure this obligation. Although the Company's financial statements record a liability for the asset retirement
obligation, and the security requirements are periodically reviewed by applicable regulatory authorities, there can be no assurance
or guarantee that the ultimate cost of such reclamation obligations will not exceed the estimated liability contained on the Company's
financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As Denison's properties approach or go
into decommissioning, regulatory review of the Company's decommissioning plans may result in additional decommissioning requirements,
associated costs and the requirement to provide additional financial assurances. It is not possible to predict what level of decommissioning
and reclamation (and financial assurances relating thereto) may be required from Denison in the future by regulatory authorities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Technical Innovation and Obsolescence</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Requirements for Denison's products and
services may be affected by technological changes in nuclear reactors, enrichment and used uranium fuel reprocessing. These technological
changes could reduce the demand for uranium or reduce the value of Denison's environmental services to potential customers. In
addition, Denison's competitors may adopt technological advancements that give them an advantage over Denison.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Mining and Insurance</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Denison's business is capital intensive
and subject to a number of risks and hazards, including environmental pollution, accidents or spills, industrial and transportation
accidents, labour disputes, changes in the regulatory environment, natural phenomena (such as inclement weather conditions, earthquakes,
pit wall failures and cave-ins) and encountering unusual or unexpected geological conditions. Many of the foregoing risks and hazards
could result in damage to, or destruction of, Denison's mineral properties or processing facilities in which it has an interest;
personal injury or death; environmental damage, delays in or interruption of or cessation of exploration, development, production
or processing activities; or costs, monetary losses and potential legal liability and adverse governmental action. In addition,
due to the radioactive nature of the materials handled in uranium exploration, mining and processing, as applicable, additional
costs and risks are incurred by Denison and its joint venture partners on a regular and ongoing basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although Denison maintains insurance to
cover some of these risks and hazards in amounts it believes to be reasonable, such insurance may not provide adequate coverage
in the event of certain circumstances. No assurance can be given that such insurance will continue to be available, that it will
be available at economically feasible premiums, or that it will provide sufficient coverage for losses related to these or other
risks and hazards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Denison may be subject to liability or
sustain loss for certain risks and hazards against which it cannot insure or which it may reasonably elect not to insure because
of the cost. This lack of insurance coverage could result in material economic harm to Denison.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Anti-Bribery and Anti-Corruption
Laws</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is subject to anti-bribery
and anti-corruption laws, including the <I>Corruption of Foreign Public Officials Act</I> (Canada) and the United States <I>Foreign
Corrupt Practices Act of 1977</I>, as amended. Failure to comply with these laws could subject the Company to, among other things,
reputational damage, civil or criminal penalties, other remedial measures and legal expenses which could adversely affect the Company's
business, results from operations, and financial condition. It may not be possible for the Company to ensure compliance with anti-bribery
and anti-corruption laws in every jurisdiction in which its employees, agents, sub-contractors or joint venture partners are located
or may be located in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Climate Change</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Due to changes in local and global climatic
conditions, many analysts and scientists predict an increase in the frequency of extreme weather events such as floods, droughts,
forest and brush fires and extreme storms. Such events could materially disrupt the Company's operations, particularly if they
affect the Company's sites, impact local infrastructure or threaten the health and safety of the Company's employees and contractors.
In addition, reported warming trends could result in later freeze-ups and warmer lake temperatures, affecting the Company's winter
exploration programs at certain of its material projects. Any such event could result in material economic harm to Denison.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is focused on operating in
a manner designed to minimize the environmental impacts of its activities; however, environmental impacts from mineral exploration
and mining activities are inevitable. Increased environmental regulation and/or the use of fiscal policy by regulators in response
to concerns over climate change and other environmental impacts, such as additional taxes levied on activities deemed harmful to
the environment, could have a material adverse effect on Denison's financial condition or results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Information Systems and Cyber Security</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company's operations depend upon the
availability, capacity, reliability and security of its information technology (&ldquo;<B>IT</B>&rdquo;) infrastructure, and its
ability to expand and update this infrastructure as required, to conduct daily operations. Denison relies on various IT systems
in all areas of its operations, including financial reporting, contract management, exploration and development data analysis,
human resource management, regulatory compliance and communications with employees and third parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These IT systems could be subject to network
disruptions caused by a variety of sources, including computer viruses, security breaches and cyber-attacks, as well as network
and/or hardware disruptions resulting from incidents such as unexpected interruptions or failures, natural disasters, fire, power
loss, vandalism and theft. The Company's operations also depend on the timely maintenance, upgrade and replacement of networks,
equipment, IT systems and software, as well as pre-emptive expenses to mitigate the risks of failures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The ability of the IT function to support
the Company's business in the event of any such occurrence and the ability to recover key systems from unexpected interruptions
cannot be fully tested. There is a risk that, if such an event actually occurs, the Company's continuity plan may not be adequate
to immediately address all repercussions of the disaster. In the event of a disaster affecting a data centre or key office location,
key systems may be unavailable for a number of days, leading to inability to perform some business processes in a timely manner.
As a result, the failure of Denison's IT systems or a component thereof could, depending on the nature of any such failure, adversely
impact the Company's reputation and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although to date the Company has not experienced
any material losses relating to cyber-attacks or other information security breaches, there can be no assurance that the Company
will not incur such losses in the future. Unauthorized access to Denison's IT systems by employees or third parties could lead
to corruption or exposure of confidential, fiduciary or proprietary information, interruption to communications or operations or
disruption to the Company's business activities or its competitive position. Further, disruption of critical IT services, or breaches
of information security, could have a negative effect on the Company's operational performance and its reputation. The Company's
risk and exposure to these matters cannot be fully mitigated because of, among other things, the evolving nature of these threats.
As a result, cyber security and the continued development and enhancement of controls, processes and practices designed to protect
systems, computers, software, data and networks from attack, damage or unauthorized access remain a priority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company applies technical and process
controls in line with industry-accepted standards to protect information, assets and systems; however, these controls may not adequately
prevent cyber-security breaches. There is no assurance that the Company will not suffer losses associated with cyber-security breaches
in the future, and may be required to expend significant additional resources to investigate, mitigate and remediate any potential
vulnerabilities. As cyber threats continue to evolve, the Company may be required to expend additional resources to continue to
modify or enhance protective measures or to investigate and remediate any security vulnerabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Dependence on Key Personnel and Qualified
and Experienced Employees</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Denison's success depends on the efforts
and abilities of certain senior officers and key employees. Certain of Denison's employees have significant experience in the uranium
industry, and the number of individuals with significant experience in this industry is small. While Denison does not foresee any
reason why such officers and key employees will not remain with Denison, if for any reason they do not, Denison could be adversely
affected. Denison has not purchased key man life insurance for any of these individuals. Denison's success also depends on the
availability of qualified and experienced employees to work in Denison's operations and Denison's ability to attract and retain
such employees. In addition, Denison&rsquo;s ability to keep essential operating staff in place may also be challenged as a result
of potential COVID-19 outbreaks or quarantines.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Conflicts of Interest</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Some of the directors and officers of Denison
are also directors of other companies that are similarly engaged in the business of acquiring, exploring and developing natural
resource properties. Such associations may give rise to conflicts of interest from time to time. In particular, one of the consequences
would be that corporate opportunities presented to a director or officer of Denison may be offered to another company or companies
with which the director or officer is associated, and may not be presented or made available to Denison. The directors and officers
of Denison are required by law to act honestly and in good faith with a view to the best interests of Denison, to disclose any
interest which they may have in any project or opportunity of Denison, and, where applicable for directors, to abstain from voting
on such matter. Conflicts of interest that arise will be subject to and governed by the procedures prescribed in the Company's
Code of Ethics and by the OBCA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Disclosure and Internal Controls</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Internal controls over financial reporting
are procedures designed to provide reasonable assurance that transactions are properly authorized, assets are safeguarded against
unauthorized or improper use, and transactions are properly recorded and reported. Disclosure controls and procedures are designed
to ensure that information required to be disclosed by a company in reports filed with securities regulatory agencies is recorded,
processed, summarized and reported on a timely basis and is accumulated and communicated to the company's management, including
its Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.
A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance with respect to
the reliability of reporting, including financial reporting and financial statement preparation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Potential Influence of KEPCO and
KHNP</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Effective December 2016, KEPCO indirectly
transferred the majority of its interest in Denison to KHNP Canada. Denison and KHNP Canada subsequently entered into the KHNP
SRA (on substantially similar terms as the original strategic relationship agreement between Denison and KEPCO), pursuant to which
KHNP Canada is contractually entitled to Board representation. Provided KHNP Canada holds over 5% of the Common Shares, it is entitled
to nominate one director for election to the Board at any shareholder meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">KHNP Canada's shareholding level gives
it a large vote on decisions to be made by shareholders of Denison, and its right to nominate a director may give KHNP Canada influence
on decisions made by Denison's Board. Although KHNP Canada's director nominee will be subject to duties under the OBCA to act in
the best interests of Denison as a whole, such director nominee is likely to be an employee of KHNP and he or she may give special
attention to KHNP's or KEPCO's interests as indirect Shareholders. The interests of KHNP and KEPCO, as indirect Shareholders, may
not always be consistent with the interests of other Shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The KHNP SRA also includes provisions granting
KHNP Canada a right of first offer for certain asset sales and the right to be approached to participate in certain potential acquisitions.
The right of first offer and participation right of KHNP Canada may negatively affect Denison's ability or willingness to entertain
certain business opportunities, or the attractiveness of Denison as a potential party for certain business transactions. KEPCO's
large indirect shareholding block may also make Denison less attractive to third parties considering an acquisition of Denison
if those third parties are not able to negotiate terms with KEPCO or KHNP Canada to support such an acquisition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>United States
investors may not be able to obtain enforcement of civil liabilities against the Company</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The enforcement
by investors of civil liabilities under the United States federal or state securities laws may be affected adversely by the fact
that the Company is governed by the&nbsp;OBCA, that the majority of the Company&rsquo;s officers and directors are residents of
Canada, and that all, or a substantial portion, of their assets and the Company&rsquo;s assets are located outside the United States.
It may not be possible for investors to effect service of process within the United States on certain of its directors and officers
or enforce judgments obtained in the United States courts against the Company or certain of the Company&rsquo;s directors and officers
based upon the civil liability provisions of United States federal securities laws or the securities laws of any state of the United
States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">There is some
doubt as to whether a judgment of a United States court based solely upon the civil liability provisions of United States federal
or state securities laws would be enforceable in Canada against the Company or its directors and officers. There is also doubt
as to whether an original action could be brought in Canada against the Company or its directors and officers to enforce liabilities
based solely upon United States federal or state securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>If the Company
is characterized as a passive foreign investment company, U.S. holders may be subject to adverse U.S. federal income tax consequences</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">U.S. investors
should be aware that they could be subject to certain adverse U.S. federal income tax consequences in the event that the Company
is classified as a PFIC for U.S. federal income tax purposes. The determination of whether the Company is a PFIC for a taxable
year depends, in part, on the application of complex U.S. federal income tax rules, which are subject to differing interpretations,
and the determination will depend on the composition of the Company&rsquo;s income, expenses and assets from time to time and the
nature of the activities performed by the Company&rsquo;s officers and employees. The Company may be a PFIC in one or more prior
tax years, in the current tax year and in subsequent tax years. Prospective investors should carefully read the discussion above
under the heading &ldquo;<I>Material United States Federal Income Tax Considerations for U.S. Holders</I>&rdquo; for more information
and consult their own tax advisors regarding the likelihood and consequences of the Company being treated as a PFIC for U.S. federal
income tax purposes, including the advisability of making certain elections that may mitigate certain possible adverse U.S. federal
income tax consequences that may result in an inclusion in gross income without receipt of such income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>As a foreign
private issuer, the Company is subject to different U.S. securities laws and rules than a U.S. domestic issuer, which may limit
the information publicly available to U.S. investors</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Company is
a foreign private issuer under applicable U.S. federal securities laws and, therefore, is not required to comply with all of the
periodic disclosure and current reporting requirements of the Exchange Act and related rules and regulations. As a result, the
Company does not file the same reports that a U.S. domestic issuer would file with the SEC, although it will be required to file
with or furnish to the SEC the continuous disclosure documents that the Company is required to file in Canada under Canadian securities
laws. In addition, the Company&rsquo;s officers, directors and principal shareholders are exempt from the reporting and &ldquo;short
swing&rdquo; profit recovery provisions of Section&nbsp;16 of the Exchange Act. Therefore, the Company&rsquo;s securityholders
may not know on as timely a basis when its officers, directors and principal shareholders purchase or sell securities of the Company
as the reporting periods under the corresponding Canadian insider reporting requirements are longer. In addition, as a foreign
private issuer, the Company is exempt from the proxy rules under the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>The Company
may lose its foreign private issuer status in the future, which could result in significant additional costs and expenses to the
Company</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In order to maintain
its current status as a foreign private issuer, 50% or more of the Company&rsquo;s Common Shares must be directly or indirectly
owned of record by&nbsp;non-residents&nbsp;of the United States unless the Company also satisfies one of the additional requirements
necessary to preserve this status. The Company may in the future lose its foreign private issuer status if a majority of the Common
Shares are owned of record in the United States and the Company fails to meet the additional requirements necessary to avoid loss
of foreign private issuer status. The regulatory and compliance costs to the Company under U.S. federal securities laws as a U.S.
domestic issuer may be significantly more than the costs the Company incurs as a Canadian foreign private issuer eligible to use
the multijurisdictional disclosure system. If the Company is not a foreign private issuer, it would not be eligible to use the
multijurisdictional disclosure system or other foreign issuer forms and would be required to file periodic and current reports
and registration statements on U.S. domestic issuer forms with the SEC, which are more detailed and extensive than the forms available
to a foreign private issuer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Risks Related to Our Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Market Price of Common Shares</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Securities of mining companies have experienced
substantial volatility in the past, often based on factors unrelated to the financial performance or prospects of the companies
involved. These factors include macroeconomic conditions in North America and globally, and market perceptions of the attractiveness
of particular industries. As noted above, global financial conditions continue to be subject to volatility arising from international
geopolitical developments and global economic phenomenon, as well as general financial market turbulence, including a significant
recent market reaction to the novel coronavirus (COVID-19), resulting in a significant reduction in in many major market indices
and in Denison's share price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The price of Denison's securities is also
likely to be significantly affected by short-term changes in commodity prices, other mineral prices, currency exchange fluctuation,
or changes in its financial condition or results of operations as reflected in its periodic earnings reports and/or news releases.
Other factors unrelated to the performance of Denison that may have an effect on the price of the securities of Denison include
the following: the extent of analytical coverage available to investors concerning the business of Denison; lessening in trading
volume and general market interest in Denison's securities; the size of Denison's public float and its inclusion in market indices
may limit the ability of some institutions to invest in Denison's securities; and a substantial decline in the price of the securities
of Denison that persists for a significant period of time could cause Denison's securities to be delisted from an exchange. If
an active market for the securities of Denison does not continue, the liquidity of an investor's investment may be limited and
the price of the securities of the Company may decline such that investors may lose their entire investment in the Company. As
a result of any of these factors, the market price of the securities of Denison at any given point in time may not accurately reflect
the long-term value of Denison. Securities class-action litigation often has been brought against companies following periods of
volatility in the market price of their securities. Denison may in the future be the target of similar litigation. Securities litigation
could result in substantial costs and damages and divert management's attention and resources.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Future Sales of Common Shares by
Existing Shareholders</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sales of a large number of Common Shares
in the public markets, or the potential for such sales, could decrease the trading price of the Common Shares and could impair
the Company's ability to raise capital through future sales of Common Shares. In particular, to the knowledge of the Company, KHNP
Canada holds approximately 9.76% of the issued and outstanding Common Shares (before giving effect to the Offering). If KHNP Canada
decides to liquidate all or a significant portion of its position, it could adversely affect the price of the Common Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Dilution from Further Issuances</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">While active in exploring for new uranium
discoveries in the Athabasca Basin region, Denison's present focus is on advancing the Wheeler River project to a development decision,
with the potential to become the next large-scale uranium producer in Canada. Denison will require additional funds to further
such activities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Denison may sell additional equity securities
(including through the sale of securities convertible into Common Shares) and may issue additional debt or equity securities to
finance its exploration, development and other operations, acquisitions or other projects. Denison is authorized to issue an unlimited
number of Common Shares. Denison cannot predict the size of future sales and issuances of debt or equity securities or the effect,
if any, that future sales and issuances of debt or equity securities will have on the market price of the Common Shares. Sales
or issuances of a substantial number of equity securities, or the perception that such sales could occur, may adversely affect
prevailing market prices for the Common Shares. With any additional sale or issuance of equity securities, investors may suffer
dilution of their voting power and it could reduce the value of their investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Use of Proceeds</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Denison currently intends to apply the
net proceeds received from the Offering as described above under the heading &ldquo;<I>Use of Proceeds</I>&rdquo;. However, the
Company will have discretion concerning the use of the net proceeds of the Offering as well as the timing of their expenditures.
As a result, an investor will be relying on the judgment of the Company for the application of the net proceeds of the Offering.
The Company may use the net proceeds of the Offering in ways that an investor may not consider desirable. The results and the effectiveness
of the application of proceeds are uncertain. If the proceeds are not applied effectively, the Company&rsquo;s results may suffer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>No Dividends</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have not declared or paid any regular
dividends on our Common Shares. Our current business plan requires that for the foreseeable future, any future earnings be reinvested
to finance the growth and development of our business. We do not intend to pay cash dividends on the Common Shares in the foreseeable
future. We will not declare or pay any cash dividends until such time as our cash flow exceeds our capital requirements and will
depend upon, among other things, conditions then existing including earnings, financial condition, restrictions in financing arrangements,
business opportunities and conditions and other factors, or our Board determines that our shareholders could make better use of
the cash.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Liquidity of Common Shares</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Shareholders of the Company may be unable
to sell significant quantities of Common Shares into the public trading markets without a significant reduction in the price of
their Common Shares, or at all. There can be no assurance that there will be sufficient liquidity of the Company&rsquo;s Common
Shares on the trading market, and that the Company will continue to meet the listing requirements of the TSX or the NYSE American
or achieve listing on any other public listing exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Dilution from Exercise of Outstanding
Stock Options and Warrants or Settlement of Share Units</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has stock options and warrants
issued, representing a right to receive Common Shares upon their exercise. In addition, the Company has share units issued, representing
a right to receive Common Shares on vesting and satisfaction of the settlement conditions. The exercise of the stock options or
warrants or the settlement of the share units and the subsequent resale of such Common Shares in the public market could adversely
affect the prevailing market price and the Company&rsquo;s ability to raise equity capital in the future at a time and price which
deems it appropriate. The Company may also enter into commitments in the future which would require the issuance of additional
Common Shares or may grant share purchase warrants and the Company is expected to grant additional stock options and share units.
Any share issuances from the Company&rsquo;s treasury will result in immediate dilution to existing Shareholders&rsquo; percentage
interest in the company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_019"></A>AUDITOR,
TRANSFER AGENT AND REGISTRAR</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s Independent Registered
Public Accounting Firm is PricewaterhouseCoopers LLP, Chartered Professional Accountants, located at 18 York Street, Suite 2600,
Toronto, Ontario, Canada, M5J 0B2. PricewaterhouseCoopers LLP is independent with respect to the Company within the meaning of
Chartered Professional Accountants of Ontario Code of Professional Conduct. PricewaterhouseCoopers LLP is an Independent Registered
Accounting Firm in accordance with the securities acts administered by the SEC and the applicable rules and regulations thereunder
and the requirements of the Public Company Accounting Oversight Board (United States) (&ldquo;<B>PCAOB</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s transfer agent and
registrar is Computershare Investor Services Inc. at its principal offices in Toronto, Ontario and Vancouver, British Columbia.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_020"></A>AGENT FOR
SERVICE OF PROCESS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Jun Gon Kim, a director of the Company,
resides outside of Canada and has appointed the following agent for service of process in Canada:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0; border-bottom: Black 1pt solid; font-size: 10pt; text-align: center; text-indent: 0">Name of Person</TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; text-indent: 0">Name and Address of Agent</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0; vertical-align: top; font-size: 10pt; text-align: left; width: 30%; text-indent: 0">Jun Gon Kim, Director</TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; width: 2%; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 68%; text-indent: 0">Blakes Vancouver Services Inc. c/o Blake, Cassels &amp; Graydon LLP <BR>Suite 2600 &ndash; 595 Burrard Street, Vancouver, British Columbia, V7X 1L3, Canada</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Purchasers are advised that it may not
be possible for investors to enforce judgments obtained in Canada against any person or company that is incorporated, continued
or otherwise organized under the laws of a foreign jurisdiction or that resides outside of Canada, even if the party has appointed
an agent for service of process.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_021"></A>LEGAL MATTERS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain legal matters relating to the Offered
Shares will be passed upon on our behalf by Blakes, with respect to matters of Canadian law, and Troutman Sanders LLP (&ldquo;<B>Troutman</B>&rdquo;),
with respect to matters of U.S. law. Certain legal matters will be passed upon by McMillan, with respect to matters of Canadian
law and U.S. law, on behalf of the Underwriters. As of the date of this Prospectus, (i) the partners and associates of Blakes beneficially
own, directly or indirectly, less than one percent of our outstanding Common Shares, (ii) the partners and associates of Troutman
beneficially own, directly or indirectly, less than one percent of our outstanding Common Shares, and (iii) the partners and associates
of McMillan beneficially own, directly or indirectly, less than one percent of our outstanding Common Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_022"></A>INTERESTS
OF EXPERTS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The principal author of the technical report
entitled &ldquo;Prefeasibility Study Report for the Wheeler River Uranium Project, Saskatchewan, Canada&rdquo; dated October 30,
2018 was Mark Liskowich, P.Geo. of SRK Consulting (Canada) Inc. (&ldquo;<B>SRK</B>&rdquo;), who is independent in accordance with
the requirements of NI 43-101.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The technical report entitled &ldquo;Technical
Report with an Updated Mineral Resource Estimate for the Waterbury Lake Property, Northern Saskatchewan&rdquo; dated December 21,
2018 was authored by Serdar Donmez, P.Geo.,E.I.T., Dale Verran, Pr.Sci.Nat., P.Geo., and Paul Burry, P.Geo. of Denison, Oy Leuangthong,
P.Eng, and Cliff Revering, P.Eng, of SRK, Allan Armitage, P.Geo, of SGS Geostat and Alan Sexton, P.Geo, of GeoVector Management
Inc. (&ldquo;<B>GeoVector</B>&rdquo;). Each of Messrs. Leuangthong, Revering, Armitaage and Sexton, and their respective firms,
are independent in accordance with the requirements of NI 43-101.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Roscoe Postle Associates Inc. (&ldquo;<B>RPA</B>&rdquo;),
which was retained to independently review and audit the mineral reserves and mineral resources in accordance with the requirements
of NI 43-101, prepared the following technical reports: (a) the technical report entitled &ldquo;Technical Report on the Denison
Mines Inc. Uranium Properties, Saskatchewan, Canada&rdquo; dated November 21, 2005, as revised February 16, 2006 by Richard E.
Routledge, M.Sc., P.Geo. and James W. Hendry, P.Eng.; (b) the technical report entitled &ldquo;Technical Report on the Mineral
Resource Estimate for the McClean North Uranium Deposits, Saskatchewan&rdquo; dated January 31, 2007 by Richard E. Routledge, M.Sc.,
P.Geo.; and (c) the technical report entitled &ldquo;Technical Report on the Sue D Uranium Deposit Mineral Resource Estimate, Saskatchewan,
Canada&rdquo; dated March 31, 2006 by Richard E Routledge, M.Sc., P.Geo. and James W. Hendry, P.Eng.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The technical report entitled &ldquo;Technical
Report with an Updated Mineral Resource Estimate for the Midwest Property, Northern Saskatchewan, Canada&rdquo; dated March 26,
2018 was authored by Dale Verran, MSc, Pr.Sci.Nat. and Chad Sorba, P.Geo, of the Company and G. David Keller, PGeo, formerly of
SRK, and Oy Leuangthong, PEng, of SRK. Each of Messrs. Keller and Leuangthong and SRK are independent in accordance with the requirements
of NI 43-101.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To the knowledge of Denison as of the date
hereof, each of RPA, GeoVector, SGS Geostat, and SRK and each of their respective partners, employees and consultants who participated
in the preparation of the aforementioned reports, or who were in a position to influence the outcome of such reports, are the registered
or beneficial owner, directly or indirectly, of less than one percent of the outstanding Common Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_023"></A>WHERE YOU
CAN FIND MORE INFORMATION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has filed with the SEC, under
the Securities Act, the U.S. Registration Statement relating to the Offered Shares. This Prospectus does not contain all of the
information contained in the U.S. Registration Statement, certain items of which are contained in the exhibits to the U.S. Registration
Statement as permitted by the rules and regulations of the SEC. Statements included in this Prospectus or the documents incorporated
by reference herein about the contents of any contract, agreement or other document referred to are not necessarily complete, and
in each instance, prospective investors should refer to the exhibits for a complete description of the matter involved. Each such
statement is qualified in its entirety by such reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">The
Company will provide to each person to whom this Prospectus is delivered, without charge, upon request to the Corporate Secretary
of the Company at 40 University Avenue, Suite 1100, Toronto, Ontario, M5J 1T1, telephone: 416-979-1991, copies of the documents
incorporated by reference in this Prospectus. The Company does not incorporate by reference in this Prospectus any of the information
on, or accessible through, its website.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are required to file with the securities
commission or authority in each of the applicable provinces of Canada annual and quarterly reports, material change reports and
other information. In addition, we are subject to the informational requirements of the Exchange Act, and, in accordance with the
Exchange Act, we also file reports with, and furnish other information to, the SEC. Under a multijurisdictional disclosure system
adopted by the United States and Canada, these reports and other information (including financial information) may be prepared
in accordance with the disclosure requirements of Canada, which differ in certain respects from those in the United States. As
a foreign private issuer, we are exempt from the rules under the Exchange Act prescribing the furnishing and content of proxy statements,
and our officers, directors and principal shareholders are exempt from the reporting and short-swing profit recovery provisions
contained in Section 16 of the Exchange Act. In addition, we are not required to publish financial statements as promptly as U.S.
companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s reports and other information
filed or furnished with or to the SEC are available from the SEC&rsquo;s Electronic Document Gathering and Retrieval System, or
EDGAR, at www.sec.gov, as well as from commercial document retrieval services. The Company&rsquo;s Canadian filings are available
on the System for Electronic Document Analysis and Retrieval, or SEDAR, at www.sedar.com. Unless specifically incorporated by reference
herein, documents filed or furnished by the Company on SEDAR or EDGAR are neither incorporated in nor part of this Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_024"></A>ENFORCEABILITY
OF CIVIL LIABILITIES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are a company incorporated under the
OBCA. Some of our directors and officers, and the experts named in this Prospectus, are residents of Canada or otherwise reside
outside the United States, and all or a substantial portion of their assets may be, and a substantial portion of the Company&rsquo;s
assets are, located outside the United States. We have appointed an agent for service of process in the United States (as set forth
below), but it may be difficult for holders of securities who reside in the United States to effect service within the United States
upon those directors, officers and experts who are not residents of the United States. It may also be difficult for holders of
securities who reside in the United States to realize in the United States upon judgments of courts of the United States predicated
upon our civil liability and the civil liability of our directors, officers and experts under the United States federal securities
laws. We have been advised that a judgment of a U.S. court predicated solely upon civil liability under U.S. federal securities
laws or the securities or &ldquo;blue sky&rdquo; laws of any state within the United States, would likely be enforceable in Canada
if the United States court in which the judgment was obtained has a basis for jurisdiction in the matter that would be recognized
by a Canadian court for the same purposes. We have also been advised, however, that there is substantial doubt whether an action
could be brought in Canada in the first instance on the basis of the liability predicated solely upon U.S. federal securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have filed with the SEC, concurrently
with the U.S. Registration Statement of which this Prospectus is a part, an appointment of agent for service of process on Form
F-X. Under the Form F-X, we appointed C T Corporation System, 28 Liberty Street, New York, New York 10005, as our agent for service
of process in the United States in connection with any investigation or administrative proceeding conducted by the SEC, and any
civil suit or action brought against or involving us in a U.S. court arising out of or related to or concerning the offering of
securities under this Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_025"></A>PURCHASER&rsquo;S
STATUTORY RIGHTS OF WITHDRAWAL AND RESCISSION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Securities legislation in certain of the
provinces of Canada provides purchasers with the right to withdraw from an agreement to purchase securities. This right may be
exercised within two business days after receipt or deemed receipt of a Prospectus and any amendment. In several of the provinces,
the securities legislation further provides a purchaser with remedies for rescission or, in some jurisdictions, revisions of the
price or damages if the Prospectus and any amendment contains a misrepresentation or is not delivered to the purchaser, provided
that the remedies for rescission, revision of the price or damages are exercised by the purchaser within the time limit prescribed
by the securities legislation of the purchaser&rsquo;s province. The purchaser should refer to any applicable provisions of the
securities legislation of the purchaser&rsquo;s province for the particulars of these rights or consult with a legal advisor. Rights
and remedies may also be available to purchasers under U.S. law; purchasers may wish to consult with a U.S. lawyer for particulars
of these rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>




<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PART II<BR>
<BR>
INFORMATION NOT REQUIRED TO BE DELIVERED TO OFFEREES OR PURCHASERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Indemnification of Directors and Officers</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">Under
the&nbsp;<I>Business Corporations Act&nbsp;</I>(Ontario), the Registrant may indemnify a director or officer of the Registrant,
a former director or officer of the Registrant or another individual who acts or acted at the Registrant&rsquo;s request as a director
or officer, or an individual acting in a similar capacity, of another entity (each of the foregoing, an &ldquo;individual&rdquo;),
against all costs, charges and expenses, including an amount paid to settle an action or satisfy a judgment, reasonably incurred
by the individual in respect of any civil, criminal, administrative, investigative or other proceeding in which the individual
is involved because of that association with the Registrant or other entity, on the condition that (i)&nbsp;such individual acted
honestly and in good faith with a view to the best interests of the Registrant or, as the case may be, to the best interests of
the other entity for which such individual acted as a director or officer or in a similar capacity at the Registrant&rsquo;s request;
and (ii)&nbsp;if the matter is a criminal or administrative action or proceeding that is enforced by a monetary penalty, the Registrant
shall not indemnify such individual unless such individual had reasonable grounds for believing that such individual&rsquo;s conduct
was lawful.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">Further,
the Registrant may, with the approval of a court, indemnify an individual in respect of an action by or on behalf of the Registrant
or other entity to obtain a judgment in its favor, to which the individual is made a party because of the individual&rsquo;s association
with the Registrant or other entity as a director or officer, a former director or officer, an individual who acts or acted at
the Registrant&rsquo;s request as a director or officer, or an individual acting in a similar capacity, against all costs, charges
and expenses reasonably incurred by the individual in connection with such action, if the individual fulfills the condition in
(i)&nbsp;above. Such individuals are entitled to indemnification from the Registrant in respect of all costs, charges and expenses
reasonably incurred by the individual in connection with the defense of any civil, criminal, administrative, investigative or other
proceeding to which the individual is subject because of the individual&rsquo;s association with the Registrant or other entity
as described above, provided the individual seeking an indemnity: (A)&nbsp;was not judged by a court or other competent authority
to have committed any fault or omitted to do anything that the individual ought to have done; and (B)&nbsp;fulfills the conditions
in (i)&nbsp;and (ii)&nbsp;above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">The&nbsp;by-laws&nbsp;of
the Registrant provide that the Registrant shall indemnify a director or officer of the Registrant, a former director or officer
of the Registrant or a person who acts or acted at the Registrant&rsquo;s request as a director or officer of a body corporate
of which the Registrant is or was a shareholder or creditor, against all costs, charges and expenses, including an amount paid
to settle an action or satisfy a judgment, reasonably incurred by such person in respect of any civil, criminal or administrative
action or proceeding in which the individual is involved because of that association with the Registrant or other entity. The Registrant
may not indemnify an individual pursuant to its&nbsp;by-laws&nbsp;as provided above unless the individual: (a)&nbsp;acted honestly
and in good faith with a view to the best interests of the Registrant; and (b)&nbsp;in the case of a criminal or administrative
action or proceeding that is enforced by a monetary penalty, had reasonable grounds for believing that his or her conduct was lawful.
To the extent required by the&nbsp;<I>Business Corporations Act</I>&nbsp;(Ontario) or applicable law, the&nbsp;by-laws&nbsp;of
the Registrant provide it shall also indemnify such individuals.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Insofar as indemnification
for liabilities arising under the Securities Act of 1933, as amended, may be permitted to directors, officers or persons controlling
the Registrant pursuant to the foregoing provisions, the Registrant has been informed that in the opinion of the Securities and
Exchange Commission (the &ldquo;<B>SEC</B>&rdquo;) such indemnification is against public policy as expressed in the Securities
Act of 1933, as amended, and is therefore unenforceable.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBITS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0; vertical-align: top; text-align: left; font: bold 10pt Times New Roman, Times, Serif; text-indent: 0"> Exhibit<BR> Number </TD><TD STYLE="padding-left: 0; text-align: left; font: bold 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-left: 0; vertical-align: bottom; text-align: left; text-indent: 0"> Description </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0; vertical-align: top; font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: left; padding-left: 0"> <A HREF="tm2013752d3_ex3-1.htm">3.1***</A> </TD><TD STYLE="padding-left: 0; text-align: left; width: 2%; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="text-indent: 0; vertical-align: top; width: 88%; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0"> <A HREF="tm2013752d3_ex3-1.htm">Underwriting
    Agreement</A> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 0; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0"> &nbsp; </TD><TD STYLE="padding-left: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="text-indent: 0; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0"> <A HREF="tm2013752d3_ex3-2.htm">3.2***</A> </TD><TD STYLE="padding-left: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="text-indent: 0; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0"> <A HREF="tm2013752d3_ex3-2.htm">Term
    Sheet</A> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 0; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0"> &nbsp; </TD><TD STYLE="padding-left: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="text-indent: 0; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0"> <A HREF="http://www.sec.gov/Archives/edgar/data/1063259/000165495420002616/denison-aiff2019vedgar.htm" STYLE="-sec-extract: exhibit">4.1</A> </TD><TD STYLE="padding-left: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="text-indent: 0; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0"> <A HREF="http://www.sec.gov/Archives/edgar/data/1063259/000165495420002616/denison-aiff2019vedgar.htm" STYLE="-sec-extract: exhibit">&#8203;Annual
    information form of the Registrant dated March 13, 2020 for the year ended December 31, 2019 (incorporated by reference to
    Exhibit 99.1 to the Registrant&rsquo;s annual report on Form 40-F filed with the SEC on March 13, 2020)</A> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 0; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0"> &nbsp; </TD><TD STYLE="padding-left: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="text-indent: 0; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0"> <A HREF="http://www.sec.gov/Archives/edgar/data/1063259/000165495420002616/a2019-12dmcfinancialsv5.htm" STYLE="-sec-extract: exhibit">4.2</A> </TD><TD STYLE="padding-left: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="text-indent: 0; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0"> <A HREF="http://www.sec.gov/Archives/edgar/data/1063259/000165495420002616/a2019-12dmcfinancialsv5.htm" STYLE="-sec-extract: exhibit">Audited
    annual consolidated financial statements of the Registrant as at and for the years ended December 31, 2019 and 2018 together
    with the auditors&rsquo; report thereon and the notes thereto (incorporated by reference to Exhibit 99.3 to the Registrant&rsquo;s
    annual report on Form 40-F filed with the SEC on March 13, 2020)</A> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 0; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0"> &nbsp; </TD><TD STYLE="padding-left: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="text-indent: 0; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0"> <A HREF="http://www.sec.gov/Archives/edgar/data/1063259/000165495420002616/a2019-12dmcmdafiling.htm" STYLE="-sec-extract: exhibit">4.3</A> </TD><TD STYLE="padding-left: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="text-indent: 0; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0"> <A HREF="http://www.sec.gov/Archives/edgar/data/1063259/000165495420002616/a2019-12dmcmdafiling.htm" STYLE="-sec-extract: exhibit">Management&rsquo;s
    discussion and analysis of the Registrant dated March 5, 2020 for the year ended December 31, 2019 (incorporated by reference
    to Exhibit 99.2 to the Registrant&rsquo;s annual report on Form 40-F filed with the SEC on March 13, 2020)</A> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 0; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0"> &nbsp; </TD><TD STYLE="padding-left: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="text-indent: 0; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0"> <A HREF="http://www.sec.gov/Archives/edgar/data/1063259/000165495419003443/denison-circular2019agmvf.htm" STYLE="-sec-extract: exhibit">4.4</A> </TD><TD STYLE="padding-left: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="text-indent: 0; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0"> <A HREF="http://www.sec.gov/Archives/edgar/data/1063259/000165495419003443/denison-circular2019agmvf.htm" STYLE="-sec-extract: exhibit">Management
    information circular of the Registrant dated March 20, 2019 for the annual general meeting of shareholders of the Registrant
    held on May 2, 2019 (incorporated by reference to Exhibit 99.3 to the Registrant&rsquo;s report on Form 6-K filed with the
    SEC on March 27, 2019)</A> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 0; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0"> &nbsp; </TD><TD STYLE="padding-left: 0; text-align: left; font-size: 10pt; vertical-align: top; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="padding-left: 0; vertical-align: top; font-size: 10pt; text-align: left; text-indent: 0"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0"> <A HREF="http://www.sec.gov/Archives/edgar/data/1063259/000165495420003001/denison-mcr2020postponeme.htm" STYLE="-sec-extract: exhibit">4.5</A> </TD><TD STYLE="padding-left: 0; text-align: left; font-size: 10pt; vertical-align: top; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="padding-left: 0; vertical-align: top; font-size: 10pt; text-align: left; text-indent: 0"> <A HREF="http://www.sec.gov/Archives/edgar/data/1063259/000165495420003001/denison-mcr2020postponeme.htm" STYLE="-sec-extract: exhibit">Material
    change report dated March 23, 2020 regarding the Company&rsquo;s announcement of a temporary suspension of activities related
    to the environmental assessment for the Wheeler River project and other discretionary activities (incorporated by reference
    to Exhibit 99.1 to the Registrant's report on Form 6-K filed with the SEC on March 23, 2020)</A> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 0; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0"> &nbsp; </TD><TD STYLE="padding-left: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="text-indent: 0; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0"> <A HREF="tm2013752d3_ex5-1.htm">5.1***</A> </TD><TD STYLE="padding-left: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="text-indent: 0; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0"> <A HREF="tm2013752d3_ex5-1.htm">Consent
    of PricewaterhouseCoopers LLP</A> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 0; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0"> &nbsp; </TD><TD STYLE="padding-left: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="text-indent: 0; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0"> <A HREF="http://www.sec.gov/Archives/edgar/data/1063259/000110465920038300/tm2013752d1_ex5-2.htm">5.2*</A> </TD><TD STYLE="padding-left: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="text-indent: 0; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0"> <A HREF="http://www.sec.gov/Archives/edgar/data/1063259/000110465920038300/tm2013752d1_ex5-2.htm">Consent
    of Blake, Cassels &amp; Graydon LLP</A> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 0; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0"> &nbsp; </TD><TD STYLE="padding-left: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="text-indent: 0; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0"> <A HREF="http://www.sec.gov/Archives/edgar/data/1063259/000110465920038300/tm2013752d1_ex5-3.htm">5.3*</A> </TD><TD STYLE="padding-left: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="text-indent: 0; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0"> <A HREF="http://www.sec.gov/Archives/edgar/data/1063259/000110465920038300/tm2013752d1_ex5-3.htm">Consent
    of McMillan LLP</A> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 0; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0"> &nbsp; </TD><TD STYLE="padding-left: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="text-indent: 0; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0"> 5.4** </TD><TD STYLE="padding-left: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="text-indent: 0; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0"> Consent
    of Roscoe Postle Associates Inc. </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 0; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0"> &nbsp; </TD><TD STYLE="padding-left: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="text-indent: 0; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0"> 5.5** </TD><TD STYLE="padding-left: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="text-indent: 0; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0"> Consent
    of Richard E. Routledge, M.Sc., P.Geo. </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 0; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0"> &nbsp; </TD><TD STYLE="padding-left: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="text-indent: 0; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0"> 5.6** </TD><TD STYLE="padding-left: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="text-indent: 0; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0"> Consent
    of SRK Consulting (Canada) Inc. </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 0; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0"> &nbsp; </TD><TD STYLE="padding-left: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="text-indent: 0; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0"> 5.7** </TD><TD STYLE="padding-left: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="text-indent: 0; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0"> Consent
    of Mark Liskowich, P.Geo. </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 0; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0"> &nbsp; </TD><TD STYLE="padding-left: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="text-indent: 0; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0"> 5.8** </TD><TD STYLE="padding-left: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="text-indent: 0; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0"> Consent
    of Oy Leuangthong, P.Eng. </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 0; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0"> &nbsp; </TD><TD STYLE="padding-left: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="text-indent: 0; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0"> 5.9** </TD><TD STYLE="padding-left: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="text-indent: 0; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0"> Consent
    of Cliff Revering, P.Eng. </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 0; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0"> &nbsp; </TD><TD STYLE="padding-left: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="text-indent: 0; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0"> 5.10** </TD><TD STYLE="padding-left: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="text-indent: 0; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0"> Consent
    of G. David Keller, P.Geo. </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 0; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0"> &nbsp; </TD><TD STYLE="padding-left: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="text-indent: 0; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0"> 5.11** </TD><TD STYLE="padding-left: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="text-indent: 0; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0"> Consent
    of SGS Geostat </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 0; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0"> &nbsp; </TD><TD STYLE="padding-left: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="text-indent: 0; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0"> 5.12** </TD><TD STYLE="padding-left: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="text-indent: 0; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0"> Consent
    of Allan Armitage, Ph.D., P.Geo. </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 0; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0"> &nbsp; </TD><TD STYLE="padding-left: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="text-indent: 0; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0"> 5.13** </TD><TD STYLE="padding-left: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="text-indent: 0; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0"> Consent
    of GeoVector Management Inc. </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 0; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0"> &nbsp; </TD><TD STYLE="padding-left: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="text-indent: 0; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0"> 5.14** </TD><TD STYLE="padding-left: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="text-indent: 0; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0"> Consent
    of Alan Sexton, M.Sc., P.Geo. </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 0; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0"> &nbsp; </TD><TD STYLE="padding-left: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="text-indent: 0; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0"> 5.15** </TD><TD STYLE="padding-left: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="text-indent: 0; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0"> Consent
    of Dale Verran, M.Sc., P.Geo, Pr.Sci.Nat. </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 0; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0"> &nbsp; </TD><TD STYLE="padding-left: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="text-indent: 0; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0"> 5.16** </TD><TD STYLE="padding-left: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="text-indent: 0; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0"> Consent
    of Chad Sorba, P.Geo. </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 0; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0"> &nbsp; </TD><TD STYLE="padding-left: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="text-indent: 0; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0"> 5.17** </TD><TD STYLE="padding-left: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="text-indent: 0; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0"> Consent
    of Serdar Donmez, P.Geo., E.I.T. </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 0; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0"> &nbsp; </TD><TD STYLE="padding-left: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="text-indent: 0; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0"> 5.18** </TD><TD STYLE="padding-left: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="text-indent: 0; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0"> Consent
    of Paul Burry, P.Geo. </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 0; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0"> &nbsp; </TD><TD STYLE="padding-left: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="text-indent: 0; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0"><A HREF="http://www.sec.gov/Archives/edgar/data/1063259/000110465920038300/tm2013752d1_f10.htm#a_028"> 6.1* </A></TD><TD STYLE="padding-left: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-indent: 0"> &nbsp; </TD>
    <TD STYLE="text-indent: 0; vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0"><A HREF="http://www.sec.gov/Archives/edgar/data/1063259/000110465920038300/tm2013752d1_f10.htm#a_028"> Powers
    of Attorney (included on the signature page of this Registration Statement) </A></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"> * </TD><TD STYLE="text-align: justify"> Previously filed. </TD>
</TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"> ** </TD><TD STYLE="text-align: justify"> To be filed by
                                         amendment. </TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"> *** </TD><TD STYLE="text-align: justify"> Filed herewith. </TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PART III<BR></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNDERTAKING AND CONSENT TO SERVICE OF PROCESS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item 1.</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Undertaking</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Registrant undertakes
to make available, in person or by telephone, representatives to respond to inquiries made by the SEC staff, and to furnish promptly,
when requested to do so by the SEC staff, information relating to the securities registered pursuant to Form F-10 or to transactions
in said securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item 2.</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Consent to Service of Process</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(a) The Registrant has previously
filed with the SEC a written irrevocable consent and power of attorney on Form F-X.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(b) Any change to the name or
address of the agent for service of the Registrant shall be communicated promptly to the SEC by amendment to Form F-X referencing
the file number of this Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> Pursuant to the
requirements of the Securities Act of 1933, as amended, the Registrant certifies that it has reasonable grounds to believe that
it meets all of the requirements for filing on Form F-10 and has duly caused this Amendment No. 1 to the Registration Statement
to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Toronto, Province of Ontario, Canada,
on the 26th day of March, 2020. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-align: justify; text-indent: 0.5in"> <B>&nbsp;</B> </P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD COLSPAN="2"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DENISON MINES CORP.</B></FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD COLSPAN="2"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%"> &nbsp; </TD>
    <TD STYLE="white-space: nowrap; width: 4%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 47%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/&nbsp;David&nbsp;D.&nbsp;Cates</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD COLSPAN="2"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: David D. Cates</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD COLSPAN="2"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:&nbsp;&nbsp;President and
    Chief Executive Officer</FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B>&nbsp;</B>&nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> Pursuant to the
requirements of the Securities Act of 1933, as amended, this Amendment No. 1 to the Registration Statement has been signed by
the following persons in the capacities indicated on 26th day of March, 2020. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> &nbsp; </P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Signature</B></FONT> </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title</B></FONT> </TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: justify"> &nbsp; </TD>
    <TD STYLE="vertical-align: top; text-align: justify"> &nbsp; </TD>
    <TD STYLE="vertical-align: top"> &nbsp; &nbsp; </TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; vertical-align: top; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    David D. Cates</FONT> </TD>
    <TD STYLE="vertical-align: top; text-align: justify"> &nbsp; </TD>
    <TD STYLE="vertical-align: top; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">President,
    Chief Executive Officer and Director</FONT> </TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">David
    D. Cates</FONT> </TD>
    <TD STYLE="vertical-align: top; text-align: justify"> &nbsp; </TD>
    <TD STYLE="vertical-align: top; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(principal
    executive officer)</FONT> </TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center"> &nbsp; </TD>
    <TD STYLE="vertical-align: top; text-align: justify"> &nbsp; </TD>
    <TD STYLE="vertical-align: top; text-align: justify"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Gabriel (Mac) McDonald</FONT> </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Executive Vice
    President and Chief Financial Officer</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gabriel
    (Mac) McDonald</FONT> </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(principal financial
    and accounting officer)</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT> </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chair of the
    Board</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Catherine
    J.G. Stefan</FONT> </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT> </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">W.
    Robert Dengler</FONT> </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT> </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Brian
    D. Edgar</FONT> </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT> </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ron
    F. Hochstein</FONT> </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD></TR>

<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT> </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jack
    O.A. Lundin</FONT> </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;*</FONT> </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jun
    Gon Kim</FONT> </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">William
    A. Rand</FONT> </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;*</FONT> </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Patricia
    M. Volker</FONT> </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; width: 2%"> &nbsp; </TD>
    <TD STYLE="text-align: center; width: 43%"> &nbsp; </TD>
    <TD STYLE="text-align: justify; width: 5%"> &nbsp; </TD>
    <TD STYLE="text-align: justify; width: 50%"> &nbsp; </TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*By:&nbsp;&nbsp;&nbsp;&nbsp;</FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 43%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    David D. Cates</FONT> </TD>
    <TD STYLE="width: 5%"> &nbsp; </TD>
    <TD STYLE="width: 50%"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT>&nbsp; </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">David D. Cates</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:&nbsp;&nbsp;&nbsp;</FONT> </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attorney-in-Fact</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AUTHORIZED REPRESENTATIVE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> Pursuant to the
requirements of Section 6(a) of the Securities Act of 1933, as amended, the undersigned has signed this Amendment No. 1 to the
Registration Statement, solely in the capacity of the duly authorized representative of Denison Mines Corp. in the United States,
on the 26th day of March, 2020. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 3.5in">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PUGLISI &amp; ASSOCIATES</B></FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 62%">&nbsp;</TD>
    <TD STYLE="width: 3%; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: </FONT></TD>
    <TD STYLE="width: 35%; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Donald J. Puglisi</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Donald J. Puglisi</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: Managing Director</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-3.1
<SEQUENCE>2
<FILENAME>tm2013752d3_ex3-1.htm
<DESCRIPTION>EXHIBIT 3.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0"><B>Exhibit 3.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNDERWRITING AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">March 26, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 10pt"><B>Denison Mines
Corp.<BR>
</B></FONT>40 University Avenue, Suite 1100<BR>
Toronto, Ontario M5J 1T1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Attention:</TD><TD STYLE="text-align: left">David Cates, President and Chief Executive Officer</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: left; text-indent: -1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dear Sirs/Mesdames:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Cantor
Fitzgerald Canada Corporation (&ldquo;</FONT><B>CFCC</B>&rdquo;), as sole bookrunner and co-lead underwriter together with Haywood
Securities Inc.(&ldquo;<B>Haywood</B>&rdquo;, and together with CFCC, the &ldquo;<B>Co-Lead Underwriters</B>&rdquo;), along with
BMO Nesbitt Burns Inc., Scotia Capital Inc., TD Securities Inc., Canaccord Genuity Corp. and Raymond James Ltd. (together with
the Co-Lead underwriters, the &ldquo;<B>Underwriters</B>&rdquo; and each individually an &ldquo;<B>Underwriter</B>&rdquo;) hereby
severally, and not jointly nor jointly and severally, offer to purchase from Denison Mines Corp. (the &ldquo;<B>Company</B>&rdquo;)
in the respective percentages set forth in Section&nbsp;22 hereof, and the Company hereby agrees to issue and sell to the Underwriters,
upon and subject to the terms hereof, an aggregate of 25,000,000 common shares of the Company (the &ldquo;<B>Firm Shares</B>&rdquo;)
on an underwritten basis at a price of US$0.20 per Firm Share (the &ldquo;<B>Offering Price</B>&rdquo;) for an aggregate purchase
price of US$5,000,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Upon
and subject to the terms and conditions contained herein, the Company hereby grants to the Underwriters an option (the &ldquo;</FONT><B>Over-Allotment
Option</B>&rdquo;) to purchase severally, and not jointly nor jointly and severally, in the respective percentages set forth in
Section&nbsp;22 hereof, up to an additional 3,750,000 common shares of the Company (the &ldquo;<B>Additional Shares</B>&rdquo;)
at a price of US$0.20 per Additional Share for the purposes of covering over-allotments and for market stabilization purposes.
The Over-Allotment Option may be exercised in accordance with Section&nbsp;16 hereof. The Firm Shares and the Additional Shares
are collectively referred to herein as the &ldquo;<B>Offered Shares</B>&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Company has filed under and as required by Canadian Securities Laws (as hereinafter defined) a preliminary short form prospectus
with each of the Canadian Securities Commissions (as hereinafter defined) relating to the distribution of the Offered Shares in
the Qualifying Jurisdictions (as hereinafter defined) (such short form prospectus, including the Documents Incorporated by Reference
(as hereinafter defined), the &ldquo;</FONT><B>Initial Canadian Preliminary Prospectus</B>&rdquo;) and has obtained a Prospectus
Receipt (as hereinafter defined) therefor. In addition, the Company has filed with the United States Securities and Exchange Commission
(the &ldquo;<B>SEC</B>&rdquo;) a registration statement on Form F-10 (File No. 333-237381) registering the distribution of the
Offered Shares under the United States Securities Act of 1933, as amended (the &ldquo;<B>U.S. Securities Act</B>&rdquo;), and the
rules and regulations of the SEC thereunder, including the Initial Canadian Preliminary Prospectus (with such deletions therefrom
and additions thereto as are permitted or required by Form F-10 and the applicable rules and regulations of the SEC) (such registration
statement, including the exhibits and any schedules thereto, the Documents Incorporated by Reference and the documents otherwise
deemed under applicable rules and regulations of the SEC to be a part thereof or included therein, the &ldquo;<B>Initial Registration
Statement</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Company shall, not later than 10:00 a.m. (Vancouver time) on March 26, 2020 and on a basis acceptable to the Underwriters, acting
reasonably, prepare and file under and as required by Canadian Securities Laws with each of the Canadian Securities Commissions
an amended and restated Initial Canadian Preliminary Prospectus (such short form prospectus, including the Documents Incorporated
by Reference, the &ldquo;</FONT><B>Amended and Restated Canadian Preliminary Prospectus</B>&rdquo;) and all other required documents
and obtain a Prospectus Receipt therefor as soon as reasonably practicable. The Company shall also, immediately after the filing
of the Amended and Restated Canadian Preliminary Prospectus and on a basis acceptable to the Underwriters, acting reasonably, prepare
and file with the SEC a pre-effective amendment to the Initial Registration Statement, including the Amended and Restated Canadian
Preliminary Prospectus (with such deletions therefrom and additions thereto as are permitted or required by Form F-10 and the applicable
rules and regulations of the SEC) (such amended registration statement, including the exhibits and any schedules thereto, the Documents
Incorporated by Reference and the documents otherwise deemed under applicable rules and regulations of the SEC to be a part thereof
or included therein, the &ldquo;<B>Amendment No. 1 to the Registration Statement</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Company shall prepare and file forthwith after clearance for the Offering has been obtained from the Financial Industry Regulatory
Authority, Inc. (&ldquo;</FONT><B>FINRA</B>&rdquo;) and any comments with respect to the Amended and Restated Canadian Preliminary
Prospectus have been received from, and have been resolved with, the Commission (as hereinafter defined), and on a basis acceptable
to the Underwriters, acting reasonably, and on the terms set out below, under and as required by Canadian Securities Laws with
each of the Canadian Securities Commissions a (final) short form prospectus (such short form prospectus, including the Documents
Incorporated by Reference, the &ldquo;<B>Canadian Final Prospectus</B>&rdquo;) and all other required documents, including any
document incorporated by reference therein that has not previously been filed, in order to qualify for distribution to the public
the Offered Shares in all the provinces of Canada except Quebec (the &ldquo;<B>Qualifying Jurisdictions</B>&rdquo;) through the
Underwriters or any other investment dealer or broker registered to transact such business in the applicable Qualifying Jurisdictions
contracting with the Underwriters and use best efforts to obtain a Prospectus Receipt therefor no later than April 6, 2020. The
Company shall also, immediately after the filing of the Canadian Final Prospectus and on a basis acceptable to the Underwriters,
acting reasonably, file with the SEC a further amendment to the Initial Registration Statement, as amended by the Amendment No.
1 to the Registration Statement (or any other U.S. Registration Statement Amendment), including the Canadian Final Prospectus (with
such deletions therefrom and additions thereto as are permitted or required by Form F-10 and the applicable rules and regulations
of the SEC) (such amended registration statement, including the exhibits and any schedules thereto, the Documents Incorporated
by Reference and the documents otherwise deemed under applicable rules and regulations of the SEC to be a part thereof or included
therein, the &ldquo;<B>Amendment No. 2 to the Registration Statement</B>&rdquo;) and cause the Amendment No. 2 to the Registration
Statement to become effective under the U.S. Securities Act unless it becomes effective automatically upon filing (the Initial
Registration Statement, as amended at the time it becomes effective, including the exhibits and any schedules thereto, the Documents
Incorporated by Reference and the documents otherwise deemed under applicable rules and regulations of the SEC to be a part thereof
or included therein, the &ldquo;<B>Registration Statement</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Company has also prepared and filed with the SEC an appointment of agent for service of process upon the Company on Form F-X (the
 &ldquo;</FONT><B>Form F-X</B>&rdquo;) in conjunction with the filing of the Initial Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company and the
Underwriters agree that: (i) any offers or sales of the Offered Shares in Canada will be conducted through the Underwriters, or
one or more affiliates of the Underwriters, duly registered in compliance with applicable Canadian Securities Laws; and (ii) any
offers or sales of the Offered Shares in the United States will be conducted through the Underwriters, or one or more affiliates
of the Underwriters, duly registered as a broker-dealer in compliance with applicable U.S. Securities Laws (as hereinafter defined)
and the requirements of FINRA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">In
consideration of the agreement on the part of the Underwriters to purchase the Offered Shares and in consideration of the services
rendered and to be rendered by the Underwriters hereunder, the Company agrees to pay to CFCC on behalf of the Underwriters, at
the Closing Time (as hereinafter defined), and at the Option Closing Time (as hereinafter defined), if any, a cash fee equal to
</FONT>6.0% of the aggregate gross proceeds of the Offering (the &ldquo;<B>Underwriting Fee</B>&rdquo;) the payment of such fee
to be reflected by the Underwriters making payment of the gross proceeds of the sale of the Firm Shares or the Additional Shares,
as the case may be, to the Company less the amount of the Underwriting Fee. This Agreement shall be subject to the following terms
and conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Agreement shall
be subject to the following terms and conditions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TERMS AND CONDITIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left"><FONT STYLE="font-size: 10pt"><B>Section 1</B></FONT></TD><TD STYLE="text-align: justify"><B>Interpretation</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 80.65pt; text-align: justify; text-indent: -80.65pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify">Definitions</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Where used in this
Agreement or in any amendment hereto, the following terms shall have the following meanings, respectively:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;</FONT><B>Additional
Shares</B>&rdquo; has the meaning given to it in the second paragraph of this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;</FONT><B>affiliate</B>&rdquo;
has the meaning given to it in the Business Corporations Act (Ontario);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;</FONT><B>Agreement</B>&rdquo;
means the agreement resulting from the acceptance by the Company of the offer made by the Underwriters by this letter;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;</FONT><B>Amended
and Restated Canadian Preliminary Prospectus</B>&rdquo; has the meaning given to it in the fourth paragraph of this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;</FONT><B>Amendment
No. 1 to the Registration Statement</B>&rdquo; has the meaning given to it in the fourth paragraph of this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;</FONT><B>Amendment
No. 2 to the Registration Statement</B>&rdquo; has the meaning given to it in the fifth paragraph of this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>APG</B>&rdquo; means
Anglo Pacific Group PLC;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>APG Loan</B>&rdquo;
means the $43.5 million lending and streaming arrangement between the Company&rsquo;s subsidiaries, DMI and 937321 Canada Inc.
with APG and its wholly-owned subsidiary Centaurus Royalties Ltd.;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;</FONT><B>Applicable
Laws</B>&rdquo; means, in relation to any person or persons, the Applicable Securities Laws and all other statutes, regulations,
rules, orders, by-laws, codes, ordinances, decrees, the terms and conditions of any grant of approval, permission, authority or
licence, or any judgment, order, decision, ruling, award, policy or guidance document, of any Governmental Authority that are applicable
to such person or persons or its or their business, undertaking, property or securities and emanate from a Governmental Authority,
having jurisdiction over the person or persons or its or their business, undertaking, property or securities;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;</FONT><B>Applicable
Securities Laws</B>&rdquo; means the Canadian Securities Laws and the U.S. Securities Laws;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Applicable Time</B>&rdquo;
means 9:00 a.m. (New York City time) on the date of this Agreement or such other time as agreed by the Company and CFCC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;</FONT><B>Business
Day</B>&rdquo; means any day, other than a Saturday or Sunday, on which banks are open for business in Vancouver, British Columbia,
Toronto, Ontario and New York, New York;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;</FONT><B>Canadian
Final Prospectus</B>&rdquo; has the meaning given to it in the fifth paragraph of this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;</FONT><B>Canadian
Offering Documents</B>&rdquo; means each of the Canadian Preliminary Prospectus, the Canadian Final Prospectus, any Canadian Prospectus
Amendment, including the Documents Incorporated by Reference and any Marketing Documents;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;</FONT><B>Canadian
Preliminary Prospectus</B>&rdquo; means the Initial Canadian Preliminary Prospectus, including the Documents Incorporated by Reference
and, subsequent to the filing of the Amended and Restated Canadian Preliminary Prospectus, references to the &ldquo;<B>Canadian
Preliminary Prospectus</B>&rdquo; shall mean the Initial Canadian Preliminary Prospectus, as amended by the Amended and Restated
Canadian Preliminary Prospectus, including the Documents Incorporated by Reference;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;</FONT><B>Canadian
Prospectus Amendment</B>&rdquo; means any amendment to the Canadian Preliminary Prospectus or the Canadian Final Prospectus, including
the Documents Incorporated by Reference;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;</FONT><B>Canadian
Securities Commissions</B>&rdquo; means the securities regulatory authorities in each of the Qualifying Jurisdictions;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;</FONT><B>Canadian
Securities Laws</B>&rdquo; means all applicable securities laws of each of the Qualifying Jurisdictions and the respective rules
and regulations under such laws together with applicable published national, multilateral and local policy statements, instruments,
notices, blanket orders and rulings of the securities regulatory authorities in the Qualifying Jurisdictions;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;</FONT><B>CDS</B>&rdquo;
means the CDS Clearing and Depository Services Inc.;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>CF
US</B>&rdquo; has the meaning given to it in </FONT>Section&nbsp;7;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>CFCC</B>&rdquo; means
Cantor Fitzgerald Corporation Canada;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;</FONT><B>Closing
Date</B>&rdquo; has the meaning given to it in Section&nbsp;14;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;</FONT><B>Closing
Time</B>&rdquo; has the meaning given to it in Section&nbsp;14;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Code</B>&rdquo;
has the meaning given to it in </FONT>Section&nbsp;7(59);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Co-Lead Underwriters</B>&rdquo;
has the meaning given to it in the first paragraph of this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;</FONT><B>Commission</B>&rdquo;
means the Ontario Securities Commission;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;</FONT><B>Common
Shares</B>&rdquo; means the common shares in the capital of the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;</FONT><B>Company</B>&rdquo;
means Denison Mines Corp.;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Corporate
Records</B>&rdquo; has the meaning given to it in </FONT>Section&nbsp;7(17);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>December 2019 FT Private
Placement</B>&rdquo; means the sale of 6,934,500 common shares in the capital of the Company pursuant to the December 2019 FT Private
Placement Underwriting Agreement, which common shares were issued as &ldquo;flow-through shares&rdquo; as defined in subsection
66(15) of the Tax Act at a price of $0.68 per share;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>December
2019 FT Private Placement Underwriting Agreement</B>&rdquo; means </FONT>the underwriting agreement dated December 6, 2019 between
the Company and CFCC, Haywood Securities Inc., TD Securities Inc. and BMO Nesbitt Burns Inc. with respect to the December 2019
FT Private Placement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;</FONT><B>Defaulting
Underwriter&rdquo; </B>has the meaning given to it in Section&nbsp;22(2);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Disclosure Package</B>&rdquo;
means (i) the U.S. Preliminary Prospectus at the Applicable Time, (ii) the information set forth on Schedule &ldquo;E&rdquo;, and
(iii) any prospectus included in a U.S. Registration Statement Amendment and any Issuer Free Writing Prospectus, in each case that
the parties hereto shall hereafter expressly agree in writing to treat as part of the Disclosure Package, all considered together;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;</FONT><B>Disclosure
Record</B>&rdquo; means the Company&rsquo;s prospectuses, registration statements, annual reports, annual and interim financial
statements, annual information forms, business acquisition reports, management discussion and analysis of financial condition and
results of operations, information circulars, material change reports, press releases and all other information or documents required
to be filed or furnished by the Company under Applicable Securities Laws which have been publicly filed or otherwise publicly disseminated
by the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;</FONT><B>Distribution</B>&rdquo;
means &ldquo;distribution&rdquo; or &ldquo;distribution to the public&rdquo; as those terms are defined in the Applicable Securities
Laws;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>DMI</B>&rdquo; means
Denison Mines Inc.;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;</FONT><B>Documents
Incorporated by Reference</B>&rdquo; means all interim and annual financial statements, management&rsquo;s discussion and analysis,
business acquisition reports, management information circulars, annual information forms, material change reports, Marketing Documents
and other documents that are or are required by Applicable Securities Laws to be incorporated by reference into the Offering Documents,
as applicable;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;</FONT><B>Effective
Time</B>&rdquo; means the time the Registration Statement is declared or becomes effective;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;</FONT><B>Eligible
Issuer</B>&rdquo; means an issuer which meets the criteria and has complied with the requirements of NI 44-101 so as to be qualified
to offer securities by way of a short form prospectus;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Encumbrance</B>&rdquo;
means any encumbrance, lien, charge, hypothec, pledge, mortgage, title retention agreement or other security interest;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Environmental
Laws</B>&rdquo; has the meaning given in </FONT>Section&nbsp;7(49)(a);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Environmental
Permits</B>&rdquo; has the meaning given in </FONT>Section&nbsp;7(49)(b);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Exchanges</B>&rdquo;
means, collectively, the TSX and NYSE American;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;</FONT><B>Evaluation
Date</B>&rdquo; has the meaning given to it in Section&nbsp;7(26).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Financial
Statements</B>&rdquo; has the meaning given to it in </FONT>Section&nbsp;7(23);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;</FONT><B>Firm
Shares</B>&rdquo; has the meaning given to it in the first paragraph of this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;</FONT><B>Form
F-X</B>&rdquo; has the meaning given to it in the sixth paragraph of this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;</FONT><B>Governmental
Authority</B>&rdquo; means and includes, without limitation, any national, federal, provincial, state or municipal government or
other political subdivision of any of the foregoing, any entity exercising executive, legislative, judicial, regulatory or administrative
functions of or pertaining to government and any corporation or other entity owned or controlled (through stock or capital ownership
or otherwise) by any of the foregoing;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;</FONT><B>Hazardous
Substances</B>&rdquo; has the meaning given to it in Section&nbsp;7(49)(a);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>IFRS</B>&rdquo;
has the meaning given to it in </FONT>Section&nbsp;7(23);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;</FONT><B>Indemnified
Party</B>&rdquo; has the meaning given to it in Section&nbsp;9(1);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;</FONT><B>Indemnifying
Party</B>&rdquo; has the meaning given to it in Section&nbsp;9(1);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;</FONT><B>Initial
Canadian Preliminary Prospectus</B>&rdquo; has the meaning given to it in the third paragraph of this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;</FONT><B>Initial
Registration Statement</B>&rdquo; has the meaning given to it in the third paragraph of this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;</FONT><B>Intellectual
Property</B>&rdquo; has the meaning given to in Section&nbsp;7(41);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;</FONT><B>Issuer
Free Writing Prospectus</B>&rdquo; means an &ldquo;issuer free writing prospectus&rdquo; as defined in Rule 433 under the U.S.
Securities Act relating to the Offered Shares that (i) is required to be filed with the SEC by the Company, (ii) is a &ldquo;road
show that is a written communication&rdquo; within the meaning of Rule 433(d)(8)(i) under the U.S. Securities Act whether or not
required to be filed with the SEC or (iii) is exempt from filing pursuant to Rule 433(d)(5)(i) under the U.S. Securities Act because
it contains a description of the Offered Shares or of the Offering that does not reflect the final terms, in each case in the form
filed or required to be filed with the SEC or, if not required to be filed, in the form retained in the Company&rsquo;s records
pursuant to Rule 433(g) under the U.S. Securities Act;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Joint Venture Entities</B>&rdquo;
means each person or body corporate, howsoever constituted in any jurisdiction, which is an owner or operator of any of the Material
Properties, including, to the extent applicable, the Company and DMI, provided that any representation or warranty of this Company
in this Agreement relating to Joint Venture Entities other than the Company or DMI shall be deemed to be limited to only apply
in respect of the Material Properties, and &ldquo;<B>Joint Venture Entity</B>&rdquo; means any one of the Joint Venture Entities;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>KHNP Strategic Relationship
Agreement</B>&rdquo; means the amended and restated strategic relationship agreement made as of September 19, 2017 between the
Company and KHNP Canada Energy Ltd.;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;</FONT><B>Marketing
Documents</B>&rdquo; means the marketing materials approved in accordance with Section&nbsp;3(2);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;</FONT><B>marketing
materials</B>&rdquo; has the meaning given to it in NI 41-101;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Material
Adverse Effect</B>&rdquo; </FONT>means any event, fact, circumstance, development, occurrence or state of affairs (i) that is materially
adverse to the business, assets (including intangible assets), affairs, operations, liabilities (contingent or otherwise), capital,
properties, condition (financial or otherwise) or results of operations of the Company and any of the Material Subsidiaries or
Joint Venture Entities, taken as a whole, whether or not arising in the ordinary course of business or (ii) that would result in
any of the Offering Documents containing a misrepresentation;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Material Agreements</B>&rdquo;
mean any mortgage, note, indenture, contract, agreement (written or oral), instrument, lease or other document to which the Company,
a Subsidiary or a Joint Venture Entity is a party or by which the Company, a Subsidiary or a Joint Venture Entity or a material
portion of the assets thereof are bound which is material to the Company (on a consolidated basis);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;</FONT><B>material
change</B>&rdquo; means a material change in or relating to the Company for the purposes of Applicable Securities Laws or any of
them, or where undefined under the Applicable Securities Laws of an Offering Jurisdiction means a change in or relating to the
business, operations or capital of the Company and its subsidiaries taken as a whole that would reasonably be expected to have
a significant effect on the market price or value of any securities of the Company and includes a decision to implement such a
change made by the board of directors of the Company or by senior management who believe that confirmation of the decision by the
board of directors of the Company is probable;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;</FONT><B>material
fact</B>&rdquo; means a material fact for the purposes of Applicable Securities Laws or any of them, or where undefined under the
Applicable Securities Laws of an Offering Jurisdiction means a fact that would reasonably be expected to have a significant effect
on the market price or value of any securities of the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Material
Properties</B>&rdquo; </FONT>means, collectively:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt; color: black">(i)</FONT></TD><TD STYLE="text-align: justify">the Wheeler River uranium project consisting of <FONT STYLE="color: black">19</FONT> mineral claims
covering an aggregate area of <FONT STYLE="color: black">11,720</FONT> hectares;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt; color: black">(ii)</FONT></TD><TD STYLE="text-align: justify">the Waterbury Lake project comprised of 12 contiguous claims and one separate claim covering 40,256
hectares that is owned by the Company and the Korea Waterbury Uranium Limited Partnership, as limited partners, and Waterbury Lake
Uranium corporation, as general partner, in the Waterbury Lake Uranium Limited Partnership;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt; color: black">(iii)</FONT></TD><TD STYLE="text-align: justify">the McClean Lake project consisting of 13 mineral claims covering an aggregate area of 3,111 hectares,
4 mineral leases covering an area of 1,147 hectares, and the McClean Lake uranium processing facility; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt; color: black">(iv)</FONT></TD><TD STYLE="text-align: justify">the Midwest project consisting of 3 contiguous mineral leases covering an area of 1,426 hectares,
all located in the Athabasca Basin region of Saskatchewan;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;</FONT><B>Material
Subsidiaries</B>&rdquo; has the meaning given to it in Section&nbsp;7(16);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;</FONT><B>misrepresentation</B>&rdquo;
means a misrepresentation for the purposes of the Applicable Securities Laws of an Offering Jurisdiction or any of them, or where
undefined under the Applicable Securities Laws of an Offering Jurisdiction means: (i) an untrue statement of a material fact, or
(ii) an omission to state a material fact that is required to be stated or that is necessary to make a statement not misleading
in the light of the circumstances in which it was made;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Money
Laundering Laws</B>&rdquo; has the meaning given in </FONT>Section&nbsp;7(65);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>NI 43-101</B>&rdquo;
means National Instrument 43-101 &ndash; <I>Standards of Disclosure for Mineral Projects</I>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;</FONT><B>NI
44-101</B>&rdquo; means National Instrument 44-101 &ndash; <I>Short Form Prospectus Distributions</I>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;</FONT><B>NI
51-102</B>&rdquo; means National Instrument 51-102 &ndash; <I>Continuous Disclosure Obligations</I>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>NI 52-109</B>&rdquo;
means National Instrument 52-109 - <I>Certification of Disclosure in Issuers&rsquo; Annual and Interim Filings</I>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;</FONT><B>NYSE
American</B>&rdquo; means the NYSE American LLC;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;</FONT><B>Offered
Shares</B>&rdquo; has the meaning given to it in the second paragraph of this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;</FONT><B>Offering</B>&rdquo;
means the sale of Offered Shares pursuant to this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;</FONT><B>Offering
Documents</B>&rdquo; means the Canadian Offering Documents and the U.S. Offering Documents;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;</FONT><B>Offering
Jurisdictions</B>&rdquo; means the United States and the Qualifying Jurisdictions;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;</FONT><B>Offering
Price</B>&rdquo; has the meaning given to it in the first paragraph of this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;</FONT><B>Option
Closing Date</B>&rdquo; has the meaning given to it in Section&nbsp;16(1);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;</FONT><B>Option
Closing Time</B>&rdquo; has the meaning given to it in Section&nbsp;16(1);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;</FONT><B>Over-Allotment
Option</B>&rdquo; has the meaning given to it in the second paragraph of this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Permits</B>&rdquo;
has the meaning given to it in </FONT>Section&nbsp;7(50);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Person</B>&rdquo;
has the meaning given to it in </FONT>Section&nbsp;7(32);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;</FONT><B>Prospectus
Receipt</B>&rdquo; means the receipt issued by the Commission, which is deemed to also be a receipt of the other Canadian Securities
Commissions pursuant to Multilateral Instrument 11-102 &mdash; <I>Passport System</I> and National Policy 11-202 &mdash; <I>Process
for Prospectus Reviews in Multiple Jurisdictions</I>, for the Canadian Preliminary Prospectus, the Amended and Restated Canadian
Preliminary Prospectus, the Canadian Final Prospectus and any Canadian Prospectus Amendment, as the case may be;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;</FONT><B>Purchasers</B>&rdquo;
means, collectively, each of the purchasers of the Offered Shares arranged by the Underwriters pursuant to the Offering;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Qualified Expenditures</B>&rdquo;
has the meaning given to it in the December 2019 FT Private Placement Underwriting Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;</FONT><B>Qualifying
Jurisdictions</B>&rdquo; has the meaning given to it in the fifth paragraph of this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;</FONT><B>Registration
Statement</B>&rdquo; has the meaning given to it in the fifth paragraph of this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Regulation
M</B>&rdquo; has the meaning given to it in </FONT>Section&nbsp;7(60);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Reports</B>&rdquo;
has the meaning given to it in </FONT>Section&nbsp;7(51)(a);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Sanctions</B>&rdquo;
has the meaning given to it in </FONT>Section&nbsp;7(66);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;</FONT><B>SEC</B>&rdquo;
has the meaning given to it in the third paragraph of this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;</FONT><B>SEDAR</B>&rdquo;
means the System for Electronic Document Analysis and Retrieval;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;</FONT><B>Selling
Firm&rdquo;</B> has the meaning given to it in Section&nbsp;2(1);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Senior Secured Credit
Facility</B>&rdquo; means the revolving term credit facility for CDN$24,000,000 established pursuant to the fourth amended and
restated credit agreement dated as of January 30, 2015, as amended by agreements dated January 27, 2016, January 31, 2017, January
19, 2018, April 9, 2018, January 29, 2019 and January 29, 2020, among the Company and DMI, as borrowers, Scotia Capital as the
sole and lead arranger and bookrunner, The Bank of Nova Scotia, as administrative agent and the lending institutions from time
to time parties to such agreement as lenders, as amended from time to time;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;</FONT><B>Subsidiary</B>&rdquo;
has the meaning ascribed thereto in the Applicable Securities Laws of the Province of Ontario and includes the Material Subsidiaries,
and &ldquo;<B>Subsidiaries</B>&rdquo; means all of them;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;</FONT><B>Supplementary
Material</B>&rdquo; means, collectively, any amendment to the Offering Documents and any amendment or supplemental prospectus or
ancillary materials that may be filed by or on behalf of the Company under Applicable Securities Laws relating to the Offering
and/or the Distribution of the Offered Shares;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;</FONT><B>template
version</B>&rdquo; has the meaning ascribed to such term in NI 41-101 and includes any revised template version of marketing materials
as contemplated by NI 41-101;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Tax Act</B>&rdquo;
means the <I>Income Tax Act</I> (Canada) and the regulations thereunder, both as amended from time to time and any proposed amendments
thereto announced publicly by or on behalf of the Minister of Finance (Canada) on or prior to the date of this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;</FONT><B>TSX</B>&rdquo;
means the Toronto Stock Exchange;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;</FONT><B>Underwriters</B>&rdquo;
has the meaning given to it in the first paragraph of this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;</FONT><B>Underwriting
Fee</B>&rdquo; has the meaning given to it in the eighth paragraph of this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;</FONT><B>Underwriters&rsquo;
Expenses</B>&rdquo; has the meaning given to it in Section&nbsp;17;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;</FONT><B>U.S.
Amended and Restated Preliminary Prospectus</B>&rdquo; means the Canadian Amended and Restated Preliminary Prospectus with such
deletions therefrom and additions thereto as are permitted or required by Form F-10 and the applicable rules and regulations of
the SEC, included in the Amendment No. 1 to Registration Statement as amended at such time, including the Documents Incorporated
by Reference therein;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;</FONT><B>U.S.
Amended Prospectus</B>&rdquo; means a prospectus included in any U.S. Registration Statement Amendment;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;</FONT><B>U.S.
Exchange Act</B>&rdquo; means the United States Securities Exchange Act of 1934, as amended;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;</FONT><B>U.S.
Final Prospectus</B>&rdquo; means the Canadian Final Prospectus with such deletions therefrom and additions thereto as are permitted
or required by Form F-10 and the applicable rules and regulations of the SEC, included in the Registration Statement at the time
it becomes effective, including the Documents Incorporated by Reference;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;</FONT><B>U.S.
Offering Documents</B>&rdquo; means the Initial Registration Statement, the Amendment No. 1 to the Registration Statement, the
Amendment No. 2 to the Registration Statement, the Registration Statement, any U.S. Registration Statement Amendment, the U.S.
Preliminary Prospectus, the U.S. Amended and Restated Preliminary Prospectus, the U.S. Final Prospectus, any U.S. Amended Prospectus
and the Disclosure Package;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;</FONT><B>U.S.
Preliminary Prospectus</B>&rdquo; means the Canadian Preliminary Prospectus with such deletions therefrom and additions thereto
as are permitted or required by Form F-10 and the applicable rules and regulations of the SEC, included in the Initial Registration
Statement as amended at such time, including the Documents Incorporated by Reference therein;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;</FONT><B>U.S.
Registration Statement Amendment</B>&rdquo; means any amendment to Amendment No. 1 to the Registration statement (other than Amendment
No. 2 to the Registration Statement) and any post-effective amendment to the Registration Statement filed with the SEC during the
Distribution of the Offered Shares;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;</FONT><B>U.S.
Securities Act</B>&rdquo; has the meaning given to it in the third paragraph of this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;</FONT><B>U.S.
Securities Laws</B>&rdquo; means all applicable United States securities laws, including, without limitation, the U.S. Securities
Act, the U.S. Exchange Act and the rules and regulations promulgated thereunder; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;</FONT><B>United
States</B>&rdquo; means the United States of America, its territories and possessions, any State of the United States and the District
of Columbia.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify">Capitalized terms used but not defined herein have the meanings ascribed to them in the Canadian
Preliminary Prospectus.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(3)</FONT></TD><TD STYLE="text-align: justify">Any reference in this Agreement to a Section or Subsection shall refer to a section or subsection
of this Agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(4)</FONT></TD><TD STYLE="text-align: justify">All words and personal pronouns relating thereto shall be read and construed as the number and
gender of the party or parties referred to in each case required and the verb shall be construed as agreeing with the required
word and/or pronoun.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(5)</FONT></TD><TD STYLE="text-align: justify">Any reference in this Agreement to &ldquo;$&rdquo; or to &ldquo;dollars&rdquo; shall refer to the
lawful currency of the United States, unless otherwise specified.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(6)</FONT></TD><TD STYLE="text-align: justify">The following are the schedules to this Agreement, which schedules are deemed to be a part hereof
and are hereby incorporated by reference herein:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font-size: 10pt">Schedule
</FONT>&ldquo;A&rdquo; &ndash; &#9;List of Material Subsidiaries</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font-size: 10pt">Schedule
</FONT>&ldquo;B&rdquo; &ndash; &#9;Matters to be Addressed in the Company&rsquo;s Canadian Counsel Opinion</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font-size: 10pt">Schedule
</FONT>&ldquo;C&rdquo; &ndash; &#9;Form of Opinion to be Provided by the Company&rsquo;s U.S. Counsel</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font-size: 10pt">Schedule</FONT>
 &ldquo;D&rdquo; &ndash; &#9;Form of Lock-Up Agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Schedule &ldquo;E&rdquo; &ndash;
 &#9;Price Related Information</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left"><FONT STYLE="font-size: 10pt"><B>Section 2</B></FONT></TD><TD STYLE="text-align: justify"><B>Distribution of the Offered Shares</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 80.65pt; text-align: justify; text-indent: -80.65pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify">Each Underwriter shall be permitted to appoint additional investment dealers or brokers (each,
a &ldquo;<B>Selling Firm</B>&rdquo;) as its agents in the Offering and each such Underwriter may determine the remuneration payable
to such Selling Firm. The Underwriters may offer the Offered Shares, directly and through Selling Firms or any duly registered
affiliate of an Underwriter, in the Offering Jurisdictions for sale to the public only in accordance with Applicable Securities
Laws and in any jurisdiction outside of the Offering Jurisdictions (subject to Section&nbsp;6 hereof) to purchasers permitted to
purchase the Offered Shares only in accordance with Applicable Securities Laws and applicable securities laws in such jurisdiction,
and upon the terms and conditions set forth in the Offering Documents and in this Agreement. Each Underwriter shall require any
Selling Firm appointed by such Underwriter to agree to the foregoing and such Underwriter shall be severally responsible for the
compliance by such Selling Firm with the provisions of this Agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify">For purposes of this Section&nbsp;2, the Underwriters shall be entitled to assume that the Offered
Shares are qualified for Distribution in any Qualifying Jurisdiction where a Prospectus Receipt shall have been obtained following
the filing of the Canadian Final Prospectus, unless otherwise notified in writing by the Company.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(3)</FONT></TD><TD STYLE="text-align: justify">CFCC shall promptly notify the Company when, in its opinion, the Distribution of the Offered Shares
has ceased and will provide to the Company, as soon as practicable thereafter, a breakdown of the number of Offered Shares distributed
in each of the Qualifying Jurisdictions where such breakdown is required for the purpose of calculating fees payable to the Canadian
Securities Commissions and, if applicable, in the United States.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(4)</FONT></TD><TD STYLE="text-align: justify">The Underwriters shall not, in connection with the services provided hereunder, make any representations
or warranties with respect to the Company or its securities, other than as set forth in the Offering Documents or in any Issuer
Free Writing Prospectus.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(5)</FONT></TD><TD STYLE="text-align: justify">Notwithstanding the foregoing provisions of this Section&nbsp;2, no Underwriter will be liable
to the Company under this Section&nbsp;2 with respect to a default by another Underwriter or another Underwriter&rsquo;s duly registered
broker-dealer affiliate, as the case may be.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(6)</FONT></TD><TD STYLE="text-align: justify">The Underwriters acknowledge that the Company is not taking any steps to qualify the Offered Shares
for Distribution or register the Offered Shares or the Distribution thereof with any securities authority outside of the Offering
Jurisdictions.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left"><FONT STYLE="font-size: 10pt"><B>Section 3</B></FONT></TD><TD STYLE="text-align: justify"><B>Preparation of Prospectus; Marketing Materials; Due
Diligence</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 80.65pt; text-align: justify; text-indent: -80.65pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify">During the period of the Distribution of the Offered Shares, the Company shall co-operate in all
respects with the Underwriters to allow and assist the Underwriters to participate fully in the preparation of, and allow the Underwriters
to approve (acting reasonably) the form and content of, the Offering Documents and any Issuer Free Writing Prospectus and shall
allow the Underwriters to conduct all &ldquo;due diligence&rdquo; investigations which the Underwriters may reasonably require
to fulfil the Underwriters&rsquo; obligations under Applicable Securities Laws as underwriters and, in the case of the Canadian
Preliminary Prospectus, the Amended and Restated Canadian Preliminary Prospectus, the Canadian Final Prospectus and any Canadian
Prospectus Amendment, to enable the Underwriters responsibly to execute any certificate required to be executed by the Underwriters.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify">Without limiting the generality of clause (1) above, during the Distribution of the Offered Shares:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify">the Company shall prepare, in consultation with the Co-Lead Underwriters, and shall approve in
writing, prior to the time that any such marketing materials are provided to potential Purchasers, a template version of any marketing
materials reasonably requested to be provided by the Underwriters to any such potential Purchasers, and such marketing materials
shall comply with Applicable Securities Laws and shall be acceptable in form and substance to the Underwriters and their counsel,
acting reasonably;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">the Co-Lead Underwriters shall, on behalf of the Underwriters, approve a template version of any
such marketing materials in writing prior to the time that such marketing materials are provided to potential Purchasers;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify">the Company shall file a template version of any such marketing materials on SEDAR as soon as reasonably
practical after such marketing materials are so approved in writing by the Company and the Co-Lead Underwriters and in any event
on or before the day the marketing materials are first provided to any potential Purchaser, and any comparables shall be removed
from the template version in accordance with NI 44-101 prior to filing such on SEDAR (provided that if any such comparables are
removed, the Company shall deliver a complete template version of any such marketing materials to the Commission), and the Company
shall provide a copy of such filed template version to the Underwriters as soon as practicable following such filing; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify">following the approvals and filings set forth in Sections 3(2)(a) to (c) above, the Underwriters
may provide a limited use version of such marketing materials to potential Purchasers in accordance with Applicable Securities
Laws.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(3)</FONT></TD><TD STYLE="text-align: justify">The Company and each Underwriter, on a several basis, covenants and agrees not to provide any potential
Purchaser with any marketing materials except for marketing materials which have been approved as contemplated in Section&nbsp;3(2).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left"><FONT STYLE="font-size: 10pt"><B>Section 4</B></FONT></TD><TD STYLE="text-align: justify"><B>Material Changes</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 80.65pt; text-align: justify; text-indent: -80.65pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify">During the period from the date of this Agreement to the completion of the Distribution of the
Offered Shares, the Company covenants and agrees with the Underwriters that it shall promptly notify the Underwriters in writing
of:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify">any material change (actual, anticipated, contemplated or threatened) in or relating to the business,
affairs, operations, assets, liabilities (contingent or otherwise), capital or ownership of the Company and its Subsidiaries taken
as a whole;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">any material fact which has arisen or been discovered and would have been required to have been
stated in any of the Offering Documents or any Issuer Free Writing Prospectus had the fact arisen or been discovered on or prior
to the date of such document;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify">any change in any material fact (which for purposes of this Agreement shall be deemed to include
the disclosure of any previously undisclosed material fact) contained in the Canadian Offering Documents, as they exist immediately
prior to such change, which fact or change is, or may reasonably be expected to be, of such a nature as to render any statement
in such Canadian Offering Documents, as they exist taken together in their entirety immediately prior to such change, misleading
or untrue in any material respect or which would result in the Canadian Offering Documents, as they exist immediately prior to
such change, containing a misrepresentation or which would result in the Canadian Offering Documents, as they exist immediately
prior to such change, not complying with the laws of any Qualifying Jurisdiction in which the Offered Shares are to be offered
for sale or which change would reasonably be expected to have a significant effect on the market price or value of any securities
of the Company; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify">the occurrence of any event as a result of which (i) the Initial Registration Statement, the Amendment
No. 1 to the Registration Statement, the Amendment No. 2 to the Registration Statement, the Registration Statement or any U.S.
Registration Statement Amendment, in each case as amended immediately prior to such occurrence, would include any untrue statement
of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements
therein not misleading, or (ii) the U.S. Preliminary Prospectus, the U.S. Final Prospectus, any U.S. Amended Prospectus or any
Issuer Free Writing Prospectus, in each case as then amended or supplemented, would include any untrue statement of a material
fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances in which
they are made, not misleading.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify">The Underwriters agree, and will require each Selling Firm to agree, to cease the Distribution
of the Offered Shares upon the Underwriter receiving written notification of any change or material fact with respect to any Offering
Document contemplated by this Section&nbsp;4 and to not recommence the Distribution of the Offered Shares until Supplementary Materials
disclosing such change are filed in such Offering Jurisdiction.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(3)</FONT></TD><TD STYLE="text-align: justify">The Company shall promptly comply with all applicable filing and other requirements under Applicable
Securities Laws whether as a result of such change, material fact or otherwise; provided that the Company shall not file any Supplemental
Material or other document without first providing the Underwriters with a copy of such Supplemental Material or other document
and consulting with the Underwriters with respect to the form and content thereof.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(4)</FONT></TD><TD STYLE="text-align: justify">If during the Distribution of the Offered Shares there is any change in any Applicable Securities
Laws, which results in a requirement to file a Canadian Prospectus Amendment or U.S. Registration Statement Amendment, the Company
shall, subject to the proviso in clause (2) above, make any such filing under Applicable Securities Laws as soon as possible.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(5)</FONT></TD><TD STYLE="text-align: justify">The Company shall in good faith discuss with the Underwriters any fact or change in circumstances
(actual, anticipated, contemplated or threatened, financial or otherwise) which is of such a nature that there is reasonable doubt
whether written notice need be given under this Section&nbsp;4.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left"><FONT STYLE="font-size: 10pt"><B>Section 5</B></FONT></TD><TD STYLE="text-align: justify"><B>Deliveries to the Underwriters</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 80.65pt; text-align: justify; text-indent: -80.65pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify">The Company shall deliver or cause to be delivered to the Underwriters, forthwith:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify">copies of the Initial Canadian Preliminary Prospectus, the Amended and Restated Canadian Preliminary
Prospectus, the Canadian Final Prospectus and any Marketing Documents duly signed by the Company as required by the laws of all
of the Qualifying Jurisdictions;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">copies of the Initial Registration Statement, the Amendment No. 1 to the Initial Registration Statement
and the Amendment No. 2 to the Initial Registration Statement, in each case signed as required by the <I>U.S. Securities Act </I>and
the rules and regulations of the SEC thereunder and any documents included as exhibits to any such registration statement;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify">copies of any Canadian Prospectus Amendment required to be filed under Section&nbsp;4 hereof duly
signed as required by the laws of all of the Qualifying Jurisdictions; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify">any U.S. Registration Statement Amendment required to be filed under Section&nbsp;4 hereof, signed
as required by the U.S. Securities Act and the rules and regulations of the SEC thereunder and any documents included as exhibits
to the U.S. Registration Statement Amendment;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify"><FONT STYLE="font-size: 10pt">provided,
that with respect to (i) clauses (a) and (c) of this </FONT>Section&nbsp;5(1) if the documents are available on SEDAR, they shall
be deemed to have been delivered to the Underwriters as required by this Section&nbsp;5(1); and (ii) clauses (b) and (d) of this
Section&nbsp;5(1), if the documents are available on EDGAR, they shall be deemed to have been delivered to the Underwriters as
required by this Section&nbsp;5(1).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify">The Company shall forthwith cause to be delivered to the Underwriters in such cities in the Offering
Jurisdictions as they may reasonably request, without charge, such numbers of commercial copies of the Canadian Preliminary Prospectus,
Canadian Final Prospectus and any Marketing Documents and the U.S. Amended and Restated Preliminary Prospectus and U.S. Final Prospectus,
excluding in each case the Documents Incorporated by Reference, as the Underwriters shall reasonably require. The Company shall
similarly cause to be delivered to the Underwriters commercial copies of any Canadian Prospectus Amendment or U.S. Amended Prospectus,
excluding in each case the Documents Incorporated by Reference. The Company agrees that such deliveries shall be effected as soon
as possible and, in any event, (i) in Toronto and New York not later than 12:00 noon (Toronto time) on March 30, 2020, and in all
other cities by 12:00 noon local time, on the next Business Day, with respect to the Canadian Amended and Restated Preliminary
Prospectus and the U.S. Preliminary Prospectus, and (ii) in Toronto and New York with respect to the Canadian Final Prospectus,
the U.S. Final Prospectus, any Marketing Documents, any Canadian Prospectus Amendment and any U.S. Amended Prospectus by 12:00
noon (Toronto time) on the Business Day following the delivery by the Commission of the Prospectus Receipt for the Canadian Final
Prospectus or Canadian Prospectus Amendment, as the case may be, and in all other cities by 12:00 noon local time, on the next
Business Day, provided that the Underwriters have given the Company written instructions as to the number of copies required and
the places to which such copies are to be delivered not less than 24 hours prior to the time requested for delivery. Such delivery
shall also confirm that the Company consents to the use by the Underwriters and Selling Firms of the Offering Documents in connection
with the Distribution of the Offered Shares in compliance with the provisions of this Agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(3)</FONT></TD><TD STYLE="text-align: justify">By the act of having delivered the Offering Documents to the Underwriters, the Company shall have
represented and warranted to the Underwriters that all information and statements (except information and statements relating solely
to the Underwriters and provided by them in writing solely for inclusion therein) contained in such documents, at the respective
dates of initial delivery thereof, comply with the Applicable Securities Laws and are true and correct in all material respects,
and that such documents, at such dates, contain no misrepresentation or omit to state a material fact required to be stated therein
or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading and constitute
full, true and plain disclosure of all material facts relating to the Company and the Offering as required by the Applicable Securities
Laws.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(4)</FONT></TD><TD STYLE="text-align: justify">The Company shall also deliver or cause to be delivered to the Underwriters, concurrently with
the filing of the Canadian Final Prospectus with the Commission, a &ldquo;long form&rdquo; comfort letter of PricewaterhouseCoopers
LLP, in form and substance satisfactory to the Underwriters, acting reasonably, addressed to the Underwriters and the directors
of the Company, with respect to certain financial and accounting information relating to the Company and its Subsidiaries and affiliates
contained in the Offering Documents, which letter shall be in addition to the auditors&rsquo; report incorporated by reference
in the Canadian Final Prospectus and the U.S. Final Prospectus.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left"><FONT STYLE="font-size: 10pt"><B>Section 6</B></FONT></TD><TD STYLE="text-align: justify"><B>Regulatory Approvals</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 80.65pt; text-align: justify; text-indent: -80.65pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company will make
all necessary filings, use its best efforts to obtain all necessary consents and approvals (if any) and pay all filing fees required
to be paid in connection with the transactions contemplated by this Agreement. The Company will use its best efforts to qualify
the Offered Shares for offering and sale under the Applicable Securities Laws of the Offering Jurisdictions and in such other jurisdictions
as the Underwriters may designate and maintain such qualifications in effect for so long as required for the Distribution of the
Offered Shares; provided, however, that (i) the Company shall not be obligated to make any material filing, file any prospectus,
registration statement or similar document, consent to service of process, or qualify as a foreign corporation or as a dealer in
securities in any of such other jurisdictions, or subject itself to taxation in respect of doing business in any of such other
jurisdictions in which it is not otherwise so subject, or become subject to any additional periodic reporting or continuous disclosure
obligations in such other jurisdictions, and (ii) the Underwriters and the Selling Firms shall comply with the applicable laws
in any such designated jurisdiction in making offers and sales of Offered Shares therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left"><FONT STYLE="font-size: 10pt"><B>Section 7</B></FONT></TD><TD STYLE="text-align: justify"><B>Representations and Warranties of the Company</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 80.65pt; text-align: justify; text-indent: -80.65pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company represents
and warrants to each of the Underwriters and Cantor Fitzgerald &amp; Co. (&ldquo;<B>CF US</B>&rdquo;) and acknowledges that the
Underwriters are relying on such representations and warranties in entering into this Agreement. The representations and warranties
of the Company contained in this Agreement shall be true as of the date hereof, the Closing Time and Option Closing Time, if applicable,
and shall survive the completion of the transactions contemplated under this Agreement and remain in full force and effect thereafter
for the benefit of the Underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify"><B><I>Registration Statement.</I></B> The Company is a &ldquo;foreign private issuer&rdquo; (as
defined in Rule 405 under the U.S. Securities Act) and is eligible to use Form F-10 under the U.S. Securities Act to register the
offering of the Offered Shares under the U.S. Securities Act. The Company has prepared and filed with the SEC an appointment of
agent for service of process upon the Company on Form F-X in conjunction with the filing of the Initial Registration Statement.
The Initial Registration Statement and the Form F-X conform, and any further amendments to the Initial Registration Statement or
the Form F-X will conform to the requirements of the U.S. Securities Act.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify"><B><I>Compliance with Canadian Laws and Regulations.</I></B> No cease trade order preventing or
suspending the use of the Initial Canadian Preliminary Prospectus, the Amended and Restated Canadian Preliminary Prospectus or
the Canadian Final Prospectus, as applicable, or preventing the distribution of the Offered Shares has been issued and no proceeding
for that purpose has been initiated or, to the knowledge of the Company, threatened, by any of the Canadian Securities Commissions;
as of their respective dates and upon filing with the Canadian Securities Commissions, the Initial Canadian Preliminary Prospectus,
the Amended and Restated Canadian Preliminary Prospectus and the Canadian Final Prospectus complied in all material respects with
all applicable Canadian Securities Laws; each of the Canadian Securities Commissions in the Qualifying Jurisdictions has issued
or is deemed to have issued receipts for the Initial Canadian Preliminary Prospectus, and, as of the Closing Date, the Amended
and Restated Canadian Preliminary Prospectus and the Canadian Final Prospectus. On the Closing Date and each Option Closing Date
(i) the Canadian Final Prospectus will comply in all material respects with the Canadian Securities Laws, (ii) the Amendment No.
2 to the Registration Statement will conform with the Canadian Final Prospectus except for such deletions therefrom and additions
thereto as are permitted or required by Form F-10 and the applicable rules and regulations of the SEC and (iii) the Canadian Final
Prospectus or any amendment or supplement thereto constituted at the respective dates thereof, and will constitute at the Closing
Date and each Option Closing Date full, true and plain disclosure of all material facts relating to the Offered Shares, that is
required to be in the Canadian Final Prospectus, and did not at the respective dates thereof, and will not at the Closing Date
and each Option Closing Date contain a misrepresentation or an untrue statement of a material fact or omit to state a material
fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they
were made, not misleading. To its knowledge, the Company is not a &ldquo;related issuer&rdquo; or &ldquo;connected issuer&rdquo;
(as those terms are defined in National Instrument 33-105 - <I>Underwriting Conflicts</I> of the Canadian Securities Administrators)
of any of the Underwriters.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(3)</FONT></TD><TD STYLE="text-align: justify"><B><I>Compliance with U.S. Requirements.</I></B> The Registration Statement, as amended at the
Effective Time and at the Closing Date and each Option Closing Date, will comply in all material respects with the U.S. Securities
Act and the Registration Statement, as amended at the time it becomes effective, will not contain any untrue statement of a material
fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading.
The representations and warranties set forth in the immediately preceding sentence shall not apply to statements in, or omissions
from, any such document made in reliance upon, and in conformity with, information furnished to the Company by the Underwriters
contemplated by Section&nbsp;9(1) specifically for use in the preparation thereof. There are no agreements, contracts, arrangements
or understandings (written or oral) or other documents required to be described in or to be filed as exhibits to the Registration
Statement as amended at the time it becomes effective which will not have not been described or filed as required. The Disclosure
Package does not, as of the Applicable Time, and will not as of the Closing Date or any Option Closing Date, include any untrue
statement of a material fact or omit to state any material fact necessary in order to make the statement therein, in the light
of the circumstances under which they were made, not misleading. The preceding sentence does not apply to statements in or omissions
from the Disclosure Package made in reliance upon, and in conformity with, information furnished to the Company by the Underwriters
contemplated by Section&nbsp;9(1) specifically for use in the preparation thereof.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(4)</FONT></TD><TD STYLE="text-align: justify"><B><I>Reporting Issuer and TSX and NYSE Status.</I></B> The Company is a &ldquo;reporting issuer&rdquo;
in the Qualifying Jurisdictions. The Company is in compliance in all material respects with the by-laws, rules and regulations
of each of the Exchanges.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(5)</FONT></TD><TD STYLE="text-align: justify"><B><I>Eligible Issuer.</I></B> The Company is an Eligible Issuer.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(6)</FONT></TD><TD STYLE="text-align: justify"><B><I>Status under the U.S. Securities Act.</I></B> The Company was not and is not an &ldquo;ineligible
issuer&rdquo; as defined in Rule 405 under the U.S. Securities Act at the times specified in Rules 164 and 433 under the U.S. Securities
Act in connection with the offering of the Offered Shares.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(7)</FONT></TD><TD STYLE="text-align: justify"><B><I>Incorporated Documents.</I></B> The Documents Incorporated by Reference in the Offering Documents,
when they were filed with the Canadian Securities Commissions or the SEC under the U.S. Securities Act or the U.S. Exchange Act,
conformed in all material respects to the requirements of the Canadian Securities Laws or U.S. Securities Laws, as applicable;
and any further Documents Incorporated by Reference in the Offering Documents prior to the completion of the Distribution of the
Offered Shares, when such documents are so filed, will conform in all material respects to the applicable requirements of Canadian
Securities Laws and U.S. Securities Laws, as applicable, and will not contain a misrepresentation or an untrue statement of a material
fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light of
the circumstances under which they were made, not misleading.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(8)</FONT></TD><TD STYLE="text-align: justify"><B><I>No Marketing Materials.</I></B> Other than the term sheet in respect of the offering and
sale of Offered Shares dated March 25, 2020, the Company has not provided any &ldquo;marketing materials&rdquo; (as such term
is defined in NI 41-101) to any potential investors of Offered Shares.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(9)</FONT></TD><TD STYLE="text-align: justify"><B><I>No Conflicts. </I></B>Neither the execution of this Agreement, nor the issuance, offering
or sale of the Offered Shares, nor the consummation of any of the transactions contemplated herein and therein, nor the compliance
by the Company with the terms and provisions hereof and thereof will conflict with, or will result in a breach of, any of the terms
and provisions of, or has constituted or will constitute a default under, or has resulted in or will result in the creation or
imposition of any lien, charge or encumbrance upon any property or assets of the Company pursuant to the terms of any agreements,
contracts, arrangements or understandings (written or oral) to which the Company may be bound or to which any of the property or
assets of the Company is subject, except (i)&nbsp;such conflicts, breaches or defaults as may have been waived, and (ii)&nbsp;such
conflicts, breaches and defaults that would not reasonably be expected to have a Material Adverse Effect (as defined below); nor
will such action result (x) in any violation of the provisions of the organizational or governing documents of the Company, or
(y) in any violation of the provisions of any statute or any order, rule or regulation applicable to the Company or of any Governmental
Authority having jurisdiction over the Company, except such violations that would not reasonably be expected to have a Material
Adverse Effect, either individually or in the aggregate.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(10)</FONT></TD><TD STYLE="text-align: justify"><B><I>No Misstatement or Omission in an Issuer Free Writing Prospectus or marketing materials.
</I></B>Each Issuer Free Writing Prospectus and any marketing materials, as of its issue date, did not, does not and will not include
any information that conflicted, conflicts or will conflict with the information contained in any Offering Document, the Disclosure
Package or any Document Incorporated by Reference that has not been superseded or modified. The foregoing sentence does not apply
to statements in or omissions from any Issuer Free Writing Prospectus or any marketing materials made in reliance upon, and in
conformity with, written information furnished to the Company by or on behalf of the Underwriters specifically for inclusion therein
as contemplated by Section&nbsp;9(1).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(11)</FONT></TD><TD STYLE="text-align: justify"><B><I>Reports and Documents, etc.</I></B> There are no reports or information of the Company or,
to the knowledge of the Company, of any third party, that in accordance with the requirements of the Canadian Securities Laws or
U.S. Securities Laws must be made publicly available in connection with the offering of the Offered Shares that have not been made
publicly available as required. There are no documents of the Company or, to the knowledge of the Company, of any third party,
required to be filed with the Canadian Securities Commissions in the Qualifying Jurisdictions or with the SEC in the United States
in connection with the Offering Documents that have not been filed or will not have been filed as at the Effective Time as required
pursuant to the Canadian Securities Laws or U.S. Securities Laws, as applicable. There are no agreements, contracts, arrangements
or understandings (written or oral) of the Company or, to the knowledge of the Company, of any third party, required to be described
in the Offering Documents which have not been described or filed as required pursuant to the Canadian Securities Laws or U.S. Securities
Laws, as applicable.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(12)</FONT></TD><TD STYLE="text-align: justify"><B><I>Offering Materials Furnished to Underwriters.</I></B> The Company has delivered or will deliver
on the Closing Date to CFCC one complete manually signed copy of any Offering Documents and each consent and certificate of experts
filed as a part thereof, and conformed copies (to the extent such documents contain signatures) of such Offering Documents, as
amended or supplemented, and any Issuer Free Writing Prospectus reviewed and consented to by CFCC, in such quantities and at such
places as CFCC have reasonably requested for each of the Underwriters.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(13)</FONT></TD><TD STYLE="text-align: justify"><B><I>Corporate Action</I></B>. All necessary corporate action has been taken, or will be taken
before the Closing Time by the Company to authorize the issuance, sale and delivery of the Firm Shares and the Additional Shares,
on the terms set forth in this Agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(14)</FONT></TD><TD STYLE="text-align: justify"><B><I>Distribution of Offering Material by the Company.</I></B> The Company has not distributed
and will not distribute, prior to the completion of the Underwriters&rsquo; Distribution of the Offered Shares, any offering material
in connection with the offering and sale of the Offered Shares other than the Offering Documents reviewed and consented to by CFCC
on behalf of the Underwriters.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(15)</FONT></TD><TD STYLE="text-align: justify"><B><I>Organization</I></B>. The Company and each of its Material Subsidiaries are, and will be,
duly organized, validly existing as a corporation and in good standing (where such concept is recognized) under the laws of their
respective jurisdictions of organization. The Company and each of the Material Subsidiaries are, and will be, duly licensed or
qualified as a foreign corporation for transaction of business and in good standing under the laws of each other jurisdiction in
which their respective ownership or lease of property or the conduct of their respective businesses requires such license or qualification,
and have all corporate power and authority necessary to own or hold their respective properties and to conduct their respective
businesses as described or included or incorporated by reference in the Offering Documents, except where the failure to be so qualified
or in good standing or have such power or authority would not, individually or in the aggregate, have a Material Adverse Effect.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(16)</FONT></TD><TD STYLE="text-align: justify"><B><I>Subsidiaries</I></B>. The subsidiaries of the Company listed in Schedule &ldquo;A&rdquo;
(individually a &ldquo;<B>Material Subsidiary</B>&rdquo; and collectively, the &ldquo;<B>Material Subsidiaries</B>&rdquo;), include
all of the Company&rsquo;s significant subsidiaries (as such term is defined in Rule 1-02 of Regulation S-X promulgated by the
SEC). Except for the Material Subsidiaries and investments in other issuers and the other subsidiaries of the Company that are
not material to the Company, the Company does not beneficially own or exercise control or direction over the securities of any
person. Other than Encumbrances under the Senior Secured Credit Facility and the APG Loan, the Company owns, directly or indirectly,
all of the equity interests of the Material Subsidiaries free and clear of all Encumbrances. All the equity interests of the Material
Subsidiaries and the Joint Venture Entities held by the Company have been validly issued and are fully paid, non-assessable and
free of preemptive and similar rights. Other than (i) the relevant partnership and/or joint venture agreement with respect to WLUC
and WLULP, and (ii) under the KHNP Strategic Relationship Agreement, no person has any agreement, option, right or privilege (whether
present or future, contingent or absolute, pre-emptive or contractual) capable of becoming an agreement, for the purchase from
the Company or any of the Material Subsidiaries of any interest in any of the shares or for the issue or allotment of any unissued
shares in the capital of the Material Subsidiaries or Joint Venture Entities or any other security convertible into or exchangeable
for any such shares.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(17)</FONT></TD><TD STYLE="text-align: justify"><B><I>Minute Books</I></B>. Since January 1, 2018, all existing minute books of the Company and
each of the Material Subsidiaries, including all existing records of all meetings and actions of the board of directors (including,
all board committees) and securityholders of the Company (collectively, the &ldquo;<B>Corporate Records</B>&rdquo;) have been made
available to the Underwriters and their counsel, and all such Corporate Records are complete in all material respects. There are
no transactions, agreements or other actions of the Company or any of the Material Subsidiaries that are required to be recorded
in the Corporate Records that are not properly approved and/or recorded in the Corporate Records. All required filings have been
made with the appropriate Governmental Authorities in the province of Ontario in a timely fashion under the <I>Business Corporations
Act </I>(Ontario), except for such filings where the failure to file would not have a Material Adverse Effect, either individually
or in the aggregate.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(18)</FONT></TD><TD STYLE="text-align: justify"><B><I>No Violation or Default.</I></B> Neither the Company nor any of the Material Subsidiaries
is (i) in violation of its articles or similar organizational documents; (ii) except as are disclosed in the Offering Documents,
in violation or default, and no event has occurred that, with notice or lapse of time or both, would constitute such a violation
or default, in the due performance or observance of any term, covenant or condition contained in any indenture, mortgage, deed
of trust, loan agreement or other agreement or instrument to which the Company or any of the Material Subsidiaries is a party or
by which the Company or any of the Material Subsidiaries is bound or to which any of the property or assets of the Company or any
of the Material Subsidiaries are subject; or (iii) except as disclosed in the Offering Documents, in violation of any Applicable
Law, except in the case of each of clauses (ii) and (iii) above, for any such violation or default that would not, individually
or in the aggregate, have a Material Adverse Effect. To the Company&rsquo;s knowledge, no other party under any material agreements,
contracts, arrangements or understandings (written or oral) to which it or any of the Material Subsidiaries is a party is in violation
or default in any respect thereunder where such violation or default would have a Material Adverse Effect.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(19)</FONT></TD><TD STYLE="text-align: justify"><B><I>Enforceability of Agreements.</I></B> All Material Agreements are legal, valid and binding
obligations of the Company enforceable in accordance with their respective terms, except to the extent that (i)&nbsp;enforceability
may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors&rsquo; rights generally
and by general equitable principles, and (ii)&nbsp;the indemnification provisions of certain agreements may be limited by Applicable
Law or public policy considerations in respect thereof, and except for any other potentially unenforceable term that, individually
or in the aggregate, would not reasonably be expected to be material to the Company.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(20)</FONT></TD><TD STYLE="text-align: justify"><B><I>Authorization; Enforceability.</I></B> The Company has full corporate right, power and authority
to enter into this Agreement and perform the transactions contemplated hereby. This Agreement has been duly authorized, executed
and delivered by the Company and constitutes the legal, valid and binding agreement of the Company enforceable in accordance with
its terms, except to the extent that enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar
laws affecting creditors&rsquo; rights generally and by general equitable principles.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(21)</FONT></TD><TD STYLE="text-align: justify"><B><I>No Material Adverse Effect.</I></B> Subsequent to the respective dates as of which information
is given in the Offering Documents or included or incorporated by reference in the Offering Documents (including any Document Incorporated
by Reference therein), there has not been (i) any Material Adverse Effect, (ii) any transaction which is material to the Company
and the Material Subsidiaries taken as a whole, (iii) any obligation or liability, direct or contingent (including any off-balance
sheet obligations), incurred by the Company or any Material Subsidiary or Joint Venture Entity, which is material to the Company
and the Material Subsidiaries taken as a whole, (iv) any material change in the capital stock or outstanding long-term indebtedness
of the Company or any of the Material Subsidiaries or Joint Venture Entities, or (v) any dividend or distribution of any kind declared,
paid or made on the capital stock of the Company or any Material Subsidiary or Joint Venture Entity, other than in each case above
in the ordinary course of business, pursuant to agreements or entitlements in existence as at the date hereof or as otherwise disclosed
in the Offering Documents.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(22)</FONT></TD><TD STYLE="text-align: justify"><B><I>Filings. </I></B>Since January 1, 2018, the Company has filed all documents or information
required to be filed by it under Canadian Securities Laws, U.S. Securities Laws, and the rules, regulations and policies of the
Exchanges, except where the failure to file such documents or information will not have a Material Adverse Effect, either individually
or in the aggregate; the Company has not filed any confidential material change report or any document requesting confidential
treatment with any Governmental Authority that at the date hereof remains confidential.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(23)</FONT></TD><TD STYLE="text-align: justify"><B><I>Financial Information.</I></B> The consolidated financial statements of the Company filed
with the SEC as a part of the Offering Documents, together with the related notes and schedules (the &ldquo;<B>Financial Statements</B>&rdquo;),
present fairly, in all material respects, the consolidated financial position of the Company and the Material Subsidiaries as of
the dates indicated and the consolidated statements of comprehensive income, shareholders&rsquo; equity and cash flows of the Company
for the periods specified. Such Financial Statements conform in all material respects with International Financial Reporting Standards
as issued by the International Accounting Standards Board (&ldquo;<B>IFRS</B>&rdquo;), applied on a consistent basis during the
periods involved. The other financial data with respect to the Company and the Material Subsidiaries contained or incorporated
by reference in the Offering Documents are accurately and fairly presented in all material respects and prepared on a basis consistent
with the financial statements and books and records of the Company; there are no financial statements (historical or pro-forma)
that are required to be included or incorporated by reference in the Offering Documents that are not included or incorporated by
reference as required; the Company and the Material Subsidiaries do not have any material liabilities or obligations, direct or
contingent (including any off-balance sheet obligations), not described in the Offering Documents and all disclosures contained
or incorporated by reference therein; and no other financial statements are required to be set forth or to be incorporated by reference
in the Offering Documents.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt; color: black">(24)</FONT></TD><TD STYLE="text-align: justify"><B><I>Independent Accountants.</I></B> PricewaterhouseCoopers LLP, who have delivered their report
with respect to the audited Financial Statements (as defined below and which term as used in this Agreement includes the related
notes thereto) are independent public, certified public or chartered accountants as required by the U.S. Securities Act, the U.S.
Exchange Act and applicable Canadian Securities Laws. There has not been any &ldquo;reportable event&rdquo; (as that term is defined
in NI 51-102) with PricewaterhouseCoopers LLP or any other prior auditor of the Company or any of its Material Subsidiaries. To
the Company&rsquo;s knowledge, after due and careful inquiry, PricewaterhouseCoopers LLP is not in violation of the auditor independence
requirements of the Sarbanes-Oxley Act of 2002.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(25)</FONT></TD><TD STYLE="text-align: justify"><B><I>Statistical, Industry-Related and Market-Related Data</I></B>. The statistical, industry-related
and market-related data included or incorporated by reference in the Offering Documents are based on or derived from sources that
the Company reasonably believes are reliable and accurate.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(26)</FONT></TD><TD STYLE="text-align: justify"><B><I>Disclosure Controls.</I></B> The Company and each of the Material Subsidiaries (other than
Material Subsidiaries acquired not more than 365 days prior to the Evaluation Date, as defined below) maintain systems of internal
accounting controls applicable under IFRS in applicable periods, or sufficient to provide reasonable assurance that (i) transactions
are executed in accordance with management&rsquo;s general or specific authorizations; (ii) transactions are recorded as necessary
to permit preparation of financial statements in conformity with IFRS and to maintain asset accountability; (iii) access to assets
is permitted only in accordance with management&rsquo;s general or specific authorization; and (iv) the recorded accountability
for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences.
The Company&rsquo;s internal control over financial reporting is effective and the Company is not aware of any material weaknesses
in its internal control over financial reporting. Since the date of the latest audited financial statements of the Company included
or incorporated by reference in the Offering Documents, there has been no change in the Company&rsquo;s internal control over financial
reporting that has materially affected, or is reasonably likely to materially affect, the Company&rsquo;s internal control over
financial reporting. The Company has established disclosure controls and procedures (as defined in U.S. Exchange Act Rules 13a-15
and 15d-15) for the Company and designed such disclosure controls and procedures to ensure that material information relating to
the Company and each of the Material Subsidiaries is made known to the certifying officers by others within those entities. The
Company&rsquo;s certifying officers have evaluated the effectiveness of the Company&rsquo;s controls and procedures as at December
31, 2019 (such date, the <B>&ldquo;Evaluation Date</B>&rdquo;) and the Company&rsquo;s certifying officers have concluded that
the disclosure controls and procedures are effective as of the Evaluation Date. Since the Evaluation Date, there have been no significant
changes in the Company&rsquo;s internal controls (as such term is defined in Item 307(b) of Regulation S-K under the U.S. Securities
Act) or, to the Company&rsquo;s knowledge, in other factors that could significantly affect the Company&rsquo;s internal controls.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(27)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Capitalization. </I></B>The issued and outstanding Common Shares
have been validly issued, are fully paid and non-assessable and, other than pursuant to the KHNP Strategic Relationship Agreement
as disclosed in the Offering Documents, are not subject to any pre-emptive rights, rights of first refusal or similar rights. The
Company has an authorized, issued and outstanding capitalization as set forth in or included or incorporated by reference in the
Offering Documents as of the dates referred to therein (other than the grant of additional options under the Company&rsquo;s existing
stock option plans, or changes in the number of outstanding Common Shares of the Company due to the issuance of shares upon the
exercise or conversion of securities exercisable for, or convertible into, Common Shares outstanding on the date hereof) and such
authorized capital stock conforms in all material respects to the description thereof set forth in, or included or incorporated
by reference in the Offering Documents. The description of the securities of the Company in the Offering Documents is complete
and accurate in all material respects. Except as disclosed in or contemplated by or included or incorporated by reference in the
Offering Documents, as of the date referred to therein, the Company does not have outstanding any options to purchase, or any rights
or warrants to subscribe for, or any securities or obligations convertible into, or exchangeable for, or any contracts or commitments
to issue or sell, any Common Shares or other securities.</FONT> Except as disclosed in or contemplated by or included or incorporated
by reference in the Offering Documents, no person has any agreement or option or right or privilege (whether by law, pre-emptive
or contractual) issued or capable of becoming an agreement for: (i) the purchase, subscription or issuance of any unissued shares,
securities or warrants of the Company; or (ii) the repurchase by or on behalf of the Company of any issued and outstanding securities
of the Company.</TD></TR></TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(28)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Voting or Control Agreements. </I></B></FONT>To the knowledge
of the Company, no agreement is in force or effect which in any manner affects the voting or control of any of the securities of
the Company. No agreement is in force or effect which in any manner affects the voting or control of any of the securities of any
Material Subsidiary other than in respect of the security interests granted by the Company and the Material Subsidiaries in connection
with the Senior Secured Credit Facility and the APG Loan.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(29)</FONT></TD><TD STYLE="text-align: justify"><B><I>Restrictions
                                         on Business.</I></B> Neither the Company nor any Material Subsidiary or, to the knowledge
                                         of the Company, any Joint Venture Entity is a party to or bound or affected by any commitment,
                                         agreement or document containing any covenant which expressly limits the freedom of the
                                         subject person to compete in any line of business, transfer or move any of its assets
                                         or operations which materially and adversely affects, or could reasonably be expected
                                         to materially and adversely affect, the business practices, operations or condition of
                                         the Company (on a consolidated basis), other than rights of first refusal and similar
                                         restrictions governing transfer that are included in the joint venture agreements to
                                         which the Company, the Material Subsidiaries or the Joint Venture Entities are a party;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(30)</FONT></TD><TD STYLE="text-align: justify"><B><I>No Applicable Registration or Other Similar Rights.</I></B> There are no persons with registration
or other similar rights to have any equity or debt securities registered or qualified for sale under the Offering Documents or
included in the Offering contemplated by this Agreement who have not waived such rights in writing (including electronically) prior
to the execution of this Agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(31)</FONT></TD><TD STYLE="text-align: justify"><B><I>No Consents Required. </I></B>No consent, approval, authorization, order, registration or
qualification of or with Governmental Authority or stock exchange is required for the execution, delivery and performance by the
Company of this Agreement, the issuance and sale by the Company of the Offered Shares, except for (i) the qualification of the
Offered Shares for distribution in the United States and in Canada by the filing of the Canadian Offering Documents and receipt
of the relevant Prospectus Receipts therefore and the filing of the U.S. Offering Documents; (ii) the approval of the TSX and NYSE;
and (iii) such consents, approvals, authorizations, orders and registrations or qualifications as may be required under applicable
U.S. federal and state securities laws or by the bylaws and rules of FINRA or the SEC in connection with the sale of the Offered
Shares by the Underwriters.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(32)</FONT></TD><TD STYLE="text-align: justify"><B><I>No Preferential Rights.</I></B> Except as set forth in or incorporated by reference in the
Offering Documents (including pursuant to the KHNP Strategic Relationship Agreement) (i) other than pursuant to options and warrants
to purchase Common Shares pursuant to outstanding convertible securities of the Company, no person, as such term is defined in
Rule 1-02 of Regulation S-X promulgated under the U.S. Securities Act (each, a &ldquo;<B>Person</B>&rdquo;), has the right, contractual
or otherwise, to cause the Company to issue or sell to such Person any Common Shares or other securities of the Company, (ii) the
Company has not granted to any Person any preemptive rights, resale rights, rights of first refusal, or any other rights (whether
pursuant to a &ldquo;poison pill&rdquo; provision or otherwise) to purchase any Common Shares or other securities of the Company,
(iii) no Person has the right to act as an underwriter or as a financial advisor to the Company in connection with the offer and
sale of the Offered Shares, and (iv) no Person has the right, contractual or otherwise, to require the Company to register under
the U.S. Securities Act or qualify for distribution under Canadian Securities Laws any Common Shares or other securities of the
Company, or to include any such Common Shares or other securities in the Offering Documents, whether as a result of the filing
of the Offering Documents (or the Documents Incorporated by Reference) or the sale of the Offered Shares as contemplated thereby
or otherwise.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(33)</FONT></TD><TD STYLE="text-align: justify"><B><I>Forward-Looking Information.</I></B> No forward-looking statement (within the meaning of
Section 27A of the U.S. Securities Act and Section 21E of the U.S. Exchange Act and no forward-looking information within the meaning
of Section 1(1) of the Securities Act (<I>Ontario</I>)) contained or incorporated by reference in the Offering Documents has been
made or reaffirmed without a reasonable basis or has been disclosed other than in good faith.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(34)</FONT></TD><TD STYLE="text-align: justify"><B><I>Certificates.</I></B> The form of certificates representing the Offered Shares, to the extent
that physical certificates are issued for such securities, will be in due and proper form and conform to the requirements of the
<I>Business Corporations Act </I>(Ontario), the articles of incorporation of the Company and applicable requirements of the TSX,
NYSE American, The Depository Trust Company and CDS or will have been otherwise approved by the TSX and NYSE American, if required,
and will have been made eligible by The Depository Trust Company and CDS.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(35)</FONT></TD><TD STYLE="text-align: justify"><B><I>Transfer Agent.</I></B> Computershare Investor Services Inc. has been duly appointed as registrar
and transfer agent for the Common Shares.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(36)</FONT></TD><TD STYLE="text-align: justify"><B><I>No Litigation</I></B>. Except as disclosed in or incorporated by reference in the Offering
Documents, there are no legal, governmental or regulatory actions, suits or proceedings pending, nor, to the Company&rsquo;s knowledge,
any legal, governmental or regulatory audits or investigations, to which the Company or a Subsidiary or, to the knowledge of the
Company, any Joint Venture Entity is a party or to which any property of the Company or any of the Material Subsidiaries or Joint
Venture Entities is subject that, individually or in the aggregate, if determined adversely to the Company or any of the Material
Subsidiaries or Joint Venture Entities, could reasonably be expected to have a Material Adverse Effect or materially and adversely
affect the ability of the Company to perform its obligations under this Agreement; except as disclosed in or incorporated by reference
in the Offering Documents, to the Company&rsquo;s knowledge, no such actions, suits or proceedings are threatened or contemplated
by any Governmental Authority or threatened by others; and there are no current or pending audits or investigations, actions, suits
or proceedings by or before any Governmental Authority that are required under the U.S. Securities Act or Canadian Securities Laws
to be described in or included or incorporated by reference in the Offering Documents that are not so described.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(37)</FONT></TD><TD STYLE="text-align: justify"><B><I>Material Agreements</I></B>; Neither the Company nor, to the Company&rsquo;s knowledge, any
other party is in default in the observance or performance of any material term or material obligation to be performed by any of
them under any Material Agreement and no event has occurred which with notice or lapse of time or both would constitute such a
default, in any such case which default or event would have a Material Adverse Effect on the Company. The Company has filed all
Material Agreements on SEDAR pursuant to Canadian Securities Laws that are required to be filed by the Company as &ldquo;material
contracts&rdquo; pursuant to Section 12.2 of NI 51-102.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(38)</FONT></TD><TD STYLE="text-align: justify"><B><I>Labor Disputes. </I></B>No labor disturbance by or dispute with employees of the Company
or any of the Material Subsidiaries exists or, to the knowledge of the Company, is threatened that could reasonably be expected
to have a Material Adverse Effect.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(39)</FONT></TD><TD STYLE="text-align: justify"><B><I>Local Disputes.</I></B> Except as set forth in the Offering Documents, no dispute between
the Company and any local, aboriginal or indigenous group exists, or to the Company&rsquo;s knowledge, is threatened or imminent
with respect to any of the Company&rsquo;s properties or exploration and development activities that could reasonably be expected
to have a Material Adverse Effect.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(40)</FONT></TD><TD STYLE="text-align: justify"><B><I>Proposed Acquisition</I></B>. There are no material agreements, contracts, arrangements or
understandings (written or oral) with any persons relating to the acquisition or proposed acquisition by the Company or its Material
Subsidiaries of any material interest in any business (or part of a business) or corporation, nor are there any other specific
contracts or agreements (written or oral) in respect of any such matters in contemplation.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(41)</FONT></TD><TD STYLE="text-align: justify"><B><I>Intellectual Property Rights</I></B>. Except as disclosed in or incorporated by reference
in the Offering Documents, the Company and the Material Subsidiaries own, possess, license or have other rights to use all foreign
and domestic patents, patent applications, trade and service marks, trade and service mark registrations, trade names, copyrights,
licenses, inventions, trade secrets, technology, Internet domain names, know-how and other intellectual property (collectively,
the &ldquo;<B>Intellectual Property</B>&rdquo;), necessary for the conduct of their respective businesses as now conducted except
to the extent that the failure to own, possess, license or otherwise hold adequate rights to use such Intellectual Property would
not, individually or in the aggregate, have a Material Adverse Effect.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(42)</FONT></TD><TD STYLE="text-align: justify"><B><I>Market Capitalization</I></B>. At the time the Initial Registration Statement was filed,
the Company met the then applicable requirements for the use of Form F-10 under the U.S. Securities Act.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(43)</FONT></TD><TD STYLE="text-align: justify"><B><I>No Material Defaults.</I></B> Neither the Company nor any of the Material Subsidiaries has
defaulted on any installment on indebtedness for borrowed money or on any rental on one or more long-term leases, which defaults,
individually or in the aggregate, would have a Material Adverse Effect. The Company has not filed a report pursuant to Section
13(a) or 15(d) of the U.S. Exchange Act since the filing of its last Annual Report on Form 40-F, indicating that it (i) has failed
to pay any dividend or sinking fund installment on preferred stock or (ii) has defaulted on any installment on indebtedness for
borrowed money or on any rental on one or more long-term leases, which defaults, individually or in the aggregate, would have a
Material Adverse Effect.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(44)</FONT></TD><TD STYLE="text-align: justify"><B><I>Certain Market Activities</I></B>. Neither the Company, nor any of the Material Subsidiaries,
nor to the knowledge of the Company any of their respective directors or officers has taken, directly or indirectly, any action
designed, or that has constituted or might reasonably be expected to cause or result in, under the U.S. Exchange Act, Canadian
Securities Laws or otherwise, the stabilization, maintenance or manipulation of the price of any security of the Company to facilitate
the sale or resale of the Offered Shares or any other &ldquo;reference security&rdquo; (as defined in Rule 100 of Regulation M
under the U.S. Exchange Act.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(45)</FONT></TD><TD STYLE="text-align: justify"><B><I>Title to Real and Personal Property</I></B>.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; color: black">(a)</FONT></TD><TD STYLE="text-align: justify">The Company, a Material Subsidiary or, to the knowledge of the Company, a Joint Venture Entity,
as applicable, is the beneficial owner of, or has the right to acquire the interests in, the properties, business and assets referred
to in the Offering Documents, inclusive of the Material Properties, free of all Encumbrances whatsoever other than security interests
under the Senior Secured Credit Facility and the APG Loan and the relevant joint venture agreements governing the Joint Venture
Entities.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; color: black">(b)</FONT></TD><TD STYLE="text-align: justify">Any and all agreements pursuant to which the Company, a Material Subsidiary or, to the knowledge
of the Company, a Joint Venture Entity, as applicable, holds or will hold any such interest in property, business or assets are
in good standing in all material respects according to their terms, and the properties are in good standing under the applicable
statutes and regulations of the jurisdictions in which they are situated except, in any case, where it would not result in a Material
Adverse Effect,</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; color: black">(c)</FONT></TD><TD STYLE="text-align: justify">To the Company&rsquo;s knowledge there are no unrecorded Encumbrances on the properties, business
and assets in which the Company has or will have a direct or indirect economic interest except for the rights of Joint Venture
Entities applicable to such properties, business or assets and except security interests contemplated under the Senior Secured
Credit Facility and the APG Loan.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; color: black">(d)</FONT></TD><TD STYLE="text-align: justify">No other property rights, other than Permits to be acquired in the ordinary course, are necessary
for the conduct of the business of the Company, the Material Subsidiaries or, to the knowledge of the Company, the Joint Venture
Entities as currently conducted or contemplated to be conducted.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; color: black">(e)</FONT></TD><TD STYLE="text-align: justify">The Company knows of no claim or basis for any claim that could adversely affect the right of any
such person to use, transfer or otherwise exploit such property rights and, other than as described in the Offering Documents,
no such person has any responsibility or obligation to pay any commission, royalty, license fee or similar payment to any person
with respect to the property rights thereof.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(46)</FONT></TD><TD STYLE="text-align: justify"><B><I>Material Properties. </I></B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; color: black">(a)</FONT></TD><TD STYLE="text-align: justify">The Material Properties are the only mineral properties currently material to the Company in which
the Company, the Material Subsidiaries or the Joint Venture Entities have an interest;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; color: black">(b)</FONT></TD><TD STYLE="text-align: justify">The Company, either directly or through the Material Subsidiaries or the Joint Venture Entities,
holds either freehold title, mining leases, mining claims, mineral claims, exploration permits or other conventional property,
proprietary or contractual interests or rights, recognized in the jurisdiction in which the Material Properties are located in
respect of the ore bodies and minerals located in the Material Properties in which the Company has a direct or indirect economic
interest as described in the Offering Documents under, to the knowledge of the Company, valid, subsisting and enforceable title
documents or other recognized and enforceable agreements or instruments, sufficient to permit the subject person to explore, develop,
mine and exploit the minerals relating thereto;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; color: black">(c)</FONT></TD><TD STYLE="text-align: justify">All leases or claims and permits relating to the Material Properties in which the Company (through
the applicable Material Subsidiary) has an interest or right have been validly located and recorded in accordance with all Applicable
Laws and are valid and subsisting; except as disclosed in the Offering Documents,</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; color: black">(d)</FONT></TD><TD STYLE="text-align: justify">The Company, the Material Subsidiaries or, to the knowledge of the Company, the Joint Venture Entities,
or trustees on their respective behalves, have all necessary surface rights, access rights and other necessary rights and interest
relating to the Material Properties in which the Company has a direct or indirect economic interest as described in the Offering
Documents granting the right and ability, as applicable, to explore, access, develop, construct, mine and exploit minerals, ore
and metals for development purposes, subject to the Company&rsquo;s ability to obtain the Permits (as defined below), as are appropriate
in view of rights and interests therein, with only such exceptions as do not materially interfere with the use made by the joint
ventures of the rights or interests so held and each of the proprietary interests or rights and each of the documents, agreements
and instruments and obligations relating thereto referred to above are currently in good standing</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; color: black">(e)</FONT></TD><TD STYLE="text-align: justify">The Company (through the applicable Material Subsidiary or Joint Venture Entity) has all necessary
rights and interests relating to the Material Properties in which the Company (through the applicable Material Subsidiary) has
an interest granting the Company (through the applicable Material Subsidiary) the right and ability to explore, develop, mine and
exploit the minerals relating thereto as are appropriate in view of the rights and interest therein of the Company or the applicable
Material Subsidiary or Joint Venture Entity, with only such exceptions as do not materially interfere with the current use made
by the Company or the applicable Material Subsidiary or Joint Venture Entity of the rights or interest so held,</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; color: black">(f)</FONT></TD><TD STYLE="text-align: justify">Each of the proprietary interests or rights and each of the agreements, contracts, arrangements
or understandings and obligations relating thereto referred to above is currently in good standing in all respects in the name
of the Company or the applicable Material Subsidiary or Joint Venture Entity;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; color: black">(g)</FONT></TD><TD STYLE="text-align: justify">Except as disclosed in the Offering Documents, the Company and the Material Subsidiaries or Joint
Venture Entities do not have any responsibility or obligation to pay any commission, royalty, license, fee or similar payment to
any person with respect to the property rights thereof, other than mineral claim fees, except where such fee or payment would not
have a Material Adverse Effect, either individually or in the aggregate.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; color: black">(h)</FONT></TD><TD STYLE="text-align: justify">There are no expropriations or similar proceedings or any material challenges to title or ownership,
actual or threatened, of which the Company, any Subsidiary or, to the knowledge of the Company, any Joint Venture Entity has received
notice against any Material Property.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt; color: black">(47)</FONT></TD><TD STYLE="text-align: justify"><B><I>Aboriginal Claims</I></B>. There are no claims or actions with respect to aboriginal or native
rights against or affecting the Company, any Subsidiary or, to the knowledge of the Company, any Joint Venture Entity, or, to the
best of the knowledge of the Company, pending or threatened, including with respect to any of the Material Properties, or, to the
knowledge of the Company, in respect of any of the other properties in which the Company has an economic interest. Other than as
set forth in the Offering Documents, the Company is not aware of any material land entitlement claims or aboriginal land claims
having been asserted or any legal actions relating to aboriginal or community issues having been instituted with respect to the
such properties, and no material dispute in respect of such properties with any local or aboriginal or native group exists or,
to the knowledge of the Company, is threatened or imminent with respect thereto or activities thereon.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt; color: black">(48)</FONT></TD><TD STYLE="text-align: justify"><B><I>Exploration Activities<FONT STYLE="color: black">. </FONT></I></B>All mineral exploration
activities on the properties of the Company, any Subsidiary or to the Company&rsquo;s knowledge, any Joint Venture Entity have
been conducted in all material respects in accordance with good mining and engineering practices and all applicable workers&rsquo;
compensation and health and safety and workplace laws, regulations and policies have been duly complied with except where the failure
to so conduct operations could not reasonably be expected to have a Material Adverse Effect.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(49)</FONT></TD><TD STYLE="text-align: justify"><B><I>Environmental Laws</I>.</B> Except as set forth in the Offering Documents:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify">each of the Company, the Material Subsidiaries and, to the knowledge of the Company, the Joint
Venture Entities is in compliance in all material respects with all applicable federal, provincial, state, municipal and local
laws, statutes, ordinances, bylaws and regulations and orders, directives and decisions rendered by any ministry, department or
administrative or regulatory agency (the &ldquo;<B>Environmental Laws</B>&rdquo;) relating to the protection of the environment,
occupational health and safety or the processing, use, treatment, storage, disposal, discharge, transport or handling of any pollutants,
contaminants, chemicals or industrial, toxic or hazardous wastes or substance, including any uranium or derivatives thereof (the
 &ldquo;<B>Hazardous Substances</B>&rdquo;);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">Each of the Company, the Material Subsidiaries and, to the knowledge of the Company, the Joint
Venture Entities has obtained all licenses, permits, approvals, consents, certificates, registrations and other authorizations
under all applicable Environmental Laws (the &ldquo;<B>Environmental Permits</B>&rdquo;) necessary as at the date hereof for the
operation of the businesses carried on by the Company and the Material Subsidiaries and Joint Venture Entities and each Environmental
Permit is valid, subsisting and in good standing and to the knowledge of the Company neither the Company nor the Material Subsidiaries
or Joint Venture Entities is in default or breach of any Environmental Permit, and no proceeding is pending or, to the knowledge
of the Company or the Material Subsidiaries, threatened, to revoke or limit any Environmental Permit.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify">None of the Company, the Material Subsidiaries nor, to the knowledge of the Company, the Joint
Venture Entities has used, except in compliance with all Environmental Laws and Environmental Permits, and other than as may be
incidental to mineral resource exploration and its closed mines remediation and environmental services business, any property or
facility which it owns or leases or previously owned or leased, to generate, manufacture, process, distribute, use, treat, store,
dispose of, transport or handle any Hazardous Substance.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify">None of the Company, the Material Subsidiaries nor, to the knowledge of the Company, the Joint
Venture Entities has received any notice of, or been prosecuted for an offence alleging, non-compliance with any Environmental
Law that would have a Material Adverse Effect, and neither the Company nor the Material Subsidiaries (including, if applicable,
any predecessor companies) has settled any allegation of non-compliance that would have a Material Adverse Effect short of prosecution.
There are no orders or directions relating to environmental matters requiring any material work, repairs, construction or capital
expenditures to be made with respect to any of the assets of the Company or the Material Subsidiaries, nor has the Company or the
Material Subsidiaries received notice of any of the same.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT></TD><TD STYLE="text-align: justify">None of the Company, any Subsidiary or, to the knowledge of the Company, any Joint Venture Entity
has received any notice wherein it is alleged or stated that the Company or the Material Subsidiaries is potentially responsible
for a federal, provincial, state, municipal or local clean-up site or corrective action under any Environmental Laws.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(f)</FONT></TD><TD STYLE="text-align: justify">None of the Company, any Subsidiary or, to the knowledge of the Company, any Joint Venture Entity
has received any request for information in connection with any federal, state, municipal or local inquiries as to disposal sites
and, to the best of the knowledge of the Company, there are no environmental audits, evaluations, assessments, studies or tests
being conducted by any federal, state, municipal or local except for ongoing audits, evaluations, assessments, studies or tests
being conducted in the ordinary course.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(g)</FONT></TD><TD STYLE="text-align: justify">The Company, each of the Material Subsidiaries and, to the knowledge of the Company, each of the
Joint Venture Entities is in compliance in all material respects with all applicable workers&rsquo; compensation and health and
safety and workplace laws, regulations and policies.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(50)</FONT></TD><TD STYLE="text-align: justify"><B><I>Permits</I></B>. Except as disclosed in the Offering Documents, the Company,</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; color: black">(a)</FONT></TD><TD STYLE="text-align: justify">each of the Material Subsidiaries and, to the knowledge of the Company, each of the Joint Venture
Entities have obtained or identified all the material permits, certificates, and approvals (collectively, the &ldquo;<B>Permits</B>&rdquo;)
which are required or will be required for the exploration, development and eventual or actual operation of the Material Properties,
which Permits include but are not limited to environmental assessment certificates, water licenses, land tenures, rezoning or zoning
variances and other necessary local, provincial, state and federal approvals;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; color: black">(b)</FONT></TD><TD STYLE="text-align: justify">the required Permits have either been received, applied for, or the processes to obtain such Permits
have been or will in due course be initiated by the Company or the applicable Material Subsidiaries or Joint Venture Entities;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; color: black">(c)</FONT></TD><TD STYLE="text-align: justify">neither the Company nor the applicable Material Subsidiaries know of any issue or reason why the
required Permits should not be approved and obtained in the ordinary course; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify">all assessments or other work required to be performed in relation to the material mineral claims
of the Company and the applicable Material Subsidiary in order to maintain their respective interests therein, if any, have been
performed to date and, except as disclosed in the Offering Documents, the Company and the applicable Material Subsidiary have complied
in all material respects with all Applicable Laws in this regard as well as with regard to legal and contractual obligations to
third parties in this regard except in respect of mineral claims that the Company and the applicable Material Subsidiary intend
to abandon or relinquish and except for any non-compliance which would not either individually or in the aggregate have a Material
Adverse Effect; all such mineral claims are in good standing in all respects as of the date of this Agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt; color: black">(51)</FONT></TD><TD STYLE="text-align: justify"><B><I>NI 43-101 Technical Reports</I></B>.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify">the Company made available to the respective authors thereof prior to the issuance of all of the
applicable technical reports filed by the Company on SEDAR relating to the Material Properties (the &ldquo;<B>Reports</B>&rdquo;),
for the purpose of preparing the Reports, as applicable, all information requested, and no such information contained any material
misrepresentation as at the relevant time the relevant information was made available;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">the Reports complied in all material respects with the requirements of NI 43-101 as at the date
of each such Report;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify">the Company is in compliance, in all material respects, with the provisions of NI 43-101 and has
filed all technical reports required thereby and, at the time of filing, all such reports complied, in all material respects, with
the requirements of NI 43-101; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify">except as noted in the Offering Documents, all scientific and technical information disclosed in
the Offering Documents: (i) is based upon information prepared, reviewed and/or verified by or under the supervision of a &ldquo;qualified
person&rdquo; (as such term is defined in NI 43-101), (ii) has been prepared and disclosed in accordance with Canadian industry
standards set forth in NI 43- 101, and (iii) was true, complete and accurate in all material respects at the time of filing;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt">(52)</TD><TD STYLE="text-align: justify"><B><I>December 2019 FT Private Placement.</I></B>, The Company has complied with all covenants
and agreements with respect to the renunciation of Qualified Expenditures to each purchaser in the December 2019 FT Private Placement
and the completion of the required filings under the Tax Act to the extent that filings are required to have been made by the date
of this Agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(53)</FONT></TD><TD STYLE="text-align: justify"><B><I>Insurance</I></B>. The Company, the Material Subsidiaries and, to the knowledge of the Company,
the Joint Venture Entities maintain insurance covering their properties, operations, personnel and businesses that the Company
reasonably deems adequate; such insurance insures against such losses and risks to an extent which is adequate in accordance with
customary industry practice to protect such persons and their respective businesses; all such insurance is fully in force on the
date hereof and will be fully in force on the Closing Date. The Company has no reason to believe that such persons will not be
able to renew such existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers
as may be necessary to continue their businesses at a cost that would not be reasonably expected to have a Material Adverse Effect
on the Company.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(54)</FONT></TD><TD STYLE="text-align: justify"><B><I>Employment Matters:</I></B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; color: black">(a)</FONT></TD><TD STYLE="text-align: justify">The Company, each of the Material Subsidiaries and, to the knowledge of the Company, each of the
Joint Venture Entities is in compliance in all material respects with all laws respecting employment and employment practices,
terms and conditions of employment, pay equity and wages.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; color: black">(b)</FONT></TD><TD STYLE="text-align: justify">There has not been and there is not currently any labour disruption or conflict which is adversely
affecting or could adversely affect, in a material manner, the carrying on of the business of the Company, any Subsidiary or, to
the knowledge of the Company, any Joint Venture Entity.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; color: black">(c)</FONT></TD><TD STYLE="text-align: justify">Each material plan for retirement, bonus, stock purchase, profit sharing, stock options, deferred
compensation, severance or termination pay, insurance, medical, hospital, dental, vision care, drug, sick leave, disability, salary
continuation, legal benefits, unemployment benefits, vacation, incentive or otherwise contributed to or required to be contributed
to, by the Company or any Subsidiary for the benefit of any current or former director, officer, employee or consultant of the
Company and the Material Subsidiaries (the &ldquo;<B>Employee Plans</B>&rdquo;) has been maintained in material compliance with
its terms and with the requirements prescribed by any and all statutes, orders, rules and regulations that are applicable to such
Employee Plan.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; color: black">(d)</FONT></TD><TD STYLE="text-align: justify">All material accruals for unpaid vacation pay, premiums for unemployment insurance, health premiums,
federal or provincial pension plan premiums, accrued wages, salaries and commissions and Employee Plan payments have been reflected
in the books and records of the Company or the relevant Subsidiary.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; color: black">(e)</FONT></TD><TD STYLE="text-align: justify">To the knowledge of the Company, no officer, director, employee or security holder of the Company
has any cause of action or other claim whatsoever against, or owes any amount to, the Company in connection with its business except
for claims in the ordinary and normal course of the business such as for accrued vacation pay or other amounts or matters which
would not be material to the Company.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt; color: black">(55)</FONT></TD><TD STYLE="text-align: justify"><B><I>Related Party Transactions</I></B>. Except as disclosed in the Offering Documents:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; color: black">(a)</FONT></TD><TD STYLE="text-align: justify">neither the Company nor any Material Subsidiary owes any monies to or has any present loans to,
or borrowed any monies from or is otherwise indebted to, any officer, director, employee, shareholder or any person not dealing
at &ldquo;arm&rsquo;s length&rdquo; (as such term is defined in the Tax Act) with any of them except for usual employee reimbursements
and compensation paid in the ordinary and normal course of its business;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; color: black">(b)</FONT></TD><TD STYLE="text-align: justify">except as disclosed in the Offering Documents and usual employee or consulting arrangements made
in the ordinary and normal course of business, neither the Company nor any Material Subsidiary is a party to any contract, agreement
or understanding with any officer, director, employee, shareholder or any other person not dealing at arm&rsquo;s length with it;
and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; color: black">(c)</FONT></TD><TD STYLE="text-align: justify">none of the directors, officers or employees of the Company, any known holder of more than ten
percent (10%) of any class of shares of the Company, or any known associate or affiliate of any of the foregoing persons has had
any material interest, direct or indirect, in any material transaction with the Company or any Subsidiary, or any proposed material
transaction which, as the case may be, materially affected, is material to or will materially affect the Company, any Subsidiary
or their respective businesses.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(56)</FONT></TD><TD STYLE="text-align: justify"><B><I>Taxes. </I></B>The Company and each of the Material Subsidiaries have filed all federal,
state, provincial, local and foreign tax returns which have been required to be filed, which such tax returns are correct and complete
in all material respective, and paid all taxes shown thereon through the date hereof, to the extent that such taxes have become
due and are not being contested in good faith, except where the failure to so file or pay would not have a Material Adverse Effect.
Except as otherwise disclosed in the Offering Documents, no tax deficiency has been determined adversely to the Company or any
of the Material Subsidiaries which would have, individually or in the aggregate, a Material Adverse Effect. The Company has no
knowledge of any federal, state, provincial or other governmental tax deficiency, penalty or assessment which has been asserted
or threatened in writing against it which would have a Material Adverse Effect.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(57)</FONT></TD><TD STYLE="text-align: justify"><B><I>Investment Company Act</I></B>. Neither the Company nor any of the Material Subsidiaries
is or, after giving effect to the offering and sale of the Offered Shares and the application of the proceeds thereof as described
in the Offering Documents, as applicable, will be required to register as an &ldquo;investment company&rdquo; or an entity &ldquo;controlled&rdquo;
by an &ldquo;investment company,&rdquo; as such terms are defined in the Investment Company Act of 1940, as amended.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(58)</FONT></TD><TD STYLE="text-align: justify"><B><I>ERISA</I></B>. The Company does not have a material employee benefit plan, within the meaning
of Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(59)</FONT></TD><TD STYLE="text-align: justify"><B><I>Company is not a &ldquo;Controlled Foreign Corporation&rdquo;</I></B><I>. </I>To the Company&rsquo;s
knowledge, based solely upon the record ownership of shares, and without regard to the beneficial ownership of shares held in street
name, the option to acquire shares granted hereunder to the underwriters, &nbsp;and any indirect or constructive ownership by U.S.
Persons pursuant Section 958 of the Internal Revenue Code of 1986, as amended (the &ldquo;<B>Code</B>&rdquo;) not actually disclosed
to the Company, the Company is not a &ldquo;<I>controlled foreign corporation</I>,&rdquo; as such term is defined in the Code.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(60)</FONT></TD><TD STYLE="text-align: justify"><B><I>FINRA Matters</I></B>. All of the information provided to the Underwriters or to counsel
for the Underwriters by the Company and, to the knowledge of the Company, its officers and directors and the holders of any securities
(debt or equity) or options to acquire any securities of the Company in connection with letters, filings or other supplemental
information provided to FINRA pursuant to FINRA Conduct Rule 5110, 5121 or 5190 is true, complete and correct in all material aspects.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(61)</FONT></TD><TD STYLE="text-align: justify"><B><I>Finder&rsquo;s Fee&rsquo;s. </I></B>Neither the Company nor any of the Material Subsidiaries
has incurred any liability for any finder&rsquo;s fees, brokerage commissions or similar payments in connection with the transactions
herein contemplated, except as may otherwise exist with respect to the Underwriters pursuant to this Agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(62)</FONT></TD><TD STYLE="text-align: justify"><B><I>Broker/Dealer Relationships</I></B>. Neither the Company nor any of the Material Subsidiaries
or any related entities (i) is required to register as a &ldquo;broker&rdquo; or &ldquo;dealer&rdquo; in accordance with the provisions
of the U.S. Exchange Act or (ii) directly or indirectly through one or more intermediaries, controls or is a &ldquo;person associated
with a member&rdquo; or &ldquo;associated person of a member&rdquo; (within the meaning set forth in the FINRA Manual).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(63)</FONT></TD><TD STYLE="text-align: justify"><B><I>No Improper Practices. </I></B>(i) Neither the Company nor, to the Company&rsquo;s knowledge,
the Material Subsidiaries, nor to the Company&rsquo;s knowledge, any of their respective directors or officers has, in the past
five years, made any unlawful contributions to any candidate for any political office (or failed fully to disclose any contribution
in violation of Applicable Law) or made any contribution or other payment to any official of, or candidate for, any federal, state,
provincial, municipal, or foreign office or other person charged with similar public or quasi-public duty in violation of any Applicable
Law or of the character required to be disclosed in the Offering Documents; (ii) no relationship, direct or indirect, exists between
or among the Company or, to the Company&rsquo;s knowledge, any Material Subsidiary or any affiliate of any of them, on the one
hand, and the directors, officers and shareholders of the Company or, to the Company&rsquo;s knowledge, any Material Subsidiary,
on the other hand, that is required by the U.S. Securities Act or Canadian Securities Laws to be described in the Offering Documents
that is not so described; (iii) no relationship, direct or indirect, exists between or among the Company or any Material Subsidiary
or any affiliate of them, on the one hand, and the directors, officers, or shareholders of the Company or, to the Company&rsquo;s
knowledge, any Material Subsidiary, on the other hand, that is required by the rules of FINRA (or Canadian equivalent thereof)
to be described in the Offering Documents that is not so described; (iv) except as described in the Offering Documents, there are
no material outstanding loans or advances or material guarantees of indebtedness by the Company or, to the Company&rsquo;s knowledge,
any Material Subsidiary to or for the benefit of any of their respective officers or directors or any of the members of the families
of any of them; (v) the Company has not offered, or caused any placement agent to offer, Common Shares or to make any payment of
funds to any person with the intent to influence unlawfully (A) a customer or supplier of the Company or any Material Subsidiary
to alter the customer&rsquo;s or supplier&rsquo;s level or type of business with the Company or any Material Subsidiary or (B)
a trade journalist or publication to write or publish favorable information about the Company or any Material Subsidiary or any
of their respective products or services, and, (vi) neither the Company nor any Material Subsidiary nor, to the Company&rsquo;s
knowledge, any director, officer, employee or agent of the Company or any Material Subsidiary has made any payment of funds of
the Company or any Material Subsidiary or received or retained any funds in violation of any Applicable Law (including, without
limitation, the Foreign Corrupt Practices Act of 1977 and the <I>Corruption of Foreign Public Officials Act </I>(Canada)).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(64)</FONT></TD><TD STYLE="text-align: justify"><B><I>Operations</I></B>. The operations of the Company and the Material Subsidiaries are and have
been conducted at all times in compliance with applicable financial record keeping and reporting requirements of the <I>Proceeds
of Crime (Money Laundering) and Terrorist Financing Act </I>(Canada), the <I>Corruption of Foreign Public Officials Act </I>(Canada)
and applicable rules and regulations thereunder, and the money laundering statutes of all applicable jurisdictions, the rules and
regulations thereunder and any related or similar applicable rules, regulations or guidelines, issued, administered or enforced
by any Governmental Authority (collectively, the &ldquo;<B>Money Laundering Laws</B>&rdquo;); and no action, suit or proceeding
by or before any court or Governmental Authority involving the Company or any of the Material Subsidiaries with respect to the
Money Laundering Laws is pending or, to the knowledge of the Company, threatened.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(65)</FONT></TD><TD STYLE="text-align: justify"><B><I>Sanctions. </I></B>(i) The Company represents that, neither the Company nor any of the Material
Subsidiaries (collectively, the &ldquo;<B>Entity</B>&rdquo;) nor, to the Company&rsquo;s knowledge, any director, officer, employee,
agent, affiliate or representative of the Company, is a government, individual, or entity (in this paragraph (66), &ldquo;<B>Member</B>&rdquo;)
that is, or is owned or controlled by a Member that is:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify">the subject of any sanctions administered or enforced by the U.S. Department of Treasury&rsquo;s
Office of Foreign Assets Control, the United Nations Security Council, the European Union, Her Majesty&rsquo;s Treasury, the Office
of the Superintendent of Financial Institutions (Canada), or pursuant to the <I>Special Economic Measures Act </I>(Canada) or other
relevant sanctions authority or Applicable Law (collectively, &ldquo;<B>Sanctions</B>&rdquo;), nor</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">located, organized or resident in a country or territory that is the subject of Sanctions (including,
without limitation, Cuba, Iran, North Korea, Sudan, Syria and the Crimea Region of the Ukraine).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify">The Company represents and covenants that it will not, directly or indirectly, use the proceeds
of the Offering, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other
Member:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">to fund or facilitate any activities or business of or with any Member or in any country or territory
that, at the time of such funding or facilitation, is the subject of Sanctions; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify">in any other manner that will result in a violation of Sanctions by any Member (including any Member
participating in the offering, whether as underwriter, advisor, investor or otherwise).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify">The Company represents and covenants that, except as detailed in the Offering Documents, for the
past 5 years, it has not knowingly engaged in, is not now knowingly engaged in, and will not engage in, any dealings or transactions
with any Member, or in any country or territory, that at the time of the dealing or transaction is or was the subject of Sanctions.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(66)</FONT></TD><TD STYLE="text-align: justify"><B><I>Certification of Disclosure</I></B>. There has been no failure on the part of the Company
or, to the Company&rsquo;s knowledge, any of the Company&rsquo;s directors or officers, in their capacities as such, to comply
in all material respects with any applicable provisions of the Sarbanes-Oxley Act, NI 52-109 and the rules and regulations promulgated
thereunder. Each of the principal executive officer and the principal financial officer of the Company (or each former principal
executive officer of the Company and each former principal financial officer of the Company as applicable) and each certifying
officer of the Company (or each former certifying officer of the Company and each former certifying officer of the Company as applicable)
has made all certifications required by Sections 302 and 906 of the Sarbanes-Oxley Act with respect to all reports, schedules,
forms, statements and other documents required to be filed by it or furnished by it to the SEC and as required to be made and filed
by NI 52-109. For purposes of the preceding sentence, &ldquo;principal executive officer&rdquo; and &ldquo;principal financial
officer&rdquo; shall have the meanings given to such terms in the Sarbanes-Oxley Act and &ldquo;certifying officer&rdquo; shall
have the meanings given to such term in NI 52-109.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(67)</FONT></TD><TD STYLE="text-align: justify"><B><I>Due Diligence Matters</I></B>. To the knowledge of the Company, all documents and information
delivered and provided by or on behalf of the Company to the Underwriters as a part of their due diligence in connection with the
Offering were complete and accurate in all material respects.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(68)</FONT></TD><TD STYLE="text-align: justify"><B><I>Exchange Registration. </I></B>The Common Shares are registered pursuant to Section&nbsp;12(b)
of the U.S. Exchange Act and are accepted for trading on the NYSE American under the symbol &ldquo;DNN&rdquo; and the TSX under
the symbol &ldquo;DML,&rdquo; and the Company has taken no action designed to terminate the registration of the Common Shares under
the U.S. Exchange Act or delisting the Common Shares from either of the Exchanges, nor has the Company received any notification
that the SEC, the Canadian Securities Commissions or either of the Exchanges is contemplating terminating such registration or
listing. Except as disclosed in the Offering Documents, the Company has complied in all material respects with the applicable requirements
of the Exchanges for maintenance of inclusion of the Common Shares thereon. As at the Closing Date, the Company will have obtained
all necessary consents, approvals, authorizations or orders of, or filing, notification or registration with, the Exchanges, the
SEC and the Canadian Securities Commissions, where applicable, required for the listing and trading of the Offered Shares subject
only to satisfying their standard listing and maintenance requirements.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In this Agreement,
a reference to &ldquo;knowledge&rdquo; of the Company, means the knowledge of David Cates, President and Chief Executive Officer,
Mac McDonald, Executive Vice-President and Chief Financial Officer and Amanda Willett, Corporate Counsel and Corporate Secretary,
in each case, after reasonable inquiry within the scope of such person&rsquo;s duties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any certificate signed
by any officer on behalf of the Company or any of the Material Subsidiaries and delivered to the Underwriters or counsel for the
Underwriters in connection with the offering of the Offered Shares shall be deemed to be a representation and warranty by the Company
or Material Subsidiaries, as the case may be, as to matters covered thereby, to each Underwriter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Company acknowledges that the Underwriters and, for purposes of the opinions to be delivered pursuant to </FONT>Section&nbsp;15(1)
hereof, counsel to the Company and counsel to the Underwriters will rely upon the accuracy and truthfulness of the foregoing representations
and hereby consents to such reliance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left"><FONT STYLE="font-size: 10pt"><B>Section 8</B></FONT></TD><TD STYLE="text-align: justify"><B>Representations, Warranties and Covenants of the Underwriters</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 80.65pt; text-align: justify; text-indent: -80.65pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify">Each Underwriter hereby severally, and not jointly, nor jointly and severally, represents and warrants
to the Company that:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify">it is, and will remain so, until the completion of the Offering, appropriately registered under
Applicable Securities Laws so as to permit it to lawfully fulfill its obligations hereunder; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">it has good and sufficient right and authority to enter into this Agreement and complete the transactions
contemplated under this Agreement on the terms and conditions set forth herein.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify">The Underwriters hereby covenant and agree with the Company to the following:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify">Compliance with Securities Laws. The Underwriters will comply with applicable securities laws (including
Applicable Securities Laws) in connection with the Distribution of the Offered Shares.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">Completion of Distribution. The Underwriters will use their commercially reasonable efforts to
complete the Distribution of the Offered Shares as promptly as possible after the Closing Time, but in any event no later than
seven (7) Business Days following the date of exercise of the entire Over-Allotment Option, if exercised.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify">Liability on Default. No Underwriter shall be liable to the Company under this section with respect
to a default by any of the other Underwriters.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(3)</FONT></TD><TD STYLE="text-align: justify">The Company agrees that the Underwriters are acting severally and not jointly (or jointly and severally)
in performing their respective obligations under this Agreement and that no Underwriter shall be liable for any act, omission or
conduct by any other Underwriter or another Underwriter&rsquo;s duly registered broker-dealer affiliate in the United States or
any Selling Firm.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(4)</FONT></TD><TD STYLE="text-align: justify">Distribution in Canada. No Underwriter that is a non-resident for purposes of the Tax Act will
render any services under this Agreement in Canada.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left"><FONT STYLE="font-size: 10pt"><B>Section 9</B></FONT></TD><TD STYLE="text-align: justify"><B>Indemnification</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 80.65pt; text-align: justify; text-indent: -80.65pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify">The Company (referred to in this Section 9 as the (&ldquo;<B>Indemnifying Party</B>&rdquo;)) agrees
to indemnify and save harmless each of the Underwriters, CF US and their respective affiliates and each of their respective directors,
officers, partners, members, employees, shareholders and agents, and each person, if any, who controls the Underwriters within
the meaning of Section 15 of the U.S. Securities Act or Section 20 of the 1934 Act (each referred to in this Section 9 as an &ldquo;<B>Indemnified
Party</B>&rdquo;) from and against all liabilities, claims, losses (other than loss of profits in connection with the distribution
of the Offered Shares), actions, suits, proceedings, charges, reasonable costs, damages and reasonable expenses which an Indemnified
Party suffers or incurs or is subject to, including all amounts paid to settle actions or satisfy judgments or awards and all reasonable
legal fees and expenses that may be incurred in advising with respect to investigating or defending any Claim, in any way caused
by, or arising directly or indirectly from, or in consequence of:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify">any information or statement contained in the Offering Documents, any Issuer Free Writing Prospectus
or any Supplementary Material related thereto, or in any certificate or other document of the Company or of any officer of the
Company or any of its Material Subsidiaries delivered hereunder or pursuant hereto which contains or is alleged to contain a misrepresentation;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<!-- Field: Page; Sequence: 39 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->40<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">any omission or alleged omission to state in the Offering Documents, any Issuer Free Writing Prospectus,
any marketing materials or any Supplementary Material related thereto, or any certificate or other document of the Company or any
officer of the Company or any of the Material Subsidiaries delivered hereunder or pursuant hereto any material fact, required to
be stated therein or necessary to make any statement therein not misleading in light of the circumstances under which it was made;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify">any order made or any inquiry, investigation or proceedings commenced or threatened by any securities
commission, stock exchange or other Governmental Authority based upon any actual or alleged untrue statement, omission or misrepresentation
in the Offering Documents, any Issuer Free Writing Prospectus, any marketing materials or any Supplementary Material or based upon
any actual or alleged failure to comply with Canadian Securities Laws or U.S. Securities Laws, preventing or restricting the trading
in of the Firm Shares or Additional Shares or the distribution of the Offered Shares or any other securities of the Company;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify">the non-compliance or alleged non-compliance by the Company with any requirement of Canadian Securities
Laws or U.S. Securities laws in any of the Qualifying Jurisdictions or in the United States or any state therein in connection
with the transactions herein contemplated including the Company&rsquo;s non-compliance or alleged non-compliance with any statutory
requirement to make any document available for inspection; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT></TD><TD STYLE="text-align: justify">any breach of any representation or warranty of the Company contained herein or in any certificate
or other document of the Company or of any officers of the Company or any of the Material Subsidiaries delivered hereunder or pursuant
hereto or the failure of the Company to comply with any of its obligations hereunder,</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify"><FONT STYLE="font-size: 10pt">provided,
however, that the foregoing indemnity (i) shall not apply to any loss, liability, claim, damage or expense to the extent arising
out of any untrue statement or omission or alleged untrue statement or omission made solely in reliance upon and in conformity
with written information relating to the Underwriters or regarding securities laws and available offering exemptions in jurisdictions
other than Canada and the United States furnished to the Company by the Underwriters expressly for use in the Offering Documents
and set forth in the &ldquo;Plan of Distribution&rdquo; section of the Offering Documents in the ninth through fourteenth paragraphs,
and under &ldquo;Notice to Investors&rdquo;, any Issuer Free Writing Prospectus or any Supplementary Materials and (ii) shall cease
to apply if and to the extent that a court of competent jurisdiction in a final judgment from which no appeal can be made or a
Governmental Authority in a final ruling from which no appeal can be made determines that any loss, liability, claim, damage or
expense resulted primarily and directly from the fraud, gross negligence, willful misconduct or bad faith of the Indemnified Party
claiming indemnity.</FONT> For greater certainty, the Company and the Underwriters agree that they do not intend that any failure
by the Underwriters to conduct such reasonable investigation as necessary to provide the Underwriters with reasonable grounds for
believing the Offering Document contained no misrepresentation shall constitute &ldquo;gross negligence&rdquo; or &ldquo;willful
misconduct&rdquo; for purposes of this Section 9 or otherwise disentitle the Underwriters from indemnification hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->41<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify">If any matter or thing contemplated by this Section 9 (any such matter or thing being hereinafter
referred to as a &ldquo;<B>Claim</B>&rdquo;) is asserted against an Indemnified Party, the Indemnified Party shall notify the Indemnifying
Party as soon as practicable, of such Claim to the extent allowable by Applicable Law (provided, however, that failure to provide
such notice shall not affect the Indemnified Party&rsquo;s right to indemnification hereunder, except (and only) to the extent
of material prejudice (through the forfeiture of substantive rights and defenses) to the Indemnifying Party therefrom) and the
Indemnifying Party shall be entitled (but not required) to assume the defence of any suit, action or proceeding brought to enforce
such Claim; provided, however, that the defence shall be conducted through legal counsel acceptable to the Indemnified Party and
that no admission of liability or settlement of any such Claim may be made by the Indemnifying Party or the Indemnified Party without
the prior written consent of the other.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(3)</FONT></TD><TD STYLE="text-align: justify">In any such Claim, the Indemnified Party shall have the right to retain separate counsel to act
on its behalf provided that the fees and disbursements of such counsel shall be paid by the Indemnified Party unless:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify">the Indemnifying Party fails to assume the defence of such Claim on behalf of the Indemnified Party
within five (5) business days of receiving detailed notice thereof or, having assumed such defence, has failed to engage counsel
promptly or who is acceptable to the Indemnified Parties, or has failed to pursue it diligently;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">the Indemnifying Party and the Indemnified Party shall have mutually agreed to the retention of
the other counsel; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify">the named parties to the Claim (including any added, third parties or interpleaded parties) include
the Indemnifying Party, and the Indemnifying Parties have been advised by counsel (including internal counsel) that there are legal
defences available to such Indemnified Party that are different or in addition to those available to the Indemnifying Party, that
representation of the Indemnified Party by counsel for the Indemnifying Party is inappropriate as a result of the potential or
actual conflicting interests of those represented, or where in such Indemnified Party&rsquo;s reasonable judgment, the Claim gives
rise to a conflict of interest between the Indemnifying Party and such Indemnified Party;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify">in each of cases Section 9(3)(a),
Section 9(3)(b) and Section 9(3)(c), the Indemnifying Party will not have the right to assume the defence of the suit on behalf
of such Indemnified Party, but the Indemnifying Party will be liable to pay the fees and expenses of separate counsel for all Indemnified
Parties and, in addition, of local counsel in each applicable jurisdiction. Notwithstanding the foregoing, no settlement may be
made by an Indemnified Party without the prior written consent of the Indemnifying Party, which consent will not be unreasonably
withheld, conditioned or delayed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->42<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left"><FONT STYLE="font-size: 10pt"><B>Section 10</B></FONT></TD><TD STYLE="text-align: justify"><B>Contribution</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 80.65pt; text-align: justify; text-indent: -80.65pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify">In order to provide for a just and equitable contribution in circumstances in which the indemnity
provided in Section&nbsp;9(1) would otherwise be available in accordance with its terms but is, for any reason, held to be unavailable
to or unenforceable by the Indemnified Party or enforceable otherwise than in accordance with its terms or is insufficient to hold
the Indemnified Party harmless, the Indemnifying Party shall contribute to the aggregate of all claims, expenses, costs and liabilities
and all losses (other than loss of profits in connection with the distribution of the Offered Shares) of the nature contemplated
in this Section&nbsp;10 and suffered or incurred by the Indemnified Parties in such proportions as is appropriate to reflect the
relative benefits received by the Company on the one hand and the Underwriters on the other hand from the distribution of the Offered
Shares as well as the relative fault of the parties in connection with the Claim or Claims which resulted in such claims, expenses,
costs, damages, liabilities or losses, as well as any other equitable considerations determined by a court of competent jurisdiction;
provided that: (i) no Underwriter shall in any event be liable to contribute, in the aggregate, any amount in excess of the aggregate
fee or any portion thereof actually received by such Underwriter hereunder; and (ii) no party who has been determined by a court
of competent jurisdiction in a final judgment that has become non-appealable to have engaged in any fraud, fraudulent misrepresentation,
wilful misconduct, gross negligence or bad faith in connection with the Claim or Claims which resulted in such claims, expenses,
costs, damages, liabilities or losses shall be entitled to claim contribution from any person who has not been so determined to
have engaged in such fraud, fraudulent misrepresentation, gross negligence or bad faith in connection with such Claim or Claims.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify">The rights of contribution and indemnity provided in this Section&nbsp;10 shall be in addition
to and not in derogation of any other right to contribution and indemnity which the Underwriters may have by statute or otherwise
at law.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(3)</FONT></TD><TD STYLE="text-align: justify">The Underwriters&rsquo; obligations to contribute pursuant to this Section&nbsp;10 are several,
and not joint, in proportion to their respective underwriting commitments as set forth opposite their respective names in Section&nbsp;22
hereof.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(4)</FONT></TD><TD STYLE="text-align: justify">In the event that any Company Indemnifying Party is held to be entitled to contribution from the
Underwriters under the provisions of any Applicable Law, the Company Indemnifying Party shall be limited to contribution in an
amount not exceeding the lesser of:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify">the portion of the full amount of the loss or liability giving rise to such contribution for which
the Underwriters are responsible, as determined above; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">the amount of the aggregate fee actually received by the Underwriters from the Indemnifying Party
hereunder, provided that no individual Underwriter shall be required to contribute more than the fee actually received by such
Underwriter.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->43<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(5)</FONT></TD><TD STYLE="text-align: justify">If the Underwriters have reason to believe that a claim for contribution may arise, they shall
give the Indemnifying Party notice thereof in writing, but failure to notify the Indemnifying Party shall not relieve the Indemnifying
Party of any obligation which it may have to the Underwriters under this Section&nbsp;10, except (and only) to the extent of material
prejudice (through the forfeiture of substantive rights and defenses) to the Indemnifying Party therefrom.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(6)</FONT></TD><TD STYLE="text-align: justify">With respect to Section&nbsp;9 and this Section&nbsp;10, the Company acknowledges and agrees that
the Underwriters are contracting on their own behalf and as agents for their respective affiliates, directors, officers, employees
and agents, and each person, if any, controlling any Underwriter or any of its subsidiaries and each shareholder of any Underwriter.
Accordingly, the Company hereby constitutes the Underwriters as agents for each person who is entitled to the covenants of the
Company contained in Section&nbsp;9 and this Section&nbsp;10 and is not a party hereto and the Underwriters agree to accept such
agents and to hold in trust for and to enforce such covenants on behalf of such persons.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left"><FONT STYLE="font-size: 10pt"><B>Section 11</B></FONT></TD><TD STYLE="text-align: justify"><B>Covenants of the Company</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 80.65pt; text-align: justify; text-indent: -80.65pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify">The Company covenants and agrees with the Underwriters that:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify">the Company will advise the Underwriters, promptly after receiving notice thereof, of the time
when each Offering Document or Issuer Free Writing Prospectus has been filed, when any Prospectus Receipt has been obtained and
when the Registration Statement becomes effective, and will provide evidence satisfactory to the Underwriters of each such filing
and a copy of each such Prospectus Receipt;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">between the date hereof and the date of completion of the Distribution of the Offered Shares, the
Company will advise the Underwriters, promptly after receiving notice or obtaining knowledge thereof, of:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">the issuance by any Canadian Securities Commission or the SEC of any order suspending or preventing
the use of any of the Offering Documents or any Issuer Free Writing Prospectus, including without limitation the issuance by the
SEC of any stop order suspending the effectiveness of the Registration Statement, or, to the knowledge of the Company, the threatening
of any such order;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify">the issuance by any Canadian Securities Commission, the SEC, the TSX or the NYSE American of any
order having the effect of ceasing or suspending the Distribution of the Common Shares or the trading in any securities of the
Company, or of the institution or, to the knowledge of the Company, threatening of any proceeding for any such purpose; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify">any requests made by any Canadian Securities Commission or the SEC for amending or supplementing
any of the Offering Documents or any Issuer Free Writing Prospectus or for additional information;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->44<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">and the Company will use its best
efforts to prevent the issuance of any order referred to in subparagraph (b)(i) above or subparagraph (b)(ii) above and, if any
such order is issued, to obtain the withdrawal thereof at the earliest possible time;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify">the Company will use its best efforts to obtain the conditional listing of the Offered Shares on
the TSX by the Closing Time, subject only to the official notice of issuance, and the Company will use its best efforts to have
the Offered Shares, listed and admitted and authorized for trading on the NYSE American by the Closing Time;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify">as soon as practicable, but in any event not later than eighteen months after the effective date
of the Registration Statement (as defined in Rule 158(c) under the U.S. Securities Act), the Company will make generally available
to its security holders an earnings statement or statements of the Company and its subsidiaries which will satisfy the provisions
of Section 11(a) of the U.S. Securities Act and Rule 158 under the U.S. Securities Act;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT></TD><TD STYLE="text-align: justify">the Company will use the net proceeds from the Offering for the purposes described in the Offering
Documents;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify">Prior to the completion of the Distribution of the Offered Shares, the Company will file all documents
required to be filed with or furnished to the Canadian Securities Commissions and the SEC pursuant to Applicable Securities Laws.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(3)</FONT></TD><TD STYLE="text-align: justify">Except as contemplated by this Agreement, the Company will not, without the prior written consent
of CFCC (not to be unreasonably withheld) on behalf of the Underwriters, directly or indirectly issue, offer, pledge, sell, contract
to sell, contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase or otherwise
transfer, lend or dispose of directly or indirectly, any Common Shares or securities or other financial instruments convertible
into or having the right to acquire Common Shares or enter into any agreement or arrangement under which the Company would acquire
or transfer to another, in whole or in part, any of the economic consequences of ownership of Common Shares, whether that agreement
or arrangement may be settled by the delivery of Common Shares or other securities or cash, or agree to become bound to do so,
or disclose to the public any intention to do so, during the period from the date hereof and ending 90 days following the Closing
Date; provided that, notwithstanding the foregoing, the Company may (i) grant of options or other securities in the normal course
pursuant to the Company&rsquo;s employee stock option plan or other equity compensation plans, and issue common shares upon the
exercise of such options or vesting of such securities, (ii) issue equity securities pursuant to the exercise or conversion, as
the case may be, of any warrants or other convertible securities of the Company outstanding on the date hereof, and (iii) issue
equity securities in connection with one or more <I>bona fide </I>acquisitions by the Company. In addition from the date hereof
and ending 90 days following the Closing Date, the Company shall not file a prospectus under Canadian Securities Laws or a registration
statement under the U.S. Securities Act in connection with any transaction by the Company or any person that is prohibited pursuant
to the foregoing, except as pursuant to the Offering.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left"><FONT STYLE="font-size: 10pt"><B>Section 12</B></FONT></TD><TD STYLE="text-align: justify"><B>All Terms to be Conditions</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 80.65pt; text-align: justify; text-indent: -80.65pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company agrees
that the conditions contained in this Agreement will be complied with insofar as the same relate to acts to be performed or caused
to be performed by the Company. Any breach or failure to comply with any of the conditions set out in this Agreement shall entitle
any of the Underwriters to terminate their obligation to purchase the Offered Shares, by written notice to that effect given to
the Company at or prior to the Closing Time or the Option Closing Time, as applicable. It is understood that the Underwriters may
waive, in whole or in part, or extend the time for compliance with, any of such terms and conditions without prejudice to the rights
of the Underwriters in respect of any such terms and conditions or any other or subsequent breach or non-compliance, provided that
to be binding on any Underwriter any such waiver or extension must be in writing and signed by such Underwriter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left"><FONT STYLE="font-size: 10pt"><B>Section 13</B></FONT></TD><TD STYLE="text-align: justify"><B>Termination by Underwriters</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 80.65pt; text-align: justify; text-indent: -80.65pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify">Each Underwriter shall also be entitled to terminate its obligation to purchase the Offered Shares
by written notice to that effect to the Company at or prior to the Closing Time or the Option Closing Time, as applicable, if:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify">there
                                         should occur any material change (actual, anticipated, contemplated or threatened, financial
                                         or otherwise) in the business, affairs, operations, assets, liabilities (contingent or
                                         otherwise), capital or control of the Company or a change in any material fact or any
                                         new material fact (other than a material fact related solely to any of the Underwriters
                                         as provided by the Underwriters in connection with and solely for the purposes of inclusion
                                         in the Offering Documents), or the Underwriters become aware of any undisclosed material
                                         information (other than information related solely to any of the Underwriters as provided
                                         by the Underwriters in connection with and solely for the purposes of inclusion in the
                                         Offering Documents), which in the opinion of an Underwriter, acting reasonably, could
                                         be expected to have a significant adverse effect on the market price or value of the
                                         Offered Shares; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">there
                                         should develop, occur or come into effect or existence, or be announced, any event, action,
                                         state, condition or major financial occurrence, catastrophe, accident, natural disaster,
                                         public protest, war or act of terrorism of national or international consequence, including
                                         by way of COVID-19 to the extent that there are material adverse developments related
                                         thereto after March 26, 2020 or similar event, or any new law or regulation or a change
                                         thereof or other occurrence of any nature whatsoever which, in the opinion of an Underwriter,
                                         acting reasonably, seriously adversely effects, or involves, or is expected to seriously
                                         adversely effect, or involve, financial markets in Canada or the United States generally
                                         or the business, operations, assets, liabilities (contingent or otherwise), capital or
                                         control of the Company; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">there should occur or commence or be announced or threatened any inquiry, action, suit, investigation
or other proceeding (whether formal or informal) or any order or ruling is issued under or pursuant to any statute of Canada or
the United States or of any province or territory of Canada, or state of the United States (including, without limitation, the
Commission, the Canadian Securities Commissions, the TSX, NYSE American or the SEC) (other than any such inquiry, action, suit,
investigation or other proceeding or order relating solely to any of the Underwriters), which in the reasonable opinion of an Underwriter
would be expected to operate to prevent or materially restrict trading in or distribution of the Offered Shares or would have a
significant adverse effect on the market price or value of the Offered Shares;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->46<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify">the state of the financial markets in Canada, the United States or elsewhere where it is planned
to market the Offered Shares is such that, in the reasonable opinion of the Underwriters (or any of them), the Offered Shares cannot
be marketed profitably for sale.&nbsp; For greater certainty, the Offered Shares will be deemed to be able to be marketed profitably
for sale if the losses that may be incurred by the Underwriters in connection with the marketing of the Offered Shares would not
exceed the amount of the Underwriting Fee, as determined in the sole discretion of the Underwriters (or any of them) based on factors
including but not limited to the number of unallocated Offered Shares, the market price of the Company&rsquo;s common shares and
general market conditions; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT></TD><TD STYLE="text-align: justify">the Company is in breach of any term, condition or covenant of this Agreement or any representation
or warranty given by the Company in this Agreement becomes false in any material respect.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify">If this Agreement is terminated by any of the Underwriters pursuant to Section&nbsp;13(1), there
shall be no further liability on the part of such Underwriter or of the Company to such Underwriter, except in respect of any liability
which may have arisen or may thereafter arise under Section&nbsp;9, Section&nbsp;10 and Section&nbsp;17.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(3)</FONT></TD><TD STYLE="text-align: justify">The right of the Underwriters or any of them to terminate their respective obligations under this
Agreement is in addition to such other remedies as they may have in respect of any default, act or failure to act of the Company
in respect of any of the matters contemplated by this Agreement. A notice of termination given by one Underwriter under this Section&nbsp;13
shall not be binding upon the other Underwriters.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left"><FONT STYLE="font-size: 10pt"><B>Section 14</B></FONT></TD><TD STYLE="text-align: justify"><B>Closing</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 80.65pt; text-align: justify; text-indent: -80.65pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
closing of the purchase and sale of the Firm Shares herein provided for shall be completed at 8:00 a.m. (Toronto time) on April
9</FONT>, 2020, or such other date and/or time as may be agreed upon in writing by the Company and the Underwriters, but in any
event not later than 42 days following the date of a final receipt for the Canadian Final Prospectus (respectively, the &ldquo;<B>Closing
Time</B>&rdquo; and the &ldquo;<B>Closing Date</B>&rdquo;), at the offices of Blake, Cassels &amp; Graydon LLP. In the event that
the Closing Time has not occurred on or before the date which is 42 days following the date of a final receipt for the Canadian
Final Prospectus, this Agreement shall, subject to Section&nbsp;13(2) hereof, terminate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left"><FONT STYLE="font-size: 10pt"><B>Section 15</B></FONT></TD><TD STYLE="text-align: justify"><B>Conditions of Closing and Option Closing</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 80.65pt; text-align: justify; text-indent: -80.65pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify">The obligations of the Underwriters under this Agreement are subject to the accuracy of the representations
and warranties of the Company contained in this Agreement both as of the date of this Agreement, the Closing Time and the Option
Closing Time, the performance by the Company of its obligations under this Agreement and receipt by the Underwriters, at the Closing
Time or Option Closing Time, as applicable, of the following, other than as provided below:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->47<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify">a favourable legal opinion, dated the Closing Date and Option Closing Date, as applicable, from
Blake, Cassels &amp; Graydon LLP, in its capacity as the Company&rsquo;s Canadian counsel, as to matters of Canadian federal and
provincial law, addressed to the Underwriters and the Underwriters&rsquo; counsel, such matters to be as set out in the attached
Schedule &ldquo;B&rdquo; subject to customary limitations, assumptions and qualifications;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">a favourable legal opinion, dated the Closing Date and the Option Closing Date, as applicable,
from Troutman Sanders LLP, in its capacity as the Company&rsquo;s U.S. counsel, addressed to the Underwriters, to the effect set
forth in Schedule &ldquo;C&rdquo; (subject to customary limitations, assumptions and qualifications), which shall be accompanied
by a letter addressed to the Underwriters to the effect set forth in Schedule &ldquo;C&rdquo;;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify">if required by CFCC, a letter, dated the Closing Date and the Option Closing Date, as applicable,
from McMillan LLP, the Underwriters&rsquo; Canadian and U.S. counsel, addressed to the Underwriters, to the effect that such counsel
has participated in the preparation of the Registration Statement and the U.S. Final Prospectus (excluding the Documents Incorporated
by Reference) and, subject to customary qualifications, confirming that, although such counsel has not undertaken to investigate
or verify independently, and does not assume responsibility for, the accuracy or completeness of the statements contained in any
of them, based upon such participation (and relying as to factual matters to the extent such counsel deems reasonable on officers,
employees and other representatives of the Company), no facts have come to such counsel&rsquo;s attention which have caused such
counsel to believe that the Registration Statement, at the time it became effective, contained an untrue statement of a material
fact or omitted to state a material fact required to be stated therein or necessary to make the statements therein not misleading,
or that the U.S. Final Prospectus, as of its date and as of the Closing Date and the Option Closing Date, as applicable, contained
an untrue statement of a material fact or omitted to state a material fact necessary to make the statements therein, in the light
of the circumstances under which they were made, not misleading (in each case, other than the financial statements and other financial
and statistical information, included or incorporated by reference therein, as to which such counsel expresses no belief);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify">a favourable legal opinion, dated the Closing Date and Option Closing Date, as applicable, from
the Company&rsquo;s counsel, in form and substance satisfactory to the Underwriters, regarding the Material Subsidiaries, with
respect to the following: (i) the incorporation and existence of each Material Subsidiary under the laws of its jurisdiction of
incorporation, (ii) as to the registered ownership of the issued and outstanding shares of each Material Subsidiary, and (iii)
that each Material Subsidiary has all requisite corporate power under the laws of its jurisdiction of incorporation to carry on
its business as presently carried on and own its properties;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->48<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT></TD><TD STYLE="text-align: justify">a favourable legal opinion, dated the Closing Date and Option Closing Date, as applicable, in form
and substance satisfactory to the Underwriters, from MLT Aikins LLP, as Saskatchewan counsel to the Company, as to title matters
in respect of the Material Properties;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(f)</FONT></TD><TD STYLE="text-align: justify">certificates or evidence of registration representing, in the aggregate, the Firm Shares (and Additional
Shares, if applicable) in the name of CDS or its nominee or in such other name(s) as CFCC on behalf of the Underwriters shall have
directed;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(g)</FONT></TD><TD STYLE="text-align: justify">the auditor&rsquo;s comfort letter dated the Closing Date and the Option Closing Date, as applicable,
updating the comfort letter referred to in Section&nbsp;5(4) above with such changes as may be necessary from the comfort letter
delivered previously to bring the information therein forward to a date which is within two Business Days of the Closing Date and
Option Closing Date, as applicable;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(h)</FONT></TD><TD STYLE="text-align: justify">the Underwriting Fee paid in accordance with the ninth paragraph of this Agreement;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">evidence satisfactory to CFCC that the Offered Shares (and Additional Shares, if applicable) shall
have been (A) listed and admitted and authorized for trading on the NYSE American, and (B) conditionally approved for listing on
the TSX, subject only to the official notice of issuance;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(j)</FONT></TD><TD STYLE="text-align: justify">a certificate, dated the Closing Date and the Option Closing Date, as applicable, and signed on
behalf of the Company, but without personal liability, by the President and Chief Executive Officer and by the Chief Financial
Officer of the Company, or such other officers of the Company as may be reasonably acceptable to the Underwriters, certifying that:
(i) the Company has complied with all covenants and satisfied all terms and conditions hereof to be complied with and satisfied
by the Company at or prior to the Closing Time and the Option Closing Time, as applicable; (ii) all the representations and warranties
of the Company contained herein are true and correct as of the Closing Time and the Option Closing Time, as applicable with the
same force and effect as if made at and as of the Closing Time and the Option Closing Time, as applicable, after giving effect
to the transactions contemplated hereby; (iii) the Company is a &ldquo;reporting issuer&rdquo; or its equivalent under the securities
laws of each of the Qualifying Jurisdictions and eligible to use the Short Form Prospectus System under NI 44-101; (iv) there has
been no material change relating to the Company and its Subsidiaries, on a consolidated basis, since the date hereof which has
not been generally disclosed, except for the offering of the Offered Shares, and with respect to which the requisite material change
statement or report has not been filed and no such disclosure has been made on a confidential basis; and (v) that, to the best
of the knowledge, information and belief of the persons signing such certificate, after having made reasonable inquiries, no order,
ruling or determination having the effect of ceasing or suspending trading in the Common Shares or any other securities of the
Company has been issued and no proceedings for such purpose are pending or are contemplated or threatened;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(k)</FONT></TD><TD STYLE="text-align: justify">at the Closing Time or Option Closing Time, as applicable, certificates dated the Closing Date
or the Over-Allotment Option Closing Date, as applicable, signed on behalf of the Company, but without personal liability, by the
President and Chief Executive Officer of the Company or another officer acceptable to the Underwriters, acting reasonably, in form
and content satisfactory to the Underwriters, acting reasonably, with respect to the constating documents of the Company; the resolutions
of the directors of the Company relevant to the Offering, including the allotment, issue (or reservation for issue) and sale of
the Firm Shares and the grant of the Over-Allotment Option, the authorization of this Agreement, the listing of the Firm Shares
and Additional Shares, on the TSX and NYSE American and transactions contemplated by this Agreement; and the incumbency and signatures
of signing officers of the Company;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(l)</FONT></TD><TD STYLE="text-align: justify">at the Closing Time, the Company&rsquo;s directors and officers shall each have entered into lock-up
agreements, substantially in the form attached hereto as Schedule &ldquo;D&rdquo;;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(m)</FONT></TD><TD STYLE="text-align: justify">at the Closing Time or Option Closing Time, as applicable, a certificate of status (or equivalent)
for the Company and each of the Material Subsidiaries dated within one (1) Business Day (or such earlier or later date as the Underwriters
may accept) of the Closing Date;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(n)</FONT></TD><TD STYLE="text-align: justify">evidence satisfactory to CFCC that FINRA shall not have raised any objection with respect to the
fairness and reasonableness of the underwriting terms and arrangements of the Offering; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(o)</FONT></TD><TD STYLE="text-align: justify">such other documents as the Underwriters or counsel to the Underwriters may reasonably require;
and all proceedings taken by the Company in connection with the issuance and sale of the Offered Shares (and Additional Shares,
if applicable) shall be satisfactory in form and substance to CFCC and counsel for the Underwriters, acting reasonably.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left"><FONT STYLE="font-size: 10pt"><B>Section 16</B></FONT></TD><TD STYLE="text-align: justify"><B>Over-Allotment Option</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 80.65pt; text-align: justify; text-indent: -80.65pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify">The Over-Allotment Option, may be exercised by the Underwriters at any time, in whole or in part
by delivering notice to the Company not later than 5:00 p.m. on the 30th day after the Closing Date, which notice will specify
the number of Additional Shares to be purchased by the Underwriters and the date (the &ldquo;<B>Option Closing Date</B>&rdquo;)
and time (the &ldquo;<B>Option Closing Time</B>&rdquo;) on and at which such Additional Shares are to be purchased. Such Option
Closing Date may be the same as (but not earlier than) the Closing Date and will not be earlier than three Business Days nor later
than five Business Days after the date of delivery of such notice (except to the extent a shorter or longer period shall be agreed
to by the Company). Subject to the terms of this agreement, upon the Underwriters furnishing this notice, the Underwriters will
be committed to purchase, in the respective percentages set forth in Section&nbsp;22, and the Company will be committed to issue
and sell in accordance with and subject to the provisions of this Agreement, the number of Additional Shares indicated in the notice.
Additional Shares may be purchased by the Underwriters only for the purpose of satisfying over-allotments made in connection with
the Offering.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify">In the event that the Over-Allotment Option is exercised in accordance with its terms, the closing
of the issuance and sale of that number of Additional Shares in respect of which the Underwriters are exercising the Over-Allotment
Option shall take place at the Option Closing Time at the offices of Blake, Cassels &amp; Graydon LLP or at such other place as
may be agreed to by the Underwriters and the Company.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(3)</FONT></TD><TD STYLE="text-align: justify">At the Option Closing Time, the Company shall issue to the Underwriters that number of Additional
Shares in respect of which the Underwriters are exercising the Over-Allotment Option and deposit with CDS or its nominee, if requested
by CFCC, the Additional Shares electronically through the non-certificated inventory system of CDS against payment per Additional
Share by wire transfer or certified cheque payable to the Company or as otherwise directed by the Company.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(4)</FONT></TD><TD STYLE="text-align: justify">Concurrently with the deliveries and payment under paragraph (3), the Company shall pay the Underwriting
Fee applicable to the Additional Shares in the manner provided in the eighth paragraph of this letter against delivery of a receipt
for that payment.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(5)</FONT></TD><TD STYLE="text-align: justify">The obligation of the Underwriters to make any payment or delivery contemplated by this Section&nbsp;16
is subject to the conditions set forth in Section&nbsp;15.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left"><FONT STYLE="font-size: 10pt"><B>Section 17</B></FONT></TD><TD STYLE="text-align: justify"><B>Expenses</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 80.65pt; text-align: justify; text-indent: -80.65pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Company will pay all expenses and fees in connection with the Offering, including, without limitation: (i) all expenses of or incidental
to the creation, issue, sale or distribution of the Offered Shares and the filing of the Offering Documents; (ii) the fees and
expenses of the Company&rsquo;s legal counsel; (iii) all costs incurred in connection with the preparation of documentation relating
to the Offering; and (iv) all reasonable and direct expenses of the Underwriters including all reasonable fees and disbursements
of the Underwriters&rsquo; legal counsel, up to a maximum amount of U.S.$</FONT>130,000, plus applicable taxes and disbursements
((iv) collectively, the &ldquo;<B>Underwriters&rsquo; Expenses</B>&rdquo;). All Underwriters&rsquo; Expenses incurred by the Underwriters,
or on their behalf, shall be payable by the Company immediately upon receiving an invoice therefor from the Underwriters and shall
be payable whether or not an offering is completed. At the option of CFCC, such fees and expenses may be deducted from the gross
proceeds otherwise payable to the Company on the closing of the Offering. Regardless of whether the transactions contemplated herein
are completed or not, the Company will pay the Underwriters&rsquo; Expenses, as described in this Section&nbsp;17.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left"><FONT STYLE="font-size: 10pt"><B>Section 18</B></FONT></TD><TD STYLE="text-align: justify"><B>No Advisory or Fiduciary Relationship</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 80.65pt; text-align: justify; text-indent: -80.65pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company acknowledges
and agrees that (a) the purchase and sale of the Offered Shares pursuant to this Agreement, including the determination of the
Offering Price, the Offered Shares and any related discounts and commissions, is an arm&rsquo;s-length commercial transaction between
the Company, on the one hand, and the several Underwriters, on the other hand, (b) in connection with the Offering and the process
leading to such transaction each Underwriter is and has been acting solely as a principal and is not the agent or fiduciary of
the Company or its shareholders, creditors, employees or any other party, (c) no Underwriter has assumed or will assume an advisory
or fiduciary responsibility in favour of the Company with respect to the Offering or the process leading thereto (irrespective
of whether such Underwriter has advised or is currently advising the Company on other matters) and no Underwriter has any obligation
to the Company with respect to the Offering except the obligations expressly set forth in this Agreement, (d) the Underwriters
and their respective affiliates may be engaged in a broad range of transactions that involve interests that differ from those of
the Company, and (e) the Underwriters have not provided any legal, accounting, regulatory or tax advice with respect to the Offering
and the Company has consulted its own legal, accounting, regulatory and tax advisors to the extent it deems appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left"><FONT STYLE="font-size: 10pt"><B>Section 19</B></FONT></TD><TD STYLE="text-align: justify"><B>Notices</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 80.65pt; text-align: justify; text-indent: -80.65pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any notice to be given
hereunder shall be in writing and may be given by facsimile or by hand delivery and shall, in the case of notice to the Company,
be addressed and faxed or delivered to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">Denison Mines Corp.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">40 University Avenue, Suite 1100</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">Toronto, Ontario M5J 1T1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">Attention: &#9;David Cates<BR>
Facsimile: &#9;(778) 729-0650</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">with a copy to (such copy not to
constitute notice):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">Blake, Cassels &amp; Graydon LLP<BR>
Suite 2600&#9;<BR>
595 Burrard Street<BR>
Vancouver, British Columbia V7X 1L3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">Attention: &#9;Trisha Robertson<BR>
Facsimile: &#9;(604) 631-3309</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">and in the case of the Underwriters
and CF US, c/o CFCC, addressed and faxed or delivered to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Cantor Fitzgerald Canada
Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">181 University Avenue,
Suite 1500</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Toronto, Ontario M5H
3M7</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Attention: &#9;Christopher
Craib and Graham Moylan</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Facsimile:&#9;(416)
350-2985</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->52<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Cantor Fitzgerald &amp;
Co.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">110 East 59<SUP>th</SUP>
Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">New York, NY 10022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Attention: &#9;Legal
Department</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Facsimile: &#9;(212)
829-4708</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">with a copy to (such copy not to
constitute notice):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">McMillan LLP<BR>
Suite 1500, Royal Centre&#9;<BR>
1055 West Georgia Street<BR>
Vancouver, British Columbia V6E 4N7</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">Attention: &#9;Michael Taylor and
Andrew Spencer<BR>
Facsimile: &#9;(604) 685-7084</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company and the Underwriters may change
their respective addresses for notice by notice given in the manner referred to above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left"><FONT STYLE="font-size: 10pt"><B>Section 20</B></FONT></TD><TD STYLE="text-align: justify"><B>Actions on Behalf of the Underwriters</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 80.65pt; text-align: justify; text-indent: -80.65pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">All
steps which must or may be taken by the Underwriters in connection with this Agreement, with the exception of the matters contemplated
by </FONT>Section&nbsp;9, Section&nbsp;12 and Section&nbsp;13, shall be taken by CFCC on the Underwriters&rsquo; behalf and the
execution of the Agreement by the Underwriters shall constitute the Company&rsquo;s authority for accepting notification of any
such steps from, and for giving notice to, and for delivering any definitive certificate(s) representing the Offered Shares to,
or to the order of, CFCC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left"><FONT STYLE="font-size: 10pt"><B>Section 21</B></FONT></TD><TD STYLE="text-align: justify"><B>Survival</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 80.65pt; text-align: justify; text-indent: -80.65pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
representations, warranties, obligations and agreements of the Company and of the Underwriters contained herein or delivered pursuant
to this Agreement shall survive the purchase by the Underwriters of the Offered Shares and shall continue in full force and effect
notwithstanding any subsequent disposition by the Underwriters of the Offered Shares and the Underwriters </FONT>shall be entitled
to rely on the representations and warranties of the Company contained in or delivered pursuant to this Agreement notwithstanding
any investigation which the Underwriters may undertake or which may be undertaken on the Underwriters&rsquo; behalf.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left"><FONT STYLE="font-size: 10pt"><B>Section 22</B></FONT></TD><TD STYLE="text-align: justify"><B>Underwriters&rsquo; Obligations</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 80.65pt; text-align: justify; text-indent: -80.65pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify">Subject to the terms of this Agreement, the Underwriters&rsquo; obligations under this Agreement
to purchase the Offered Shares shall be several and not joint and several and the liability of each of the Underwriters to purchase
the Offered Shares shall be limited to the following percentages of the purchase price paid for the Offered Shares:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->53<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; text-align: justify; padding-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cantor Fitzgerald Canada Corporation </FONT></TD>
    <TD STYLE="padding-top: 0; text-align: right; padding-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">55.0%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; text-align: justify; padding-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Haywood Securities Inc.</FONT></TD>
    <TD STYLE="padding-top: 0; text-align: right; padding-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25.0%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; text-align: justify; padding-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BMO Nesbitt Burns Inc.</FONT></TD>
    <TD STYLE="padding-top: 0; padding-bottom: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.0%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; text-align: justify; padding-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Scotia Capital Inc.</FONT></TD>
    <TD STYLE="padding-top: 0; padding-bottom: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.0%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; text-align: justify; padding-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TD Securities Inc.</FONT></TD>
    <TD STYLE="padding-top: 0; padding-bottom: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.0%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; text-align: justify; padding-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Canaccord Genuity Corp.</FONT></TD>
    <TD STYLE="padding-top: 0; padding-bottom: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.5%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; text-align: justify; padding-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Raymond James Ltd.</FONT></TD>
    <TD STYLE="padding-top: 0; padding-bottom: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.5%</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify">If any of the Underwriters fails to purchase its applicable percentage of the Offered Shares at
the Closing Time or the Option Closing Time, as the case may be, (a &ldquo;<B>Defaulting Underwriter</B>&rdquo;) and the percentage
of Offered Shares that have not been purchased by the Defaulting Underwriter represents 10% or less of the Offered Shares then
the other Underwriters will be severally, and not jointly and severally, obligated to purchase, on a pro rata basis to their respective
percentages as aforesaid, all but not less than all of the Offered Shares not purchased by the Defaulting Underwriter, and to receive
the Defaulting Underwriter&rsquo;s portion of the Underwriting Fee in respect thereof, and such non-defaulting Underwriters shall
have the right, by notice to the Company, to postpone the Closing Date or Option Closing Date, as the case may be, by not more
than three Business Days to effect such purchase. In the event that the percentage of Offered Shares that have not been purchased
by a Defaulting Underwriter represents more than 10% of the aggregate Offered Shares, the other Underwriters will have the right,
but will not be obligated, to purchase all of the percentage of the Offered Shares which would otherwise have been purchased by
the Defaulting Underwriter; the Underwriters exercising such right will purchase such Offered Shares, if applicable, pro rata to
their respective percentages aforesaid or in such other proportions as they may otherwise agree. In the event that such right is
not exercised, the non-defaulting Underwriters shall be relieved of all obligations to the Company arising from such default. Nothing
in this section shall oblige the Company to sell to the Underwriters less than all of the Offered Shares or relieve from liability
to the Company any Underwriter which shall be so in default.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left"><FONT STYLE="font-size: 10pt"><B>Section 23</B></FONT></TD><TD STYLE="text-align: justify"><B>Market Stabilization</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 80.65pt; text-align: justify; text-indent: -80.65pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with
the distribution of the Offered Shares, the Underwriters (or any of them) may effect transactions which stabilize or maintain the
market price of the Common Shares at levels other than those which might otherwise prevail in the open market, but in each case
as permitted by Applicable Securities Laws. Such stabilizing transactions, if any, may be discontinued by the Underwriters at any
time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left"><FONT STYLE="font-size: 10pt"><B>Section 24</B></FONT></TD><TD STYLE="text-align: justify"><B>Entire Agreement</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 80.65pt; text-align: justify; text-indent: -80.65pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any and all previous
agreements with respect to the purchase and sale of the Offered Shares, whether written or oral, are terminated and this Agreement
constitutes the entire agreement between the Company and the Underwriters with respect to the purchase and sale of the Offered
Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->54<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left"><FONT STYLE="font-size: 10pt"><B>Section 25</B></FONT></TD><TD STYLE="text-align: justify"><B>Governing Law</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 80.65pt; text-align: justify; text-indent: -80.65pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Agreement shall
be governed by and construed in accordance with the laws in force in the province of Ontario and the federal laws of Canada applicable
therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left"><FONT STYLE="font-size: 10pt"><B>Section 26</B></FONT></TD><TD STYLE="text-align: justify"><B>Time of the Essence</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 80.65pt; text-align: justify; text-indent: -80.65pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Time shall be of the
essence of this Agreement. This Agreement may be executed in counterparts, each of which when so executed shall be deemed to be
an original and such counterparts together shall constitute one and the same instrument.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>[</B></FONT><B><I>Remainder
of page intentionally blank. Signature page follows.]</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">&nbsp;</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the foregoing is
in accordance with your understanding and is agreed to by you, will you please confirm your acceptance by signing the enclosed
copies of this letter at the place indicated and returning the same to us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-align: justify">Yours very truly,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0; margin-top: 0pt; margin-bottom: 6pt">&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2"><B>CANTOR FITZGERALD CANADA CORPORATION</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">By:&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 46%">/s/ Christopher Craib</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: #000000 1px solid">Name: Christopher Craib<BR>
<FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title: &nbsp;&nbsp;President and Chief Financial Officer</FONT> </TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0pt; margin-top: 0pt; margin-bottom: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">&nbsp;</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>HAYWOOD
    SECURITIES INC.</B></FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="text-align: justify; width: 46%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>/s/
    </I></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">Kevin Campbell</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&#9;
    Kevin Campbell</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:
    Managing Director, Investment Banking</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">&nbsp;</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>BMO
    NESBITT BURNS INC.</B></FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="text-align: justify; width: 46%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>/s/
    </I></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">Joshua Goldfarb</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&#9;
    Joshua Goldfarb</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:
    Managing Director, Investment Banking</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">&nbsp;</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SCOTIA
    CAPITAL INC.</B></FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="text-align: justify; width: 46%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>/s/
    </I></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">Geoff Smith</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&#9;
    Geoff Smith</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:
    Managing Director</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">&nbsp;</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TD
    SECURITIES INC.</B></FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="text-align: justify; width: 46%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>/s/
    </I></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">Dorian Cochran</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&#9;
    Dorian Cochran</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:
    Managing Director, Investment Banking</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">&nbsp;</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CANACCORD
    GENUITY CORP.</B></FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="text-align: justify; width: 46%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>/s/
    </I></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">David Sadowski</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&#9;
    David Sadowski</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:
    Managing Director, Investment Banking</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">&nbsp;</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RAYMOND
    JAMES LTD.</B></FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="text-align: justify; width: 46%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>/s/
    </I></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">Gavin McOuat</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&#9;
    Gavin McOuat</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:
    Managing Director</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">&nbsp;</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Acknowledged by CF
US solely for the purpose of receiving the benefit of Section 7 of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CANTOR
    FITZGERALD &amp; CO.</B></FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="text-align: justify; width: 46%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>/s/
    </I></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">Sage Kelly</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&#9;
    Sage Kelly </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:
    Senior Managing Director, Head of Investment Banking</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">&nbsp;</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The foregoing is in
accordance with our understanding and is accepted by us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD STYLE="vertical-align: top"><B>&nbsp;</B></TD>
    <TD COLSPAN="2"><FONT STYLE="text-transform: uppercase"><B>DENISON MINES CORP.</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">By:&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 46%"><P STYLE="margin: 0pt 0">/s/ <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">David
                                         Cates</FONT></P>


</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: #000000 1px solid">Name: David Cates<BR>Title: President and Chief Executive Officer</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">&nbsp;</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>Schedule
 &ldquo;</B></FONT><B> <FONT STYLE="text-transform: uppercase">A&rdquo;<BR>
Material Subsidiaries</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #BFBFBF">
    <TD STYLE="padding: 6pt; width: 56%; border: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name</B></FONT></TD>
    <TD STYLE="padding: 6pt; width: 44%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Jurisdiction of Incorporation</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Denison Mines Inc. (100%)</FONT></TD>
    <TD STYLE="padding: 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Canada</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Denison AB Holdings Corp. (100%)</FONT></TD>
    <TD STYLE="padding: 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">British Columbia</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Denison Waterbury Corp. (100%)</FONT></TD>
    <TD STYLE="padding: 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ontario</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9373721 Canada Inc. (100%)</FONT></TD>
    <TD STYLE="padding: 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Canada</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Waterbury Lake Uranium Corp. (60% held by Company)</FONT></TD>
    <TD STYLE="padding: 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">British Columbia</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Waterbury Lake Uranium Limited Partnership (66.57%<B>)</B> held by Company and 0.02% held by WLUC)</FONT></TD>
    <TD STYLE="padding: 6pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">British Columbia</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">&nbsp;</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>Schedule
 &ldquo;</B></FONT><B> <FONT STYLE="text-transform: uppercase">B&rdquo;<BR>
Matters to be Addressed in the Company&rsquo;s Canadian Counsel Opinion</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[redacted]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>Schedule
 &ldquo;</B></FONT><B> <FONT STYLE="text-transform: uppercase">C&rdquo;<BR>
Form of Opinion to be Provided by Company&rsquo;s U.S. Counsel</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[redacted]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Schedule
 &ldquo;D&rdquo;<BR>
Form of Lock-Up Agreement</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.75in 0pt 0; text-align: right">__________________, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.75in 0pt 0; text-align: right">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">To:</TD><TD STYLE="text-align: left">Cantor Fitzgerald Canada Corporation</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">(the &ldquo;<B>Lead Underwriter</B>&rdquo;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Re:&#9;Denison
Mines Corp.</B></FONT><B> &ndash; Lock-up Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
undersigned understands that this lock-up agreement (the &ldquo;<B>Lock-Up Agreement</B>&rdquo;) is being delivered to you in connection
with the Underwriting Agreement dated </FONT>_________, 2020 (the &ldquo;<B>Underwriting Agreement</B>&rdquo;) entered into by
Denison Mines Corp. (the &ldquo;<B>Company</B>&rdquo;) and the Underwriters (as defined in the Underwriting Agreement), with respect
to the public offering (the &ldquo;<B>Offering</B>&rdquo;) of common shares of the Company (the &ldquo;<B>Common Shares</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In consideration of
the benefit that the Offering will confer upon the undersigned as a [<B>director and/or officer</B>] of the Company, and for other
good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the undersigned agrees that, in respect
of Common Shares owned directly or indirectly by the undersigned, or under control or direction of the undersigned (including holding
as a custodian) or with respect to which the undersigned has beneficial ownership (as such term is used in Rule 13d-3 of the Securities
Exchange Act of 1934, as amended (the &ldquo;<B>Exchange Act</B>&rdquo;)) (collectively, the &ldquo;<B>Locked-Up Securities</B>&rdquo;),
during the period beginning from the date hereof and ending on the day that is ninety (90) days following the date of the closing
of the Offering (the &ldquo;<B>Lock-Up Period</B>&rdquo;), the undersigned will not, without the prior written consent of CFCC,
which consent shall not unreasonably be delayed, conditioned or withheld, (i) issue, offer, sell (including, without limitation,
any short sale), contract or agree to sell, hypothecate, pledge, grant any option to purchase or otherwise dispose of or agree
to dispose of or transfer, directly or indirectly, or establish or increase a &ldquo;put equivalent position&rdquo; or liquidate
or decrease a &ldquo;call equivalent position&rdquo; within the meaning of Section 16 of the Securities Exchange Act of 1934, as
amended, and the rules and regulations of the United States Securities and Exchange Commission (the &ldquo;<B>SEC</B>&rdquo;) promulgated
thereunder (the &ldquo;<B>Exchange Act</B>&rdquo;), with respect to, any Locked-Up Securities, or any securities convertible into
or exchangeable or exercisable for, or warrants or other rights to purchase, the foregoing, (ii) except as permitted in the Underwriting
Agreement cause to become effective a registration statement under the United States Securities Act of 1933, as amended, together
with the rules and regulations promulgated thereunder (the &ldquo;<B>Securities Act</B>&rdquo;), or to file a prospectus in Canada,
relating to the offer and sale of any Locked-Up Securities or securities convertible into or exercisable or exchangeable for Locked-Up
Securities or other rights to purchase Locked-Up Securities or any other securities of the Company that are substantially similar
to the Locked-Up Securities, or any securities convertible into or exchangeable or exercisable for, or any warrants or other rights
to purchase, the foregoing, (iii) enter into any swap or other arrangement that transfers to another, in whole or in part, any
of the economic consequences of ownership of the Locked-Up Securities or any other securities of the Company that are substantially
similar to the Locked-Up Securities, or any securities convertible into or exchangeable or exercisable for, or any warrants or
other rights to purchase, the foregoing, whether any such transaction is to be settled by delivery of Common Shares or such other
securities, in cash or otherwise or (iv) publicly announce an intention to effect any transaction specified in clause (i), (ii)
or (iii).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The foregoing paragraph
shall not apply to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(A)</TD><TD STYLE="text-align: justify">dispositions to any trust for the direct or indirect benefit of the undersigned and/or the spouse,
any lineal descendent, father, mother, brother or sister of the undersigned, provided that such trust agrees in writing with the
Underwriters to be bound by the terms of this Lock-Up Agreement,</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(B)</TD><TD STYLE="text-align: justify">tenders pursuant to a <I>bona fide</I> third party take-over bid made to all holders of Common
Shares of the Company or similar acquisition transaction provided that in the event that the take-over bid or acquisition transaction
is not completed, any Locked-Up Securities shall remain subject to the restrictions contained in this Lock-Up Agreement,</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(C)</TD><TD STYLE="text-align: justify">any dispositions pursuant to any pre-existing 10b5-1 plans,</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(D)</TD><TD STYLE="text-align: justify">any dispositions required to pay the exercise price of any stock options issued or outstanding
under the Company&rsquo;s equity incentive compensation plans,</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(E)</TD><TD STYLE="text-align: justify">any dispositions required for tax withholdings in connection with the exercise or vesting of any
stock options or restricted stock units issued or outstanding under the Company&rsquo;s equity incentive compensation plans,</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(F)</TD><TD STYLE="text-align: justify">by testate succession or intestate succession,</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(G)</TD><TD STYLE="text-align: justify">by operation of law, such as pursuant to a qualified domestic order or in connection with a divorce
settlement, or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(H)</TD><TD STYLE="text-align: justify">if acquired by the undersigned in open market transactions after the Offering.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, the undersigned
hereby waives any and all pre-emptive rights, participation rights, resale rights, rights of first refusal and similar rights that
the undersigned may have in connection with the Offering or with any issuance or sale by the Company of any equity or other securities
in connection with the Offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The undersigned hereby
confirms that the undersigned has not, directly or indirectly, taken, and hereby covenants that the undersigned will not, directly
or indirectly, take, any action designed, or which has constituted or will constitute or might reasonably be expected to cause
or result in the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of
the Common Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The undersigned understands
that the Company and the Underwriters are relying upon this Lock-Up Agreement in proceeding toward the consummation of the Offering.
The undersigned further understands that this Lock-Up Agreement is irrevocable and shall be binding upon the undersigned&rsquo;s
legal representatives, successors, and assigns, and shall enure to the benefit of the Company, the Underwriters and their legal
representatives, successors and assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The obligations of
the undersigned pursuant to this Lock-Up Agreement may be waived in writing in whole or in part by CFCC in its sole discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Lock-Up Agreement
is governed by the laws of the Province of Ontario and the laws of Canada applicable therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 3.25in">Yours very truly,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 3.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 46%; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-top: 2pt; padding-bottom: 2pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Witness</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 46%; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-top: 2pt; padding-bottom: 2pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 50%; padding-top: 2pt; padding-bottom: 2pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Number of Common Shares subject to this Lock-Up Agreement</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Acknowledged and agreed as of the date
first written above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase"><B>CANTOR FITZGERALD CANADA CORPORATION </B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">By:&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 46%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: #000000 1px solid"> Name:<BR>Title:</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">&nbsp;</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Schedule
 &ldquo;E&rdquo;<BR>
PRICE-RELATED INFORMATION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Number of
Offered Shares: </FONT> 25,000,000</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Public offering
price per Offered Share: </FONT> US$0.20</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Purchase
price per Offered Share to the Underwriters: </FONT> $0.188</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Settlement
Date: </FONT> April 9, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<TYPE>EX-3.2
<SEQUENCE>3
<FILENAME>tm2013752d3_ex3-2.htm
<DESCRIPTION>EXHIBIT 3.2
<TEXT>
<HTML>
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 3.2</B></P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>STANDARD TERM SHEET</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="tm2013752d3_ex3x2img001.jpg" ALT="Denison Mines Corp." STYLE="height: 67px; width: 195px"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Overnight Marketed Public Offering of
Common Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">March 26, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>The Company (as defined herein) has
filed a registration statement on Form F-10 (including a prospectus) with the United States Securities and Exchange Commission
(&ldquo;SEC&rdquo;) for the offering to which this communication relates. Before you invest, you should read the prospectus in
that registration statement and other documents the Company has filed with the SEC for more complete information about the Company
and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>A corresponding pre-effective amendment
to the registration statement on Form F-10 (SEC No. 333-237381) with the SEC and an amended and restated preliminary short form
prospectus containing important information relating to the securities described in this document have yet to be filed with the
securities regulatory authorities in each of the provinces of Canada, except Qu&eacute;bec. </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>A copy of the preliminary short form
prospectus is required to be delivered to any investor that received this document and expressed an interest in acquiring the securities.
The Underwriters participating in the offering will arrange to send you the prospectus if you request it by contacting: Cantor
Fitzgerald Canada Corporation, attention: Equity Capital Markets, 181 University Avenue, Suite 1500, Toronto, ON, M5H 3M7, email:
ecmcanada@cantor.com or Cantor Fitzgerald &amp; Co., Attention: Equity Capital Markets, 499 Park Avenue, 6th Floor, New York, New
York, 10022 or by email at prospectus@cantor.com</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>The preliminary prospectus is still
subject to completion. There will not be any sale or any acceptance of an offer to buy the securities until a receipt for the final
prospectus has been issued. There will not be any sale or any acceptance of an offer to buy the securities until a receipt for
the final short form prospectus has been issued.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>This document does not provide full
disclosure of all material facts relating to the securities offered. Investors should read the preliminary short form prospectus,
final short form prospectus and any amendment, for disclosure of those facts, especially risk factors relating to the securities
offered, before making an investment decision.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 27%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify"><B><BR>
Issuer:</B></TD>
    <TD STYLE="width: 73%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify">Denison Mines Corp. (the &ldquo;<B>Company</B>&rdquo;)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify"><B>Issued Securities:</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify">Treasury offering of
    25,000,000 common shares of the Company (the &ldquo;<B>Offered Shares</B>&rdquo; and the offering of such Offered Shares, the
    &ldquo;<B>Offering</B>&rdquo;). </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify"><B>Size of Issue:</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify">US$5,000,000 (US$5,750,000 if the Underwriter&rsquo;s Option is exercised in full)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify"><B>Issue Price:</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify">US$0.20 per Offered Share (the &ldquo;<B>Issue Price</B>&rdquo;)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify"><B>Over-Allotment Option:</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify">The Underwriters will have an option (the &ldquo;<B>Underwriters&rsquo; Option</B>&rdquo;), exercisable in whole or in part at any time up to 30 days following the Closing Date (as defined below), to purchase up to an additional 15% of the Offered Shares at the Issue Price on the same terms and conditions as set forth herein.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify"><B>Underwriters:</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify">Cantor Fitzgerald Canada Corporation, as sole book-runner, and Haywood Securities Inc. will act as co-lead underwriters and will lead a syndicate of underwriters in connection with the Offering (collectively, the &ldquo;<B>Underwriters</B>&rdquo;).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left"><B>Form of Underwriting:</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify">Overnight marketed public offering by way of a short form prospectus in Canada and related Form F-10 registration statement in the United States, subject to a mutually acceptable underwriting agreement (the &quot;<B>Underwriting Agreement</B>&quot;).&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify"><B>Underwriters&rsquo; Fees:</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify">The Company shall pay the Underwriters a commission equal to 6% of the gross proceeds of the Offering. </TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify; width: 27%"><B>Use of Proceeds:</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify; width: 73%">Proceeds of the Offering, together with existing working capital, are anticipated to be used to fund Denison&rsquo;s business activities planned for the remainder of 2020 and into 2021 and for general working capital purposes.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify"><B>Listing:</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify">Application will be made to list the Offered Shares on the TSX and on the NYSE American.&nbsp;&nbsp;The existing common shares of the Company are listed on the TSX under the symbol &ldquo;DML&rdquo; and the NYSE American under the symbol &ldquo;DNN&rdquo;. Listing will be subject to the Company fulfilling all of the listing requirements of the TSX and NYSE American.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left"><B>Eligibility for Investment: </B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify">Eligible under the usual Canadian statutes as well as for RRSPs, RESPs, RRIFs, TFSAs and DPSPs.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify"><B>Closing Date:</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify">On or about April 9, 2020 or such other date as the Company and the Underwriters mutually agree (the &ldquo;<B>Closing Date</B>&rdquo;).</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>



<P STYLE="margin: 0"></P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><IMG SRC="tm2013752d3_ex3x2img002.jpg" ALT="">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"></P>

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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>4
<FILENAME>tm2013752d3_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 5.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2013752d3_ex5x1img003.jpg" ALT="" STYLE="height: 77px; width: 101px"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><B>Consent of Independent Registered Public Accounting
Firm</B></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">We hereby consent
to the incorporation by reference in this Amendment No. 1 to the Registration Statement on Form F-10 of Denison Mines Corp.
of our report dated March 5, 2020 relating to the consolidated financial statements and effectiveness of internal control
over financial reporting, which appears in Exhibit 99.3 to Denison Mines Corp.&rsquo;s Annual Report on Form 40-F for the
year ended December 31, 2019, which is incorporated by reference in such Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><B>(signed) &ldquo;PricewaterhouseCoopers LLP&rdquo;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><B>Chartered Professional Accountant, Licensed Public
Accountants</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Toronto, Ontario, Canada</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">March 26, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt"><I>PricewaterhouseCoopers LLP</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><I>PwC
Tower, 18 York Street, Suite 2600, Toronto, Ontario, Canada M5J 0B2</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><I>T:
+1 416 863 1133, F: +1 416 365 8215, www.pwc.com/ca</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&ldquo;PwC&rdquo;
refers to PricewaterhouseCoopers LLP, an Ontario limited liability partnership.</FONT></P>



<P STYLE="text-align: left; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="text-align: left; margin-top: 0; margin-bottom: 0"></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
