<SEC-DOCUMENT>0001654954-21-005293.txt : 20210507
<SEC-HEADER>0001654954-21-005293.hdr.sgml : 20210507
<ACCEPTANCE-DATETIME>20210507161717
ACCESSION NUMBER:		0001654954-21-005293
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		11
CONFORMED PERIOD OF REPORT:	20210331
FILED AS OF DATE:		20210507
DATE AS OF CHANGE:		20210507

FILER:

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

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33414
		FILM NUMBER:		21902913

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INTERNATIONAL URANIUM CORP
		DATE OF NAME CHANGE:	19980603
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>form6-k.htm
<DESCRIPTION>FORM 6-K DATED MAY 7, 2021
<TEXT>
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<div style="text-align: center; text-indent: 0px; padding-top: 5.3px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 24px; font-weight: bold;">UNITED STATES</font></div>
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 24px; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</font></div>
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">Washington, D.C. 20549</font></div>
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<div style="text-align: center; text-indent: 0px; padding-top: 16px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 24px; font-weight: bold;">FORM 6-K</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<br>
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE
13a-16 OR 15d-16</font></div>
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">UNDER THE SECURITIES EXCHANGE ACT OF 1934</font></div>
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<div style="text-align: center; text-indent: 0px; padding-top: 16px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">Date: May 7, 2021</font></div>
<div style="text-align: center; text-indent: 0px; padding-top: 16px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; text-indent: 0px; padding-top: 16px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Commission File Number:</font> <font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">001-33414</font></div>
<div style="text-align: center; text-indent: 0px; padding-top: 16px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; text-indent: 0px; padding-bottom: 2.7px; margin-right: 0px; margin-left: 0px; line-height: 1;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="font-family: Times New Roman; font-size: 32px; font-weight: bold;">Denison Mines Corp.</font>&#xA0;<br></font></div>
<div style="text-align: left; width: 100%; text-indent: 0px; margin-right: 0px; margin-left: 0px; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><!--Rule Below Paragraph--></div>
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registrant)</font></font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; text-indent: 0px; padding-bottom: 2.7px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; width: 100%; text-indent: 0px; margin-right: 0px; margin-left: 0px; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><!--Rule Below Paragraph--></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px; line-height: 1; padding-top: 8px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px; line-height: 1; padding-top: 8px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">1100-40 University Avenue</font> <font style="font-family: Times New Roman; font-size: 13px;"><br>
</font></div>
<div style="text-align: center; text-indent: 0px; padding-top: 8px; margin-right: 0px; margin-left: 0px; line-height: 1;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">Toronto Ontario</font></div>
<div style="text-align: center; text-indent: 0px; padding-top: 8px; margin-right: 0px; margin-left: 0px; line-height: 1;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">&#xA0;M5J 1T1 Canada</font> <font style="font-family: Times New Roman; font-size: 13px;"><br>
</font></div>
<div style="text-align: center; text-indent: 0px; padding-bottom: 2.7px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;<font style="font-style: italic">(Address of
principal executive offices)</font></font></div>
<div style="text-align: left; text-indent: 0px; padding-top: 16px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<div style="text-align: left; text-indent: 0px; padding-top: 16px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;Indicate by check mark whether the registrant files
or will file annual reports under cover Form 20-F or Form
40-F.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; text-indent: 0px; padding-top: 16px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Form
20-F&#xA0;&#xA0;&#x2610;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Form&#xA0;&#xA0;&#xA0;&#xA0;40-F&#xA0;&#xA0;&#xA0;&#x2612;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 0px; padding-top: 16px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Indicate by check mark if the registrant is submitting the
Form 6-K in paper as permitted by Regulation S-T Rule
101(b)(1):&#xA0;&#xA0;&#x2610;</font></div>
<div style="text-align: left; text-indent: 0px; padding-top: 16px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Indicate by check mark if the registrant is submitting the
Form 6-K in paper as permitted by Regulation S-T Rule
101(b)(7):&#xA0;&#xA0;&#x2610;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font>
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">SIGNATURES<br></font></div>
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<div style="text-align: left; text-indent: 0px; padding-top: 16px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly
authorized.</font></div>
<div style="text-align: left; text-indent: 0px; padding-top: 16px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<td style="width: 1%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<td style="width: 4%; vertical-align: middle;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<td style="width: 0%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<td style="width: 1%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 47%; vertical-align: middle;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
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<td style="width: 47%; vertical-align: top;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 1%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 4%; vertical-align: top;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 0%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 48%; vertical-align: top;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-weight: bold">DENISON MINES
CORP.</font><br></div>
</td>
</tr><tr>
<td style="width: 47%; vertical-align: middle;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
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<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td colspan="4" style="width: 48%; vertical-align: middle;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 47%; vertical-align: top;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 1%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 4%; vertical-align: top;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 0%; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 48%; vertical-align: top; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px; font-style: italic;">/s/ Amanda Willett</font></div>
</td>
</tr><tr>
<td style="width: 47%; vertical-align: top;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Date<font style="font-weight: bold;">:&#xA0;</font> May 7,
2021</font></div>
</td>
<td style="width: 1%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 4%; vertical-align: top;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 0%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 48%; vertical-align: top;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Amanda
Willett</font></div>
</td>
</tr><tr>
<td style="width: 47%; vertical-align: top;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 1%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 4%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 0%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 48%; vertical-align: top;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Vice
President Legal and Corporate Secretary</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<div id="ftr">
<div style="text-align: left; width: 100%; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</div>
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<div id="hdr">
<div style="text-align: left; width: 100%; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="font-weight: bold;">FORM 6-K
EXHIBIT INDEX</font></font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center">
<table cellpadding="0" cellspacing="0" style="text-align: center; margin: 0px auto 0px 0px; width: 100%; font-family: Times New Roman; font-size: 13px;">
<tr>
<td style="width: 10%; vertical-align: bottom;">
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Exhibit&#xA0;Number</font></div>
</td>
<td style="width: 5%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;&#xA0;</font></div>
</td>
<td style="width: 85%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Description</font></div>
</td>
</tr><tr>
<td style="width: 10%; vertical-align: middle;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td colspan="2" style="width: 90%; vertical-align: middle;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
</tr><tr>
<td>
<div style="text-align: center">9<font>9.1</font></div>
</td>
<td>
<div><font>&#xA0;</font></div>
</td>
<td>
<div style="text-align: left"><a href="a2021-03dmcfinancialsfili.htm">Interim
Consolidated Financial Statements for the period ended March 31,
2021</a><font><br></font></div>
</td>
</tr><tr>
<td>
<div style="text-align: center">9<font>9.2<br></font></div>
</td>
<td>
<div><font>&#xA0;</font></div>
</td>
<td>
<div style="text-align: left"><font><a href="a2021-03dmcmdafiling.htm"><font style="text-decoration: underline;"><font style="text-decoration: underline">Management's Discussion and Analysis
for the three months ended March 31,
2021</font></font></a><br></font></div>
</td>
</tr><tr>
<td>
<div style="text-align: center">9<font>9.3<br></font></div>
</td>
<td>
<div><font>&#xA0;</font></div>
</td>
<td>
<div style="text-align: left"><font><a href="interimcertceo.htm"><font style="text-decoration: underline;">Form 51-102F2 Certification of
Interim Filings - CEO</font></a><br></font></div>
</td>
</tr><tr>
<td style="width: 10%; vertical-align: top;">
<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">99.4</font></div>
</td>
<td style="width: 5%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="width: 85%; vertical-align: top;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><a href="interimcertcfo.htm">Form 51-102F2 Certification of
Interim Filings - CFO</a><font><br></font></div>
</td>
</tr><tr>
<td>99.5<br></td>
<td>
<div><font>&#xA0;</font></div>
</td>
<td>
<div style="text-align: left"><font><a href="a2021-03dmcnrfiling.htm">Press
release dated May 6, 2021</a><br></font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; text-indent: 0px; padding-bottom: 16px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<div style="text-align: left; width: 100%; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</div>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a2021-03dmcfinancialsfili.htm
<DESCRIPTION>INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED MARCH 31, 2021
<TEXT>
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<title>a2021-03dmcfinancialsfili</title>
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<tr>
<td style="vertical-align: top; width: 100%; border-bottom: 4px double #4d4d4d">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold">Exhibit 99.1</font>&#xA0;
<font style="font-family: Times New Roman; font-size: 13px"><br>
</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;
<font style="font-weight: bold; color: #4D4D4D; font-family: Arial; font-size: 11px">
INTERIM CONSOLIDATED FINANCIAL STATEMENTS</font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td colspan="7" style="vertical-align: middle; width: 100%; border-bottom: 4px double #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #006600; font-family: Arial; font-size: 16px">
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL
POSITION</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(Unaudited -
Expressed in thousands of Canadian dollars (&#x201C;CAD&#x201D;)
except for share amounts)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">At March
31</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">2021</font></div>
</td>
<td style="vertical-align: middle; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">At December
31</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">2020</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
ASSETS</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
Current</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Cash and cash
equivalents (note 4)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 11px;">$</font></font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 11px;">172,757</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 11px;">$</font></font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 11px;">24,992</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Trade and other
receivables (note 5)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 11px;">2,759</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 11px;">3,374</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Inventories (note
6)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 11px;">3,124</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 11px;">3,015</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Investments (note
7)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 11px;">16,286</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 11px;">16,657</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Prepaid expenses
and other</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 11px;">758</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 11px;">1,373</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">195,684</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 11px;">49,411</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Arial; font-size: 11px">
Non-Current</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Inventories-ore
in stockpiles (note 6)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 11px;">2,098</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 11px;">2,098</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Investments (note
7)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 11px;">573</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 11px;">293</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Restricted cash
and investments (note 8)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 11px;">12,596</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 11px;">12,018</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Property, plant
and equipment (note 9)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 11px;">256,983</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 11px;">256,870</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%; border-bottom: 4px double #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Total
assets</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 11px;">$</font></font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 11px;">467,934</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 11px;">$</font></font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 11px;">320,690</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
LIABILITIES</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
Current</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Accounts payable
and accrued liabilities</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 11px;">$</font></font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 11px;">10,042</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 11px;">$</font></font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 11px;">7,178</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Current portion
of long-term liabilities:</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Deferred revenue
(note 10)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 11px;">3,898</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 11px;">3,478</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Post-employment
benefits (note 11)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 11px;">120</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 11px;">120</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Reclamation
obligations (note 12)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 11px;">802</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 11px;">802</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Other liabilities
(note 14)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 11px;">233</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 11px;">262</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">15,095</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 11px;">11,840</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Arial; font-size: 11px">
Non-Current</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Deferred revenue
(note 10)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 11px;">33,336</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 11px;">33,139</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Post-employment
benefits (note 11)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 11px;">1,199</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 11px;">1,241</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Reclamation
obligations (note 12)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 11px;">37,692</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 11px;">37,618</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Share purchase
warrants liability (note 13)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 11px;">14,798</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 11px;">-</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Other liabilities
(note 14)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 11px;">335</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 11px;">375</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Deferred income
tax liability</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 11px;">8,906</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 11px;">9,192</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Total
liabilities</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 11px;">111,361</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 11px;">93,405</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
EQUITY</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Share capital
(note 15)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 11px;">1,505,937</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 11px;">1,366,710</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Contributed
surplus (note 16)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 11px;">66,329</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 11px;">67,387</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Deficit</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 11px;">(1,217,471)</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 11px;">(1,208,587)</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Accumulated other
comprehensive income (note 17)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 11px;">1,778</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 11px;">1,775</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Total
equity</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 11px;">356,573</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 11px;">227,285</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%; border-bottom: 4px double #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Total
liabilities and equity</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 11px;">$</font></font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 11px;">467,934</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 11px;">$</font></font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 11px;">320,690</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 51%; border-bottom: 4px double #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Issued and
outstanding common shares (note 15)</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">804,477,684</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 11px;">678,981,882</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: left; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Commitments
and contingencies (note 23)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: justify; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Subsequent
events (note 24)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="7" style="vertical-align: top; width: 100%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The accompanying
notes are integral to the condensed interim consolidated financial
statements</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: center; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;1</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left">
<table cellpadding="0" cellspacing="0" style="text-align: left; margin: 0 auto;width: 100%;; font-family: inherit; font-size: inherit">
<tr>
<td style="width: 50%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><img src="denisonlogo-small.jpg"></div>
</td>
<td style="width: 50%; border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom;">
<div style="text-align: right"><font>&#xA0; <font style="font-weight: bold; color: #4D4D4D; font-family: Arial; font-size: 11px">
INTERIM CONSOLIDATED FINANCIAL STATEMENTS</font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td colspan="9" style="vertical-align: top; width: 100%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #006600; font-family: Arial; font-size: 16px">
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND
COMPREHENSIVE INCOME (LOSS)</font></div>
</td>
</tr><tr>
<td colspan="9" style="vertical-align: top; width: 100%; border-bottom: 4px double #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 7px; text-indent: 24px">
<font style="font-family: Arial; font-size: 11px">(Unaudited -
Expressed in thousands of CAD dollars except for share and per
share amounts)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: middle; width: 26%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: middle; width: 25%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Three
Months Ended</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">March
31</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2021</font></div>
</td>
<td style="vertical-align: middle; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2020</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px"><font style="font-weight: bold">REVENUES</font> (note 19)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2,496</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">4,660</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
EXPENSES</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Operating
expenses (note 18, 19)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(1,888)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(3,320)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Evaluation (note
19)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(2,761)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(1,491)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Exploration (note
19)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(1,348)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(1,700)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">General and
administrative (note 19)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(2,625)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(2,188)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Other expense
(note 18)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(2,041)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(3,192)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(10,663)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(11,891)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Loss
before net finance expense</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(8,167)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(7,231)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Finance expense,
net (note 18)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(1,025)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(1,063)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Loss before
taxes</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(9,192)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(8,294)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Income tax
recovery (note 21)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Deferred</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">308</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">1,631</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Net loss for the
period</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(8,884)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(6,663)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Other
comprehensive income (loss) (note 17):</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Items that may be
reclassified to income (loss):</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Foreign currency
translation change</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">3</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(14)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Comprehensive
loss for the period</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(8,881)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(6,677)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Basic and diluted
net loss per share:</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">All
operations</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(0.01)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(0.01)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="5" style="vertical-align: top; width: 73%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Weighted-average
number of shares outstanding (in thousands):</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Basic and
diluted</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">714,424</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">597,198</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="9" style="vertical-align: top; width: 100%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The accompanying
notes are integral to the condensed interim consolidated financial
statements</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 12px; font-family: Arial">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 11px; font-family: Arial">&#xA0;2</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000"></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 11px; font-family: Arial">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family: inherit; font-size: inherit;padding-top: 0px; padding-bottom: 0px; margin-left: auto; margin-right: auto; width: 100%;">
<tr>
<td style="width: 50%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><img src="denisonlogo-small.jpg"></div>
</td>
<td style="width: 50%; vertical-align: bottom; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0; <font style="font-weight: bold; color: #4d4d4d; font-size: 11px; font-family: Arial">
INTERIM CONSOLIDATED FINANCIAL STATEMENTS</font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 12px; font-family: Arial">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td colspan="9" style="vertical-align: top; width: 100%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #006600; font-family: Arial; font-size: 16px">
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN
EQUITY</font></div>
</td>
</tr><tr>
<td colspan="9" style="vertical-align: top; width: 100%; border-bottom: 4px double #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(Unaudited -
Expressed in thousands of CAD dollars)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 24%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: middle; width: 27%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Three
Months Ended</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">March
31</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2021</font></div>
</td>
<td style="vertical-align: middle; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2020</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
Share capital (note 15)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Balance-beginning
of period</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">1,366,710</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">1,335,467</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Shares issued for
cash, net of issue costs</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">134,083</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">3</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Share options
exercised-cash</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">3,711</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Share options
exercised-fair value adjustment</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">1,266</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Share units
exercised-fair value adjustment</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">167</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">28</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Balance-end of
period</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">1,505,937</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">1,335,498</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
Share purchase warrants</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Balance-beginning
of period</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">435</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Warrants
expired</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(435)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Balance-end of
period</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
Contributed surplus</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Balance-beginning
of period</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">67,387</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">65,417</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Share-based
compensation expense (note 16)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">375</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">483</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Share options
exercised-fair value adjustment</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(1,266)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Share units
exercised-fair value adjustment</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(167)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(28)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Warrants
expired</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">435</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Balance-end of
period</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">66,329</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">66,307</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
Deficit</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Balance-beginning
of period</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(1,208,587)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(1,192,304)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Net
loss</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(8,884)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(6,663)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Balance-end of
period</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(1,217,471)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(1,198,967)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align: top; width: 57%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
Accumulated other comprehensive income (note 17)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Balance-beginning
of period</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">1,775</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">1,134</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Foreign currency
translation</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">3</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(14)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Balance-end of
period</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">1,778</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">1,120</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
Total Equity</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Balance-beginning
of period</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">227,285</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">210,149</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Balance-end of
period</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">356,573</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">203,958</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="9" style="vertical-align: top; width: 100%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The accompanying
notes are integral to the condensed interim consolidated financial
statements</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 12px; font-family: Arial">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 11px; font-family: Arial">&#xA0;3</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000"></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 11px; font-family: Arial">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family: inherit; font-size: inherit;padding-top: 0px; padding-bottom: 0px; margin-left: auto; margin-right: auto; width: 100%;">
<tr>
<td style="width: 50%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><img src="denisonlogo-small.jpg"></div>
</td>
<td style="width: 50%; vertical-align: bottom; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0; <font style="font-weight: bold; color: #4d4d4d; font-size: 11px; font-family: Arial">
INTERIM CONSOLIDATED FINANCIAL STATEMENTS</font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">&#xA0; <font style="font-size: 12px; font-family: Arial"><br></font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td colspan="9" style="vertical-align: top; width: 100%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #006600; font-family: Arial; font-size: 16px">
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOW</font></div>
</td>
</tr><tr>
<td colspan="9" style="vertical-align: top; width: 100%; border-bottom: 4px double #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 12px">
<font style="font-family: Arial; font-size: 11px">(Unaudited -
Expressed in thousands of CAD dollars)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 17%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: middle; width: 25%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Three
Months Ended</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">March
31</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
CASH PROVIDED BY (USED IN):</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 3%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2021</font></div>
</td>
<td style="vertical-align: middle; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2020</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
OPERATING ACTIVITIES</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Net loss for the
period</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">$</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(8,884)</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">$</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(6,663)</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Items not
affecting cash and cash equivalents:</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 24px; margin-right: -9px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Depletion,
depreciation, amortization and accretion</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">1,294</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">2,209</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Share-based
compensation (note 16)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">375</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">483</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Recognition
of deferred revenue (note 10)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(137)</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(963)</font></font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align: top; width: 68%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Gains on
property, plant and equipment disposals (note 18)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">-</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(2)</font></font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align: top; width: 68%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Losses on
investments (note 18)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">91</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">2,950</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Losses on share
warrant liabilities (note 18)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">1,564</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">-</font></font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align: top; width: 68%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Warrant
liabilities issue costs expensed (note 15)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">789</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">-</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Foreign exchange
gains (note 18)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(441)</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">-</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Deferred income
tax recovery</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(308)</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(1,631)</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Post-employment
benefits (note 11)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(48)</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(27)</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Reclamation
obligations (note 12)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(262)</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(238)</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Change in
non-cash working capital items (note 18)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 3%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">3,984</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">1,503</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Net
cash used in operating activities</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 3%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(1,983)</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(2,379)</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
INVESTING ACTIVITIES</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align: top; width: 68%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Expenditures on
property, plant and equipment (note 9)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(293)</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(22)</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Proceeds
on sale of property, plant and equipment</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">-</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">2</font></font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align: top; width: 68%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Increase
in restricted cash and investments</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 3%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(578)</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(609)</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Net
cash used in investing activities</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 3%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(871)</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(629)</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
FINANCING ACTIVITIES</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Repayment
of debt obligations (note 14)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(59)</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(283)</font></font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align: top; width: 68%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Proceeds
from unit issues, net of issue costs (note 15)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">135,660</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">-</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Proceeds
from other share issues, net of issue costs (note 15)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">10,868</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">3</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Share
option exercise proceeds (note 15)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 3%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">3,711</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">-</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Net
cash provided by (used in) financing activities</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 3%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">150,180</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(280)</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Increase
(decrease) in cash and cash equivalents</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">147,326</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(3,288)</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Foreign
exchange effect on cash and cash equivalents</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">439</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">-</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Cash
and cash equivalents, beginning of period</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 3%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">24,992</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">8,190</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 54%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Cash
and cash equivalents, end of period</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 3%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">$</font></font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">172,757</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">$</font></font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">4,902</font></font></div>
</td>
</tr><tr>
<td colspan="9" style="vertical-align: top; width: 100%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="9" style="vertical-align: top; width: 100%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The accompanying
notes are integral to the condensed interim consolidated financial
statements</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 12px; font-family: Arial">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 11px; font-family: Arial">&#xA0;4</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000"></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 11px; font-family: Arial">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family: inherit; font-size: inherit;padding-top: 0px; padding-bottom: 0px; margin-left: auto; margin-right: auto; width: 100%;">
<tr>
<td style="width: 50%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><img src="denisonlogo-small.jpg"></div>
</td>
<td style="width: 50%; vertical-align: bottom; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0; <font style="font-weight: bold; color: #4d4d4d; font-size: 11px; font-family: Arial">
INTERIM CONSOLIDATED FINANCIAL STATEMENTS</font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 12px; font-family: Arial">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 91%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="color: #006600; font-weight: bold; font-family: Arial; font-size: 16px">
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE MONTHS ENDED MARCH 31, 2021</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 9%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 91%; border-bottom: 4px double #000000">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(Unaudited -
Expressed in CAD dollars except for shares and per share
amounts)</font></div>
</td>
<td style="vertical-align: top; width: 9%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">1.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Arial; font-size: 11px">NATURE OF
OPERATIONS</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Denison Mines
Corp. (&#x201C;DMC&#x201D;) and its subsidiary companies and joint
arrangements (collectively, &#x201C;Denison&#x201D; or the
&#x201C;Company&#x201D;) are engaged in uranium mining related
activities, which can include acquisition, exploration and
development of uranium bearing properties, extraction, processing
and selling of uranium.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The Company has a
90.0% interest in the Wheeler River Joint Venture
(&#x201C;WRJV&#x201D;), a 66.90% interest in the Waterbury Lake
Limited Partnership (&#x201C;WLULP&#x201D;), a 22.5% interest in the
McClean Lake Joint Venture (&#x201C;MLJV&#x201D;) (which includes the
McClean Lake mill) and a 25.17% interest in the Midwest Joint
Venture (&#x201C;MWJV&#x201D;), each of which are located in the
eastern portion of the Athabasca Basin region in northern
Saskatchewan, Canada. The McClean Lake mill is contracted to
provide toll milling services to the Cigar Lake Joint Venture
(&#x201C;CLJV&#x201D;) under the terms of a toll milling agreement
between the parties (see note 10). In addition, the Company has
varying ownership interests in a number of other development and
exploration projects located in Canada.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The Company
provides mine decommissioning and other services (collectively
&#x201C;environmental services&#x201D;) to third parties through its
Closed Mines group and is also the manager of Uranium Participation
Corporation (&#x201C;UPC&#x201D;), a publicly-listed investment
holding company formed to invest substantially all of its assets in
uranium oxide concentrates (&#x201C;U<font style="font-size: 70%; vertical-align: bottom">3</font>O<font style="font-size: 70%; vertical-align: bottom">8</font>&#x201D;) and
uranium hexafluoride (&#x201C;UF<font style="font-size: 70%; vertical-align: bottom">6</font>&#x201D;). The
Company has no ownership interest in UPC but receives fees for
management services it provides and commissions from the purchase
and sale of U<font style="font-size: 70%; vertical-align: bottom">3</font>O<font style="font-size: 70%; vertical-align: bottom">8</font> and
UF<font style="font-size: 70%; vertical-align: bottom">6</font> by
UPC. See note 24 for an update on the Company&#x2019;s management
services agreement with UPC.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">DMC is
incorporated under the Business Corporations Act (Ontario) and
domiciled in Canada. The address of its registered head office is
40 University Avenue, Suite 1100, Toronto, Ontario, Canada, M5J
1T1.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">2.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Arial; font-size: 11px">STATEMENT
OF COMPLIANCE</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">These condensed
interim consolidated financial statements have been prepared in
accordance with International Financial Reporting Standards
(&#x201C;IFRS&#x201D;) as issued by the International Accounting
Standards Board (&#x201C;IASB&#x201D;) applicable to the preparation
of interim financial statements, including IAS 34, Interim
Financial Reporting. The condensed interim consolidated financial
statements should be read in conjunction with the audited annual
consolidated financial statements for the year ended December 31,
2020. The Company&#x2019;s presentation currency is Canadian dollars
(&#x201C;CAD&#x201D;).</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">These financial
statements were approved by the board of directors for issue on May
6, 2021.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">3.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Arial; font-size: 11px">ACCOUNTING
POLICIES AND COMPARATIVE NUMBERS</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">Accounting
Policies</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The significant
accounting policies followed in these condensed interim
consolidated financial statements are consistent with those applied
in the Company&#x2019;s audited annual consolidated financial
statements for the year ended December 31, 2020.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">Comparative
numbers</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Certain
classifications of the comparative figures have been changed to
conform to those used in the current period.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 12px; font-family: Arial">&#xA0;</font></div>

<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">

<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-family: Arial;"><font style="font-size: 11px;">&#xA0;5</font></font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000"></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 11px; font-family: Arial">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family: inherit; font-size: inherit;padding-top: 0px; padding-bottom: 0px; margin-left: auto; margin-right: auto; width: 100%;">
<tr>
<td style="width: 50%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><img src="denisonlogo-small.jpg"></div>
</td>
<td style="width: 50%; vertical-align: bottom; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0; <font style="font-weight: bold; color: #4d4d4d; font-size: 11px; font-family: Arial">
INTERIM CONSOLIDATED FINANCIAL STATEMENTS</font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 12px; font-family: Arial">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 12px; font-family: Arial">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">4.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Arial; font-size: 11px">CASH AND
CASH EQUIVALENTS</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The cash and cash
equivalent balance consists of:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 44%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-top: 1.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">At March
31</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-top: 1.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">At December
31</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(in thousands of
CAD dollars)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">2021</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">2020</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Cash</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">110,844</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">12,004</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Cash in MLJV and
MWJV</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">1,083</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">540</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Cash
equivalents</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">60,830</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">12,448</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 4px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">172,757</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 4px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">24,992</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">5.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Arial; font-size: 11px">TRADE AND
OTHER RECEIVABLES</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The trade and
other receivables balance consists of:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td colspan="2" style="vertical-align: top; width: 44%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-top: 1.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">At March
31</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-top: 1.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">At December
31</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 44%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(in thousands of
CAD dollars)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">2021</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">2020</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 44%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 44%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Trade
receivables</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">2,508</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">2,644</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 44%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Receivables in
MLJV and MWJV</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">99</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">394</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 44%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Sales tax
receivables</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">150</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">154</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 44%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Sundry
receivables</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">2</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">182</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 4px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">2,759</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 4px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">3,374</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">6.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Arial; font-size: 11px">INVENTORIES</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The inventories
balance consists of:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 44%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-top: 1.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">At March
31</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-top: 1.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">At December
31</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(in thousands of
CAD dollars)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">2021</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">2020</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Inventory of ore
in stockpiles</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">2,098</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2,098&#xA0;<br>
</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Mine and mill
supplies in MLJV</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">3,124</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">3,015&#xA0;<br>
</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 4px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">5,222</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">5,113&#xA0;<br>
</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Inventories-by
balance sheet presentation:</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Current</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">3,124</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">3,015&#xA0;<br>
</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Long-term-ore in
stockpiles</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">2,098</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2,098&#xA0;<br>
</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 4px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">5,222</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">5,113&#xA0;<br>
</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 12px; font-family: Arial">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 11px; font-family: Arial">&#xA0;6</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000"></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 11px; font-family: Arial">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family: inherit; font-size: inherit;padding-top: 0px; padding-bottom: 0px; margin-left: auto; margin-right: auto; width: 100%;">
<tr>
<td style="width: 50%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><img src="denisonlogo-small.jpg"></div>
</td>
<td style="width: 50%; vertical-align: bottom; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0; <font style="font-weight: bold; color: #4d4d4d; font-size: 11px; font-family: Arial">
INTERIM CONSOLIDATED FINANCIAL STATEMENTS</font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 12px; font-family: Arial">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 12px; font-family: Arial">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">7.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Arial; font-size: 11px">INVESTMENTS</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The investments
balance consists of:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 44%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-top: 1.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">At March
31</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-top: 1.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">At December
31</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(in thousands of
CAD dollars)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">2021</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">2020</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Investments:</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Equity
instruments</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">16,859</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">16,950</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">16,859</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-bottom: 4px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">16,950</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Investments-by
balance sheet presentation:</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Current</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">16,286</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">16,657</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Long-term</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">573</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">293</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 4px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">16,859</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-bottom: 4px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">16,950</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The investments
continuity summary is as follows:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 44%; border-top: 1.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(in thousands of
CAD dollars)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-top: 1.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-top: 1.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-top: 1.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Investments</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Balance -
December 31, 2020</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">16,950</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Fair value gain
(loss) to profit and loss (note 18)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(91)&#xA0;<br>
</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%; border-bottom: 4px double #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Balance - March
31, 2021</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 4px double #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 4px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">16,859</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">8.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Arial; font-size: 11px">RESTRICTED
CASH AND INVESTMENTS</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The restricted
cash and investments balance consists of:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 43%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-top: 1.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Arial; font-size: 11px">At March
31</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-top: 1.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Arial; font-size: 11px">At December
31</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Arial; font-size: 11px">(in thousands of
CAD dollars)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Arial; font-size: 11px">2021</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Arial; font-size: 11px">2020</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Arial; font-size: 11px">Cash and cash
equivalents</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Arial;"><font style="font-size: 11px;">$</font></font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">12,596</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Arial;"><font style="font-size: 11px;">$</font></font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 24px; margin-right: -2px; text-indent: -24px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">2,883&#xA0;<br></font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Arial; font-size: 11px">Investments</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 24px; margin-right: -2px; text-indent: -24px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">-</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 24px; margin-right: -2px; text-indent: -24px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">9,135&#xA0;<br></font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 4px double #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Arial;"><font style="font-size: 11px;">$</font></font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 24px; margin-right: -2px; text-indent: -24px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">12,596</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Arial;"><font style="font-size: 11px;">$</font></font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 24px; margin-right: -2px; text-indent: -24px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">12,018&#xA0;<br></font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Arial; font-size: 11px">Restricted cash
and investments-by item:</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: -12px">
<font style="font-family: Arial; font-size: 11px">Elliot Lake
reclamation trust fund</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 24px; margin-right: -2px; text-indent: -24px">
<font style="color: #000000; font-family: Arial; font-size: 11px">3,461</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 24px; margin-right: -2px; text-indent: -24px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2,883&#xA0;<br>
</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: -12px">
<font style="font-family: Arial; font-size: 11px">Letters of credit
facility pledged assets</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 24px; margin-right: -2px; text-indent: -24px">
<font style="color: #000000; font-family: Arial; font-size: 11px">9,000</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 24px; margin-right: -2px; text-indent: -24px">
<font style="color: #000000; font-family: Arial; font-size: 11px">9,000&#xA0;<br>
</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: -12px">
<font style="font-family: Arial; font-size: 11px">Letters of credit
additional collateral</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 24px; margin-right: -2px; text-indent: -24px">
<font style="color: #000000; font-family: Arial; font-size: 11px">135</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 24px; margin-right: -2px; text-indent: -24px">
<font style="color: #000000; font-family: Arial; font-size: 11px">135&#xA0;<br>
</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">12,596</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 24px; margin-right: -2px; text-indent: -24px">
<font style="color: #000000; font-family: Arial; font-size: 11px">12,018&#xA0;<br>
</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;<br>
</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">At March 31,
2021, all guaranteed investment certificates have maturities of
less than 90 days at date of purchase.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">Elliot
Lake Reclamation Trust Fund</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">During the three
months ended March 31, 2021, the Company deposited an additional
$793,000 into the Elliot Lake Reclamation Trust Fund and withdrew
$216,000.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">Letters of
Credit Facility Pledged Assets</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">At March 31,
2021, the Company had on deposit $9,000,000 with the Bank of Nova
Scotia (&#x201C;BNS&#x201D;) as pledged restricted cash and
investments pursuant to its obligations under an amended and
extended letters of credit facility (see notes 12 and
14).</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 48px; margin-right: 0px; text-indent: -24px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">Letters of
Credit Additional Collateral</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">At March 31,
2021, the Company had on deposit an additional $135,000 of cash
collateral with BNS in respect of the portion of its issued
reclamation letters of credit in excess of the collateral available
under its letters of credit facility (see notes 12 and
14).</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 12px; font-family: Arial">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 11px; font-family: Arial">&#xA0;7</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000"></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 11px; font-family: Arial">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family: inherit; font-size: inherit;padding-top: 0px; padding-bottom: 0px; margin-left: auto; margin-right: auto; width: 100%;">
<tr>
<td style="width: 50%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><img src="denisonlogo-small.jpg"></div>
</td>
<td style="width: 50%; vertical-align: bottom; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0; <font style="font-weight: bold; color: #4d4d4d; font-size: 11px; font-family: Arial">
INTERIM CONSOLIDATED FINANCIAL STATEMENTS</font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 12px; font-family: Arial">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 12px; font-family: Arial">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">9.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Arial; font-size: 11px">PROPERTY,
PLANT AND EQUIPMENT</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The property,
plant and equipment (&#x201C;PP&amp;E&#x201D;) continuity summary is
as follows:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 41%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 27%; border-top: 1.5pt solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Plant
and Equipment</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid rgb(0, 0, 0);">
<div style="text-align: center"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-top: 1.5pt solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Mineral</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div style="text-align: center"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-top: 1.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Total</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(in thousands of
CAD dollars)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Owned</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: center"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Right-of-Use</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: center"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Properties</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: center"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">PP&amp;E</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Cost:</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Balance &#x2013;
December 31, 2020</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">106,087</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">891</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">179,743</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">286,721</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Additions</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">282</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">11</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">293</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%; border-bottom: 4px double #000000">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Balance
&#x2013; March 31, 2021</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">106,369</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">891</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">179,754</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">287,014</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Accumulated
amortization, depreciation:</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Balance &#x2013;
December 31, 2020</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(29,495)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(356)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(29,851)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Amortization</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(70)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(70)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Depreciation</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(62)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(48)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(110)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%; border-bottom: 4px double #000000">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Balance
&#x2013; March 31, 2021</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(29,627)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(404)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(30,031)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Carrying
value:</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Balance &#x2013;
December 31, 2020</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">76,592</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">535</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">179,743</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">256,870</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%; border-bottom: 4px double #000000">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Balance &#x2013;
March 31, 2021</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">76,742</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">487</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">179,754</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">256,983</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">Plant and
Equipment &#x2013; Owned</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The Company has a
22.5% interest in the McClean Lake mill through its ownership
interest in the MLJV. The carrying value of the mill, comprised of
various infrastructure, building and machinery assets, represents
$68,839,000, or 89.7%, of the March 2021 PP&amp;E total carrying
value amount. See note 10 for the current operating status of the
McClean Lake mill.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">Plant and
Equipment &#x2013; Right-of-Use</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The Company has
included the cost of various right-of-use (&#x201C;ROU&#x201D;)
assets within its PP&amp;E carrying value amount. These assets
consist of building, vehicle and office equipment leases. The
majority of the value, 90.9%, is attributable to the building lease
assets for the Company&#x2019;s office and warehousing space located
in Toronto and Saskatoon.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">Mineral
Properties</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">As at March 31,
2021, the Company has various interests in development, evaluation
and exploration projects located in Saskatchewan, Canada, which are
either held directly or through option or various contractual
agreements. The properties with significant carrying values, being
Wheeler River, Waterbury Lake, Midwest, Mann Lake, Wolly, Johnston
Lake and McClean Lake, represent $162,652,000, or 90.5%, of the
March 2021 total mineral property carrying amount.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 12px; font-family: Arial">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 11px; font-family: Arial">&#xA0;8</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000"></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 11px; font-family: Arial">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family: inherit; font-size: inherit;padding-top: 0px; padding-bottom: 0px; margin-left: auto; margin-right: auto; width: 100%;">
<tr>
<td style="width: 50%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><img src="denisonlogo-small.jpg"></div>
</td>
<td style="width: 50%; vertical-align: bottom; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0; <font style="font-weight: bold; color: #4d4d4d; font-size: 11px; font-family: Arial">
INTERIM CONSOLIDATED FINANCIAL STATEMENTS</font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 12px; font-family: Arial">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 0px"><font style="font-weight: bold; font-family: Arial; font-size: 11px">10.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-weight: bold; font-family: Arial; font-size: 11px">DEFERRED
REVENUE</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The deferred
revenue balance consists of:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 44%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-top: 1.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">At March
31</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-top: 1.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">At December
31</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(in thousands of
CAD dollars)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">2021</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">2020</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Deferred revenue
&#x2013; pre-sold toll milling:</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">CLJV toll milling
&#x2013; APG</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">$</font></font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">37,234</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">$</font></font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">36,617</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 11px;">$</font></font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 4px double #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">37,234</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 11px;">$</font></font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 4px double #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">36,617</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Deferred
revenue-by balance sheet presentation:</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Current</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 11px;">$</font></font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">3,898</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 11px;">$</font></font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">3,478</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Non-current</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">33,336</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">33,139</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 11px;">$</font></font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">37,234</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 11px;">$</font></font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 4px double #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">36,617</font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The deferred
revenue liability continuity summary is as follows:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 44%; border-top: 1.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(in thousands of
CAD dollars)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-top: 1.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-top: 1.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-top: 1.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Deferred</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Revenue</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Balance -
December 31, 2020</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">36,617</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Accretion</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">754</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Revenue
recognized during the period (note 19)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">(137)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%; border-bottom: 4px double #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Balance - March
31, 2021</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 4px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">37,234</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">Arrangement
with Anglo Pacific Group PLC (&#x201C;APG&#x201D;)</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">In February 2017,
Denison closed an arrangement with APG under which Denison received
an upfront payment in exchange for its right to receive specified
future toll milling cash receipts from the MLJV under the current
toll milling agreement with the CLJV from July 1, 2016 onwards. The
APG Arrangement represents a contractual obligation of Denison to
pay onward to APG any cash proceeds of future toll milling revenue
earned by the Company related to the processing of specified Cigar
Lake ore through the McClean Lake mill. The deferred revenue
balance represents a non-cash liability, which is adjusted as any
toll milling revenue received by Denison is passed through to APG
or any changes in Cigar Lake Phase 1 and Phase 2 toll milling
production estimates are recognized.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">In the three
months ended March 31, 2021, the Company has recognized $137,000 of
toll milling revenue from the draw-down of deferred revenue
consisting of $Nil based on Cigar Lake toll milling production in
the quarter (Nil pounds U<font style="font-size: 70%; vertical-align: bottom">3</font>0<font style="font-size: 70%; vertical-align: bottom">8</font> on a 100% basis)
and a retroactive $137,000 increase in revenue resulting from
changes in estimates to the toll milling drawdown rate in the first
quarter of 2021. For the comparative three months ended March 31,
2020, the Company recognized $963,000 of toll milling revenue from
the draw-down of deferred revenue comprised of $1,059,000 based on
Cigar Lake toll milling production in the quarter (4,192,000 pounds
U<font style="font-size: 70%; vertical-align: bottom">3</font>0<font style="font-size: 70%; vertical-align: bottom">8</font> on a 100% basis)
and a retroactive $96,000 decrease in revenue resulting from
changes in estimates to the toll milling drawdown rate in the first
quarter of 2020.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Production at the
Cigar Lake mine and the McClean Lake mill has been temporarily
suspended since the beginning of 2021, in response to the COVID-19
pandemic. Cameco has restarted production at the Cigar Lake mine in
April 2021 and toll-milling production at McClean Lake is expected
to resume in May 2021. The current portion of the deferred revenue
liability at March 2021 reflects Denison&#x2019;s estimate of Cigar
Lake toll milling over the next 12 months. This assumption will be
reassessed in the second quarter as more information becomes
available.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 12px; font-family: Arial">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 11px; font-family: Arial">&#xA0;9</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000"></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 11px; font-family: Arial">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family: inherit; font-size: inherit;padding-top: 0px; padding-bottom: 0px; margin-left: auto; margin-right: auto; width: 100%;">
<tr>
<td style="width: 50%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><img src="denisonlogo-small.jpg"></div>
</td>
<td style="width: 50%; vertical-align: bottom; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0; <font style="font-weight: bold; color: #4d4d4d; font-size: 11px; font-family: Arial">
INTERIM CONSOLIDATED FINANCIAL STATEMENTS</font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 12px; font-family: Arial">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 0px"><font style="font-weight: bold; font-family: Arial; font-size: 11px">11.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-weight: bold; font-family: Arial; font-size: 11px">POST-EMPLOYMENT
BENEFITS</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The
post-employment benefits balance consists of:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 44%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-top: 1.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">At March
31</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-top: 1.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">At December
31</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(in thousands of
CAD dollars)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">2021</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">2020</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Accrued benefit
obligation</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">1,319</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">1,361</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 4px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">1,319</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 4px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">1,361</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Post-employment
benefits-by balance sheet presentation:</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Current</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">120</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">120</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Non-current</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">1,199</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">1,241</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">1,319</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 4px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">1,361</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The
post-employment benefits continuity summary is as
follows:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 44%; border-top: 1.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(in thousands of
CAD dollars)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-top: 1.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-top: 1.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-top: 1.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Post-Employment</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Benefits</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Balance -
December 31, 2020</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">1,361</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Accretion</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">6&#xA0;<br></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Benefits
paid</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">(48)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%; border-bottom: 4px double #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Balance - March
31, 2021</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 4px double #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">1,319&#xA0;<br>
</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;<br>
</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;&#xA0;&#xA0;<br>
</font></div>
<div style="margin-left: 0px; text-indent: 0px"><font style="font-weight: bold; font-family: Arial; font-size: 11px">12.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-weight: bold; font-family: Arial; font-size: 11px">RECLAMATION
OBLIGATIONS</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 24px">
<font style="font-family: Arial; font-size: 11px">The reclamation
obligations balance consists of:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 44%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-top: 1.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">At March
31</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-top: 1.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">At December
31</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(in thousands of
CAD dollars)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">2020</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">2020</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Reclamation
obligations-by location:</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Elliot
Lake</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">21,450</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">21,523</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">McClean and
Midwest Joint Ventures</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">17,022</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">16,875</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Other</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">22</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">22</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 4px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">38,494</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">38,420&#xA0;<br>
</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Reclamation
obligations-by balance sheet presentation:</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Current</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">802</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">802</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Non-current</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">37,692</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">37,618&#xA0;<br>
</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 4px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">38,494</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">38,420&#xA0;<br>
</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The reclamation
obligations continuity summary is as follows:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 44%; border-top: 1.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(in thousands of
CAD dollars)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-top: 1.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-top: 1.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-top: 1.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Reclamation</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Obligations</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Balance -
December 31, 2020</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">38,420</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Accretion</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">336&#xA0;<br>
</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Expenditures
incurred</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(262)&#xA0;<br>
</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%; border-bottom: 4px double #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Balance - March
31, 2021</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-bottom: 4px double #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 17%; border-bottom: 4px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">38,494</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">Site
Restoration: Elliot Lake</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Spending on
restoration activities at the Elliot Lake site is funded from
monies in the Elliot Lake Reclamation Trust fund (see note
8).</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 12px; font-family: Arial">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 11px; font-family: Arial">&#xA0;10</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000"></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 11px; font-family: Arial">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family: inherit; font-size: inherit;padding-top: 0px; padding-bottom: 0px; margin-left: auto; margin-right: auto; width: 100%;">
<tr>
<td style="width: 50%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><img src="denisonlogo-small.jpg"></div>
</td>
<td style="width: 50%; vertical-align: bottom; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0; <font style="font-weight: bold; color: #4d4d4d; font-size: 11px; font-family: Arial">
INTERIM CONSOLIDATED FINANCIAL STATEMENTS</font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 12px; font-family: Arial">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">Site
Restoration: McClean Lake Joint Venture and Midwest Joint
Venture</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Under the Mineral
Industry Environmental Protection Regulations (1996), the Company
is required to provide its pro-rata share of financial assurances
to the province of Saskatchewan relating to future decommissioning
and reclamation plans that have been filed and approved by the
applicable regulatory authorities. As at March 31, 2021, the
Company has provided irrevocable standby letters of credit, from a
chartered bank, in favour of the Saskatchewan Ministry of
Environment, totalling $24,135,000 which relate to the most
recently filed reclamation plan dated March 2016.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 0px"><font style="font-weight: bold; font-family: Arial; font-size: 11px">13.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-weight: bold; font-family: Arial; font-size: 11px">SHARE
PURCHASE WARRANTS LIABILITY</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">In connection
with the public offerings of units in February 2021 and March 2021
(see note 15), the Company issued 15,796,975 and 39,215,000 share
purchase warrants to unit holders, respectively. The February 2021
warrants entitle the holder to acquire one common share of the
Company at an exercise price of USD$2.00 for 24 months after
issuance. The March 2021 warrants entitle the holder to acquire one
common share of the Company at an exercise price of USD$2.25 for 24
months after issuance.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Since both of
these warrants are excercisable in U.S dollars (&#x201C;USD&#x201D;),
which differs from the Company&#x2019;s CAD functional currency,
they are classified as derivative liabilities and are required to
be carried as liabilities at fair value through profit and loss.
When the fair value of the warrants is revalued at each reporting
period, the change in the liability is recorded through net profit
or loss.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The fair value of
the February 2021 warrants was estimated to be $0.2215 on the date
of issue, based on a relative fair value basis approach, using a
USD to CAD foreign exchange rate of 0.7928 and incorporating the
following assumptions in the Black-Scholes option pricing model
&#x2013; expected volatility of 67.3%, risk-free interest rate of
0.22%, dividend yield of 0% and an expected term of 2
years.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The fair value of
the March 2021 warrants was estimated to be $0.2482 on the date of
issue, based on a relative fair value basis approach, using a USD
to CAD foreign exchange rate of 0.7992 and incorporating the
following assumptions in the Black-Scholes option pricing model
&#x2013; expected volatility of 71.54%, risk-free interest rate of
0.27%, dividend yield of 0% and an expected term of 2
years.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The share
purchase warrants liability continuity is as follows:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 62%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-top: 1.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Number
of</font></div>
</td>
<td style="vertical-align: top; width: 3%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-top: 1.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Warrant</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(in thousands of
CAD dollars except warrant amounts)</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Warrants</font></div>
</td>
<td style="vertical-align: top; width: 3%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Liability</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Balance -
December 31, 2020</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div style="text-align: justify; margin-left: 0px; margin-right: -1px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">&#xA0;&#xA0;$</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Warrants issued
on February 19, 2021</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">15,796,975</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">3,499</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Warrants issued
on March 22, 2021</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">39,215,000</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">9,735</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Change in fair
value estimates</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 3%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial; font-size: 11px">1,564</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%; border-bottom: 4px double #000000">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Balance - March
31, 2021</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-bottom: 4px double #000000">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">55,011,975</font></div>
</td>
<td style="vertical-align: top; width: 3%; border-bottom: 4px double #000000">
<div style="text-align: center; margin-left: 0px; margin-right: -1px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-bottom: 4px double #000000">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">14,798</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 12px; font-family: Arial">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 11px; font-family: Arial">&#xA0;11</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000"></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 11px; font-family: Arial">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family: inherit; font-size: inherit;padding-top: 0px; padding-bottom: 0px; margin-left: auto; margin-right: auto; width: 100%;">
<tr>
<td style="width: 50%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><img src="denisonlogo-small.jpg"></div>
</td>
<td style="width: 50%; vertical-align: bottom; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0; <font style="font-weight: bold; color: #4d4d4d; font-size: 11px; font-family: Arial">
INTERIM CONSOLIDATED FINANCIAL STATEMENTS</font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 12px; font-family: Arial">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 12px; font-family: Arial">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 0px"><font style="font-weight: bold; font-family: Arial; font-size: 11px">14.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-weight: bold; font-family: Arial; font-size: 11px">OTHER
LIABILITIES</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The other
liabilities balance consists of:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 43%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-top: 1.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">At March
31</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-top: 1.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">At December
31</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(in thousands of
CAD dollars)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">2021</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">2020</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Debt
obligations:</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Lease
liabilities</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">537</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">582</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Loan
liabilities</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">31</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">33</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Flow-through
share premium obligation (note 16)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">22</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">568</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-bottom: 4px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">637</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Other
liabilities-by balance sheet presentation:</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Current</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">233</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">262</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Non-current</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">335</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">375</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">568</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-bottom: 4px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">637</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">Debt
Obligations</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">At March 31,
2021, the Company&#x2019;s debt obligations are comprised of lease
liabilities and loan liabilities. The debt obligations continuity
summary is as follows:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 41%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 14%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 14%; border-top: 1.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Lease</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-top: 1.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Loan</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-top: 1.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Total
Debt</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(in thousands of
CAD dollars)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Liabilitites</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Liabilities</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Obligations</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Balance &#x2013;
December 31, 2020</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">582</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">33</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">615</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Accretion</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">12</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">12</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Repayments</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(57)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(2)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(59)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%; border-bottom: 4px double #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Balance
&#x2013; March 31, 2021</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">537</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">31</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">568</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">Debt
Obligations &#x2013; Scheduled Maturities</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The following
table outlines the Company&#x2019;s scheduled maturities of its debt
obligations at March 31, 2021:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 41%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 14%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 14%; border-top: 1.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Lease</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-top: 1.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Loan</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-top: 1.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Total
Debt</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(in thousands of
CAD dollars)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Liabilitites</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Liabilities</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Obligations</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align: top; width: 55%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Maturity analysis
&#x2013; contractual undiscounted cash flows:</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Next 12
months</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">224</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">9</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">233</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">One to five
years</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">407</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">24</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">431</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">More than five
years</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align: top; width: 55%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Total obligation
&#x2013; March 31, 2021 &#x2013; undiscounted</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">631</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">33</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">664</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Present value
discount adjustment</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(94)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(2)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(96)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%; border-bottom: 4px double #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Total
obligation &#x2013; March 31, 2021 &#x2013; discounted</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">537</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">31</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">568</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">Letters of
Credit Facility</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">In January 2021,
the Company entered into an amending agreement for its letters of
credit facility with BNS (the &#x201C;2021 Facility&#x201D;). Under
the amendment, the maturity date of the 2021 Facility has been
extended to January 31, 2022. All other terms of the 2021 Facility
(tangible net worth covenant, pledged cash, investment amounts and
security for the facility) remain unchanged from the previous
facility. Accordingly, the 2021 Facility continues to provide the
Company with access to credit up to $24,000,000 (the use of which
is restricted to non-financial letters of credit in support of
reclamation obligations) subject to letter of credit fees of 2.40%
(0.40% on the $9,000,000 covered by pledged cash collateral) and
standby fees of 0.75%.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">At March 31,
2021, the Company is in compliance with its facility covenants and
$24,000,000 (December 31, 2020: $24,000,000) of the facility is
being utilized as collateral for letters of credit issued in
respect of the reclamation obligations for the MLJV and MWJV.
During the three months ended March 31, 2021, the Company incurred
letter of credit fees of $98,000 (March 31, 2020:
$100,000).</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px;">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 11px; font-family: Arial">&#xA0;12</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000"></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 11px; font-family: Arial">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family: inherit; font-size: inherit;padding-top: 0px; padding-bottom: 0px; margin-left: auto; margin-right: auto; width: 100%;">
<tr>
<td style="width: 50%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><img src="denisonlogo-small.jpg"></div>
</td>
<td style="width: 50%; vertical-align: bottom; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0; <font style="font-weight: bold; color: #4d4d4d; font-size: 11px; font-family: Arial">
INTERIM CONSOLIDATED FINANCIAL STATEMENTS</font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 12px; font-family: Arial">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 0px"><font style="font-weight: bold; font-family: Arial; font-size: 11px">15.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-weight: bold; font-family: Arial; font-size: 11px">SHARE
CAPITAL</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Denison is
authorized to issue an unlimited number of common shares without
par value. A continuity summary of the issued and outstanding
common shares and the associated dollar amounts is presented
below:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 62%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-top: 1.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Number
of</font></div>
</td>
<td style="vertical-align: top; width: 3%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Common</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Share</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(in thousands of
CAD dollars except share amounts)</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Shares</font></div>
</td>
<td style="vertical-align: top; width: 3%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Capital</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Balance -
December 31, 2020</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">678,981,882</font></div>
</td>
<td style="vertical-align: top; width: 3%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -1px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">&#xA0;&#xA0;$</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial; font-size: 11px">1,366,710</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Issued for
cash:</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Unit issue
proceeds &#x2013; total</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: right; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">110,023,950</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial; font-size: 11px">144,214</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Less: allocation
to share warrants liability</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: right; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial; font-size: 11px">(13,234)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Unit issue costs
- total</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: right; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial; font-size: 11px">(8,554)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Less: allocation
to share warrants issue expense</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: right; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial; font-size: 11px">789</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Other share issue
proceeds &#x2013; total</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: right; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">10,156,186</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial; font-size: 11px">11,914</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Less: other share
issue costs</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: right; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial; font-size: 11px">(1,046)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Share option
exercises</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: right; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">5,016,000</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial; font-size: 11px">3,711</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Share option
exercises &#x2013; fair value adjustment</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: right; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial; font-size: 11px">1,266</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Share units
exercises &#x2013; fair value adjustment</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">299,666</font></div>
</td>
<td style="vertical-align: top; width: 3%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial; font-size: 11px">167</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">125,495,802</font></div>
</td>
<td style="vertical-align: top; width: 3%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial; font-size: 11px">139,227</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 62%; border-bottom: 4px double #000000">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Balance - March
31, 2021</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">804,477,684</font></div>
</td>
<td style="vertical-align: top; width: 3%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: -1px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Arial; font-size: 11px">1,505,937</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">Unit and
Other Share Issues</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">In January and
February 2021, Denison, through its agents, issued 4,230,186 common
shares under its at-the-market (&#x201C;ATM&#x201D;) program at an
average price of $0.93 per share for aggregate gross proceeds of
$3,914,000. The Company also recognized issue costs of $466,000
related to its ATM share issuances which includes $78,000 of
commissions and $384,000 associated with the set-up of the ATM
program which were previously deferred on the balance sheet and
included in Prepaid expenses and other at December 31, 2020. In
connection with the public offering completed on March 22, 2021
(see below), the Company terminated its ATM program and has ceased
any distributions thereunder.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">On February 19,
2021, the Company completed a public offering by way of a
prospectus supplement to the 2020 Shelf Prospectus of 31,593,950
units of the Company at USD$0.91 per unit for gross proceeds of
$36,265,000 (USD$28,750,000), including the full exercise of the
underwriters&#x2019; over-allotment option of 4,120,950 units. Each
unit consisted of one common share and one-half of one transferable
common share purchase warrant of the Company. Each full warrant is
exercisable to acquire one common share of the Company at an
exercise price of USD$2.00 for 24 months after issuance. A portion
of the gross proceeds ($3,499,000 &#x2013; see note 13) has been
allocated to share warrant liabilities on a relative fair value
basis and the pro-rata share of the issue costs associated with the
offering has been expensed within Other expense (see note
18).</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">On March 3, 2021,
the Company completed a private placement of 5,926,000 flow-through
common shares at a price of $1.35 per share for gross proceeds of
approximately $8,000,000. The income tax benefits of this issue
will be renounced to subscribers with an effective date of December
31, 2021. The related flow-through share premium liability was
valued at $ Nil as the issue price was less than the
Company&#x2019;s observed share price on the date of
issue.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">On March 22,
2021, the Company completed a public offering by way of a
prospectus supplement to the 2020 Shelf Prospectus of 78,430,000
units of the Company at USD$1.10 per unit for gross proceeds of
$107,949,000 (USD$86,273,000), including the full exercise of the
underwriters&#x2019; over-allotment option of 10,230,000 units. Each
unit consisted of one common share and one-half of one transferable
common share purchase warrant of the Company. Each full warrant is
exercisable to acquire one common share of the Company at an
exercise price of USD$2.25 for 24 months after issuance. A portion
of the gross proceeds ($9,735,000 &#x2013; see note 13) has been
allocated to share warrant liabilities on a relative fair value
basis and the pro-rata share of the issue costs associated with the
offering has been expensed within Other expense (see note
18).</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 12px; font-family: Arial">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 11px; font-family: Arial">&#xA0;13</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000"></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 11px; font-family: Arial">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family: inherit; font-size: inherit;padding-top: 0px; padding-bottom: 0px; margin-left: auto; margin-right: auto; width: 100%;">
<tr>
<td style="width: 50%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><img src="denisonlogo-small.jpg"></div>
</td>
<td style="width: 50%; vertical-align: bottom; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0; <font style="font-weight: bold; color: #4d4d4d; font-size: 11px; font-family: Arial">
INTERIM CONSOLIDATED FINANCIAL STATEMENTS</font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 12px; font-family: Arial">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">Flow-Through
Share Issues</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The Company
finances a portion of its exploration programs through the use of
flow-through share issuances. Canadian income tax deductions
relating to these expenditures are claimable by the investors and
not by the Company.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">As at March 31,
2021, the Company estimates that it has satisfied its obligation to
spend $930,485 on eligible exploration expenditures in fiscal 2021
due to the issuance of flow-through shares in December 2020. The
Company renounced the income tax benefits of this issue in February
2021, with an effective date of renunciation to its subscribers of
December 31, 2020. In conjunction with the renunciation, the
flow-through share premium liability at December 31, 2020 has been
extinguished and a deferred tax recovery has been recognized in the
first quarter of 2021 (see notes 14 and 21).</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">As at March 31,
2021, the Company estimates that it has incurred $79,000 of
expenditures towards its obligation to spend $8,000,000 on eligible
exploration expenditures by the end of fiscal 2022 due to the
issuance of flow-through shares in March 2021.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 0px"><font style="font-weight: bold; font-family: Arial; font-size: 11px">16.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-weight: bold; font-family: Arial; font-size: 11px">SHARE-BASED
COMPENSATION</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The
Company&#x2019;s share based compensation arrangements include stock
options, restricted share units (&#x201C;RSUs&#x201D;) and
performance share units (&#x201C;PSUs&#x201D;).</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">A summary of
share based compensation expense recognized in the statement of
income (loss) is as follows:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 41%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 27%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 28%; border-top: 1.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Three
Months Ended</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">March
31</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(in thousands of
CAD dollars)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2021</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2020</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Share based
compensation expense for:</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Stock
options</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">$</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(195)</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">$</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(157)</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">RSUs</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(206)</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(228)</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">PSUs</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">26</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(98)</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%; border-bottom: 4px double #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Share
based compensation expense</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">$</font></font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(375)</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">$</font></font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(483)</font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">An additional
$4,824,000 in share-based compensation expense remains to be
recognized, up until March 2024, on outstanding options and share
units at March 31, 2021.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">Stock
Options</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Stock options
granted in 2021 vest over a period of 24 months. A continuity
summary of the stock options granted under the Company&#x2019;s
stock-based compensation plan is presented below:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 21%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-top: 1.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Weighted-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 21%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Average</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 21%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Exercise</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 21%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: center"><font style="color: #000000; font-family: Arial; font-size: 11px">Number
of</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Price
per</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 21%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: center"><font style="color: #000000; font-family: Arial; font-size: 11px">Common</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Share</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 21%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: center"><font style="color: #000000; font-family: Arial; font-size: 11px">Shares</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(CAD)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 21%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="4" style="vertical-align: top; width: 56%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Stock options
outstanding &#x2013; December 31, 2020</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">15,077,243</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">0.67</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 21%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Grants</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">3,666,000</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">1.26</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 21%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Exercises
<font style="font-size: 70%; vertical-align: top">(1)</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">(5,016,000)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">0.74</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 21%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Expiries</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">(15,000)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">0.64</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 21%; border-bottom: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Forfeitures</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid rgb(0, 0, 0);">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid rgb(0, 0, 0);">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%; border-bottom: 1px solid rgb(0, 0, 0);">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid rgb(0, 0, 0);">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 1px solid rgb(0, 0, 0);">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid rgb(0, 0, 0);">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid rgb(0, 0, 0);">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">(520,500)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid rgb(0, 0, 0);">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 1px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">0.53</font></div>
</td>
</tr><tr>
<td colspan="4" style="vertical-align: top; width: 56%; border-bottom: 4px double #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Stock options
outstanding &#x2013; March 31, 2021</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">13,191,743</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">0.81</font></div>
</td>
</tr><tr>
<td colspan="4" style="vertical-align: top; width: 56%; border-bottom: 4px double #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Stock options
exercisable &#x2013; March 31, 2021</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">7,766,243</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">0.68</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-family: Arial; font-size: 11px">(1)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px">The weighted average share
price at the date of exercise was $1.19.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 12px; font-family: Arial">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 11px; font-family: Arial">&#xA0;14</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000"></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 11px; font-family: Arial">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family: inherit; font-size: inherit;padding-top: 0px; padding-bottom: 0px; margin-left: auto; margin-right: auto; width: 100%;">
<tr>
<td style="width: 50%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><img src="denisonlogo-small.jpg"></div>
</td>
<td style="width: 50%; vertical-align: bottom; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0; <font style="font-weight: bold; color: #4d4d4d; font-size: 11px; font-family: Arial">
INTERIM CONSOLIDATED FINANCIAL STATEMENTS</font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 12px; font-family: Arial">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 12px; font-family: Arial">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">A summary of the
Company&#x2019;s stock options outstanding at March 31, 2021 is
presented below:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 21%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-top: 1.5pt solid #000000">
<div style="text-align: center"><font style="color: #000000; font-family: Arial; font-size: 11px">Weighted</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-top: 1.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Weighted-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 21%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: center"><font style="color: #000000; font-family: Arial; font-size: 11px">Average</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Average</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 21%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: center"><font style="color: #000000; font-family: Arial; font-size: 11px">Remaining</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Exercise</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 21%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Range of
Exercise</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: center"><font style="color: #000000; font-family: Arial; font-size: 11px">Contractual</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: center"><font style="color: #000000; font-family: Arial; font-size: 11px">Number
of</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Price
per</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 21%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Prices per
Share</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: center"><font style="color: #000000; font-family: Arial; font-size: 11px">Life</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: center"><font style="color: #000000; font-family: Arial; font-size: 11px">Common</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Share</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 21%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(CAD)</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: center"><font style="color: #000000; font-family: Arial; font-size: 11px">(Years)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: center"><font style="color: #000000; font-family: Arial; font-size: 11px">Shares</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(CAD)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 21%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="4" style="vertical-align: top; width: 56%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Stock options
outstanding</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="4" style="vertical-align: top; width: 56%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$ 0.25 to $
0.49</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">3.97</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">2,916,000</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">0.45</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 21%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$ 0.50 to $
0.74</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">2.51</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">4,055,143</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">0.64</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 21%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$ 0.75 to $
0.99</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">0.94</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">2,554,600</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">0.85</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 21%; border-bottom: 1px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$ 1.00 to $
1.39</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid rgb(0, 0, 0);">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid rgb(0, 0, 0);">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%; border-bottom: 1px solid rgb(0, 0, 0);">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid rgb(0, 0, 0);">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 1px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">4.94</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid rgb(0, 0, 0);">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 1px solid rgb(0, 0, 0);">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">3,666,000</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid rgb(0, 0, 0);">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 1px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">1.26</font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align: top; width: 36%; border-bottom: 4px double #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Stock options
outstanding &#x2013; March 31, 2021</font></div>
</td>
<td style="vertical-align: top; width: 20%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 4px double #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">3.20</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">13,191,743</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">0.81</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Options
outstanding at March 31, 2021 expire between August 2021 and March
2026.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The fair value of
each option granted is estimated on the date of grant using the
Black-Scholes option pricing model. The following table outlines
the assumptions used in the model to determine the fair value of
options granted during the current period:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 39%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 30%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 28%; border-top: 1.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 19px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Three Months
Ended</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 39%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 30%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 28%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 19px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">March 31,
2021</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 39%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 30%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 28%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 39%">
<div style="text-align: left; margin-left: 0px; margin-right: 18px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Risk-free
interest rate</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 30%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 28%">
<div style="text-align: right; margin-left: 0px; margin-right: 19px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">0.76%</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 39%">
<div style="text-align: left; margin-left: 0px; margin-right: 18px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Expected stock
price volatility</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 30%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 28%">
<div style="text-align: right; margin-left: 0px; margin-right: 18px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">66.11%</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 39%">
<div style="text-align: justify; margin-left: 0px; margin-right: 18px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Expected
life</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 30%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 28%">
<div style="text-align: right; margin-left: 0px; margin-right: 18px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">3.4
years</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 39%">
<div style="text-align: left; margin-left: 0px; margin-right: 18px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Expected dividend
yield</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 30%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 28%">
<div style="text-align: right; margin-left: 0px; margin-right: 18px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 41%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 18px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Fair value
per share under options granted</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 30%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 28%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 18px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">$0.59</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">Share
Units</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">RSUs granted
under the plan in 2021 vest ratably over a period of three years.
No PSUs have been granted in 2021 as at March 31,
2021.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">A continuity
summary of the RSUs and PSUs of the Company granted under the share
unit plan is presented below:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 41%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 27%; border-top: 1.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">RSUs</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 28%; border-top: 1.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">PSUs</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Weighted</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Weighted</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Average</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Average</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Number
of</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Fair
Value</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Number
of</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Fair
Value</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Common</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Per
RSU</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Common</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Per
PSU</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Shares</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(CAD)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Shares</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(CAD)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Units outstanding
&#x2013; December 31, 2020</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">5,691,899</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 11px;">0.52</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2,020,000</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">0.63</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Grants</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">1,730,000</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 11px;">1.42</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Exercises
<font style="font-size: 70%; vertical-align: top">(1)</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(239,666)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 11px;">0.52</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(60,000)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">0.69</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%; border-bottom: 1px solid rgb(0, 0, 0);">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 11px;">Forfeitures</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid rgb(0, 0, 0);">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 1px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(649,896)</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid rgb(0, 0, 0);">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 1px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 11px;">0.46</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid rgb(0, 0, 0);">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 1px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">(180,000)</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 1px solid rgb(0, 0, 0);">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 1px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 11px;">0.69</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 11px;">Units outstanding &#x2013; March 31,
2021</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">6,532,337</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right"><font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">$</font></font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 11px;">0.76</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">1,780,000</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right"><font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">$</font></font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 11px;">0.62</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Units
vested &#x2013; March 31, 2021</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2,053,672</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="font-size: 11px;">0.58</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">640,000</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">0.65</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-family: Arial; font-size: 11px">(1)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px">The weighted average share
price at the date of exercise was $1.22 for RSUs and $0.85 for
PSUs.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The fair value of
each RSU and PSU granted is estimated on the date of grant using
the Company&#x2019;s closing share price on the day before the grant
date.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 12px; font-family: Arial">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 11px; font-family: Arial">&#xA0;15</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000"></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 11px; font-family: Arial">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family: inherit; font-size: inherit;padding-top: 0px; padding-bottom: 0px; margin-left: auto; margin-right: auto; width: 100%;">
<tr>
<td style="width: 50%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><img src="denisonlogo-small.jpg"></div>
</td>
<td style="width: 50%; vertical-align: bottom; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0; <font style="font-weight: bold; color: #4d4d4d; font-size: 11px; font-family: Arial">
INTERIM CONSOLIDATED FINANCIAL STATEMENTS</font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 12px; font-family: Arial">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 12px; font-family: Arial">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 0px"><font style="font-weight: bold; font-family: Arial; font-size: 11px">17.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-weight: bold; font-family: Arial; font-size: 11px">ACCUMULATED
OTHER COMPREHENSIVE INCOME (LOSS)</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The accumulated
other comprehensive income (loss) balance consists of:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 43%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-top: 1.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">At March
31</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-top: 1.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">At December
31</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(in thousands of
CAD dollars)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">2021</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">2020</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Cumulative
foreign currency translation</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">416</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">413</font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align: top; width: 62%">
<div style="text-align: left; margin-left: 12px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Unamortized
experience gain-post employment liability</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Gross</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">1,847</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">1,847</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Tax
effect</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">(485)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">(485)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 43%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-bottom: 4px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">1,778</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-bottom: 4px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">1,775</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 0px"><font style="font-weight: bold; font-family: Arial; font-size: 11px">18.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-weight: bold; font-family: Arial; font-size: 11px">SUPPLEMENTAL
FINANCIAL INFORMATION</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The components of
operating expenses are as follows:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 40%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 27%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 28%; border-top: 1.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Three
Months Ended</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">March
31</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(in thousands of
CAD dollars)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2021</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2020</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Cost of goods and
services sold:</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Cost of goods
sold &#x2013; mineral concentrates</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(526)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Operating
overheads:</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Mining, other
development expense</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(232)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(213)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Milling,
conversion expense</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(4)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(740)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Less
absorption:</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: justify; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">-Mineral
properties</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">11</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">12</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Cost of
services</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(1,593)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(1,715)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Cost of goods and
services sold</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(1,818)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(3,182)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Reclamation asset
amortization</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(70)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(60)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Selling
expenses</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(14)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Sales royalties
and non-income taxes</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(64)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%; border-bottom: 4px double #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Operating
expenses</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(1,888)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(3,320)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The components of
other income (expense) are as follows:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 41%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 27%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 28%; border-top: 1.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Three
Months Ended</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">March
31</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(in thousands of
CAD dollars)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2021</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2020</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Gains (losses)
on:</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Foreign
exchange</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">441</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">20</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Disposal of
property, plant and equipment</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2</font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align: top; width: 55%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Fair value
changes - investments (note 7)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(91)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(2,950)</font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align: top; width: 55%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Fair value
changes &#x2013; warrant liabilities (note 13)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(1,564)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align: top; width: 55%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Issue costs
&#x2013; warrant liabilities (note 15)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(789)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Other</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(38)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(264)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%; border-bottom: 4px double #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Other
income (expense)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(2,041)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(3,192))</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 12px; font-family: Arial">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 11px; font-family: Arial">&#xA0;16</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000"></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 11px; font-family: Arial">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family: inherit; font-size: inherit;padding-top: 0px; padding-bottom: 0px; margin-left: auto; margin-right: auto; width: 100%;">
<tr>
<td style="width: 50%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><img src="denisonlogo-small.jpg"></div>
</td>
<td style="width: 50%; vertical-align: bottom; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0; <font style="font-weight: bold; color: #4d4d4d; font-size: 11px; font-family: Arial">
INTERIM CONSOLIDATED FINANCIAL STATEMENTS</font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 12px; font-family: Arial">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 12px; font-family: Arial">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The components of
finance income (expense) are as follows:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 41%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 27%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 28%; border-top: 1.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Three
Months Ended</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">March
31</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(in thousands of
CAD dollars)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2021</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2020</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Interest
income</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">83</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">92</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Interest
expense</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(2)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Accretion
expense</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Deferred
revenue (note 10)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(754)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(782)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Post-employment
benefits (note 11)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(6)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(17)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Reclamation
obligations (note 12)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(336)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(338)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Debt
obligations (note 13)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(12)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(16)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%; border-bottom: 4px double #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Finance
income (expense)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(1,025)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(1,063)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">A summary of
depreciation expense recognized in the statement of income (loss)
is as follows:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 41%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 27%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 28%; border-top: 1.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Three
Months Ended</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">March
31</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(in thousands of
CAD dollars)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2021</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2020</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Operating
expenses</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Mining, other
development expense</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(1)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(1)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Milling,
conversion expense</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(736)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Cost of
services</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(45)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(53)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Evaluation</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(9)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(9)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Exploration</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(30)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(41)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">General and
administrative</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(25)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(32)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%; border-bottom: 4px double #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Depreciation
expense-gross</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(110)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(872)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">A summary of
employee benefits expense recognized in the statement of income
(loss) is as follows:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 41%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 27%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 28%; border-top: 1.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Three
Months Ended</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">March
31</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(in thousands of
CAD dollars)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2021</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2020</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Salaries and
short-term employee benefits</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(3,035)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(2,158)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Share-based
compensation (note 16)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(375)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(483)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Termination
benefits</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(28)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%; border-bottom: 4px double #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Employee
benefits expense</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(3,438)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(2,641)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The change in
non-cash working capital items in the consolidated statements of
cash flows is as follows:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 40%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 28%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: middle; width: 28%; border-top: 1.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Three
Months Ended</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">March
31</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(in thousands of
CAD dollars)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2021</font></div>
</td>
<td style="vertical-align: middle; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2020</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Change in
non-cash working capital items:</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Trade and other
receivables</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">615</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">471</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Inventories</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(109)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">641</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Prepaid expenses
and other assets</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">609</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(81)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Accounts payable
and accrued liabilities</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2,869</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">472</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Change
in non-cash working capital items</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">3,984</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">1,503</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 12px; font-family: Arial">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 11px; font-family: Arial">&#xA0;17</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000"></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 11px; font-family: Arial">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family: inherit; font-size: inherit;padding-top: 0px; padding-bottom: 0px; margin-left: auto; margin-right: auto; width: 100%;">
<tr>
<td style="width: 50%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><img src="denisonlogo-small.jpg"></div>
</td>
<td style="width: 50%; vertical-align: bottom; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0; <font style="font-weight: bold; color: #4d4d4d; font-size: 11px; font-family: Arial">
INTERIM CONSOLIDATED FINANCIAL STATEMENTS</font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 12px; font-family: Arial">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 12px; font-family: Arial">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 0px"><font style="font-weight: bold; font-family: Arial; font-size: 11px">19.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-weight: bold; font-family: Arial; font-size: 11px">SEGMENTED
INFORMATION</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">Business
Segments</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The Company
operates in three primary segments &#x2013; the Mining segment, the
Closed Mine Services segment and the Corporate and Other segment.
The Mining segment includes activities related to exploration,
evaluation and development, mining, milling (including toll
milling) and the sale of mineral concentrates. The Closed Mine
Services segment includes the results of the Company&#x2019;s
environmental services business which provides mine decommissioning
and other services to third parties. The Corporate and Other
segment includes management fee income earned from UPC and general
corporate expenses not allocated to the other segments. Management
fee income from UPC has been included with general corporate
expenses due to the shared infrastructure between the two
activities.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">For the three
months ended March 31, 2021, reportable segment results were as
follows:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 29%; border-top: 1.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(in thousands of
CAD dollars)</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-top: 1.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-top: 1.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-top: 1.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Mining</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-top: 1.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Closed</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Mine</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Services</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-top: 1.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Corporate</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">and
Other</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-top: 1.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Total</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
Statement of Operations:</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Revenues</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">137</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">1,744</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">615</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2,496</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
Expenses:</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Operating
expenses</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(295)</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(1,593)</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(1,888)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Evaluation</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(2,761)</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(2,761)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Exploration</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(1,348)</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(1,348)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">General and
administrative</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(17)</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(2,608)</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(2,625)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(4,421)</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(1,593)</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(2,608)</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(8,622)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%; border-bottom: 4px double #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Segment income
(loss)</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(4,284)</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">151</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(1,993)</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(6,126)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
Revenues &#x2013; supplemental:</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Environmental
services</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">1,744</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">1,744</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Management
fees</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">615</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">615</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 40%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Toll milling
services&#x2013;deferred revenue (note 10)</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">137</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">137</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">137</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">1,744</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">615</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2,496</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
Capital additions:</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%; border-bottom: 4px double #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Property, plant
and equipment</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">293</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">293</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
Long-lived assets:</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Plant and
equipment</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Cost</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">101,823</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">4,545</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">892</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">107,260</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Accumulated
depreciation</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(26,351)</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(3,238)</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(442)</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(30,031)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Mineral
properties</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">179,754</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">179,754</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">255,226</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">1,307</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">450</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">256,983</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 12px; font-family: Arial">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 11px; font-family: Arial">&#xA0;18</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000"></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 11px; font-family: Arial">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family: inherit; font-size: inherit;padding-top: 0px; padding-bottom: 0px; margin-left: auto; margin-right: auto; width: 100%;">
<tr>
<td style="width: 50%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><img src="denisonlogo-small.jpg"></div>
</td>
<td style="width: 50%; vertical-align: bottom; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0; <font style="font-weight: bold; color: #4d4d4d; font-size: 11px; font-family: Arial">
INTERIM CONSOLIDATED FINANCIAL STATEMENTS</font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 12px; font-family: Arial">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 12px; font-family: Arial">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">For the three
months ended March 31, 2020, reportable segment results were as
follows:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 29%; border-top: 1.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(in thousands of
CAD dollars)</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-top: 1.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-top: 1.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-top: 1.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Mining</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-top: 1.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Closed</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Mine</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Services</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-top: 1.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Corporate</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">and
Other</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-top: 1.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Total</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
Statement of Operations:</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Revenues</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">1,815</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2,028</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">817</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">4,660</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
Expenses:</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Operating
expenses</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(1,605)</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(1,715)</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(3,320)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Evaluation</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(1,491)</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(1,491)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Exploration</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(1,700)</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(1,700)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">General and
administrative</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(14)</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(2,174)</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(2,188)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(4,810)</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(1,715)</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(2,174)</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(8,699)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%; border-bottom: 4px double #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Segment income
(loss)</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(2,995)</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">313</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(1,357)</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(4,039)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
Revenues &#x2013; supplemental:</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Uranium
concentrate sales</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">852</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">852</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Environmental
services</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2,028</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2,028</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Management
fees</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">817</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">817</font></div>
</td>
</tr><tr>
<td colspan="2" style="vertical-align: top; width: 40%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Toll milling
services&#x2013;deferred revenue (note 10)</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">963</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">963</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">1,815</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2,028</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">817</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">4,660</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
Capital additions:</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%; border-bottom: 4px double #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Property, plant
and equipment</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">7</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">15</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">22</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
Long-lived assets:</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Plant and
equipment</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Cost</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">99,994</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">4,546</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">908</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">105,448</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Accumulated
depreciation</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(25,196)</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(3,055)</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(336)</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(28,587)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Mineral
properties</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">179,488</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">179,488</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 29%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">254,286</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">1,491</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">572</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">256,349</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 0px"><font style="font-weight: bold; font-family: Arial; font-size: 11px">20.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-weight: bold; font-family: Arial; font-size: 11px">RELATED
PARTY TRANSACTIONS</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 24px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">Uranium
Participation Corporation</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The current
management services agreement (&#x201C;MSA&#x201D;) with UPC became
effective on April 1, 2019 and has a term of five years (the
&#x201C;Term&#x201D;). Under the MSA, Denison receives the following
management fees from UPC: a) a base fee of $400,000 per annum,
payable in equal quarterly installments; b) a variable fee equal to
(i) 0.3% per annum of UPC&#x2019;s total assets in excess of $100
million and up to and including $500 million, and (ii) 0.2% per
annum of UPC&#x2019;s total assets in excess of $500 million; c) a
fee, at the discretion of the Board, for on-going monitoring or
work associated with a transaction or arrangement (other than a
financing, or the acquisition of or sale of U<font style="font-size: 70%; vertical-align: bottom">3</font>O<font style="font-size: 70%; vertical-align: bottom">8</font> or UF<font style="font-size: 70%; vertical-align: bottom">6</font>); and d) a
commission of 1.0% of the gross value of any purchases or sales of
U<font style="font-size: 70%; vertical-align: bottom">3</font>O<font style="font-size: 70%; vertical-align: bottom">8</font> or UF<font style="font-size: 70%; vertical-align: bottom">6</font> or gross interest
fees payable to UPC in connection with any uranium loan
arrangements.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The MSA may be
terminated during the Term by Denison upon the provision of 180
days written notice. The MSA may be terminated during the Term by
UPC (i) in the event of a material breach, (ii) within 90 days of
certain events surrounding a change of both of the individuals
serving as Chief Executive Officer and Chief Financial Officer of
UPC, and / or a change of control of Denison, or (iii) upon the
provision of 30 days written notice and, subject to certain
exceptions, a cash payment to Denison of an amount equal to the
base and variable management fees that would otherwise be payable
to Denison (calculated based on UPC&#x2019;s current uranium
holdings at the time of termination) for the lesser period of a)
three years, or b) the remaining term of the MSA. See note 24 for
an update on the Company&#x2019;s management services agreement with
UPC.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Arial;"><font style="font-size: 12px;">&#xA0;</font></font></div>

<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-family: Arial;"><font style="font-size: 11px;">&#xA0;19</font></font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000"></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-family: Arial;"><font style="font-size: 11px;">&#xA0;</font></font></div>
</div>
</div>

<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-size: inherit; padding-top: 0px; padding-bottom: 0px; margin-left: auto; margin-right: auto; width: 100%;">
<tr>
<td style="width: 50%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Arial;"><img src="denisonlogo-small.jpg"></font></div>
</td>
<td style="width: 50%; vertical-align: bottom; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Arial;">&#xA0; <font style="font-weight: bold; color: rgb(77, 77, 77); font-size: 11px;">INTERIM
CONSOLIDATED FINANCIAL STATEMENTS</font></font></div>
</td>
</tr></table>
</div>

<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Arial;"><font style="font-size: 12px;">&#xA0;</font></font></div>

<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Arial;"><font style="font-size: 12px;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The following
transactions were incurred with UPC for the periods
noted:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 41%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 27%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 28%; border-top: 1.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Three
Months Ended</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">March
31</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(in thousands of
CAD dollars)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2021</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2020</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Management
fees:</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Base and variable
fees</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">$</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">475</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">$</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">463</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Commission
fees</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">-</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">54</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Discretionary
fees</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">140</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">300</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">$</font></font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">615</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">$</font></font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">817</font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">At March 31,
2021, accounts receivable includes $340,000 (December 31, 2020:
$265,000) due from UPC with respect to the fees indicated
above.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">Korea
Electric Power Corporation (&#x201C;KEPCO&#x201D;) and Korea Hydro
&amp; Nuclear Power (&#x201C;KHNP&#x201D;)</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">As at March 31,
2021, KEPCO, through its subsidiaries, holds 58,284,000 shares of
Denison representing a share interest of approximately 7.24%. KHNP
Canada Energy Ltd., a subsidiary of KEPCO&#x2019;s subsidiary KHNP,
is the holder of the majority of Denison&#x2019;s shares and is also
the majority member of Korea Waterbury Uranium Limited Partnership
(&#x201C;KWULP&#x201D;). KWULP is a consortium of investors that
holds the non-Denison owned interests in Waterbury Lake Uranium
Corporation (&#x201C;WLUC&#x201D;) and Waterbury Lake Uranium Limited
Partnership (&#x201C;WLULP&#x201D;), entities whose key asset is the
Waterbury Lake property.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">Other</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">During the three
months ended March 31, 2021, the Company incurred investor
relations, administrative service fees and certain pass-through
expenses of $20,000 (March 31, 2020: $21,000) with Namdo Management
Services Ltd, which shares a common director with Denison. These
services were incurred in the normal course of operating a public
company. At March 31, 2021, an amount of $5,000 (December 31, 2020:
$nil) was due to this company.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">Compensation
of Key Management Personnel</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Key management
personnel are those persons having authority and responsibility for
planning, directing and controlling the activities of the Company,
directly or indirectly. Key management personnel include the
Company&#x2019;s executive officers, vice-presidents and members of
its Board of Directors.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The following
compensation was awarded to key management personnel:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 41%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 27%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 28%; border-top: 1.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Three
Months Ended</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">March
31</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(in thousands of
CAD dollars)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2021</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2020</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Salaries and
short-term employee benefits</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(1,043)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(584)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Share-based
compensation</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(320)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(430)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%; border-bottom: 4px double #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Key
management personnel compensation</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(1,363)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(1,014)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 0px"><font style="font-weight: bold; font-family: Arial; font-size: 11px">21.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-weight: bold; font-family: Arial; font-size: 11px">INCOME
TAXES</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">For the three
months ended March 31, 2021, Denison has recognized deferred tax
recoveries of $308,000. The deferred tax recovery includes the
recognition of previously unrecognized Canadian tax assets of
$247,000 relating to the February 2021 renunciation of the tax
benefits associated with the Company&#x2019;s $930,485 flow-through
share issue in December 2020.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 0px"><font style="font-weight: bold; font-family: Arial; font-size: 11px">22.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-weight: bold; font-family: Arial; font-size: 11px">FAIR
VALUE OF FINANCIAL INSTRUMENTS</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">IFRS requires
disclosures about the inputs to fair value measurements, including
their classification within a hierarchy that prioritizes the inputs
to fair value measurement. The three levels of the fair value
hierarchy are:</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Arial"><font style="font-size: 12px">&#xA0;</font></font></div>
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-family: Arial"><font style="font-size: 11px">&#xA0;20</font></font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000"><font style="font-family: Arial">&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-family: Arial"><font style="font-size: 11px">&#xA0;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family: inherit; font-size: inherit;padding-top: 0px; padding-bottom: 0px; margin-left: auto; margin-right: auto; width: 100%;">
<tr>
<td style="width: 50%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Arial"><img src="denisonlogo-small.jpg"></font></div>
</td>
<td style="width: 50%; vertical-align: bottom; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Arial">&#xA0; <font style="font-weight: bold; color: #4d4d4d; font-size: 11px">INTERIM
CONSOLIDATED FINANCIAL STATEMENTS</font></font></div>
</td>
</tr></table>
</div>
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 11px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px">Level 1 &#x2013; Unadjusted
quoted prices in active markets for identical assets or
liabilities;</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 11px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px">Level 2 &#x2013; Inputs other
than quoted prices that are observable for the asset or liability
either directly or indirectly; and</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 11px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px">Level 3 &#x2013; Inputs that
are not based on observable market data.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The fair value of
financial instruments which trade in active markets, such as share
and warrant equity instruments, is based on quoted market prices at
the balance sheet date. The quoted market price used to value
financial assets held by the Company is the current closing price.
Warrants that do not trade in active markets have been valued using
the Black-Scholes pricing model. Debt instruments have been valued
using the effective interest rate for the period that the Company
expects to hold the instrument and not the rate to
maturity.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Except as
otherwise disclosed, the fair values of cash and cash equivalents,
trade and other receivables, accounts payable and accrued
liabilities, restricted cash and cash equivalents and debt
obligations approximate their carrying values as a result of the
short-term nature of the instruments, or the variable interest rate
associated with the instruments, or the fixed interest rate of the
instruments being similar to market rates.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">During the three
months ended March 31, 2021, there were no transfers between levels
1, 2 and 3 and there were no changes in valuation
techniques.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The following
table illustrates the classification of the Company&#x2019;s
financial assets within the fair value hierarchy as at March 31,
2021 and December 31, 2020:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 41%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-top: 1.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">March
31</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-top: 1.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">December
31,</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Financial</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Fair</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2021</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2020</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Instrument</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Value</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Fair</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Fair</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(in thousands of
CAD dollars)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px"><font style="color: #000000">Category</font><font style="font-size: 70%; vertical-align: top; color: #000000">(1)</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Hierarchy</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Value</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Value</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Financial
Assets:</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Cash and
equivalents</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">Category
B</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">$</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">172,757</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">$</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">24,992</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Trade and other
receivables</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">Category
B</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">2,759</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">3,374</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Investments</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Equity
instruments-shares</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">Category
A</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">Level 1</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">16,286</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">16,657</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Equity
instruments-warrants</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">Category
A</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">Level 2</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">573</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">293</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Restricted
cash and equivalents</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Elliot Lake
reclamation trust fund</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">Category
B</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">3,461</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">2,883</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Credit
facility pledged assets</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">Category
B</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">9,000</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">9,000</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Reclamation
letter of credit collateral</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">Category
B</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">135</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">135</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">$</font></font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">204,971</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">$</font></font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">57,334</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Financial
Liabilities:</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Accounts
payable and accrued liabilities</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">Category
C</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">10,042</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">7,178</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Share
purchase warrants liabilty</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">Category
A</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">Level 2</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">14,798</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">-</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Debt
obligations</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">Category
C</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">568</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">615</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial;"><font style="font-size: 13px;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">$</font></font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">25,408</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right"><font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">$</font></font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-size: 11px;">7,793</font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-family: Arial; font-size: 11px">(1)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px">Financial instrument
designations are as follows: Category A=Financial assets and
liabilities at fair value through profit and loss; Category
B=Financial assets at amortized cost; and Category C=Financial
liabilities at amortized cost.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 0px"><font style="font-weight: bold; font-family: Arial; font-size: 11px">23.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-weight: bold; font-family: Arial; font-size: 11px">COMMITMENTS
AND CONTINGENCIES</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">Specific
Legal Matters</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; font-family: Arial; font-size: 11px">Mongolia
Mining Division Sale &#x2013; Arbitration Proceedings with Uranium
Industry</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">In November 2015,
the Company sold all of its mining assets and operations located in
Mongolia to Uranium Industry a.s (&#x201C;UI&#x201D;) pursuant to an
amended and restated share purchase agreement (the &#x201C;GSJV
Agreement&#x201D;). The primary assets at that time were the
exploration licenses for the Hairhan, Haraat, Gurvan Saihan and
Ulzit projects. As consideration for the sale per the GSJV
Agreement, the Company received cash consideration of USD$1,250,000
prior to closing and the rights to receive additional contingent
consideration of up to USD$12,000,000.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Arial"><font style="font-size: 12px">&#xA0;</font></font></div>
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-family: Arial"><font style="font-size: 11px">&#xA0;21</font></font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000"><font style="font-family: Arial">&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-family: Arial"><font style="font-size: 11px">&#xA0;</font></font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family: inherit; font-size: inherit;padding-top: 0px; padding-bottom: 0px; margin-left: auto; margin-right: auto; width: 100%;">
<tr>
<td style="width: 50%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Arial"><img src="denisonlogo-small.jpg"></font></div>
</td>
<td style="width: 50%; vertical-align: bottom; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Arial">&#xA0; <font style="font-weight: bold; color: #4d4d4d; font-size: 11px">INTERIM
CONSOLIDATED FINANCIAL STATEMENTS</font></font></div>
</td>
</tr></table>
</div>
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">On September 20,
2016, the Mineral Resources Authority of Mongolia
(&#x201C;MRAM&#x201D;) formally issued mining license certificates
for all four projects, triggering Denison&#x2019;s right to receive
contingent consideration of USD$10,000,000 (collectively, the
&#x201C;Mining License Receivable&#x201D;). The original due date for
payment of the Mining License Receivable by UI was November 16,
2016.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Under an
extension agreement between UI and the Company, the payment due
date of the Mining License Receivable was extended from November
16, 2016 to July 16, 2017 (the &#x201C;Extension Agreement&#x201D;).
As consideration for the extension, UI agreed to pay interest on
the Mining License Receivable amount at a rate of 5% per year,
payable monthly up to July 16, 2017 and they also agreed to pay a
USD$100,000 instalment amount towards the balance of the Mining
License Receivable amount. The required payments were not
made.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">On February 24,
2017, the Company served notice to UI that it was in default of its
obligations under the GSJV Agreement and the Extension Agreement
and on December 12, 2017, the Company filed a Request for
Arbitration between the Company and UI under the Arbitration Rules
of the London Court of International Arbitration. Hearings in front
of the arbitration panel were held in December 2019. The final
award was rendered by an arbitration panel on July 27, 2020, with
the panel finding in favour of Denison and ordering UI to pay the
Company USD$10,000,000 plus interest at a rate of 5% per annum from
November 16, 2016, plus certain legal and arbitration costs.
Denison and UI have exchanged correspondence, and award recovery
options are being considered.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">Uranium
Purchase Commitments</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Denison has
entered into agreements to purchase 2,500,000 pounds of
U<font style="font-size: 70%; vertical-align: bottom">3</font>O<font style="font-size: 70%; vertical-align: bottom">8</font>, for delivery, at
various times between April 1, 2021 and October 31, 2021. The
average price per pound and total purchase commitment amounts are
shown below:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 41%; border-top: 1.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(in thousands of
dollars, except per pound amounts)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 27%; border-top: 1.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 28%; border-top: 1.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">March
2021</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">USD$</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px"><font style="color: #000000">CAD$</font> <font style="font-size: 70%; vertical-align: top; color: #000000">(1)</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Purchase
commitment of 2,500,000 pounds:</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Purchase
price</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">74,034</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">93,097</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Add: purchase
commissions</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">106</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">133</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%; border-bottom: 4px double #000000">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Total purchase
price, including commissions</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">74,140</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">93,230</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Purchase
commitment cost per pound:</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Purchase
price</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">29.61</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">37.23</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Add: purchase
commissions</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">0.05</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: right"><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">0.06</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 41%; border-bottom: 4px double #000000">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Total
purchase price, including commissions</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">29.66</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: right"><font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">37.29</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="display: table; margin-left: 23px">
<div style="display: table-row">
<div style="display: table-cell; width: 24px"><font style="font-family: Arial; font-size: 11px">(1)&#xA0;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px">The purchase commitment
amounts have been translated to Canadian dollars using the March
31, 2021 closing foreign exchange rate of 1.2575. The actual
Canadian dollar commitment realized will fluctuate depending upon
the foreign exchange rate in effect at the transaction
date.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 0px"><font style="font-weight: bold; font-family: Arial; font-size: 11px">24.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-weight: bold; font-family: Arial; font-size: 11px">SUBSEQUENT
EVENTS</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">Uranium
Participation Corporation</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">On April 27,
2021, UPC and Sprott Asset Management LP (&#x201C;Sprott&#x201D;)
reached an agreement to convert UPC into the Sprott Physical
Uranium Trust (the &#x201C;Trust&#x201D;) &#x2013; effectively
aligning UPC&#x2019;s business with the world&#x2019;s leading
physical commodity investment vehicles and making it eligible to
pursue a listing in the United States (the &#x201C;UPC
Transaction&#x201D;). Upon completion of the UPC Transaction, Sprott
will become the manager of the Trust and the MSA will be terminated
&#x2013; Denison will remain the manager of UPC until such time up
until the UPC Transaction is completed. Denison estimates the
termination payment due from UPC will be approximately $5.3
million. The actual termination payment may differ, as it will be
based on UPC&#x2019;s NAV as of the month-end immediately prior to
the date of a formal notice of termination to Denison by UPC in
accordance with the MSA.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Arial"><font style="font-size: 12px">&#xA0;</font></font></div>
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-family: Arial;"><font style="font-size: 11px">&#xA0;22</font></font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000"><font style="font-family: Arial">&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-family: Arial"><font style="font-size: 11px">&#xA0;</font></font></div>
</div>
</div>
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family: inherit; font-size: inherit;padding-top: 0px; padding-bottom: 0px; margin-left: auto; margin-right: auto; width: 100%;">
<tr>
<td style="width: 50%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Arial"><img src="denisonlogo-small.jpg"></font></div>
</td>
<td style="width: 50%; vertical-align: bottom; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Arial">&#xA0; <font style="font-weight: bold; color: #4d4d4d; font-size: 11px">INTERIM
CONSOLIDATED FINANCIAL STATEMENTS</font></font></div>
</td>
</tr></table>
</div>
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 24px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">Offer to
Acquire JCU (Canada) Exploration Company, Limited
(&#x2018;JCU&#x2019;)</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">On May 4, 2021,
Denison announced that it has delivered a binding offer to Overseas
Uranium Resources Development Co., Ltd. (&#x2018;OURD&#x2019;) to
acquire 100% ownership of OURD&#x2019;s wholly-owned subsidiary,
JCU. JCU holds a portfolio of uranium project joint venture
interests in Canada, including a 10% interest in Denison&#x2019;s
90% owned Wheeler River project.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The offer
includes the following key features: (a) consideration including
cash payments of up to $40.5 million and the assumption of
JCU&#x2019;s existing liabilities, including any outstanding
liabilities owed to Japan Atomic Energy Agency; (b) binding subject
to definitive documentation, regulatory approvals (if required) and
the termination of OURD&#x2019;s existing definitive purchase
agreement with UEX Corporation in accordance with its terms; (c) no
conditions for due diligence on the assets of JCU, or obtaining the
necessary financing to fund the purchase price; and (d) a
commitment to OURD that JCU will be maintained as a corporate
subsidiary in order for JCU to meet its joint venture
commitments.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">&#xA0;
<div><font>&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: center; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
&#xA0;&#xA0;&#xA0; <font style="font-family: Arial;"><font style="font-size: 11px">23</font></font> </div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>a2021-03dmcmdafiling.htm
<DESCRIPTION>MANAGEMENT'S DISCUSSION & ANALYSIS DATED MAY 6, 2021
<TEXT>
<html>
<head>
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<!-- Copyright 2021 Issuer Direct Corporation -->
<title>a2021-03dmcmdafiling</title>
</head>
<body style="font-family: Times New Roman; font-size: 13px;">
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="hdr">
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 100%;">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold">&#xA0; <font style="font-family: Times New Roman; font-size: 13px"><font style="font-family: Arial;"><font style="font-size: 12px">Exhibit
99.2</font></font></font><br></font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #4D4D4D; font-family: Arial; font-size: 11px">
<br></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
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</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-weight: bold; color: #006600; font-family: Arial; font-size: 16px">
MANAGEMENT&#x2019;S DISCUSSION &amp; ANALYSIS</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #006600; font-weight: bold; font-family: Arial; font-size: 16px">
FOR THE THREE MONTHS ENDED</font></div>
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<font style="color: #006600; font-weight: bold; font-family: Arial; font-size: 16px">
MARCH 31, 2021</font></div>
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<font style="font-weight: bold; color: #006600; font-family: Arial; font-size: 13px">
TABLE OF CONTENTS</font></div>
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<font style="font-family: Arial; font-size: 13px"><a href="#_Toc69919277"><font style="text-decoration: underline; color: #0000FF">2021 PERFORMANCE
HIGHLIGHTS</font></a> <a href="#_Toc69919277"></a></font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 45px; text-indent: 0px">
<font style="font-family: Arial; font-size: 13px"><a href="#_Toc69919278"><font style="text-decoration: underline; color: #0000FF">ABOUT
DENISON</font></a> <a href="#_Toc69919278"></a></font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 45px; text-indent: 0px">
<font style="font-family: Arial; font-size: 13px"><a href="#_Toc69919279"><font style="text-decoration: underline; color: #0000FF">RESULTS OF
OPERATIONS</font></a>&#xA0;&#xA0;<a href="#_Toc69919279"></a></font></div>
<div style="text-align: left; margin-left: 72px; margin-right: 45px; text-indent: 0px">
<font style="font-family: Arial; font-size: 13px"><a href="#_Toc69919280"><font style="text-decoration: underline; color: #0000FF">Wheeler River Uranium
Project</font></a>&#xA0;&#xA0;<a href="#_Toc69919280"></a></font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 45px; text-indent: 0px">
<font style="font-family: Arial; font-size: 13px"><font style="text-decoration: underline; color: #0000FF">LIQUIDITY AND CAPITAL
RESOURCES</font>&#xA0;&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 45px; text-indent: 0px">
<font style="font-family: Arial; font-size: 13px"><a href="#_Toc69919282"><font style="text-decoration: underline; color: #0000FF">OUTLOOK FOR
2021</font></a>&#xA0;&#xA0;<a href="#_Toc69919282"></a></font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 45px; text-indent: 0px">
<font style="font-family: Arial; font-size: 13px"><a href="#_Toc69919283"><font style="text-decoration: underline; color: #0000FF">ADDITIONAL
INFORMATION</font></a>&#xA0;&#xA0;<a href="#_Toc69919283"></a></font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 45px; text-indent: 0px">
<font style="font-family: Arial; font-size: 13px"><a href="#_Toc69919284"><font style="text-decoration: underline; color: #0000FF">CAUTIONARY STATEMENT
REGARDING FORWARD-LOOKING STATEMENTS</font></a>&#xA0;&#xA0;<a href="#_Toc69919284"></a></font></div>
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<font style="font-family: Arial; font-size: 11px">This
Management&#x2019;s Discussion and Analysis (&#x2018;MD&amp;A&#x2019;)
of Denison Mines Corp. and its subsidiary companies and joint
arrangements (collectively, &#x2018;Denison&#x2019; or the
&#x2018;Company&#x2019;) provides a detailed analysis of the
Company&#x2019;s business and compares its financial results with
those of the previous year. This MD&amp;A is dated as of May 6,
2021 and should be read in conjunction with the Company&#x2019;s
unaudited interim condensed consolidated financial statements and
related notes for the three months ended March 31, 2021. The
unaudited interim condensed consolidated financial statements are
prepared in accordance with International Financial Reporting
Standards (&#x2018;IFRS&#x2019;) as issued by the International
Accounting Standards Board (&#x2018;IASB&#x2019;). Readers are also
encouraged to consult the audited consolidated financial statements
and MD&amp;A for the year ended December 31, 2020. All dollar
amounts in this MD&amp;A are expressed in Canadian dollars, unless
otherwise noted.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Additional
information about Denison, including the Company&#x2019;s press
releases, quarterly and annual reports, Annual Information Form and
Form 40-F is available through the Company&#x2019;s filings with the
securities regulatory authorities in Canada at www.sedar.com
(&#x2018;SEDAR&#x2019;) and the United States at
www.sec.gov/edgar.shtml (&#x2018;EDGAR&#x2019;).</font></div>
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<div><font style="font-family: Arial;"><img src="denisonlogo-small.jpg"></font></div>
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<div style="text-align: right"><font style="font-family: Arial;">&#xA0;
<font style="font-weight: bold; color: rgb(77, 77, 77); font-size: 11px;">MANAGEMENT&#x2019;S
DISCUSSION &amp; ANALYSIS</font></font></div>
</td>
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</div>
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<font style="font-weight: bold; font-family: Arial; font-size: 16px">
<a name="_Toc69919277">
<!--anchor--></a><font style="color: #006600">Q1 2021 PERFORMANCE
HIGHLIGHTS</font></font></div>
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<font style="font-weight: bold; color: #003300; font-size: 11px">&#x25A0;</font></div>
<div style="text-align: justify; display: table-cell"><font style="color: #003300; font-weight: bold; font-family: Arial; font-size: 11px">
Successful completion of equity financing to fund the Environmental
Assessment (&#x2018;EA&#x2019;) and Feasibility Study
(&#x2018;FS&#x2019;) process for the Wheeler River Uranium project
(&#x2018;Wheeler River&#x2019; or the
&#x2018;Project&#x2019;)</font></div>
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<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Denison completed
equity financings for gross proceeds of $40.2 million (including
$3.9 million from an At-the-Market (&#x2018;ATM&#x2019;) offering) in
the first quarter of 2021. Subject to a decision to advance to a
formal FS for the high-grade Phoenix uranium deposit
(&#x2018;Phoenix&#x2019;), the proceeds from the offerings are
expected, based on current estimates, to be sufficient to complete
such FS process and the EA process.</font></div>
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<div style="display: table-row">
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<font style="font-size: 11px">&#x25A0;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; color: #003300; font-family: Arial; font-size: 11px">
Financing completed for 2021 and 2022 high potential exploration
programs</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The Company
completed a flow-through equity financing of $8.0 million in March
2021. Proceeds of the financing will be used for eligible Canadian
exploration activities in 2021 and 2022 &#x2013; including the
Company&#x2019;s planned follow up on the discovery of high-grade
uranium mineralization at the K-West target area, located
approximately 4 km west of Phoenix on the Wheeler River
property.</font></div>
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<font style="font-size: 11px">&#x25A0;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; color: #003300; font-family: Arial; font-size: 11px">
Funded a project financing initiative involving the strategic
acquisition of physical uranium</font></div>
</div>
</div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">In March 2021,
Denison successfully completed a public offering for gross proceeds
of $107,949,000. The majority of the net proceeds of the offering
are anticipated to fund the strategic purchase of uranium
concentrates (&#x2018;U<font style="font-size: 70%; vertical-align: bottom">3</font>O<font style="font-size: 70%; vertical-align: bottom">8</font>&#x2018;) to be
held by Denison as a long-term investment, which is intended to
support the potential future financing of the advancement and/or
construction of Wheeler River. At March 31, 2021, the Company has
committed to purchase 2.5 million pounds of U<font style="font-size: 70%; vertical-align: bottom">3</font>O<font style="font-size: 70%; vertical-align: bottom">8</font> at a weighted
average price of US$29.61 per pound U<font style="font-size: 70%; vertical-align: bottom">3</font>O<font style="font-size: 70%; vertical-align: bottom">8</font>.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 12px">
<font style="font-weight: bold; color: #003300; font-size: 11px">&#x25A0;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; color: #003300; font-family: Arial; font-size: 11px">
Executed agreements with the English River First
Nation</font></div>
</div>
</div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">In April 2021,
Denison announced that it has entered into a Participation and
Funding Agreement and Letter of Intent with the English River First
Nation (&#x2018;ERFN&#x2019;) in connection with the advancement of
the proposed in-situ recovery (&#x2018;ISR&#x2019;) operation at
Wheeler River. The Company also entered into an Exploration
Agreement in respect of Denison&#x2019;s exploration and evaluation
activities within the ERFN traditional territories. These
agreements reflect Denison&#x2019;s desire to operate its business
in a progressive and sustainable manner that respects ERFN rights
and advances reconciliation with Indigenous peoples. The agreements
provide ERFN with economic opportunities and other benefits, and
establish a foundation for future collaboration in an authentic,
cooperative, and respectful way.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 12px">
<font style="color: #003300; font-size: 11px">&#x25A0;</font></div>
<div style="text-align: justify; display: table-cell"><font style="color: #003300; font-weight: bold; font-family: Arial; font-size: 11px">
Commenced the 2021 ISR field program at Wheeler River</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">During the first
quarter of 2021, the Company initiated the 2021 ISR Field Program
(the &#x2018;2021 Field Program&#x2019;), including the installation
of a five-spot commercial scale well (&#x2018;CSW&#x2019;) ISR test
pattern (&#x2018;Test Pattern&#x2019;) at Wheeler River. Mobilization
of drilling equipment necessary to complete the large diameter
drill holes was completed in early April, and all five CSWs have
been successfully drilled to target depths, cased, and cemented
into position. The installation of the Test Pattern is the first
step in the 2021 Field Program, which is designed to support the
further de-risking of the application of ISR mining at
Phoenix.</font></div>
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<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 12px">
<font style="font-weight: bold; color: #003300; font-size: 11px">&#x25A0;</font></div>
<div style="text-align: justify; display: table-cell"><font style="color: #003300; font-weight: bold; font-family: Arial; font-size: 11px">
Discovery of new high-grade uranium mineralization at McClean Lake
South</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">New high-grade
unconformity-hosted uranium mineralization was discovered during
the winter 2021 exploration program completed at the
Company&#x2019;s 22.5% owned McClean Lake Joint Venture
(&#x2018;McClean Lake&#x2019; or &#x2018;MLJV&#x2019;). Three of the
final four drill holes completed by Orano Canada Inc. (&#x2018;Orano
Canada&#x2019;), 77.5% owner and operator of the MLJV, returned
uranium mineralization at the McClean South target area, with the
results highlighted by drill hole MCS-34, which returned 5.04%
eU<font style="font-size: 70%; vertical-align: bottom">3</font>O<font style="font-size: 70%; vertical-align: bottom">8</font> over 14.0 metres
(including 14.86% eU<font style="font-size: 70%; vertical-align: bottom">3</font>O<font style="font-size: 70%; vertical-align: bottom">8</font> over 3.9
metres).</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #006600; font-family: Arial; font-size: 16px">
<a name="_Toc69919278"><!--anchor--></a>ABOUT
DENISON</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Denison Mines
Corp. was formed under the laws of Ontario and is a reporting
issuer in all Canadian provinces. Denison&#x2019;s common shares are
listed on the Toronto Stock Exchange (the &#x2018;TSX&#x2019;) under
the symbol &#x2018;DML&#x2019; and on the NYSE American exchange
under the symbol &#x2018;DNN&#x2019;.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Denison is a
uranium exploration and development company with interests focused
in the Athabasca Basin region of northern Saskatchewan, Canada. The
Company&#x2019;s flagship asset is a 90% interest in Wheeler River,
which is the largest undeveloped uranium project in the
infrastructure rich eastern portion of the Athabasca Basin
region.</font></div>
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<font style="font-family: Arial; font-size: 11px;">&#xA0;</font></div>
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<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-family: Arial;"><font style="font-size: 11px">&#xA0;2</font></font></div>
</div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 11px">&#xA0;</font></div>
</div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><img src="denisonlogo-small.jpg"></div>
</td>
<td style="width: 50%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0; <font style="font-family: Arial;"><font style="font-weight: bold; color: #4d4d4d; font-size: 11px">MANAGEMENT&#x2019;S
DISCUSSION &amp; ANALYSIS</font></font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">A Pre-Feasibility
study (&#x2018;PFS&#x2019;) was completed for Wheeler River in late
2018, considering the potential economic merit of developing
Phoenix as an ISR operation and the Gryphon deposit as a
conventional underground mining operation. Denison's interests in
Saskatchewan also include a 22.5% ownership interest in the MLJV,
which includes several uranium deposits and the McClean Lake
uranium mill, which is contracted to process the ore from the Cigar
Lake mine under a toll milling agreement (see RESULTS OF OPERATIONS
below for more details), plus a 25.17% interest in the Midwest
deposits and a 66.90% interest in the THT (formerly J Zone) and
Huskie deposits on the Waterbury Lake property. The Midwest, THT
and Huskie deposits are located within 20 kilometres of the McClean
Lake mill. In addition, Denison has an extensive portfolio of
280,000 hectares of exploration ground in the Athabasca Basin
region.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Denison is
engaged in mine decommissioning and environmental services through
its Closed Mines group, which manages Denison&#x2019;s Elliot Lake
reclamation projects and provides post-closure mine and maintenance
services to a variety of industry and government
clients.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Denison is also
the manager of Uranium Participation Corporation
(&#x2018;UPC&#x2019;), a publicly traded company listed on the TSX
under the symbol &#x2018;U&#x2019;, which invests in uranium oxide in
concentrates (&#x2018;U<font style="font-size: 70%; vertical-align: bottom">3</font>O<font style="font-size: 70%; vertical-align: bottom">8</font>&#x2019;) and
uranium hexafluoride (&#x2018;UF<font style="font-size: 70%; vertical-align: bottom">6</font>&#x2019;). See
SUBSEQUENT EVENTS below for further details.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #006600; font-family: Arial; font-size: 16px">
SELECTED ANNUAL FINANCIAL INFORMATION</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: bottom; width: 67%; border-top: 1.5pt solid #000000; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(in
thousands)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-top: 1.5pt solid #000000; border-bottom: 4px double #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 24px">
<font style="font-weight: bold; color: #000000; font-family: Arial; font-size: 11px">
As at</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Arial; font-size: 11px">
March 31,</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Arial; font-size: 11px">
2021</font></div>
</td>
<td style="vertical-align: bottom; width: 2%; border-top: 1.5pt solid #000000; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-top: 1.5pt solid #000000; border-bottom: 4px double #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 24px">
<font style="font-weight: bold; color: #000000; font-family: Arial; font-size: 11px">
As at</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Arial; font-size: 11px">
December 31,</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Arial; font-size: 11px">
2020</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 67%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 67%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
Financial Position:</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 67%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Cash and cash
equivalents</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 10px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">172,757</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 10px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">24,992</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 67%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 67%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Working
capital<font style="font-size: 70%; vertical-align: top">(1)</font></font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 10px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">180,589</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 10px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">37,571</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 67%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Property, plant
and equipment</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 10px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">256,983</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 10px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">256,870</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 67%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Total
assets</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 10px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">467,934</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: middle; width: 15%">
<div style="text-align: right; margin-left: 0px; margin-right: 10px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">320,690</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 67%; border-bottom: 4px double #000000">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Arial; font-size: 11px">Total long-term
liabilities<font style="font-size: 70%; vertical-align: top">(2)</font></font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: middle; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 10px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">96,226</font></div>
</td>
<td style="vertical-align: middle; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: middle; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 10px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">81,565</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-family: Arial; font-size: 11px">(1)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px">At March 31, 2021, the
Company&#x2019;s working capital includes $16,286,000 in portfolio
investments and $3,898,000 in a non-cash deferred revenue liability
(December 31, 2020 &#x2013; $16,657,000 in portfolio investments,
and $3,478,000 of non-cash deferred revenue).</font></div>
</div>
</div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-family: Arial; font-size: 11px">(2)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px">Predominantly comprised of
the non-current portion of deferred revenue, non-current
reclamation obligations, share purchase warrant liabilities and
deferred income tax liabilities.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #006600; font-family: Arial; font-size: 16px">
SELECTED QUARTERLY FINANCIAL INFORMATION</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 27%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-top: 1.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Arial; font-size: 11px">
2021</font></div>
</td>
<td style="vertical-align: middle; width: 3%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-top: 1.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Arial; font-size: 11px">
2020</font></div>
</td>
<td style="vertical-align: middle; width: 3%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-top: 1.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Arial; font-size: 11px">
2020</font></div>
</td>
<td style="vertical-align: middle; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-top: 1.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Arial; font-size: 11px">
2020</font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align: top; width: 47%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(in
thousands, except for per share amounts)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Arial; font-size: 11px">
Q1</font></div>
</td>
<td style="vertical-align: top; width: 3%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Arial; font-size: 11px">
Q4</font></div>
</td>
<td style="vertical-align: top; width: 3%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Arial; font-size: 11px">
Q3</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Arial; font-size: 11px">
Q2</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 27%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align: top; width: 47%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Total
revenues</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: -6px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">2,496</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">&#xA0;&#xA0;$</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">4,094</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">&#xA0;&#xA0;$</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">2,743</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">2,926</font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align: top; width: 47%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Net
loss</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: -6px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(8,884)</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div style="text-align: left; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">&#xA0;&#xA0;$</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(3,095)</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div style="text-align: left; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">&#xA0;&#xA0;$</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(5,482)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(1,043)</font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align: bottom; width: 47%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Basic and diluted
loss per share</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: -6px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(0.01)</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div style="text-align: left; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">&#xA0;&#xA0;$</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(0.00)</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div style="text-align: left; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">&#xA0;&#xA0;$</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(0.01)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(0.00)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 27%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-top: 1.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Arial; font-size: 11px">
2020</font></div>
</td>
<td style="vertical-align: middle; width: 3%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-top: 1.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Arial; font-size: 11px">
2019</font></div>
</td>
<td style="vertical-align: middle; width: 3%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-top: 1.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Arial; font-size: 11px">
2019</font></div>
</td>
<td style="vertical-align: middle; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-top: 1.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Arial; font-size: 11px">
2019</font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align: top; width: 47%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(in
thousands, except for per share amounts)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Arial; font-size: 11px">
Q1</font></div>
</td>
<td style="vertical-align: top; width: 3%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Arial; font-size: 11px">
Q4</font></div>
</td>
<td style="vertical-align: top; width: 3%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Arial; font-size: 11px">
Q3</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Arial; font-size: 11px">
Q2</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 27%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 11%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align: top; width: 47%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Total
revenues</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: -6px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">4,660</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">&#xA0;&#xA0;$</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">3,956</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">&#xA0;&#xA0;$</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">3,478</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">4,139</font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align: top; width: 47%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Net
loss</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: -6px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(6,663)</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div style="text-align: left; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">&#xA0;
$</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(1,498)</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div style="text-align: left; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">&#xA0;&#xA0;$</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(6,424)</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(4,884)</font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align: bottom; width: 47%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Basic and diluted
loss per share</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: -6px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(0.01)</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div style="text-align: left; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">&#xA0;
$</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(0.00)</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div style="text-align: left; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">&#xA0;&#xA0;$</font></div>
</td>
<td style="vertical-align: middle; width: 11%">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(0.01)</font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(0.01)</font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align: top; width: 47%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 3%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 3%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 11px; font-family: Arial">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-family: Arial"><font style="font-size: 11px">&#xA0;3</font></font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family: inherit; font-size: inherit;padding-top: 0px; padding-bottom: 0px; margin-left: auto; margin-right: auto; width: 100%;">
<tr>
<td style="width: 50%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><img src="denisonlogo-small.jpg"></div>
</td>
<td style="width: 50%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0; <font style="font-family: Arial"><font style="font-weight: bold; color: #4d4d4d; font-size: 11px">MANAGEMENT&#x2019;S
DISCUSSION &amp; ANALYSIS</font></font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
Significant items causing variations in quarterly
results</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 11px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px">The Company&#x2019;s toll
milling revenues fluctuate due to the timing of uranium processing
at the McClean Lake mill as well as changes to the estimated
mineral resources of the Cigar Lake mine. Toll milling at McClean
Lake was suspended during Q2 and Q3 of 2020 and again during Q1 of
2021 due to the suspension of mining at the Cigar Lake mine as a
result of the COVID-19 pandemic (&#x2018;COVID-19&#x2019;). See
RESULTS OF OPERATIONS below for further details.</font></div>
</div>
</div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 11px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px">Revenues from the Closed
Mines group fluctuate due to the timing of projects, which vary
throughout the year in the normal course of business.</font></div>
</div>
</div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 11px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px">Operating expenses fluctuate
due to the timing of projects at both the MLJV and the Closed Mines
group, which vary throughout the year in the normal course of
business.</font></div>
</div>
</div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 11px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px">Exploration expenses are
generally largest in the first and third quarters, due to the
timing of the winter and summer exploration programs in
Saskatchewan.</font></div>
</div>
</div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 11px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px">The Company&#x2019;s results
are also impacted, from time to time, by other non-recurring events
arising from its ongoing activities, as discussed below where
applicable.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 16px">
<a name="_Toc69919279">
<!--anchor--></a><font style="color: #006600">RESULTS OF
OPERATIONS</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
REVENUES</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
McClean Lake Uranium Mill</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">McClean Lake is
located on the eastern edge of the Athabasca Basin in northern
Saskatchewan, approximately 750 kilometres north of Saskatoon.
Denison holds a 22.5% ownership interest in the MLJV and the
McClean Lake uranium mill, one of the world&#x2019;s largest uranium
processing facilities, which is contracted to process ore from the
Cigar Lake mine under a toll milling agreement. The MLJV is a joint
venture between Orano Canada with a 77.5% interest and Denison with
a 22.5% interest.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">In February 2017,
Denison closed an arrangement with Anglo Pacific Group PLC
(&#x2018;APG&#x2019;) and one of its wholly owned subsidiaries (the
&#x2018;APG Arrangement&#x2019;) under which Denison received an
upfront payment of $43,500,000 in exchange for its right to receive
future toll milling cash receipts from the MLJV under the current
toll milling agreement with the Cigar Lake Joint Venture
(&#x2018;CLJV&#x2019;) from July 1, 2016 onwards. The APG Arrangement
consists of certain contractual obligations of Denison to forward
to APG the cash proceeds of future toll milling revenue earned by
the Company related to the processing of the specified Cigar Lake
ore through the McClean Lake mill, and as such, the upfront payment
was accounted for as deferred revenue.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">In response to
the COVID-19 pandemic, the CLJV temporarily suspended production at
the Cigar Lake mine from the end of March 2020 until September
2020, and then again from the end of December 2020 until April
2021. The MLJV temporarily suspended operations at the mill for the
duration of the CLJV shutdowns. As noted above, Denison sold the
toll milling revenue to be earned from the processing of the Cigar
Lake ore pursuant to the APG Arrangement. While the temporary
suspension of operations at the McClean Lake mill has resulted in a
decrease in revenue recognized by Denison, the impact is non-cash
and is limited to a reduction in the drawdown of the
Company&#x2019;s deferred revenue balance.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">During the three
months ended March 31, 2021, as a result of the CLJV temporary
shutdown, the McClean Lake mill processed nil pounds U<font style="font-size: 70%; vertical-align: bottom">3</font>O<font style="font-size: 70%; vertical-align: bottom">8</font> for the CLJV
(March 31, 2020 &#x2013; 4.2 million pounds U<font style="font-size: 70%; vertical-align: bottom">3</font>O<font style="font-size: 70%; vertical-align: bottom">8</font>) and recorded
toll milling revenue of $137,000 (March 31, 2020 &#x2013; $963,000).
The decrease in toll milling revenue in the current quarter, as
compared to the prior year, is predominantly due to the temporary
shutdown of the mill, slightly offset by a $137,000 non-cash
cumulative accounting adjustment related to the Cigar Lake mineral
resource estimate update published in the first quarter of
2021.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">During the three
months ended March 31, 2021, the Company also recorded accounting
accretion expense of $754,000 on the toll milling deferred revenue
balance (March 31, 2020 &#x2013; $782,000). The annual accretion
expense will decrease over the life of the contract as the deferred
revenue liability decreases over time.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
Mineral Sales</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Mineral sales
revenue for the three months ended March 31, 2021 was $nil (March
31, 2020 - $852,000 from the sale of 26,004 pounds U<font style="font-size: 70%; vertical-align: bottom">3</font>O<font style="font-size: 70%; vertical-align: bottom">8</font> from inventory at
an average price of $32.76 per pound).</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
Closed Mine Services</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Mine
decommissioning and environmental services are provided through
Denison&#x2019;s Closed Mines group, which has provided long-term
care and maintenance for closed mine sites since 1997. With offices
in Ontario, the Yukon Territory and Quebec, the Closed Mines group
manages Denison&#x2019;s Elliot Lake reclamation projects and
provides post-closure mine care and maintenance services to various
customers.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 11px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 11px">&#xA0;4</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000"></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family: inherit; font-size: inherit;padding-top: 0px; padding-bottom: 0px; margin-left: auto; margin-right: auto; width: 100%;">
<tr>
<td style="width: 50%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><img src="denisonlogo-small.jpg"></div>
</td>
<td style="width: 50%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Arial;">&#xA0; <font style="font-weight: bold; color: #4d4d4d; font-size: 11px">MANAGEMENT&#x2019;S
DISCUSSION &amp; ANALYSIS</font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Revenue from
Closed Mines services during the three months ended March 31, 2021
was $1,744,000 (March 31, 2020 - $2,028,000). The decrease in
revenue in the first quarter of 2021, as compared to 2020, was due
to a decrease in activity at certain care and maintenance sites and
one customer contract that was not renewed for 2021.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
Management Services Agreement with UPC</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Denison provides
general administrative and management services to UPC. Management
fees and commissions earned by Denison provide a source of cash
flow to partly offset corporate administrative expenditures
incurred by the Company during the year. See SUBSEQUENT EVENTS for
further details.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">During the three
months ended March 31, 2021, revenue from the Company&#x2019;s
management contract with UPC was $615,000 (March 31, 2020 -
$817,000). The decrease in revenues during the first quarter of
2021, compared to the prior year, is predominantly due to a
decrease in discretionary fees and commission-based fees, offset by
a slight increase in management fees earned based on UPC&#x2019;s
monthly net asset value (&#x2018;NAV&#x2019;). Discretionary
management fees are awarded to Denison for non-routine activities
performed by the Company. During the three months ended March 31,
2021, the Company earned discretionary management fees of $140,000,
compared to a discretionary fee of $300,000 during the first
quarter of 2020. Denison earns a 1% commission on the gross value
of UPC&#x2019;s uranium purchases and sales. The decrease in
commission-based management fees during the first quarter of 2021
was due to a decrease in uranium purchase and sales transactions,
as compared to the prior year.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
OPERATING EXPENSES</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
Mining</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Operating
expenses of the mining segment include depreciation and development
costs, as well as cost of sales related to the sale of
uranium.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Operating
expenses in the three months ended March 31, 2021 were $295,000
(March 31, 2020 &#x2013; $1,605,000). In the first quarter of 2021,
the mill was temporarily shut and did not process any ore from the
CLJV (March 31, 2020 &#x2013; 4.2 million pounds U<font style="font-size: 70%; vertical-align: bottom">3</font>O<font style="font-size: 70%; vertical-align: bottom">8</font> processed for the
CLJV). Accordingly, operating expenses in the first quarter of 2021
included $nil depreciation of the McClean Lake mill (March 31, 2020
- $736,000).</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">In the three
months ended March 31, 2021, operating expenses also included
development and other operating costs related to the MLJV of
$295,000 (March 31, 2020 &#x2013; $869,000), including $180,000 in
costs related to the advancement of the Surface Access Borehole
Resource Extraction (&#x2018;SABRE&#x2019;) mining technology, as
part of a multi-year test mining program operated by Orano Canada
within the MLJV.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
Closed Mine Services</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Operating
expenses during the three months ended March 31, 2021 totaled
$1,593,000 (March 31, 2020 - $1,715,000). The expenses relate
primarily to care and maintenance services provided to clients, and
include labour and other costs. The decrease in operating expenses
in the current period, as compared to the prior year, is
predominantly due to a reduction in activity at certain care and
maintenance sites</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
MINERAL PROPERTY EVALUATION</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">During the first
quarter of 2021, Denison&#x2019;s share of evaluation expenditures
was $2,761,000 (March 31, 2020 &#x2013;$1,491,000). The increase in
evaluation expenditures, compared to the prior period, was due to
an increase in Wheeler River evaluation activities, including the
commencement of the 2021 Field Program.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The following
table summarize the evaluation activities completed during the
first quarter of 2021 and up until the end of April
2021.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr style="background-color: #a2d18b">
<td colspan="5" style="vertical-align: middle; width: 100%; border-top: 1.5pt solid #003300; border-bottom: 4px double #003300">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #003300; font-weight: bold; font-family: Arial; font-size: 11px">
PROJECT EVALUATION ACTIVITIES</font></div>
</td>
</tr><tr style="background-color: #dee9c9">
<td style="vertical-align: middle; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #003300; font-family: Arial; font-size: 11px">
Property</font></div>
</td>
<td style="vertical-align: middle; width: 24%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
<font style="color: #003300">Denison&#x2019;s
ownership</font><font style="font-size: 70%; vertical-align: top; color: #003300">(1)</font></font></div>
</td>
<td style="vertical-align: middle; width: 23%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
<font style="color: #003300">Evaluation drilling</font><font style="font-size: 70%; vertical-align: top; color: #003300">(2)</font></font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 34%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #003300; font-family: Arial; font-size: 11px">
Other activities</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Wheeler
River</font></div>
</td>
<td style="vertical-align: middle; width: 24%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 21px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">90%</font></div>
</td>
<td style="vertical-align: middle; width: 23%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">2,048.8
metres</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">&#xA0;(5
CSWs)</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 34%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">ISR
Field Testing,</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Engineering,
Metallurgical testing, Environmental and Sustainability
activities</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-weight: bold; color: #003300; font-family: Arial; font-size: 11px">
&#xA0;&#xA0;&#xA0;</font></div>
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<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
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<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
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<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
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</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Notes:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(1) The
Company&#x2019;s ownership interest as at March 31,
2021.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(2) CSW
evaluation drilling includes mud-rotary drilling of new
large-diameter holes for the purposes of further evaluation of the
ISR mining conditions at Phoenix. Amounts include total evaluation
metres drilled and total number of holes completed.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 12px;">&#xA0;</font></div>
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</div>

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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Arial;"><img src="denisonlogo-small.jpg"></font></div>
</td>
<td style="width: 50%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Arial;">&#xA0; <font style="font-weight: bold; color: #4d4d4d; font-size: 11px">MANAGEMENT&#x2019;S
DISCUSSION &amp; ANALYSIS</font></font></div>
</td>
</tr></table>
</div>

<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Arial;"><font style="font-size: 13px">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 12px">
<a name="_Toc69919280">
<!--anchor--></a><font style="color: #003300">Wheeler River Uranium
Project</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">A PFS was
completed for Wheeler River in late 2018, considering the potential
economic merit of developing the Phoenix deposit as an ISR
operation and the Gryphon deposit as a conventional underground
mining operation.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Further details
regarding Wheeler River, including the estimated mineral reserves
and resources, are provided in the Technical Report for the Wheeler
River project titled &#x2018;Pre-feasibility Study Report for the
Wheeler River Uranium Project, Saskatchewan, Canada&#x2019; with an
effective date of September 24, 2018 (&#x2018;PFS Technical
Report&#x2019;). A copy of the PFS Technical Report is available on
Denison&#x2019;s website and under its profile on each of SEDAR and
EDGAR.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Given the social,
financial and market disruptions in early 2020, Denison temporarily
suspended certain activities at Wheeler River, including the EA
program, which is on the critical path to achieving the project
development schedule outlined in the PFS. The Company is not
currently able to estimate the impact to the project development
schedule outlined in the PFS, and users are cautioned that the
estimates provided therein regarding the start of pre-production
activities in 2021 and first production in 2024 should not be
relied upon.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The location of
the Wheeler River property, as well as the Phoenix and Gryphon
deposits, and existing and proposed infrastructure, is shown on the
map provided below.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><img src="a2021-03dmcmdafiling001.jpg"></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; font-weight: bold; font-style: italic; font-family: Arial; font-size: 11px">
Evaluation Program</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">During the first
quarter of 2021, Denison&#x2019;s share of evaluation costs at
Wheeler River was $2,678,000 (March 31, 2020 &#x2013;
$1,437,000).</font></div>
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<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-family: Arial;"><font style="font-size: 11px">&#xA0;6</font></font></div>
</div>

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</div>
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<tr>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Arial;"><img src="denisonlogo-small.jpg"></font></div>
</td>
<td style="width: 50%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Arial;">&#xA0; <font style="font-weight: bold; color: #4d4d4d; font-size: 11px">MANAGEMENT&#x2019;S
DISCUSSION &amp; ANALYSIS</font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px">&#xA0;</font></div>
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<font style="font-weight: bold; font-style: italic; font-family: Arial; font-size: 11px">
Engineering Activities</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Arial; font-size: 11px"><font style="font-style: italic; text-decoration: underline; color: #000000">2021
Field Program</font><font style="color: #000000">:</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">The
2021 ISR Field Program commenced in the first quarter and is
expected to involve the following key components:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="color: #000000; font-size: 11px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px"><font style="font-weight: bold; color: #000000">Installation of a 5-spot Test
Pattern:</font><font style="color: #000000; font-family: Arial">&#xA0;</font><font style="color: #000000">The Test Pattern will be located in the planned
first mining area (&#x2018;Phase 1&#x2019;) of the Phoenix deposit
and consists of five new CSWs. The Test Pattern has been designed
to facilitate the further evaluation of the ISR mining conditions
at Phoenix &#x2013; for incorporation into detailed mine planning
expected to be included as part of the completion of a future FS
for the Project;</font></font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="color: #000000; font-size: 11px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px"><font style="font-weight: bold; color: #000000">Installation of 11 additional
monitoring wells (&#x2018;MWs&#x2019;):</font> <font style="color: #000000">Eleven additional small-diameter MWs are planned
to be installed in the Phase 1 area and are designed to surround
the Test Pattern on all sides and above the ore zone horizon in
order to facilitate detailed monitoring of pressure changes and
observations of fluid flow patterns during active hydrogeological
tests. Certain monitoring wells will also allow for water quality
sampling over the duration of test work;</font></font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="color: #000000; font-size: 11px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px"><font style="font-weight: bold; color: #000000">Extensive Hydrogeologic
Testing:</font> <font style="color: #000000">Approximately
twenty-five hydrogeologic tests are planned to be completed during
the 2021 Field Program. Tests are expected to first evaluate
baseline conditions and the effectiveness of permeability
enhancement tools deployed on an individual well basis, and are
then expected to progress to assessing the Test Pattern&#x2019;s
total permeability on a full-scale basis. Tracer tests are also
expected to be conducted on the full Test Pattern to establish
breakthrough times for each CSW and confirm sub-surface pathways.
These tests are expected to provide a more complete understanding
of the hydrogeologic characteristics expected throughout Phase 1 in
order to support the permitting and design of a lixiviant test,
utilizing the existing Test Pattern, planned for
2022.</font></font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">During
the first quarter, 2021 Field Program activities related to site
preparation, mobilization of drill crews, the commencement of CSW
drilling, and the initiation of additional permeameter
analysis.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-style: italic; color: #000000; font-size: 11px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-style: italic; color: #000000; font-family: Arial; font-size: 11px">
Site Preparation at Wheeler River</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">In early March,
Denison mobilized excavation equipment to the Wheeler River site in
order to:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-family: Arial; font-size: 11px">o</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px">Open the access road to the
Wheeler River camp and access to the Phoenix deposit;</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-family: Arial; font-size: 11px">o</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px">Widen the access road where
necessary to allow the mobilization of the large-sized mud/rotary
drill;</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="color: #000000; font-size: 12px; font-family: Arial">o</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px">Clear snow from the planned
Test Pattern and dig collection pits for cuttings; and</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="color: #000000; font-size: 12px; font-family: Arial">o</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px">Expand certain camp
facilities to accommodate larger drill crews and support COVID-19
physical distancing and isolation protocols.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-style: italic; color: #000000; font-size: 11px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="color: #000000; font-style: italic; font-family: Arial; font-size: 11px">
Mobilization of Drill Crews and Commencement of Drilling of
CSWs</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Drill crews
mobilized to site in late March 2021 and made excellent progress
advancing the installation of the five-spot Test Pattern, which
continued into the start of the second quarter. Collaring of the
CSWs was completed in March and the five planned CSWs were
successfully drilled to target depths, cased and cemented into
position by the end of April. The installation of the Test Pattern
is the first step in an ambitious 2021 ISR Field Program, designed
to support the further de-risking of the application of the ISR
mining method at Phoenix.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-style: italic; color: #000000; font-size: 11px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-style: italic; color: #000000; font-family: Arial; font-size: 11px">
Permeameter Analysis</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Permeameter
analysis of additional areas within Phoenix resumed in the first
quarter of 2021 to refine the understanding of the mineralized
hydrogeologic horizons.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; color: #000000; font-style: italic; font-family: Arial; font-size: 11px">
Metallurgical Testing</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Metallurgical
test work continued in the first quarter of 2021 with SRC
Laboratories in Saskatoon (&#x2018;SRC&#x2019;).</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-style: italic; color: #000000; font-size: 11px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-style: italic; color: #000000; font-family: Arial; font-size: 11px">
Column Leach Tests:</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">The main
purpose of the column leach tests is to produce uranium bearing
solution (&#x2018;UBS&#x2019;) for bench scale tests of unit
operations simulating the plant flowsheet. A secondary purpose for
the column Leach Test is to assess sensitivity of the leaching
rate.</font></div>
<br>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 11px">&#xA0;7</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family: inherit; font-size: inherit;padding-top: 0px; padding-bottom: 0px; margin-left: auto; margin-right: auto; width: 100%;">
<tr>
<td style="width: 50%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><img src="denisonlogo-small.jpg"></div>
</td>
<td style="width: 50%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0; <font style="font-family: Arial"><font style="font-weight: bold; color: #4d4d4d; font-size: 11px">MANAGEMENT&#x2019;S
DISCUSSION &amp; ANALYSIS</font></font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px">&#xA0;</font>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Due to the
high-grade nature of the testing material, a special
&#x201C;shielded room&#x201D; was constructed at SRC to hold the
column apparatus. The Company plans to complete three column leach
tests in 2021, with the first large diameter column leach tests
commencing during the quarter.</font></div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-style: italic; color: #000000; font-size: 11px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-style: italic; color: #000000; font-family: Arial; font-size: 11px">
Core Leach Tests:</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">The core
leach tests are specialized leach tests involving the testing of
intact mineralized core samples, representative of the in-situ
conditions at Phoenix, to evaluate uranium recovery specifically
for the ISR mining method.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">In late 2020,
core leach testing resumed and it continued throughout the first
quarter of 2021.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-style: italic; font-family: Arial; font-size: 11px">
Environmental and Sustainability Activities</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; font-style: italic; font-family: Arial; font-size: 11px">
EA Activities</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Technical studies
related to the hydrogeological model continued in the first quarter
of 2021, with the Denison technical team validating the assumptions
in the model provided by the Company&#x2019;s consultant to ensure
that the model is aligned with Denison&#x2019;s current mining
strategy and decommissioning plans.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">In addition,
progression&#xA0;on the EA methodology and the integration of
Indigenous Knowledge (&#x2018;IK&#x2019;) within the Company&#x2019;s
draft Environmental Impact Statement (&#x2018;EIS&#x2019;) document
also&#xA0;continued in first quarter, with significant emphasis
placed on determining how IK and engagement records will be
included throughout the EIS by the various discipline leads.&#xA0;
This&#xA0;method of integration represents a uniquely progressive
approach for an EIS in relation to a Saskatchewan based uranium
mining project.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; font-style: italic; font-family: Arial; font-size: 11px">
Community Engagement Activities</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">During the first
quarter of 2021, engagement activities related to the EA process
progressed significantly, with various groups of interested parties
&#x2013; including <font style="color: #000000">(1) well attended
virtual meetings with several local municipalities in northern
Saskatchewan to discuss the Wheeler River project and ISR mining
and (2)</font> the execution of agreements with the
ERFN<font style="color: #000000">.</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">ERFN is located
about 500 km north of Saskatoon in Treaty 10, with a main
settlement at Patuanak, alongside the Churchill River. ERFN has
seven different reserves: Porter Island, Cree Lake, Elak Dase, Knee
Lake, Dipper Rapids, Wapachewunak and La Plonge, and is a
multilingual community with various combinations of Dene, Cree,
Michif, English and French spoken by over 1,400
members.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Denison signed a
Participation and Funding Agreement and Letter of Intent with ERFN,
which outline a mutually agreeable framework and applicable funding
arrangement to facilitate ERFN&#x2019;s participation and engagement
in the EA process for Wheeler River. Denison and ERFN also signed
an Exploration Agreement, which establishes a framework for a
cooperative and mutually beneficial relationship between Denison
and ERFN whereby the Company&#x2019;s exploration and evaluation
activities are consented to by ERFN and Denison agrees to support
ERFN's interests in relation to community development and benefits,
environmental protection and monitoring, as well as sustainable and
predictable consultation and engagement processes.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
MINERAL PROPERTY EXPLORATION</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">During the first
quarter of 2021, Denison&#x2019;s share of exploration expenditures
was $1,348,000, (March 31, 2020 &#x2013;$1,700,000). The decrease in
exploration expenditures compared to the prior year was due to
decrease in winter exploration activities.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Exploration
spending in the Athabasca Basin is generally seasonal in nature,
with spending typically higher during the winter exploration season
(January to mid-April) and summer exploration season (June to
mid-October).</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The following
table summarize the exploration activities completed during the
first quarter of 2021. The exploration drilling relates to the
winter drilling programs at three of the Company&#x2019;s
non-operated properties.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 11px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 11px">&#xA0;8</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family: inherit; font-size: inherit;padding-top: 0px; padding-bottom: 0px; margin-left: auto; margin-right: auto; width: 100%;">
<tr>
<td style="width: 50%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><img src="denisonlogo-small.jpg"></div>
</td>
<td style="width: 50%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0; <font style="font-family: Arial"><font style="font-weight: bold; color: #4d4d4d; font-size: 11px">MANAGEMENT&#x2019;S
DISCUSSION &amp; ANALYSIS</font></font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr style="background-color: #a2d18b">
<td colspan="6" style="vertical-align: middle; border-top: 1.5pt solid rgb(0, 51, 0); border-bottom: 4px double rgb(0, 51, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #003300; font-family: Arial; font-size: 11px">
EXPLORATION &amp; EVALUATION ACTIVITIES</font></div>
</td>
</tr><tr style="background-color: #dee9c9">
<td style="vertical-align: middle; width: 19%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #003300; font-family: Arial; font-size: 11px">
Property</font></div>
</td>
<td style="vertical-align: middle; width: 27%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #003300; font-family: Arial; font-size: 11px">
Denison&#x2019;s ownership</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 26%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
<font style="color: #003300">Drilling in metres
(m)</font><font style="font-size: 70%; vertical-align: top; color: #003300">(1)</font></font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 29%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #003300; font-family: Arial; font-size: 11px">
Other activities</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle;">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Ford
Lake</font></div>
</td>
<td style="vertical-align: middle;">
<div style="text-align: center; margin-left: 0px; margin-right: 21px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">100.00%</font></div>
</td>
<td style="vertical-align: middle;">
<div style="text-align: center; margin-left: 0px; margin-right: 9px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">-</font></div>
</td>
<td colspan="2" style="vertical-align: middle;"><br></td>
<td style="vertical-align: top;">
<div style="text-align: center"><font style="font-family: Arial; font-size: 13px">&#xA0;</font><font style="font-family: Arial; font-size: 11px">Geophysical
Survey</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle;">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">McClean
Lake</font></div>
</td>
<td style="vertical-align: middle;">
<div style="text-align: center; margin-left: 0px; margin-right: 21px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">22.50%</font></div>
</td>
<td style="vertical-align: middle;">
<div style="text-align: center; margin-left: 0px; margin-right: 9px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">4,083.0 (15
holes)</font></div>
</td>
<td colspan="2" style="vertical-align: middle;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px"><br></font></div>
</td>
<td style="vertical-align: top;">
<div style="text-align: center"><font style="font-family: Arial; font-size: 13px">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle;">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Midwest</font></div>
</td>
<td style="vertical-align: middle;">
<div style="text-align: center; margin-left: 0px; margin-right: 21px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">25.17%</font></div>
</td>
<td style="vertical-align: middle;">
<div style="text-align: center; margin-left: 0px; margin-right: 9px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">2,669.0 (8
holes)</font></div>
</td>
<td colspan="2" style="vertical-align: middle;"><br></td>
<td style="vertical-align: top;">
<div style="text-align: center"><font style="font-family: Arial; font-size: 13px">&#xA0;</font><font style="font-family: Arial; font-size: 11px">Geophysical
Survey</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle;">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Waterfound</font></div>
</td>
<td style="vertical-align: middle;">
<div style="text-align: center; margin-left: 0px; margin-right: 21px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">12.32%<font style="font-size: 70%; vertical-align: top">(2)</font></font></div>
</td>
<td style="vertical-align: middle;">
<div style="text-align: center; margin-left: 0px; margin-right: 9px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">-</font></div>
</td>
<td colspan="2" style="vertical-align: middle;"><br></td>
<td style="vertical-align: top;">
<div style="text-align: center"><font style="font-family: Arial; font-size: 13px">&#xA0;</font><font style="font-family: Arial; font-size: 11px">Geophysical
Survey</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle;">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Wolly</font></div>
</td>
<td style="vertical-align: middle;">
<div style="text-align: center; margin-left: 0px; margin-right: 21px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">21.89%<font style="font-size: 70%; vertical-align: top">(3)</font></font></div>
</td>
<td style="vertical-align: middle;">
<div style="text-align: center; margin-left: 0px; margin-right: 9px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">2,118.5 (11
holes)</font></div>
</td>
<td colspan="2" style="vertical-align: middle;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px"><br></font></div>
</td>
<td style="vertical-align: top;">
<div style="text-align: center"><font style="font-family: Arial; font-size: 13px">&#xA0;-</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top;">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #c4d79d">
<td style="vertical-align: middle; width: 19%; border-bottom: 4px double #003300">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #003300; font-family: Arial; font-size: 11px">
&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Total</font></div>
</td>
<td style="vertical-align: middle; width: 27%; border-bottom: 4px double #003300">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 26%; border-bottom: 4px double #003300">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="color: #003300; font-weight: bold; font-family: Arial; font-size: 11px">
8,870.5 (34 holes)</font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 29%; border-bottom: 4px double #003300">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-family: Arial; font-size: 11px">(1)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px">The Company reports total
exploration metres drilled and the number of holes that were
successfully completed to their target depth.</font></div>
</div>
</div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-family: Arial; font-size: 11px">(2)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px">Represents Denison&#x2019;s
ownership position at December 31, 2020. Denison has elected not to
funds its 12.32% share of the 2021 exploration program implemented
by the operator, Orano Canada. Accordingly, Denison&#x2019;s
ownership share will decrease.</font></div>
</div>
</div>
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<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-family: Arial; font-size: 11px">(3)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px">Represents Denison&#x2019;s
ownership position at December 31, 2020. Denison has elected not to
funds its 21.89% share of the 2021 exploration program implemented
by the operator, Orano Canada. Accordingly, Denison&#x2019;s
ownership share will decrease.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The
Company&#x2019;s land position in the Athabasca Basin, as of March
31, 2021, is illustrated in the figure below. The Company&#x2019;s
Athabasca land package increased during the first quarter of 2021
from 268,725 hectares (204 claims) to 280,107 hectares (207 claims)
due to staking of three additional claims bordering the
Company&#x2019;s Johnston Lake property.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><img src="a2021-03dmcmdafiling002.jpg"></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-style: italic; font-family: Arial; font-size: 11px">
Wheeler River Exploration</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Denison&#x2019;s
share of exploration costs at Wheeler River was $260,000 during the
quarter ended March 31, 2021 (March 31, 2020 &#x2013; $206,000),
which includes a portion of camp set-up and stand-by costs incurred
in the quarter.</font></div>
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</div>
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</div>
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</td>
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<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Arial;">&#xA0; <font style="font-weight: bold; color: #4d4d4d; font-size: 11px">MANAGEMENT&#x2019;S
DISCUSSION &amp; ANALYSIS</font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Exploration field
work at Wheeler River is planned to begin in the third quarter of
2021. During the three months ended March 31, 2020, exploration
work related to Wheeler River included desktop analysis and
interpretation of the results of the 2020 exploration program and
the initiation of detailed planning of a 2021 exploration drilling
program. &#x2013; which is expected to include an estimated 7,500
metres in approximately 12 to 15 drill holes. The program is likely
to be focused at the K West and M Zone target areas, where
additional exploration drilling is required to follow up on
mineralization encountered in each of these areas from the 2020
exploration drilling program.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-style: italic; font-family: Arial; font-size: 11px">
Exploration Pipeline Properties</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">During the first
quarter, five exploration field programs were carried out at
Denison&#x2019;s pipeline properties (one operated by Denison) and
Denison&#x2019;s share of exploration costs for these properties was
$850,000 during the three months ended March 31, 2021 (March 31,
2020 - $1,307,000).</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Additionally,
numerous desk-top reviews were completed to prioritize properties
for potential future exploration. The Company continues to review,
prioritize and rationalize its Athabasca Basin exploration
portfolio with the objective of continuing to explore its highest
priority projects, with the potential to deliver significant and
meaningful new discoveries.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; font-style: italic; font-family: Arial; font-size: 11px">
Ford Lake</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">During the first
quarter of 2021, a Small Moving Loop EM survey was initiated on the
Company&#x2019;s Ford Lake property to resolve a complex, multiple
conductor trend and to generate targets for future drill testing on
the project. The survey was in progress at the end of the first
quarter, with 5 of 6 survey lines completed, and was completed
subsequent to quarter end.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; font-style: italic; font-family: Arial; font-size: 11px">
McClean Lake</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The McClean Lake
property is operated by Orano Canada and is host to the McClean
mill and several unmined uranium deposits, including Caribou, Sue
D, Sue E (partially mined out) and the McClean North and South
pods. A diamond drilling program consisting of 15 drill holes
totaling 4,083 metres was recently completed at McClean
Lake.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The 2021
exploration program was designed to test for the potential
expansion of previously discovered mineralization in the McClean
South 8W and 8E pods, as well as to test for new mineralization in
the surrounding area. Three of the final four drill holes completed
by Orano Canada returned uranium mineralization at the McClean
South target area, with the results highlighted by drill hole
MCS-34, which returned 5.04% eU<font style="font-size: 70%; vertical-align: bottom">3</font>O<font style="font-size: 70%; vertical-align: bottom">8</font> over 14.0 metres
(including 14.86% eU<font style="font-size: 70%; vertical-align: bottom">3</font>O<font style="font-size: 70%; vertical-align: bottom">8</font> over 3.9 metres).
For more information regarding the use of radiometric equivalent
grades and sampling procedures at McClean Lake, see Denison&#x2019;s
press release dated April 14, 2021. Assay results for the 2021
program are pending.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; font-style: italic; font-family: Arial; font-size: 11px">
Midwest</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The Midwest
property is operated by Orano Canada and is host to the high-grade
Midwest Main and Midwest A uranium deposits which lie along strike
and within six kilometres of the THT and Huskie deposits on
Denison&#x2019;s 66.90% owned Waterbury Lake project. The Midwest
and Waterbury deposits are all located in close proximity to
existing uranium mining and milling infrastructure &#x2013;
including provincial highways, powerlines, and Denison&#x2019;s
22.5% owned McClean Lake mill.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The 2021 Midwest
exploration program consisted of 2,669 metres of diamond drilling
in 8 holes completed over four different target areas: The Camille
Zone (4 holes), Midwest Main (1 hole), the Dam Zone (1), and the
Points North Zone (2). Elevated radioactivity and alteration
indicative of a potentially mineralizing system were identified
from drilling in each of these areas. Assay results for the 2021
program are pending.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">In addition to
the completed diamond drilling, 7.75 km of ML-TEM data was
collected from four survey lines at the Points North Zone (2
lines), the Dam Zone (1 line), and the Simon Zone (1
line).</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; font-style: italic; font-family: Arial; font-size: 11px">
Waterfound</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The Waterfound
River project is operated by Orano Canada. A total of 30.5 km of
moving-loop transient electromagnetic (ML-TEM) data was collected
over the northeastern portion of the D-1 and E-2 conductors.
Modelling and interpretation of the 2021 ML-TEM data is expected to
be completed in the second quarter of 2021.</font></div>
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<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 11px">&#xA0;10</font></div>
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</div>
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<td style="width: 50%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><img src="denisonlogo-small.jpg"></div>
</td>
<td style="width: 50%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0; <font style="font-family: Arial"><font style="font-weight: bold; color: #4d4d4d; font-size: 11px">MANAGEMENT&#x2019;S
DISCUSSION &amp; ANALYSIS</font></font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; font-style: italic; font-family: Arial; font-size: 11px">
Wolly</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The Wolly project
is operated by Orano Canada. The 2021 Wolly exploration program
consisted of 2,118.5 metres of diamond drilling in 11 completed
drill holes. Drilling was focused on three areas: Top Creek,
Moonlight, and Geneva. Elevated radioactivity and alteration
indicative of a potentially mineralizing system were encountered in
all three areas. Assay results for the 2021 program are
pending.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
GENERAL AND ADMINISTRATIVE EXPENSES</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Total general and
administrative expenses were $2,625,000 during the three months
ended March 31, 2021 (March 31, 2020 - $2,188,000). These costs are
mainly comprised of head office salaries and benefits, office costs
in multiple regions, audit and regulatory costs, legal fees,
investor relations expenses, project costs, and all other costs
related to operating a public company with listings in Canada and
the United States. The increase in general and administrative
expenses during the first quarter of 2021 was predominantly driven
by an increase in the expense recognized for bonuses.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">In order to
preserve cash in early 2020, the Company settled 2019 bonuses for
the executive team and the majority of staff with a grant of
restricted share units (&#x2018;RSUs&#x2019;). The cost of RSUs is
expensed over the three-year vesting period of the units, whereas
cash bonuses, by comparison, are fully expensed at the time of
approval. During 2021, the 2020 bonuses awarded to staff and
executives were paid in cash resulting in a change in the timing of
the recognition of the expense.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The increase in
bonus expense was partially offset by a decrease in legal costs
during the first quarter of 2021. Legal costs in 2020 were related
to arbitration proceedings between the Company and a third
party.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
OTHER INCOME AND EXPENSES</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">During the three
months ended March 31, 2021, the Company recognized a loss of
$2,041,000 in other income/expense (March 31, 2020 &#x2013; loss of
$3,192,000). The loss in the current period is predominantly due to
a fair value loss adjustment and issuance costs related to the
share purchase warrants issued by the Company during the first
quarter of 2021.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">In February and
March 2021, Denison issued units which were comprised of one common
share and one half of a common share purchase warrant Each full
warrant entitles the holder to acquire one common share of the
Company at a pre-determined exercise price for 24 months after
issuance. The exercise prices for the share purchase warrants are
denominated in US dollars, which differs from Company&#x2019;s
Canadian dollar functional currency, and therefore they are
classified as a non-cash derivative liability, rather than equity,
on the Company&#x2019;s statement of financial
position.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">At the date of
issuance of the units, the gross proceeds of each offering were
allocated between the common shares and the common share purchase
warrants issued using the relative fair value basis approach, and
the amount related to the warrants was recorded as a non-current
derivative liability. At each period end until the common share
purchase warrants are exercised or expire, the warrants are
revalued with the revaluation gains or losses recorded in other
income and expense. The fair value of the warrants will fluctuate
based on changes in the valuation model inputs, including the value
of the Company&#x2019;s shares and the US dollar to Canadian dollar
exchange rate.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">During the
current quarter, the Company recorded a $1,564,000 fair value loss
on the share purchase warrants. As noted above, on initial
recognition, the warrants were valued using the relative fair value
basis approach, which allocates value to the issued warrants and
shares based on the relative fair value of the two instruments. On
the date of issuance the fair value of the individual instruments
exceeded the unit price of the offering, and therefore this
allocation resulted in the warrants being recognized at an amount
that was less than their actual fair value. The fair value loss of
$1,564,000 was predominantly to recognize the change from the
amount allocated using the relative fair value approach to the
actual fair value at March&#xA0;31, 2021. During the quarter, the
Company also incurred share purchase warrant issue expenses of
$789,000, which represents a relative allocation of the unit issue
expenses incurred.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">During the first
quarter of 2021, the Company also recognized a loss on investments
carried at fair value of $91,000. Gains and losses on investments
carried at fair value are driven by the closing share price of the
related investee at end of the quarter. During the comparative
quarter ended March 31, 2020, the loss in other expense was
predominantly due to losses on investments carried at fair value of
$2,950,000.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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</div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family: inherit; font-size: inherit;padding-top: 0px; padding-bottom: 0px; margin-left: auto; margin-right: auto; width: 100%;">
<tr>
<td style="width: 50%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><img src="denisonlogo-small.jpg"></div>
</td>
<td style="width: 50%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0; <font style="font-family: Arial"><font style="font-weight: bold; color: #4d4d4d; font-size: 11px">MANAGEMENT&#x2019;S
DISCUSSION &amp; ANALYSIS</font></font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #006600; font-weight: bold; font-family: Arial; font-size: 13px">
LIQUIDITY AND CAPITAL RESOURCES</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Cash and cash
equivalents were $172,757,000 at March 31, 2021 (December 31, 2020
&#x2013; $24,992,000).</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The increase in
cash and cash equivalents, during the first quarter of 2021, of
$147,765,000 was due to net cash provided by financing activities
of $150,180,000, slightly offset by net cash used in operations of
$1,983,000, and net cash used in investing activities of
$871,000.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
Cashflow changes</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Net cash used in
operating activities of $1,983,000 was predominantly due to the net
loss for the period, adjusted for non-cash items and changes in
working capital items.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Net cash used in
investing activities of $871,000 consists primarily of an increase
in restricted cash due to the Company&#x2019;s funding the Elliot
Lake reclamation trust fund, as well as an increase in property
plant &amp; equipment, mainly due to an expansion of the
accommodation facilities at the Wheeler River camp.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Net cash provided
by financing activities of $150,180,000 due to the net proceeds
from the Company&#x2019;s ATM program, February 2021 unit offering,
March flow-through share offering, March 2021 unit offering, as
well as stock option exercises. See below for further details
regarding these transactions.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">On June 2, 2020,
the Company filed a short form base shelf prospectus (&#x2018;2020
Shelf Prospectus&#x2019;) with the securities regulatory authorities
in each of the provinces and territories in Canada and in the
United States. Under the 2020 Shelf Prospectus, the Company was
allowed to issue securities, in amounts, at prices, and on terms to
be determined based on market conditions at the time of sale and as
set forth in the 2020 Shelf Prospectus, for an aggregate offering
amount of up to $175,000,000 during the 25 month period beginning
on June 2, 2020.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">In November 2020,
Denison entered into an equity distribution agreement providing for
an ATM equity offering program, qualified by a prospectus
supplement to the 2020 Shelf Prospectus. The ATM was to allow
Denison, through its agents, to, from time to time, offer and sell,
in Canada and the United States, such number of common shares as
would have an aggregate offering price of up to USD$20,000,000. In
January and February 2021, Denison issued 4,230,186 common shares
under the ATM program, at an average price of $0.93 per share, for
aggregate gross proceeds of $3,914,000, and incurred issue expenses
of $466,000, including purchase commissions of $78,000. The ATM
program was terminated in connection with the March 2021 unit
offering (described below).</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">In February 2021,
Denison issued 31,593,950 units, pursuant to a public offering of
units qualified by a prospectus supplement to the 2020 Base Shelf
Prospectus. The units were issued at a price of US$0.91 for gross
proceeds of $36,265,000 (US$28,750,000) and consisted of one common
share and one half warrant. Each full warrant entitles the holder
to acquire one common share of the Company at an exercise price of
US$2.00 over a 24 month period.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">In March 2021,
Denison issued 78,430,000 units of the Company pursuant to a public
offering of units qualified by a prospectus supplement to the 2020
Base Shelf Prospectus. The units were issued at a price of US$1.10
for gross proceeds of $107,949,000 (US$86,273,000) and consisted of
one common share and one half warrant. Each full warrant entitles
the holder to acquire one common share of the Company at an
exercise price of US$2.25 over a 24 month period.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">In March 2021,
Denison issued 5,926,000 common shares on a flow-through basis at a
price of $1.35 for gross proceeds of $8,000,000.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Also during the
first quarter of 2021, the Company received share issue proceeds of
$3,711,000 related to the issuance of 5,016,000 shares upon the
exercise of employee stock options.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
Use of Proceeds</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; font-family: Arial; font-size: 11px">
2020 Flow Through Financing</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">As at March 31,
2021, the Company has fulfilled its obligation to spend $930,000 on
eligible Canadian exploration expenditures as a result of the
issuance of common shares on a flow-through basis in December
2020.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; font-family: Arial; font-size: 11px">
October 2020 Equity Financing</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">As disclosed in
the Company&#x2019;s Prospectus Supplement to the 2020 Base Shelf
Prospectus (&#x2018;October 2020 Prospectus Supplement&#x2019;) dated
October 8, 2020, the net proceeds of the October 2020 Offering will
be utilized to fund Wheeler River evaluation and EA activities as
well as general, corporate and administrative expenses. During the
period between the close of the financing in October 2020 and March
31, 2021, the Company&#x2019;s use of proceeds has been in line with
that disclosed in the October 2020 Prospectus
Supplement.</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><img src="denisonlogo-small.jpg"></div>
</td>
<td style="width: 50%; vertical-align: bottom; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0; <font style="font-family: Arial"><font style="font-weight: bold; color: #4d4d4d; font-size: 11px">MANAGEMENT&#x2019;S
DISCUSSION &amp; ANALYSIS</font></font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; font-family: Arial; font-size: 11px">
February 2021 Unit Financing</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">As disclosed in
the Company&#x2019;s Prospectus Supplement to the 2020 Base Shelf
Prospectus (&#x2018;February 2021 Prospectus Supplement&#x2019;)
dated February 16, 2021, the net proceeds of the February 2021
Offering will be utilized to fund Wheeler River evaluation and
detailed project engineering activities as well as general,
corporate and administrative expenses. During the period between
the close of the financing in February 2021 and March 31, 2021, the
Company&#x2019;s use of proceeds has been in line with that
disclosed in the February 2021 Prospectus Supplement.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; font-family: Arial; font-size: 11px">
March 2021 Unit Financing</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">As disclosed in
the Company&#x2019;s Prospectus Supplement to the 2020 Base Shelf
Prospectus (&#x2018;March 2021 Prospectus Supplement&#x2019;) dated
March 17, 2021, the majority of the net proceeds of the March 2021
Offering will be utilized to purchase physical uranium as well as
general, corporate and administrative expenses, including storage
costs for the purchased uranium. During the period between the
close of the financing in March 2021 and March 31, 2021, the
Company&#x2019;s use of proceeds has been in line with that
disclosed in the March 2021 Prospectus Supplement, and as at March
31, 2021 the Company has committed to purchases of 2,500,000 pounds
of U<font style="font-size: 70%; vertical-align: bottom">3</font>O<font style="font-size: 70%; vertical-align: bottom">8</font> at a weighted
average price of US$29.61.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; font-family: Arial; font-size: 11px">
2021 Flow Through Financing</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">As at March 31,
2021, the Company has spent $79,000 toward its obligation to spend
$8,000,000 on eligible Canadian exploration expenditures under the
flow-through share financing completed in March 2021. The Company
is on track to complete the required spending before December 31,
2022.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
Revolving Term Credit Facility</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">On January 14,
2021, the Company entered into an agreement with the Bank of Nova
Scotia (&#x2018;BNS&#x2019;) to extend the maturity date of the
Company&#x2019;s credit facility to January 31, 2022 (&#x2018;2021
Credit Facility&#x2019;). Under the 2021 Credit Facility, the
Company continues to have access to letters of credit of up to
$24,000,000, which is fully utilized for non-financial letters of
credit in support of reclamation obligations. All other terms of
the credit facility (tangible net worth covenant, pledged cash,
investments amount and security for the facility) remain unchanged
by the amendment &#x2013; including a requirement to provide
$9,000,000 in cash collateral on deposit with BNS to maintain the
2021 Credit Facility.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #006600; font-family: Arial; font-size: 16px">
TRANSACTIONS WITH RELATED PARTIES</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
Uranium Participation Corporation</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The
Company&#x2019;s current management services agreement with UPC
(&#x2018;MSA&#x2019;) has a term of five years (the
&#x2018;Term&#x2019;), expiring on March 31, 2024. Under the MSA,
Denison receives the following management fees from UPC: a) a base
fee of $400,000 per annum, payable in equal quarterly installments;
b) a variable fee equal to (i) 0.3% per annum of UPC&#x2019;s total
assets in excess of $100 million and up to and including $500
million, and (ii) 0.2% per annum of UPC&#x2019;s total assets in
excess of $500 million; c) a fee, at the discretion of the Board,
for on-going monitoring or work associated with a transaction or
arrangement (other than a financing, or the acquisition of or sale
of U<font style="font-size: 70%; vertical-align: bottom">3</font>O<font style="font-size: 70%; vertical-align: bottom">8</font> or UF<font style="font-size: 70%; vertical-align: bottom">6</font>); and d) a
commission of 1.0% of the gross value of any purchases or sales of
U<font style="font-size: 70%; vertical-align: bottom">3</font>O<font style="font-size: 70%; vertical-align: bottom">8</font> or UF<font style="font-size: 70%; vertical-align: bottom">6</font> or gross interest
fees payable to UPC in connection with any uranium loan
arrangements.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The MSA may be
terminated during the Term by Denison upon the provision of 180
days written notice. The MSA may be terminated during the Term by
UPC (i) in the event of a material breach, (ii) within 90 days of
certain events surrounding a change of both of the individuals
serving as Chief Executive Officer and Chief Financial Officer of
UPC, and / or a change of control of Denison, or (iii) upon the
provision of 30 days written notice and, subject to certain
exceptions, a cash payment to Denison of an amount equal to the
base and variable management fees that would otherwise be payable
to Denison (calculated based on UPC&#x2019;s current uranium
holdings at the time of termination) for the lesser period of a)
three years, or b) the remaining term of the MSA.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">See SUBSEQUENT
EVENTS for further details.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family: inherit; font-size: inherit;padding-top: 0px; padding-bottom: 0px; margin-left: auto; margin-right: auto; width: 100%;">
<tr>
<td style="width: 50%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><img src="denisonlogo-small.jpg"></div>
</td>
<td style="width: 50%; vertical-align: bottom; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0; <font style="font-family: Arial"><font style="font-weight: bold; color: #4d4d4d; font-size: 11px">MANAGEMENT&#x2019;S
DISCUSSION &amp; ANALYSIS</font></font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The following
amounts were earned from UPC for the periods ended:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 42%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="4" style="vertical-align: middle; width: 29%; border-top: 1.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Arial; font-size: 11px">
Three Months Ended</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 42%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Arial; font-size: 11px">
March 31,</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 13%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Arial; font-size: 11px">
March 31,</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 42%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(in
thousands)</font></div>
</td>
<td style="vertical-align: top; width: 1%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Arial; font-size: 11px">
2021</font></div>
</td>
<td style="vertical-align: top; width: 1%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Arial; font-size: 11px">
2020</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 42%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 42%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Management Fee
Revenue</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 42%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Base and variable
fees</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div style="text-align: center; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">475</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div style="text-align: center; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">463</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 42%">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Commission
fees</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">-</font></div>
</td>
<td style="vertical-align: middle; width: 1%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">54</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 42%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Discretionary
fees</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">140</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">300</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 42%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 4px double #000000">
<div style="text-align: center; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 4px double #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">615</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 4px double #000000">
<div style="text-align: center; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: middle; width: 13%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">817</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">At March 31,
2021, accounts receivable includes $340,000 (December 31, 2020
&#x2013; $265,000) due from UPC with respect to the fees and
transactions discussed above.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
Korea Electric Power Corporation (&#x2018;KEPCO&#x2019;) and Korea
Hydro &amp; Nuclear Power (&#x2018;KHNP&#x2019;)</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">As at March 31,
2021, KHNP, through its subsidiaries, holds 58,284,000 shares of
Denison representing a share interest of approximately 7.24%. KHNP
Canada Energy Ltd., a subsidiary of KEPCO&#x2019;s subsidiary KHNP,
is the holder of the majority of Denison&#x2019;s shares and is also
the majority member of KWULP. KWULP is a consortium of investors
that holds the non-Denison owned interests in Waterbury Lake
Uranium Corporation (&#x2018;WLUC&#x2019;) and Waterbury Lake Uranium
Limited Partnership (&#x2018;WLULP&#x2019;), entities whose key asset
is the Waterbury Lake property.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
Other</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">All services and
transactions with the related parties listed below were made on
terms equivalent to those that prevail with arm&#x2019;s length
transactions:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 11px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px">During the three months ended
March 31, 2021, the Company incurred investor relations,
administrative service fees and certain pass-through expenses of
$20,000 (March 31, 2019 &#x2013; $21,000) with Namdo Management
Services Ltd, which shares a common director with Denison. These
services were incurred in the normal course of operating a public
company. At March 31, 2021, an amount of $5,000 (December 31, 2020
&#x2013; $nil) was due to this company.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #006600; font-family: Arial; font-size: 16px">
COMPENSATION OF KEY MANAGEMENT PERSONNEL</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Key management
personnel are those persons having authority and responsibility for
planning, directing and controlling the activities of the Company,
directly or indirectly. Key management personnel include the
Company&#x2019;s executive officers, vice-presidents and members of
its Board of Directors.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The following
compensation was awarded to key management personnel:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td colspan="3" style="vertical-align: top; width: 52%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 13%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-top: 1.5pt solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="4" style="vertical-align: middle; width: 30%; border-top: 1.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Arial; font-size: 11px">
Three Months Ended</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-top: 1.5pt solid rgb(0, 0, 0);">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 39%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #ffffff">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #ffffff">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #ffffff">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 15%; border-bottom: 2px solid #ffffff">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Arial; font-size: 11px">
March 31,</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: center"><font style="font-family: Arial; font-size: 13px">&#xA0;</font><font style="font-family: Arial;"><font style="font-weight: bold; color: rgb(0, 0, 0); font-size: 11px;">March
31,</font></font></div>
</td>
<td style="vertical-align: top; width: 1%"><br></td>
</tr><tr>
<td style="vertical-align: top; width: 39%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(in
thousands)</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Arial; font-size: 11px">
2021</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: center"><font style="font-family: Arial; font-size: 13px">&#xA0;</font><font style="font-family: Arial;"><font style="color: rgb(0, 0, 0); font-weight: bold; font-size: 11px;">2020</font></font></div>
</td>
<td style="vertical-align: top; width: 1%; border-bottom: 2px solid #000000">
<br></td>
</tr><tr>
<td style="vertical-align: top; width: 39%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 39%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Salaries and
short-term employee benefits</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 15%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%">
<div style="text-align: justify; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 14%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(1,043)</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: center; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: top; width: 1%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(584)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 39%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Share-based
compensation</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 2%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 14%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(320)</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 1%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(430)</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 39%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: middle; width: 15%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 2%; border-bottom: 4px double #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">$</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(1,363)</font></div>
</td>
<td style="vertical-align: middle; width: 15%; border-bottom: 4px double #000000">
<div style="text-align: center; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">&#xA0;$</font></div>
</td>
<td style="vertical-align: middle; width: 1%; border-bottom: 4px double #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">(1,014)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The increase in
the compensation awarded to key management is predominantly driven
by an increase in the expense recognized for bonuses, as discussed
in more detail in General and Administrative Expenses,
above.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #006600; font-family: Arial; font-size: 16px">
OFF-BALANCE SHEET ARRANGEMENTS</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The Company does
not have any off-balance sheet arrangements.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 11px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 11px">&#xA0;14</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family: inherit; font-size: inherit;padding-top: 0px; padding-bottom: 0px; margin-left: auto; margin-right: auto; width: 100%;">
<tr>
<td style="width: 50%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><img src="denisonlogo-small.jpg"></div>
</td>
<td style="width: 50%; vertical-align: bottom; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0; <font style="font-family: Arial"><font style="font-weight: bold; color: #4d4d4d; font-size: 11px">MANAGEMENT&#x2019;S
DISCUSSION &amp; ANALYSIS</font></font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #006600; font-family: Arial; font-size: 16px">
SUBSEQUENT EVENTS</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
Uranium Participation Corporation</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">On April 27,
2021, UPC and Sprott Asset Management LP (&#x2018;Sprott&#x2019;)
reached an agreement to convert UPC into the Sprott Physical
Uranium Trust (the &#x2018;Trust&#x2019;) &#x2013; effectively
aligning UPC&#x2019;s business with the world&#x2019;s leading
physical commodity investment vehicles and making it eligible to
pursue a listing in the United States (the &#x2018;UPC
Transaction&#x2019;). Upon completion of the UPC Transaction, Sprott
will become the manager of the Trust and the MSA will be
terminated. Denison estimates the termination payment due from UPC
will be approximately $5.3 million. The actual termination payment
may differ, as it will be based on UPC&#x2019;s NAV as of the
month-end immediately prior to the date of a formal notice of
termination to Denison by UPC in accordance with the
MSA.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
Offer to Acquire JCU (Canada) Exploration Company, Limited
(&#x2018;JCU&#x2019;)</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">On May 4, 2021,
Denison announced that it has delivered a binding offer to Overseas
Uranium Resources Development Co., Ltd. (&#x2018;OURD&#x2019;) to
acquire 100% ownership of OURD&#x2019;s wholly-owned subsidiary,
JCU. JCU holds a portfolio of uranium project joint venture
interests in Canada, including a 10% interest in Denison&#x2019;s
90% owned Wheeler River project.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The offer
includes the following key features: (a) consideration including
cash payments of up to $40.5 million and the assumption of
JCU&#x2019;s existing liabilities, including any outstanding
liabilities owed to Japan Atomic Energy Agency; (b) binding subject
to definitive documentation, regulatory approvals (if required) and
the termination of OURD&#x2019;s existing definitive purchase
agreement with UEX Corporation in accordance with its terms; (c) no
conditions for due diligence on the assets of JCU, or obtaining the
necessary financing to fund the purchase price; and (d) a
commitment to OURD that JCU will be maintained as a corporate
subsidiary in order for JCU to meet its joint venture
commitments.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #006600; font-family: Arial; font-size: 16px">
OUTSTANDING SHARE DATA</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; font-family: Arial; font-size: 11px">
Common Shares</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">At May 6, 2021,
there were 804,905,431 common shares issued and outstanding and a
total of 880,976,406 common shares on a fully-diluted
basis.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; font-family: Arial; font-size: 11px">
Stock Options and Share Units</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">At May 6, 2021,
the Company had 12,816,995 stock options and 8,232,005 share units
outstanding,</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; font-family: Arial; font-size: 11px">
Share Purchase Warrants</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">At May 6, 2021,
the Company had 15,796,975 share purchase warrants with a US$2.00
strike price and a February 2023 expiry, and 39,215,000 share
purchase warrants with a US$2.25 strike price and a March 2023
expiry.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 16px">
<a name="_Toc69919282">
<!--anchor--></a><font style="color: #006600">OUTLOOK FOR
2021</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Refer to the
Company&#x2019;s annual MD&amp;A for the year ended December 31,
2020 for a detailed discussion of the previously disclosed 2021
budget.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">During the first
quarter of 2021, the Company increased its outlook for income from
UPC management services by $4,103,000. The increase is related to
the estimated termination payment that the Company will receive
upon the completion of the UPC Transaction (See SUBSEQUENT EVENTS
for further details) offset by a reduction in the management fees
that the Company expects to earn in the normal course in 2021 due
to the contract being terminated mid-year.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">In addition,
during the first quarter of 2021 the Company increased its outlook
for corporate administration and other expenses by $1,410,000. The
increase was driven by several factors including (i) the addition
of carrying charges related to Denison&#x2019;s strategic initiative
to acquire 2.5 million pounds of U<font style="font-size: 70%; vertical-align: bottom">3</font>O<font style="font-size: 70%; vertical-align: bottom">8</font>, (ii) an increase
in employee bonus and salary costs as discussed in GENERAL AND
ADMINISTRATIVE EXPENSES above, (iii) an increase in director
compensation; offset by (iv) an increase in interest income due to
the equity financings that took place in the quarter.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The U<font style="font-size: 70%; vertical-align: bottom">3</font>O<font style="font-size: 70%; vertical-align: bottom">8</font> carrying charge
payments are currently estimated at $789,000 and include
commissions, storage costs and account fees associated with the
uranium holdings. The storage cost amounts include the prepayment
of storage costs on 2.1 million pounds U3O8 for the period up to
the end of December 2023.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 11px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 11px">&#xA0;15</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family: inherit; font-size: inherit;padding-top: 0px; padding-bottom: 0px; margin-left: auto; margin-right: auto; width: 100%;">
<tr>
<td style="width: 50%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><img src="denisonlogo-small.jpg"></div>
</td>
<td style="width: 50%; vertical-align: bottom; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0; <font style="font-family: Arial"><font style="font-weight: bold; color: #4d4d4d; font-size: 11px">MANAGEMENT&#x2019;S
DISCUSSION &amp; ANALYSIS</font></font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px;">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr style="background-color: #a2d18b">
<td style="vertical-align: middle; width: 38%; border-top: 1.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(in
thousands)</font></div>
</td>
<td style="vertical-align: middle; width: 3%; border-top: 1.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 20%; border-top: 1.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
2021 BUDGET</font></div>
</td>
<td style="vertical-align: middle; width: 20%; border-top: 1.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
CURRENT 2021 OUTLOOK<font style="font-size: 70%; vertical-align: top">(3)</font></font></div>
</td>
<td style="vertical-align: middle; width: 20%; border-top: 1.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
Actual to</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
March 31, 2021<font style="font-size: 70%; vertical-align: top">(2)</font></font></div>
</td>
</tr><tr style="background-color: #f3fff3">
<td style="vertical-align: middle; width: 38%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
Mining Segment</font></div>
</td>
<td style="vertical-align: top; width: 3%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 20%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 20%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #f3fff3">
<td style="vertical-align: middle; width: 38%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Mineral
Sales</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 6px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;3,709</font></div>
</td>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 6px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;3,709</font></div>
</td>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 6px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;-</font></div>
</td>
</tr><tr style="background-color: #f3fff3">
<td style="vertical-align: middle; width: 38%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Development &amp;
Operations</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 6px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(4,972)</font></div>
</td>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 6px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(4,972)</font></div>
</td>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 6px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(543)</font></div>
</td>
</tr><tr style="background-color: #f3fff3">
<td style="vertical-align: middle; width: 38%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Exploration</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 6px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(4,178)</font></div>
</td>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 6px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(4,178)</font></div>
</td>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 6px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(1,602)</font></div>
</td>
</tr><tr style="background-color: #f3fff3">
<td style="vertical-align: middle; width: 38%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Evaluation</font></div>
</td>
<td style="vertical-align: middle; width: 3%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 20%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 6px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(19,413)</font></div>
</td>
<td style="vertical-align: middle; width: 20%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 6px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(19,413)</font></div>
</td>
<td style="vertical-align: middle; width: 20%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 6px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(2,752)</font></div>
</td>
</tr><tr style="background-color: #f3fff3">
<td style="vertical-align: middle; width: 38%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 6px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(24,854)</font></div>
</td>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 6px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(24,854)</font></div>
</td>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 6px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(4,897)</font></div>
</td>
</tr><tr style="background-color: #f3fff3">
<td style="vertical-align: middle; width: 38%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
Closed Mines Segment</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 20%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 20%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 20%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #f3fff3">
<td style="vertical-align: middle; width: 38%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Closed Mines
Environmental Services</font></div>
</td>
<td style="vertical-align: middle; width: 3%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 20%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 6px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">964</font></div>
</td>
<td style="vertical-align: middle; width: 20%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 6px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">964</font></div>
</td>
<td style="vertical-align: middle; width: 20%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 6px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">212</font></div>
</td>
</tr><tr style="background-color: #f3fff3">
<td style="vertical-align: middle; width: 38%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 6px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">964</font></div>
</td>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 6px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">964</font></div>
</td>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 6px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">212</font></div>
</td>
</tr><tr style="background-color: #f3fff3">
<td style="vertical-align: middle; width: 38%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
Corporate and Other Segment</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 20%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 20%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 20%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr style="background-color: #f3fff3">
<td style="vertical-align: middle; width: 38%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">UPC Management
Services</font></div>
</td>
<td style="vertical-align: middle; width: 3%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 6px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">2,536</font></div>
</td>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 6px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">6,639</font></div>
</td>
<td style="vertical-align: middle; width: 20%">
<div style="text-align: right; margin-left: 0px; margin-right: 6px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">615</font></div>
</td>
</tr><tr style="background-color: #f3fff3">
<td style="vertical-align: middle; width: 38%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Corporate
Administration &amp; Other</font></div>
</td>
<td style="vertical-align: middle; width: 3%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 20%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 6px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(5,444)</font></div>
</td>
<td style="vertical-align: middle; width: 20%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 6px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(6,854)</font></div>
</td>
<td style="vertical-align: middle; width: 20%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 6px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(2,228)</font></div>
</td>
</tr><tr style="background-color: #f3fff3">
<td style="vertical-align: middle; width: 38%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 3%; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 20%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 6px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(2,908)</font></div>
</td>
<td style="vertical-align: middle; width: 20%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 6px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(215)</font></div>
</td>
<td style="vertical-align: middle; width: 20%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 6px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">(1,608)</font></div>
</td>
</tr><tr style="background-color: #a2d18b">
<td style="vertical-align: middle; width: 38%; border-bottom: 4px double #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
Total<font style="font-size: 70%; vertical-align: top">(1)</font></font></div>
</td>
<td style="vertical-align: middle; width: 3%; border-bottom: 4px double #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 20%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 6px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
$&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;(26,798)</font></div>
</td>
<td style="vertical-align: middle; width: 20%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 6px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
$ (24,105)</font></div>
</td>
<td style="vertical-align: middle; width: 20%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 6px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">
$&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;(6,293)</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 78px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Notes:</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-family: Arial; font-size: 11px">1.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px">Only material operations
shown.</font></div>
</div>
</div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-family: Arial; font-size: 11px">2.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px">The budget is prepared on a
cash basis.<font style="font-size: 11px">&#xA0;</font>As a result,
actual amounts represent a non-GAAP measure. Compared to segment
loss as presented in the Company&#x2019;s unaudited interim
consolidated financial statements for the three months ended March
31, 2021, actual amounts reported above excludes $166,000 net
impact of non-cash items and other adjustments.</font></div>
</div>
</div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-family: Arial; font-size: 11px">3.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px">Does not include the cash
outflows to purchase 2.5 million pounds of U<font style="font-size: 70%; vertical-align: bottom">3</font>O<font style="font-size: 70%; vertical-align: bottom">8</font> at a weighted
average price of US$29.61.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #006600; font-family: Arial; font-size: 16px">
<a name="_Toc69919283">
<!--anchor--></a>ADDITIONAL INFORMATION</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #006600; font-family: Arial; font-size: 12px">
QUALIFIED PERSON</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">David Bronkhorst,
P.Eng., Denison&#x2019;s Vice President Operations, who is a
&#x2018;Qualified Person&#x2019; within the meaning of this term in
NI 43-101, has prepared and/or reviewed and confirmed the
scientific and technical disclosure pertaining to the
Company&#x2019;s evaluation programs.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Andy Yackulic,
P.Geo., Denison&#x2019;s Director Exploration, who is a
&#x2018;Qualified Person&#x2019; within the meaning of this term in
NI 43-101, has prepared and/or reviewed and confirmed the
scientific and technical disclosure pertaining to the
Company&#x2019;s exploration programs.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">For more
information regarding each of Denison&#x2019;s material projects
discussed herein, you are encouraged to refer to the applicable
technical reports available on the Company&#x2019;s website and
under the Company&#x2019;s profile on SEDAR (<font style="text-decoration: underline; color: #0000FF">www.sedar.com</font>)
and EDGAR (<font style="text-decoration: underline; color: #0000FF">www.sec.gov/edgar.shtml</font>):</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px;">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 11px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px">For the Wheeler River
project, the &#x2018;Prefeasibility Study Report for the Wheeler
River Uranium Project Saskatchewan, Canada&#x2019; dated October 30,
2018;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 11px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px">For the Waterbury Lake
project, &#x2018;Preliminary Economic Assessment for the Tthe
Heldeth Tu&#x301;e&#x301; (J Zone) Deposit, Waterbury Lake Property,
Northern Saskatchewan, Canada&#x2019; with an effective date of
October 30, 2020;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 11px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px">For the Midwest project,
&#x2018;Technical Report with an Updated Mineral Resource Estimate
for the Midwest Property, Northern Saskatchewan, Canada&#x2019;
dated March 26, 2018; and</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 11px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px">For the McClean Lake project,
(A) the &#x2018;Technical Report on the Denison Mines Inc. Uranium
Properties, Saskatchewan, Canada&#x2019; dated November 21, 2005, as
revised February 16, 2006, (B) the &#x2018;Technical Report on the
Sue D Uranium Deposit Mineral Resource Estimate, Saskatchewan,
Canada&#x2019; dated March 31, 2006, and (C) the &#x2018;Technical
Report on the Mineral Resource Estimate for the McClean North
Uranium Deposits, Saskatchewan&#x2019; dated January 31,
2007.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 11px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 11px">&#xA0;16</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family: inherit; font-size: inherit;padding-top: 0px; padding-bottom: 0px; margin-left: auto; margin-right: auto; width: 100%;">
<tr>
<td style="width: 50%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><img src="denisonlogo-small.jpg"></div>
</td>
<td style="width: 50%; vertical-align: bottom; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0; <font style="font-family: Arial"><font style="font-weight: bold; color: #4d4d4d; font-size: 11px">MANAGEMENT&#x2019;S
DISCUSSION &amp; ANALYSIS</font></font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #006600; font-weight: bold; font-family: Arial; font-size: 12px">
ASSAY PROCEDURES AND DATA VERIFICATION</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The Company
reports preliminary radiometric equivalent grades
(&#x2018;eU<font style="font-size: 70%; vertical-align: bottom">3</font>O<font style="font-size: 70%; vertical-align: bottom">8</font>&#x2019;), derived
from a calibrated down-hole total gamma probe, during or upon
completion of its exploration programs and subsequently reports
definitive U<font style="font-size: 70%; vertical-align: bottom">3</font>O<font style="font-size: 70%; vertical-align: bottom">8</font> assay grades
following sampling and chemical analysis of the mineralized drill
core. Uranium assays are performed on split core samples by the
Saskatchewan Research Council (&#x2018;SRC&#x2019;) Geoanalytical
Laboratories using an ISO/IEC 17025:2005 accredited method for the
determination of U<font style="font-size: 70%; vertical-align: bottom">3</font>O<font style="font-size: 70%; vertical-align: bottom">8</font> weight %. Sample
preparation involves crushing and pulverizing core samples to 90%
passing -106 microns. The resultant pulp is digested using
aqua-regia and the solution analyzed for U<font style="font-size: 70%; vertical-align: bottom">3</font>O<font style="font-size: 70%; vertical-align: bottom">8</font> weight % using
ICP-OES. Geochemical results from composite core samples are
reported as parts per million (&#x2018;ppm&#x2019;) obtained from a
partial HNO<font style="font-size: 70%; vertical-align: bottom">3</font>:HCl digest with
an ICP-MS finish. Boron values are obtained through NaO<font style="font-size: 70%; vertical-align: bottom">2</font>/NaCO<font style="font-size: 70%; vertical-align: bottom">3</font> fusion followed
by an ICP-OES finish. All data are subject to verification
procedures by qualified persons employed by Denison prior to
disclosure. For further details on Denison&#x2019;s sampling,
analysis, quality assurance program and quality control measures
and data verification procedures please see Denison's Annual
Information Form dated March 13, 2020 available on the
Company&#x2019;s website and filed under the Company's profile on
SEDAR (<font style="text-decoration: underline; color: #0000FF">www.sedar.com</font>)
and in its Form 40-F available on EDGAR at <font style="text-decoration: underline; color: #0000FF">www.sec.gov/edgar.shtml</font><font style="text-decoration: underline; color: #0000FF">.</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 13px">
<a name="_Toc69919284">
<!--anchor--></a><font style="color: #006600">CAUTIONARY STATEMENT
REGARDING FORWARD-LOOKING STATEMENTS</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Certain
information contained in this MD&amp;A constitutes
&#x2018;forward-looking information&#x2019;, within the meaning of
the applicable United States and Canadian legislation concerning
the business, operations and financial performance and condition of
Denison.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Generally, these
forward-looking statements can be identified by the use of
forward-looking terminology such as &#x2018;plans&#x2019;,
&#x2018;expects&#x2019;, &#x2018;budget&#x2019;,
&#x2018;scheduled&#x2019;, &#x2018;estimates&#x2019;,
&#x2018;forecasts&#x2019;, &#x2018;intends&#x2019;,
&#x2018;anticipates&#x2019;, or &#x2018;believes&#x2019;, or the
negatives and/or variations of such words and phrases, or state
that certain actions, events or results &#x2018;may&#x2019;,
&#x2018;could&#x2019;, &#x2018;would&#x2019;, &#x2018;might&#x2019; or
&#x2018;will be taken&#x2019;, &#x2018;occur&#x2019;, &#x2018;be
achieved&#x2019; or &#x2018;has the potential to&#x2019;.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">In particular,
this MD&amp;A contains forward-looking information pertaining to
the following: Denison&#x2019;s plans and objectives for 2021 and
beyond, including the proposed use of proceeds of recent equity
financings; the benefits to be derived from corporate transactions,
including commitments to acquire physical uranium, and estimates of
related expenditures, such as projected increases in uranium
storage costs; the estimates of Denison's mineral reserves and
mineral resources; exploration, development and expansion plans and
objectives, including Denison&#x2019;s planned engineering,
environmental assessment and other evaluation programs, the results
of, and estimates and assumptions within, the PFS, and statements
regarding anticipated budgets, fees, expenditures and timelines;
expectations regarding Denison&#x2019;s community engagement
activities and related agreements, including the Participation and
Funding Agreement and Exploration Agreement with ERFN and the
anticipated continuity thereof; expectations regarding
Denison&#x2019;s joint venture ownership interests and the
continuity of its agreements with its partners; expectations
regarding adding to its mineral reserves and resources through
acquisitions or exploration; expectations regarding the toll
milling of Cigar Lake ores, including the impacts of COVID-19;
expectations regarding revenues and expenditures from its Closed
Mines operations; expectations regarding revenues from the UPC
management contract, the UPC Transaction and the termination of the
MSA in connection with the closing of UPC Transaction; and the
annual operating budget and capital expenditure programs, estimated
exploration and development expenditures and reclamation costs and
Denison's share of same. Statements relating to &#x2018;mineral
reserves&#x2019; or &#x2018;mineral resources&#x2019; are deemed to be
forward-looking information, as they involve the implied
assessment, based on certain estimates and assumptions that the
mineral reserves and mineral resources described can be profitably
produced in the future.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Forward looking
statements are based on the opinions and estimates of management as
of the date such statements are made, and they are subject to known
and unknown risks, uncertainties and other factors that may cause
the actual results, level of activity, performance or achievements
of Denison to be materially different from those expressed or
implied by such forward-looking statements. For example, the
results of the Denison&#x2019;s studies, including the PFS,
trade-off study, and field work, may not be maintained after
further testing or be representative of actual mining plans for the
Phoenix deposit after further design and studies are completed. In
addition, Denison may decide or otherwise be required to
discontinue testing, evaluation and development work at Wheeler
River or other projects or its exploration plans if it is unable to
maintain or otherwise secure the necessary resources (such as
testing facilities, capital funding, regulatory approvals, etc.) or
operations are otherwise affected by COVID-19 and its potentially
far-reaching impacts. The UPC Transaction may not be completed or,
if completed, may not be on the terms described herein and/or the
termination payment may be materially different than the amount
stated herein.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Denison believes
that the expectations reflected in this forward-looking information
are reasonable but no assurance can be given that these
expectations will prove to be accurate and results may differ
materially from those anticipated in this forward-looking
information. For a discussion in respect of risks and other factors
that could influence forward-looking events, please refer to the
factors discussed in Denison&#x2019;s Annual Information Form dated
March 26, 2021 under the heading &#x2018;Risk Factors&#x2019;. These
factors are not, and should not be construed as being
exhaustive.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Accordingly,
readers should not place undue reliance on forward-looking
statements. The forward-looking information contained in this
MD&amp;A is expressly qualified by this cautionary statement. Any
forward-looking information and the assumptions made with respect
thereto speaks only as of the date of this MD&amp;A. Denison does
not undertake any obligation to publicly update or revise any
forward-looking information after the date of this MD&amp;A to
conform such information to actual results or to changes in
Denison's expectations except as otherwise required by applicable
legislation.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 11px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 11px">&#xA0;18</font></div>
</div>
<div id="pb" style="margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000"><font>&#xA0;</font></div>
<div id="hdr" style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%"><font style="font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family: inherit; font-size: inherit;padding-top: 0px; padding-bottom: 0px; margin-left: auto; margin-right: auto; width: 100%;">
<tr>
<td style="width: 50%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><img src="denisonlogo-small.jpg"></div>
</td>
<td style="width: 50%; vertical-align: bottom; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font>&#xA0; <font style="font-family: Arial"><font style="font-weight: bold; color: #4d4d4d; font-size: 11px">MANAGEMENT&#x2019;S
DISCUSSION &amp; ANALYSIS</font></font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px"><font style="font-weight: bold">Cautionary Note to United States Investors
Concerning Estimates of Measured, Indicated and Inferred Mineral
Resources and Probable Mineral Reserves:</font> This MD&amp;A may
use the terms 'measured', 'indicated' and 'inferred' mineral
resources. United States investors are advised that while such
terms have been prepared in accordance with the definition
standards on mineral reserves of the Canadian Institute of Mining,
Metallurgy and Petroleum referred to in Canadian National
Instrument 43-101 Mineral Disclosure Standards (&#x2018;NI
43-101&#x2019;) and are recognized and required by Canadian
regulations, these terms are not defined under Industry Guide 7
under the United States Securities Act and, until recently, have
not been permitted to be used in reports and registration
statements filed with the United States Securities and Exchange
Commission (&#x2018;SEC&#x2019;). 'Inferred mineral resources' have a
great amount of uncertainty as to their existence, and as to their
economic and legal feasibility. It cannot be assumed that all or
any part of an inferred mineral resource will ever be upgraded to a
higher category. Under Canadian rules, estimates of inferred
mineral resources may not form the basis of feasibility or other
economic studies. <font style="font-weight: bold">United States
investors are cautioned not to assume that all or any part of
measured or indicated mineral resources will ever be converted into
mineral reserves. United States investors are also cautioned not to
assume that all or any part of an inferred mineral resource exists,
or is economically or legally mineable.&#xA0;</font> In addition,
the terms &#x201C;mineral reserve&#x201D;, &#x201C;proven mineral
reserve&#x201D; and &#x201C;probable mineral reserve&#x201D; for the
purposes of NI 43-101 differ from the definitions and allowable
usage in Industry Guide 7.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Effective
February 2019, the SEC adopted amendments to its disclosure rules
to modernize the mineral property disclosure requirements for
issuers whose securities are registered with the SEC under the
Exchange Act and as a result, the SEC now recognizes estimates of
&#x201C;measured mineral resources&#x201D;, &#x201C;indicated mineral
resources&#x201D; and &#x201C;inferred mineral resources&#x201D;. In
addition, the SEC has amended its definitions of &#x201C;proven
mineral reserves&#x201D; and &#x201C;probable mineral reserves&#x201D;
to be &#x201C;substantially similar&#x201D; to the corresponding
definitions under the CIM Standards, as required under NI 43-101.
However, information regarding mineral resources or mineral
reserves in Denison&#x2019;s disclosure may not be comparable to
similar information made public by United States
companies.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>interimcertceo.htm
<DESCRIPTION>FORM 51-109F2 CEO CERTIFICATION OF INTERIM FILINGS
<TEXT>
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<div style="text-align: right; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold">&#xA0; <font style="font-family: Times New Roman; font-size: 13px">Exhibit
99.3</font><br></font></div>
</div>
</div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Arial; font-size: 11px">
</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px;">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Arial; font-size: 11px">
FORM 52-109F2</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Arial; font-size: 11px">
CERTIFICATION OF INTERIM FILINGS</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">I,
David D. Cates, President and Chief Executive Officer of Denison
Mines Corp., certify the following:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px;">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Arial; font-size: 11px">1.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px"><font style="font-weight: bold; font-style: italic">Review:</font> I have
reviewed the interim financial report and interim MD&amp;A
(together, the "interim filings") of Denison Mines Corp. (the
"issuer") for the interim period ended March 31, 2021.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Arial; font-size: 11px">2.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px"><font style="font-weight: bold; font-style: italic">No
misrepresentations:</font> Based on my knowledge, having exercised
reasonable diligence, the interim filings do not contain any untrue
statement of a material fact or omit to state a material fact
required to be stated or that is necessary to make a statement not
misleading in light of the circumstances under which it was made,
with respect to the period covered by the interim
filings.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Arial; font-size: 11px">3.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px"><font style="font-weight: bold; font-style: italic">Fair presentation:</font>
Based on my knowledge, having exercised reasonable diligence, the
interim financial report together with the other financial
information included in the interim filings fairly present in all
material respects the financial condition, financial performance
and cash flows of the issuer, as of the date of and for the periods
presented in the interim filings.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Arial; font-size: 11px">4.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px"><font style="font-weight: bold; font-style: italic">Responsibility:</font> The
issuer's other certifying officer(s) and I are responsible for
establishing and maintaining disclosure controls and procedures
(DC&amp;P) and internal control over financial reporting (ICFR), as
those terms are defined in National Instrument 52-109 <font style="font-style: italic">Certification of Disclosure in Issuers' Annual
and Interim Filings</font>, for the issuer.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Arial; font-size: 11px">5.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px"><font style="font-weight: bold; font-style: italic">Design:</font> Subject to
the limitations, if any, described in paragraphs 5.2 and 5.3, the
issuer's other certifying officer(s) and I have, as at the end of
the period covered by the interim filings</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Arial; font-size: 11px">(a)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px">designed DC&amp;P, or caused
it to be designed under our supervision, to provide reasonable
assurance that</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 108px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 36px">
<font style="font-family: Arial; font-size: 11px">(i)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px">material information relating
to the issuer is made known to us by others, particularly during
the period in which the interim filings are being prepared;
and</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 108px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 36px">
<font style="font-family: Arial; font-size: 11px">(ii)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px">information required to be
disclosed by the issuer in its annual filings, interim filings or
other reports filed or submitted by it under securities legislation
is recorded, processed, summarized and reported within the time
periods specified in securities legislation; and</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Arial; font-size: 11px">(b)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px">designed ICFR, or caused it
to be designed under our supervision, to provide reasonable
assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in
accordance with the issuer's GAAP.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Arial; font-size: 11px">5.1</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px"><font style="font-weight: bold; font-style: italic">Control framework:</font>
The control framework the issuer's other certifying officer(s) and
I used to design the issuer's ICFR is <font style="font-style: italic">Internal Control &#x2013; Integrated
Framework</font> (COSO Framework) published by The Committee of
Sponsoring Organizations of the Treadway Commission
(COSO).</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Arial; font-size: 11px">5.2</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px"><font style="font-weight: bold; font-style: italic">ICFR:</font> Not
applicable.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Arial; font-size: 11px">5.3</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px"><font style="font-weight: bold; font-style: italic">Limitation on scope of
design:</font> Not applicable.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Arial; font-size: 11px">6.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px"><font style="font-weight: bold">Reporting changes in ICFR:</font> The issuer
has disclosed in its interim MD&amp;A any change in the issuer's
ICFR that occurred during the period beginning on January 1, 2021
and ended on March 31, 2021 that has materially affected, or is
reasonably likely to materially affect, the issuer's
ICFR.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">Date:
May 6, 2021</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-family: Times New Roman; font-size: 13px"><font style="font-family: Arial;"><font style="font-style: italic"><font style="text-decoration: underline"><font style="font-size: 11px">(signed)
"David Cates"
&#xA0;</font></font></font></font></font><br></font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-family: Arial; font-size: 11px"><font style="color: #000000">Name:</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: justify; display: table-cell"><font style="color: #000000; font-family: Arial; font-size: 11px">David D.
Cates</font></div>
</div>
</div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-family: Arial; font-size: 11px"><font style="color: #000000">Title:</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: justify; display: table-cell"><font style="color: #000000; font-family: Arial; font-size: 11px">President and
Chief Executive Officer</font></div>
</div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>5
<FILENAME>interimcertcfo.htm
<DESCRIPTION>FORM 51-109F2 CFO CERTIFICATION OF INTERIM FILINGS
<TEXT>
<html>
<head>
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<font style="font-weight: bold">&#xA0;Exhibit 99.4</font>
<font style="font-family: Times New Roman; font-size: 13px"><br>
</font></div>
</div>
</div>
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</font></div>
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<font style="font-family: Arial; font-size: 11px;">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Arial; font-size: 11px">
FORM 52-109F2</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Arial; font-size: 11px">
CERTIFICATION OF INTERIM FILINGS</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 11px">I,
Gabriel (Mac) McDonald, Executive Vice President and Chief
Financial Officer of Denison Mines Corp., certify the
following:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px;">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Arial; font-size: 11px">1.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px"><font style="font-weight: bold; font-style: italic">Review:</font> I have
reviewed the interim financial report and interim MD&amp;A
(together, the "interim filings") of Denison Mines Corp. (the
"issuer") for the interim period ended March 31, 2021.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Arial; font-size: 11px">2.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px"><font style="font-weight: bold; font-style: italic">No
misrepresentations:</font> Based on my knowledge, having exercised
reasonable diligence, the interim filings do not contain any untrue
statement of a material fact or omit to state a material fact
required to be stated or that is necessary to make a statement not
misleading in light of the circumstances under which it was made,
with respect to the period covered by the interim
filings.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Arial; font-size: 11px">3.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px"><font style="font-weight: bold; font-style: italic">Fair presentation:</font>
Based on my knowledge, having exercised reasonable diligence, the
interim financial report together with the other financial
information included in the interim filings fairly present in all
material respects the financial condition, financial performance
and cash flows of the issuer, as of the date of and for the periods
presented in the interim filings.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Arial; font-size: 11px">4.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px"><font style="font-weight: bold; font-style: italic">Responsibility:</font> The
issuer's other certifying officer(s) and I are responsible for
establishing and maintaining disclosure controls and procedures
(DC&amp;P) and internal control over financial reporting (ICFR), as
those terms are defined in National Instrument 52-109 <font style="font-style: italic">Certification of Disclosure in Issuers' Annual
and Interim Filings</font>, for the issuer.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Arial; font-size: 11px">5.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px"><font style="font-weight: bold; font-style: italic">Design:</font> Subject to
the limitations, if any, described in paragraphs 5.2 and 5.3, the
issuer's other certifying officer(s) and I have, as at the end of
the period covered by the interim filings</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Arial; font-size: 11px">(a)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px">designed DC&amp;P, or caused
it to be designed under our supervision, to provide reasonable
assurance that</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 108px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 36px">
<font style="font-family: Arial; font-size: 11px">(i)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px">material information relating
to the issuer is made known to us by others, particularly during
the period in which the interim filings are being prepared;
and</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 108px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 36px">
<font style="font-family: Arial; font-size: 11px">(ii)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px">information required to be
disclosed by the issuer in its annual filings, interim filings or
other reports filed or submitted by it under securities legislation
is recorded, processed, summarized and reported within the time
periods specified in securities legislation; and</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Arial; font-size: 11px">(b)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px">designed ICFR, or caused it
to be designed under our supervision, to provide reasonable
assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in
accordance with the issuer's GAAP.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Arial; font-size: 11px">5.1</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px"><font style="font-weight: bold; font-style: italic">Control framework:</font>
The control framework the issuer's other certifying officer(s) and
I used to design the issuer's ICFR is <font style="font-style: italic">Internal Control &#x2013; Integrated
Framework</font> (COSO Framework) published by The Committee of
Sponsoring Organizations of the Treadway Commission
(COSO).</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Arial; font-size: 11px">5.2</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px"><font style="font-weight: bold; font-style: italic">ICFR:</font> Not
applicable.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Arial; font-size: 11px">5.3</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px"><font style="font-weight: bold; font-style: italic">Limitation on scope of
design:</font> Not applicable.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Arial; font-size: 11px">6.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 11px"><font style="font-weight: bold">Reporting changes in ICFR:</font> The issuer
has disclosed in its interim MD&amp;A any change in the issuer's
ICFR that occurred during the period beginning on January 1, 2021
and ended on March 31, 2021 that has materially affected, or is
reasonably likely to materially affect, the issuer's
ICFR.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<font style="color: #000000; font-family: Arial; font-size: 11px">Date:
May 6, 2021</font></div>
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<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px;"><font style="font-family: Arial;">
<font style="font-style: italic"><font style="text-decoration: underline"><font style="font-size: 11px">(signed)
"Gabriel McDonald"</font></font></font></font><br></font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-family: Arial; font-size: 11px"><font style="color: #000000">Name:</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: justify; display: table-cell"><font style="color: #000000; font-family: Arial; font-size: 11px">Gabriel (Mac)
McDonald</font></div>
</div>
</div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-family: Arial; font-size: 11px"><font style="color: #000000">Title:</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: justify; display: table-cell"><font style="color: #000000; font-family: Arial; font-size: 11px">Executive
Vice President and Chief Financial Officer</font></div>
</div>
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<DOCUMENT>
<TYPE>EX-99.5
<SEQUENCE>6
<FILENAME>a2021-03dmcnrfiling.htm
<DESCRIPTION>PRESS RELEASE DATED MAY 6, 2021
<TEXT>
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<title>a2021-03dmcnrfiling</title>
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<font style="font-family: Arial; font-size: 11px;"><font style="font-weight: bold">Exhibit 99.5</font><br></font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px;">&#xA0;</font></div>
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<div><img src="denisonlogo-med.jpg"></div>
</td>
<td style="width: 50%">
<div><font>&#xA0;</font>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Denison Mines
Corp.</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">1100 &#x2013; 40
University Ave</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Toronto, ON M5J
1T1</font></div>
<div style="text-align: right; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">www.denisonmines.com</font></div>
</div>
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<br>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Arial; font-size: 13px">PRESS
RELEASE</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Arial; font-size: 13px">
DENISON REPORTS RESULTS FROM Q1 2021</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 13px;">&#xA0;</font></div>
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<font style="font-family: Arial; font-size: 11px"><font style="font-weight: bold; color: #000000">Toronto, ON &#x2013; May 6,
2021. Denison Mines Corp.</font> <font style="color: #000000">(&#x2018;Denison&#x2019; or the
&#x2018;Company&#x2019;) (TSX: DML, NYSE American: DNN) today filed
its Condensed Consolidated Financial Statements and
Management&#x2019;s Discussion &amp; Analysis
(&#x2018;MD&amp;A&#x2019;) for the quarter ended March 31, 2021. Both
documents can be found on the Company&#x2019;s website at</font>
<font style="text-decoration: underline; color: #0000FF">www.denisonmines.com</font>
<font style="color: #000000">or on SEDAR (at</font> <font style="text-decoration: underline; color: #0000FF">www.sedar.com</font><font style="color: #000000">)
and EDGAR (at</font> <font style="text-decoration: underline; color: #0000FF">www.sec.gov/edgar.shtml</font><font style="color: #000000">).
The highlights provided below are derived from these documents and
should be read in conjunction with them. All amounts in this
release are in Canadian dollars unless otherwise
stated.</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px"><a name="_Toc456603674"><!--anchor--></a><font style="color: #000000">David Cates, President and CEO of Denison
commented</font><font style="font-style: italic; color: #000000">,&#xA0;&#x201C;</font><font style="font-style: italic; color: #000000">During
the first quarter of 2021, Denison capitalized on improved market
sentiment for the role of nuclear energy, as part of the global
clean energy transition movement, and entered into strategic
financings that have significantly de-risked the Company&#x2019;s
balance sheet and provide considerable financial flexibility for
the Company. In addition to securing funding to continue to advance
our flagship Wheeler River Uranium Project (&#x2018;Wheeler
River&#x2019;) through the Environmental Assessment
(&#x2018;EA&#x2019;) and feasibility study (&#x2018;FS&#x2019;)
processes, we were also the first to complete a novel future
project financing initiative &#x2013; involving the acquisition of
2.5 million pounds of U</font><font style="font-style: italic; font-size: 70%; vertical-align: bottom; color: #000000">3</font><font style="font-style: italic; color: #000000">O</font><font style="font-style: italic; font-size: 70%; vertical-align: bottom; color: #000000">8</font>
<font style="font-style: italic; color: #000000">to be held as a
long-term strategic capital asset. Excluding</font> <font style="font-style: italic; color: #000000">the cash reserved to execute
on our uranium purchase commitments, the Company&#x2019;s cash and
investment holdings were reported at $96 million at the end of the
quarter.</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-style: italic; font-family: Arial; font-size: 11px">
In parallel, our Saskatoon-based technical team continues to
progress critical path projects related to the advancement of
Wheeler River &#x2013; including the full resumption of the EA
process early in Q1, and the commencement of an ambitious 2021
Field Program at Phoenix. To date, we have already successfully
drilled, cased and cemented the commercial scale wells in the
5-spot In-Situ Recovery (&#x2018;ISR&#x2019;) test pattern located in
Phase 1 of the Phoenix deposit. In support of our efforts at
Wheeler River and in the Athabasca Basin region, the Company also
entered into a Participation and Funding agreement and Exploration
agreement with the English River First Nation (&#x2018;ERFN&#x2019;),
whose traditional territory includes the Wheeler River property, as
well as many of Denison&#x2019;s other interests in the Athabasca
Basin region.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-style: italic; font-family: Arial; font-size: 11px">
Additionally, in response to the unexpected announcement of a sale
of JCU (Canada) Exploration Company Limited (&#x2018;JCU&#x2019;) by
Overseas Uranium Resources Development Co., Ltd.
(&#x2018;OURD&#x2019;), Denison promptly delivered a binding offer to
purchase JCU from OURD for $40.5 million, which we believe more
appropriately reflects the underlying value of JCU&#x2019;s assets
&#x2013; including their 10% interest in Wheeler
River.&#x201D;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Arial; font-size: 13px">
HIGHLIGHTS</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<div style="display: table-row">
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<font style="font-weight: bold; font-size: 11px">&#x25A0;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Arial; font-size: 11px">Successful
completion of equity financing to fund the Environmental Assessment
and Feasibility Study process for Wheeler River</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Denison completed
equity financings for gross proceeds of $40.2 million (including
$3.9 million from an At-the-Market (&#x2018;ATM&#x2019;) offering) in
the first quarter of 2021. Subject to a decision to advance to a
formal FS for the high-grade Phoenix uranium deposit
(&#x2018;Phoenix&#x2019;), the proceeds from the offerings are
expected, based on current estimates, to be sufficient to complete
such FS process and the EA process.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 12px">
<font style="font-size: 11px">&#x25A0;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Arial; font-size: 11px">Financing
completed for 2021 and 2022 high potential exploration
programs</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The Company
completed a flow-through equity financing of $8.0 million in March
2021. Proceeds of the financing will be used for eligible Canadian
exploration activities in 2021 and 2022 &#x2013; including the
Company&#x2019;s planned follow up on the discovery of high-grade
uranium mineralization at the K-West target area, located
approximately 4 km west of Phoenix on the Wheeler River
property.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 12px">
<font style="font-size: 11px">&#x25A0;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Arial; font-size: 11px">Funded a
project financing initiative involving the strategic acquisition of
physical uranium</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">In March 2021,
Denison successfully completed a public offering for gross proceeds
of $107,949,000. The majority of the net proceeds of the offering
are anticipated to fund the strategic purchase of uranium
concentrates (&#x2018;U<font style="font-size: 70%; vertical-align: bottom">3</font>O<font style="font-size: 70%; vertical-align: bottom">8</font>&#x2019;) to be
held by Denison as a long-term investment, which is intended to
support the potential future financing of the advancement and/or
construction of Wheeler River. At March 31, 2021, the Company has
committed to purchase 2.5 million pounds of U<font style="font-size: 70%; vertical-align: bottom">3</font>O<font style="font-size: 70%; vertical-align: bottom">8</font> at a weighted
average price of US$29.61 per pound U<font style="font-size: 70%; vertical-align: bottom">3</font>O<font style="font-size: 70%; vertical-align: bottom">8</font>.</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px;">&#xA0;</font></div>
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<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
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</div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px;">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 12px">
<font style="font-weight: bold; font-size: 11px">&#x25A0;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Arial; font-size: 11px">Executed
agreements with the English River First Nation</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">In April 2021,
Denison announced that it has entered into a Participation and
Funding Agreement and Letter of Intent with the ERFN in connection
with the advancement of the proposed ISR operation at Wheeler
River. The Company also entered into an Exploration Agreement in
respect of Denison&#x2019;s exploration and evaluation activities
within the ERFN traditional territories. These agreements reflect
Denison&#x2019;s desire to operate its business in a progressive and
sustainable manner that respects ERFN rights and advances
reconciliation with Indigenous peoples. The agreements provide ERFN
with economic opportunities and other benefits, and establish a
foundation for future collaboration in an authentic, cooperative,
and respectful way.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 12px">
<font style="font-size: 11px">&#x25A0;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Arial; font-size: 11px">Commenced
the 2021 ISR field program at Wheeler River</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">During the first
quarter of 2021, the Company initiated the 2021 ISR Field Program,
including the installation of a five-spot commercial scale well
(&#x2018;CSW&#x2019;) ISR test pattern at Wheeler River. Mobilization
of drilling equipment necessary to complete the large diameter
drill holes was completed in early April, and all five CSWs have
been successfully drilled to target depths, cased, and cemented
into position. The installation of the Test Pattern is the first
step in the 2021 field program, which is designed to support the
further de-risking of the application of ISR mining at
Phoenix.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 12px">
<font style="font-weight: bold; font-size: 11px">&#x25A0;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Arial; font-size: 11px">Discovery
of new high-grade uranium mineralization at McClean Lake
South</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">New high-grade
unconformity-hosted uranium mineralization was discovered during
the winter 2021 exploration program completed at the
Company&#x2019;s 22.5% owned McClean Lake Joint Venture. Three of
the final four drill holes completed by Orano Canada Inc., 77.5%
owner and operator of the MLJV, returned uranium mineralization at
the McClean South target area, with the results highlighted by
drill hole MCS-34, which returned 5.04% eU<font style="font-size: 70%; vertical-align: bottom">3</font>O<font style="font-size: 70%; vertical-align: bottom">8</font> over 14.0 metres
(including 14.86% eU<font style="font-size: 70%; vertical-align: bottom">3</font>O<font style="font-size: 70%; vertical-align: bottom">8</font> over 3.9
metres).</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Arial; font-size: 13px">
About Wheeler River</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px"><font style="color: #000000">Wheeler River is the largest undeveloped uranium
project in the infrastructure rich eastern portion of the Athabasca
Basin region, in northern Saskatchewan and is a joint venture
between Denison (90% and operator) and JCU (Canada) Exploration
Company Limited (10%). The project is host to the high-grade
Phoenix and Gryphon uranium deposits, discovered by Denison in 2008
and 2014, respectively, estimated to have combined Indicated
Mineral Resources of 132.1 million pounds U</font><font style="font-size: 70%; vertical-align: bottom; color: #000000">3</font><font style="color: #000000">O</font><font style="font-size: 70%; vertical-align: bottom; color: #000000">8</font>
<font style="color: #000000">(1,809,000 tonnes at an average grade
of 3.3% U</font><font style="font-size: 70%; vertical-align: bottom; color: #000000">3</font><font style="color: #000000">O</font><font style="font-size: 70%; vertical-align: bottom; color: #000000">8</font><font style="color: #000000">),
plus combined Inferred Mineral Resources of 3.0 million pounds
U</font><font style="font-size: 70%; vertical-align: bottom; color: #000000">3</font><font style="color: #000000">O</font><font style="font-size: 70%; vertical-align: bottom; color: #000000">8</font>
<font style="color: #000000">(82,000 tonnes at an average grade of
1.7% U</font><font style="font-size: 70%; vertical-align: bottom; color: #000000">3</font><font style="color: #000000">O</font><font style="font-size: 70%; vertical-align: bottom; color: #000000">8</font><font style="color: #000000">).</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px"><font style="color: #000000">The PFS was completed in late 2018, considering
the potential economic merit of developing the Phoenix deposit as
an ISR operation and the Gryphon deposit as a conventional
underground mining operation. Taken together, the project is
estimated to have mine production of 109.4 million pounds
U</font><font style="font-size: 70%; vertical-align: bottom; color: #000000">3</font><font style="color: #000000">O</font><font style="font-size: 70%; vertical-align: bottom; color: #000000">8</font>
<font style="color: #000000">over a 14-year mine life, with a base
case pre-tax net present value (&#x2018;NPV&#x2019;) of $1.31 billion
(8% discount rate), Internal Rate of Return (&#x2018;IRR&#x2019;) of
38.7%, and initial pre-production capital expenditures of $322.5
million. The Phoenix ISR operation is estimated to have a
stand-alone base case pre-tax NPV of $930.4 million (8% discount
rate), IRR of 43.3%, initial pre-production capital expenditures of
$322.5 million, and industry leading average operating costs of
US$3.33/lb U</font><font style="font-size: 70%; vertical-align: bottom; color: #000000">3</font><font style="color: #000000">O</font><font style="font-size: 70%; vertical-align: bottom; color: #000000">8</font><font style="color: #000000">.
The PFS was prepared on a project (100% ownership) and pre-tax
basis, as each of the partners to the Wheeler River Joint Venture
are subject to different tax and other
obligations.&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px"><font style="color: #000000">Further details regarding the PFS, including
additional scientific and technical information, as well as
after-tax results attributable to Denison's ownership interest, are
described in greater detail in the NI 43-101 Technical Report
titled &#x201C;Pre-feasibility Study for the Wheeler River Uranium
Project, Saskatchewan, Canada&#x201D; dated October 30, 2018 with an
effective date of September 24, 2018. A copy of this report is
available on Denison's website and under its profile on SEDAR
at</font> <font style="color: #000000">www.sedar.com</font>
<font style="color: #000000">and on EDGAR at</font> <font style="color: #000000">www.sec.gov/edgar.shtml</font><font style="color: #000000">.</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Given the social,
financial and market disruptions related to COVID-19, and certain
fiscally prudent measures, Denison temporarily suspended certain
activities at Wheeler River starting in April 2020, including the
formal parts of the EA program, which is on the critical path to
achieving the project development schedule outlined in the PFS
Technical Report. While the formal EA process has resumed in early
2021, the Company is not currently able to estimate the impact to
the project development schedule, outlined in the PFS Technical
Report, and users are cautioned that certain of the estimates
provided therein, particularly regarding the start of
pre-production activities in 2021 and first production in 2024
should not be relied upon.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<div id="ftr">
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Arial; font-size: 13px">
About Denison</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Denison Mines
Corp. was formed under the laws of Ontario and is a reporting
issuer in all Canadian provinces. Denison&#x2019;s common shares are
listed on the Toronto Stock Exchange (the &#x2018;TSX&#x2019;) under
the symbol &#x2018;DML&#x2019; and on the NYSE American exchange
under the symbol &#x2018;DNN&#x2019;.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Denison is a
uranium exploration and development company with interests focused
in the Athabasca Basin region of northern Saskatchewan, Canada. In
addition to the Company&#x2019;s flagship project, Wheeler River,
Denison's interests in Saskatchewan include a 22.5% ownership
interest in the MLJV, which includes several uranium deposits and
the McClean Lake uranium mill, which is currently processing ore
from the Cigar Lake mine under a toll milling agreement, plus a
25.17% interest in the Midwest Main and Midwest A deposits and a
66.90% interest in the Tthe Heldeth T&#xFA;&#xE9;
(&#x2018;THT&#x2019;, formerly J Zone) and Huskie deposits on the
Waterbury Lake property. The Midwest, THT and Huskie deposits are
located within 20 kilometres of the McClean Lake mill. In addition,
Denison has an extensive portfolio of exploration projects in the
Athabasca Basin region.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Denison is
engaged in mine decommissioning and environmental services through
its Closed Mines group (formerly Denison Environmental Services),
which manages Denison&#x2019;s Elliot Lake reclamation projects and
provides post-closure mine and maintenance services to a variety of
industry and government clients.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Denison is also
the manager of Uranium Participation Corporation
(&#x2018;UPC&#x2019;), a publicly traded company listed on the TSX
under the symbol &#x2018;U&#x2019;, which invests in uranium oxide in
concentrates (&#x2018;U<font style="font-size: 70%; vertical-align: bottom">3</font>O<font style="font-size: 70%; vertical-align: bottom">8</font>&#x2019;) and
uranium hexafluoride (&#x2018;UF<font style="font-size: 70%; vertical-align: bottom">6</font>&#x2019;).</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Arial; font-size: 13px">
Technical Disclosure and Qualified Person</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">The technical
information contained in this press release has been reviewed and
approved by David Bronkhorst, P.Eng, Denison's Vice President,
Operations and/or Andrew Yackulic, P. Geo, Denison's Director,
Exploration, each of whom is a Qualified Person in accordance with
the requirements of NI 43-101.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Arial; font-size: 13px">
For more information, please contact</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px;">&#xA0;</font></div>
<div style="text-align: left">
<table cellpadding="0" cellspacing="0" style="text-align: left; margin: 0 auto;width: 100%;; font-family: inherit; font-size: inherit">
<tr>
<td style="width: 50%">
<div><font>&#xA0;</font><font style="font-family: Arial; font-size: 11px">David Cates</font></div>
</td>
<td style="width: 50%">
<div style="text-align: right"><font>&#xA0;</font><font style="font-family: Arial; font-size: 11px">(416) 979-1991 ext
362</font></div>
</td>
</tr><tr>
<td style="width: 50%">
<div><font>&#xA0;</font><font style="font-family: Arial; font-size: 11px">President and Chief Executive
Officer</font></div>
</td>
<td style="width: 50%">
<div style="text-align: right"><font>&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 50%">
<div><font>&#xA0;</font></div>
</td>
<td style="width: 50%">
<div style="text-align: right"><font>&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 50%">
<div><font>&#xA0;</font><font style="font-family: Arial; font-size: 11px">Sophia Shane</font></div>
</td>
<td style="width: 50%">
<div style="text-align: right"><font>&#xA0;</font><font style="font-family: Arial; font-size: 11px">(604) 689-7842</font></div>
</td>
</tr><tr>
<td style="width: 50%">
<div><font>&#xA0;</font><font style="font-family: Arial; font-size: 11px">Investor
Relations</font></div>
</td>
<td style="width: 50%">
<div style="text-align: right"><font>&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 50%">
<div><font>&#xA0;</font></div>
</td>
<td style="width: 50%">
<div style="text-align: right"><font>&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 50%">
<div><font>&#xA0;</font><font style="font-family: Arial; font-size: 11px">Follow Denison on
Twitter</font></div>
</td>
<td style="width: 50%">
<div style="text-align: right"><font>&#xA0;</font><font style="font-family: Arial; font-size: 11px">@DenisonMinesCo</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Arial; font-size: 16px">
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
STATEMENTS</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Certain
information contained in this press release constitutes
&#x2018;forward-looking information&#x2019;, within the meaning of
the applicable United States and Canadian legislation concerning
the business, operations and financial performance and condition of
Denison.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Generally, these
forward-looking statements can be identified by the use of
forward-looking terminology such as &#x2018;plans&#x2019;,
&#x2018;expects&#x2019;, &#x2018;budget&#x2019;,
&#x2018;scheduled&#x2019;, &#x2018;estimates&#x2019;,
&#x2018;forecasts&#x2019;, &#x2018;intends&#x2019;,
&#x2018;anticipates&#x2019;, or &#x2018;believes&#x2019;, or the
negatives and/or variations of such words and phrases, or state
that certain actions, events or results &#x2018;may&#x2019;,
&#x2018;could&#x2019;, &#x2018;would&#x2019;, &#x2018;might&#x2019; or
&#x2018;will be taken&#x2019;, &#x2018;occur&#x2019;, &#x2018;be
achieved&#x2019; or &#x2018;has the potential to&#x2019;.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">In particular,
this press release contains forward-looking information pertaining
to the following: projections with respect to use of proceeds of
recent financings; exploration, development and expansion plans and
objectives, including the plans and objectives for Wheeler River
and the related EA and FS processes and 2021 Field Program, and
exploration objectives, including plans for follow-up work at the
K-West target area; the impact of COVID-19 on Denison&#x2019;s
operations; the current objectives with respect to the strategic
acquisition of uranium; the estimates of Denison's mineral reserves
and mineral resources or results of exploration, such as the
uranium mineralization reported from the McClean Lake South
exploration drilling program; expectations regarding
Denison&#x2019;s joint venture ownership interests; expectations
regarding the continuity of its agreements with third parties,
including the agreements with the ERFN and Denison&#x2019;s
intentions and objectives with respect thereto; and its
interpretations of, and expectations for, nuclear energy.
Statements relating to &#x2018;mineral reserves&#x2019; or
&#x2018;mineral resources&#x2019; are deemed to be forward-looking
information, as they involve the implied assessment, based on
certain estimates and assumptions that the mineral reserves and
mineral resources described can be profitably produced in the
future.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Forward looking
statements are based on the opinions and estimates of management as
of the date such statements are made, and they are subject to known
and unknown risks, uncertainties and other factors that may cause
the actual results, level of activity, performance or achievements
of Denison to be materially different from those expressed or
implied by such forward-looking statements. For example, the
results and underlying assumptions and interpretations of the PFS
as well as de-risking efforts such as the 2021 Field Program
discussed herein may not be maintained after further testing or be
representative of actual conditions within the applicable
deposits.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px;">&#xA0;</font></div>
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<div id="ftr">
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</div>
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<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">In addition,
Denison may decide or otherwise be required to extend the EA and/or
otherwise discontinue testing, evaluation and development work,
including a FS at Wheeler River, if it is unable to maintain or
otherwise secure the necessary approvals or resources (such as
testing facilities, capital funding, etc.). Denison believes that
the expectations reflected in this forward-looking information are
reasonable, but no assurance can be given that these expectations
will prove to be accurate and results may differ materially from
those anticipated in this forward-looking information. For a
discussion in respect of risks and other factors that could
influence forward-looking events, please refer to the factors
discussed in Denison&#x2019;s Annual Information Form dated March
26, 2021 under the heading &#x2018;Risk Factors&#x2019;. These
factors are not, and should not be, construed as being
exhaustive.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px">Accordingly,
readers should not place undue reliance on forward-looking
statements. The forward-looking information contained in this press
release is expressly qualified by this cautionary statement. Any
forward-looking information and the assumptions made with respect
thereto speaks only as of the date of this press release. Denison
does not undertake any obligation to publicly update or revise any
forward-looking information after the date of this press release to
conform such information to actual results or to changes in
Denison's expectations except as otherwise required by applicable
legislation.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 11px"><font style="font-weight: bold">Cautionary Note to United States Investors
Concerning Estimates of Mineral Resources and Mineral
Reserves:</font> This press release may use terms such as
&#x201C;measured&#x201D;, &#x201C;indicated&#x201D; and/or
&#x201C;inferred&#x201D; mineral resources and &#x201C;proven&#x201D;
or &#x201C;probable&#x201D; mineral reserves, which are terms defined
with reference to the guidelines set out in the Canadian Institute
of Mining, Metallurgy and Petroleum (&#x201C;CIM&#x201D;) CIM
Definition Standards on Mineral Resources and Mineral Reserves
(&#x201C;CIM Standards&#x201D;). The Company&#x2019;s descriptions of
its projects using CIM Standards 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. .
<font style="font-weight: bold">United States investors are
cautioned not to assume that all or any part of measured or
indicated mineral resources will ever be converted into mineral
reserves. United States investors are also cautioned not to assume
that all or any part of an inferred mineral resource exists, or is
economically or legally mineable.</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
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