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INTEREST IN OTHER ENTITIES | 12 Months Ended
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Dec. 31, 2021
INTEREST IN OTHER ENTITIES |
INTEREST IN OTHER ENTITIES |
26. | INTEREST IN OTHER ENTITIES
| The significant subsidiaries, associates and joint arrangements of the Company at December 31, 2021 are listed below. The table also includes information related to key contractual arrangements associated with the Company’s mineral property interests that comprise 90.5% of the December 31, 2021 carrying value of its Mineral Property assets (see note 10).
|  |  |  |  | December |  |  | December |  |  | Fiscal |  |  |  |
|  | Place |  |  | 31,2021 |  |  | 31,2020 |  |  | 2021 |  |  |  |
|  | Of |  |  | Ownership |  |  | Ownership |  |  | Participating |  |  | Accounting |
|  | Business |  |  | Interest (1) |  |  | Interest (1) |  |  | Interest (2) |  |  | Method |
Subsidiaries |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Denison Mines Inc. |  | Canada |  |  |  | 100.00 | % |  |  | 100.00 | % |  |  | N/A |  |  | Consolidation |
Denison AB Holdings Corp. |  | Canada |  |  |  | 100.00 | % |  |  | 100.00 | % |  |  | N/A |  |  | Consolidation |
Denison Waterbury Corp |  | Canada |  |  |  | 100.00 | % |  |  | 100.00 | % |  |  | N/A |  |  | Consolidation |
9373721 Canada Inc. |  | Canada |  |  |  | 100.00 | % |  |  | 100.00 | % |  |  | N/A |  |  | Consolidation |
Denison Mines (Bermuda) I Ltd |  | Bermuda |  |  |  | 100.00 | % |  |  | 100.00 | % |  |  | N/A |  |  | Consolidation |
Joint Operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Waterbury Lake Uranium Corp(3) |  | Canada |  |  |  | 60.00 | % |  |  | 60.00 | % |  |  | 100 | % |  | Voting Share(4) |
Waterbury Lake Uranium LP(3) |  | Canada |  |  |  | 66.90 | % |  |  | 66.90 | % |  |  | 100 | % |  | Voting Share(4) |
Joint Venture |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
JCU |  | Canada |  |  |  | 50.00 | % |  |  | nil | % |  |  | 50.00 | % |  | Equity(4) |
Key Contractual Arrangements |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Wheeler River Joint Venture |  | Canada |  |  |  | 90.00 | % |  |  | 90.00 | % |  | 90.00%(6) |  |  | Denison Share(6) |
Midwest Joint Venture |  | Canada |  |  |  | 25.17 | % |  |  | 25.17 | % |  |  | 25.17 | % |  | Denison Share(6) |
Mann Lake Joint Venture |  | Canada |  |  |  | 30.00 | % |  |  | 30.00 | % |  | N/A (7) |  |  | Denison Share(6) |
Wolly Joint Venture |  | Canada |  |  |  | 21.32 | % |  |  | 21.89 | % |  | nil% |  |  | Denison Share(6) |
McClean Lake Joint Venture |  | Canada |  |  |  | 22.50 | % |  |  | 22.50 | % |  |  | 22.50 | % |  | Denison Share(6) |
| (1) | Ownership Interest represents Denison’s percentage equity / voting interest in the entity or contractual arrangement;
| (2) | Participating interest represents Denison’s percentage funding contribution to the particular joint operation or contractual arrangement. This percentage can differ from ownership interest in instances where other parties to the arrangement have carried interests, they are earning-in to the arrangement, or they are diluting their interest in the arrangement (provided the arrangement has dilution provisions therein);
| (3) | WLUC and WLULP were acquired by Denison as part of the Fission Energy Corp. Acquisition in April 2013. 2013. Denison uses its equity interest to account for its share of assets, liabilities, revenues and expenses for these joint operations. In 2021, Denison funded 100% of the activities in these joint operations pursuant to the terms of an agreement that allows it to approve spending for the WLULP without having the required 75% of the voting interest (see note 23).
| (4) | Denison Share is where Denison accounts for its share of assets, liabilities, revenues and expenses in accordance with the specific terms within the contractual arrangement. This can be by using either its ownership interest (i.e. Voting Share) or its participating interest (i.e. Funding Share), depending on the arrangement terms. The Voting Share and Funding Share approaches produce the same accounting result when the Company’s ownership interest and participating interests are equal;
| (5) | Denison acquired its 50% interest in JCU on August 3, 2021 (see note 8).
| (6) | Denison indirectly owns an additional 5% ownership interest through its joint venture in JCU, which is accounted for using the equity method and is thus not reflected here as part of its participating share in the WRJV.
| (7) | The participating interest for 2021 for these arrangements is shown as Not Applicable as there were no approved spending programs carried out during fiscal 2021.

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