<SEC-DOCUMENT>0001063259-26-000019.txt : 20260330
<SEC-HEADER>0001063259-26-000019.hdr.sgml : 20260330
<ACCEPTANCE-DATETIME>20260330174250
ACCESSION NUMBER:		0001063259-26-000019
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20260330
FILED AS OF DATE:		20260330
DATE AS OF CHANGE:		20260330

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DENISON MINES CORP.
		CENTRAL INDEX KEY:			0001063259
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS METAL ORES [1090]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				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:		26813863

	BUSINESS ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		40 UNIVERSITY AVE., SUITE 1100
		CITY:			TORONTO
		PROVINCE COUNTRY:   	A6
		ZIP:			M5J 1T1
		BUSINESS PHONE:		(416) 979-1991

	MAIL ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		40 UNIVERSITY AVE., SUITE 1100
		CITY:			TORONTO
		PROVINCE COUNTRY:   	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 MARCH 30, 2026
<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: March 30, 2026</font></div>
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<div style="text-align: center; text-indent: 0px; padding-top: 16px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Commission File Number:</font> <font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">001-33414</font></div>
<div style="text-align: center; text-indent: 0px; padding-top: 16px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<div style="text-align: center; text-indent: 0px; padding-bottom: 2.7px; margin-right: 0px; margin-left: 0px; line-height: 1;"><font style="font-family: Times New Roman; font-size: 13px;"><font style="font-family: Times New Roman; font-size: 32px; font-weight: bold;">Denison Mines Corp.</font>&#xA0;<br></font></div>
<div style="text-align: left; width: 100%; text-indent: 0px; margin-right: 0px; margin-left: 0px; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><!--Rule Below Paragraph--></div>
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registrant)</font></font></div>
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<div style="text-align: left; width: 100%; text-indent: 0px; margin-right: 0px; margin-left: 0px; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><!--Rule Below Paragraph--></div>
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<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px; line-height: 1; padding-top: 8px;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">1100-40 University Avenue</font> <font style="font-family: Times New Roman; font-size: 13px;"><br>
</font></div>
<div style="text-align: center; text-indent: 0px; padding-top: 8px; margin-right: 0px; margin-left: 0px; line-height: 1;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">Toronto Ontario</font></div>
<div style="text-align: center; text-indent: 0px; padding-top: 8px; margin-right: 0px; margin-left: 0px; line-height: 1;"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">&#xA0;M5J 1T1 Canada</font> <font style="font-family: Times New Roman; font-size: 13px;"><br>
</font></div>
<div style="text-align: center; text-indent: 0px; padding-bottom: 2.7px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;<font style="font-style: italic">(Address of
principal executive offices)</font></font></div>
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<div style="text-align: left; text-indent: 0px; padding-top: 16px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;Indicate by check mark whether the registrant files
or will file annual reports under cover Form 20-F or Form
40-F.</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; text-indent: 0px; padding-top: 16px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Form
20-F&#xA0;&#xA0;&#x2610;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Form&#xA0;&#xA0;&#xA0;&#xA0;40-F&#xA0;&#xA0;&#xA0;&#x2612;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; text-indent: 0px; padding-top: 16px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Indicate by check mark if the registrant is submitting the
Form 6-K in paper as permitted by Regulation S-T Rule
101(b)(1):&#xA0;&#xA0;&#x2610;</font></div>
<div style="text-align: left; text-indent: 0px; padding-top: 16px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Indicate by check mark if the registrant is submitting the
Form 6-K in paper as permitted by Regulation S-T Rule
101(b)(7):&#xA0;&#xA0;&#x2610;</font></div>
<div style="text-align: justify; text-indent: 0px; margin-right: 0px; margin-left: 0px;"></div>
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<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>
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<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>
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<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>
</td>
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<td style="width: 47%; vertical-align: top;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<td style="width: 4%; vertical-align: top;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<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> March
30, 2026</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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<div><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; 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>
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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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<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<td style="width: 0%; vertical-align: bottom;">
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td colspan="3" style="width: 48%; vertical-align: top;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">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>
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<div id="hdr">
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<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;"><font 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: left">
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<div style="text-align: center; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Exhibit&#xA0;Number</font></div>
</td>
<td style="width: 5%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;&#xA0;</font></div>
</td>
<td style="width: 85%; vertical-align: bottom;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">Description</font></div>
</td>
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<div style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px;"><br></font></div>
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<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<div style="text-align: center">99.1</div>
</td>
<td>
<div><font>&#xA0;</font></div>
</td>
<td><a href="fourteenthamendingagreeme.htm"><font style="text-decoration: underline;">Material Agreement - Fourteenth
Amending Agreement to Credit Agreement<br></font></a></td>
</tr><tr>
<td><br></td>
<td>
<div><font>&#xA0;</font></div>
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<td><br></td>
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<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<div><font>&#xA0;</font></div>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>fourteenthamendingagreeme.htm
<DESCRIPTION>MATERIAL AGREEMENT - FOURTEENTH AMENDMENT TO THE CREDIT AGREEMENT
<TEXT>
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<font style="font-weight: bold; font-size: 13px; font-family: Arial;">FOURTEENTH
AMENDING AGREEMENT TO</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 108px; text-indent: 60px">
<font style="font-weight: bold; font-size: 13px; font-family: Arial;">FOURTH
AMENDED AND RESTATED CREDIT AGREEMENT</font></div>
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<font style="font-family: Arial; font-size: 13px;">&#xA0;</font></div>
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<font style="font-family: Arial; font-size: 13px;">&#xA0;</font></div>
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<font style="font-size: 13px; font-family: Arial;"><font style="font-weight: bold">THIS AGREEMENT</font> dated as of the
30<font style="font-size: 11px">th</font> day of January,
2026.</font></div>
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<font style="font-size: 13px; font-family: Arial;">&#xA0;</font></div>
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<font style="font-size: 13px; font-family: Arial;">&#xA0;
&#xA0;</font> <font style="font-size: 13px; font-family: Arial;">BETWEEN:</font></div>
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<font style="font-family: Arial; font-size: 13px;">&#xA0;</font></div>
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<font style="font-size: 13px; font-family: Arial;"><font style="font-weight: bold">THE BANK OF NOVA SCOTIA</font>, a Canadian
chartered bank</font></div>
<div style="text-align: justify; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px; font-family: Arial;">&#xA0;
&#xA0;(herein, in its capacity as administrative agent for the
Lenders, called the &#x201C;<font style="font-weight: bold">Administrative
Agent</font>&#x201D;)</font></div>
<div style="text-align: justify; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px; font-family: Arial;">&#xA0;</font></div>
<div style="margin-left: 60px; display: table;">
<div style="display: table-row">
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<br></div>
<div style="text-align: justify; display: table-cell"><font style="font-size: 13px; font-family: Arial;">and -</font></div>
</div>
</div>
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<font style="font-size: 13px; font-family: Arial;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 133px; text-indent: 0px;">
<font style="font-size: 13px; font-family: Arial;"><font style="font-weight: bold">DENISON MINES INC.</font>, a corporation
amalgamated under the laws of the Province of Ontario</font></div>
<div style="text-align: justify; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px; font-family: Arial;">&#xA0;
&#xA0;(herein in its capacity as the borrower, &#x201C;<font style="font-weight: bold">DMI</font>&#x201D;)</font></div>
<div style="text-align: justify; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px; font-family: Arial;">&#xA0;</font></div>
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<br></div>
<div style="text-align: justify; display: table-cell"><font style="font-size: 13px; font-family: Arial;">and -</font></div>
</div>
</div>
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<font style="font-size: 13px; font-family: Arial;">&#xA0;</font></div>
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<font style="font-size: 13px; font-family: Arial;"><font style="font-weight: bold">DENISON MINES CORP.</font>, a corporation
amalgamated under the laws of the Province of Ontario</font></div>
<div style="text-align: justify; margin-left: 48px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px; font-family: Arial;">&#xA0;
&#xA0;(herein in its capacity as the guarantor, &#x201C;<font style="font-weight: bold">DMC</font>&#x201D; and, together with DMI, the
&#x201C;<font style="font-weight: bold">Obligors</font>&#x201D;)</font></div>
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<font style="font-size: 13px; font-family: Arial;">&#xA0;</font><font style="font-family: Arial;">&#xA0;</font></div>
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<br></div>
<div style="text-align: justify; display: table-cell"><font style="font-size: 13px; font-family: Arial;">and -</font></div>
</div>
</div>
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<font style="font-size: 13px; font-family: Arial;">&#xA0;</font></div>
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<font style="font-weight: bold; font-size: 13px; font-family: Arial;">THE
SEVERAL LENDERS FROM TIME TO TIME PARTY&#xA0;</font><font style="font-size: 13px; font-family: Arial;"><font style="font-weight: bold">THERETO</font></font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px; font-family: Arial;">(herein and
therein in their capacities as lenders to the Borrower,
collectively called the &#x201C;<font style="font-weight: bold">Lenders</font>&#x201D; and individually called a
&#x201C;<font style="font-weight: bold">Lender</font>&#x201D;)</font></div>
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<font style="font-size: 13px; font-family: Arial;">&#xA0;</font></div>
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<font style="font-size: 13px; font-family: Arial;"><font style="font-weight: bold">WHEREAS</font> the Obligors, the Lenders and
the Administrative Agent entered into&#xA0;a fourth amended and
restated credit agreement dated as of January 30, 2015, (as amended
by amending agreements dated January 27, 2016, January 31, 2017,
January 19, 2018, April 9, 2018,&#xA0;January 29, 2019, January 29,
2020, January 14, 2021, January 21, 2022, April 12, 2022,
December&#xA0;22, 2022, December 21, 2023, December 18, 2024 and
August 11, 2025, the &#x201C;<font style="font-weight: bold">Credit
Agreement</font>&#x201D;);</font></div>
</div>
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<font style="font-size: 13px; font-family: Arial;">&#xA0;</font></div>
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&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-size: 13px; font-family: Arial;"><font style="font-weight: bold">AND WHEREAS</font> the parties hereto wish to,
<font style="font-style: italic">inter alia</font>, amend certain
provisions of the Credit Agreement;</font></div>
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<font style="font-weight: bold; font-family: Arial; font-size: 11px">Fourteenth
Amending Agreement</font></div>
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<font style="font-family: Arial; font-size: 13px">- <font style="font-family: Times New Roman; font-size: 13px">2</font>
-</font></div>
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<font style="font-family: Arial; font-size: 13px"><font style="font-weight: bold">NOW THEREFORE THIS AGREEMENT WITNESSES</font>
that, in consideration of the mutual covenants and agreements
contained herein, the parties covenant and agree as<a name="ARTICLE_1__DEFINED_TERMS">
<!--anchor--></a> follows:</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: 232px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 13px">ARTICLE
1</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 232px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 13px">DEFINED
TERMS</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 13px">1.1&#xA0;Capitalized
Terms.</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: 24px; margin-right: 48px; text-indent: 96px">
<font style="font-family: Arial; font-size: 13px">All capitalized
terms which are used herein without being specifically defined
herein shall have the meanings ascribed thereto in the Credit
Agreement.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<div style="text-align: center; margin-left: 0px; margin-right: 232px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 13px">ARTICLE&#xA0;</font><font style="font-weight: bold; font-size: 13px; font-family: Arial;">2</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 232px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 13px">AMENDMENTS
TO CREDIT AGREEMENT</font></div>
</div>
<div style="text-align: center; margin-left: 60px; margin-right: 162px; text-indent: 120px;">
<br></div>
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<div style="text-align: left; display: table-cell; width: 96px">
<font style="font-weight: bold; font-family: Arial; font-size: 13px">2.1</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Arial; font-size: 13px">General
Rule.</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: 47px; text-indent: 96px">
<font style="font-family: Arial; font-size: 13px">Subject to the
terms and conditions herein contained, the Credit Agreement is
hereby amended to the extent necessary to give effect to the
provisions of this agreement and to incorporate the provisions of
this agreement into the Credit Agreement.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
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<div style="text-align: left; display: table-cell; width: 96px">
<font style="font-weight: bold; font-family: Arial; font-size: 13px">2.2</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Arial; font-size: 13px">Amendments.</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: 72px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Arial; font-size: 13px">(a)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 13px">Section 1.1 of the Credit
Agreement is hereby amended by adding the following new definition
in alphabetical order:</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: 120px; margin-right: 47px; text-indent: 0px">
<font style="font-family: Arial; font-size: 13px">&#x201C;&#x201C;<font style="font-weight: bold">Adjusted Tangible Net Worth</font><font style="font-style: italic">&#x201D;</font> means, at any particular time,
the Tangible Net Worth at such time, adjusted to exclude the IFRS
accounting values for the Convertible Unsecured Note Indebtedness,
and to include the face value of the Convertible Unsecured Note
Indebtedness, translated to Canadian dollars at the period end
date. For the avoidance of doubt, any cash settlement, termination
payment or exercise of such Convertible Unsecured Note Indebtedness
shall be reflected in the Adjusted Tangible Net Worth when
realized.&#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="margin-left: 72px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Arial; font-size: 13px">(b)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 13px">Section 1.1 of the Credit
Agreement is hereby amended by deleting the definition of
&#x201C;Maturity Date&#x201D; and replacing it with the
following:</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: 120px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 13px">&#x201C;&#x201C;<font style="font-weight: bold">Maturity Date</font>&#x201D; means January 31,
2027.&#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="margin-left: 72px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Arial; font-size: 13px">(c)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 13px">Section 11.1(o) of the Credit
Agreement is hereby deleted in its entirety and<a name="_bookmark0"><!--anchor--></a> replaced with the
following:</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: 120px; margin-right: 47px; text-indent: 0px">
<font style="font-family: Arial; font-size: 13px">&#x201C;(o)
<font style="font-weight: bold">Adjusted Tangible Net Worth.</font>
The Parent shall, at all times, cause the consolidated Adjusted
Tangible Net Worth to be greater than or equal
to&#xA0;$131,000,000.&#x201D;</font></div>
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<font style="font-family: Arial; font-size: 13px;">&#xA0;</font></div>
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<font style="font-family: Arial; font-size: 13px;">&#xA0;</font></div>
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<font style="font-weight: bold; font-family: Arial; font-size: 11px">Fourteenth
Amending Agreement</font></div>
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<font style="font-family: Arial; font-size: 13px">- <font style="font-family: Times New Roman; font-size: 13px">3</font>
-</font><br></div>
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<font style="font-family: Arial; font-size: 13px">(d)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 13px">Schedule B to the Credit
Agreement is hereby deleted in its entirety and replaced with
&#x201C;Schedule B&#x201D; attached hereto.</font></div>
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<font style="font-weight: bold; font-family: Arial; font-size: 13px">ARTICLE&#xA0;</font>
<font style="font-weight: bold; font-size: 13px; font-family: Arial;">3</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 232px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 13px">CONDITIONS
PRECEDENT</font></div>
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 13px">3.1&#xA0;Conditions
Precedent.</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: 24px; margin-right: 47px; text-indent: 96px">
<font style="font-family: Arial; font-size: 13px">This agreement
shall not become effective until the Administrative Agent, for and
on behalf of the Lenders, has received from the Obligors (i) a
non-refundable extension fee in the amount of $25,000, (ii) an
officer certificate of a senior officer of each Obligor together
with a certified true copy of a resolution of the board of
directors of the Borrower authorizing its execution, delivery and
performance of the Credit Agreement, as amended by this agreement,
(iii) a legal opinion of counsel to the Obligors addressed to the
Administrative Agent and the Lenders relating to the status and
capacity of each Obligor and the due authorization, execution and
delivery of this agreement, the enforceability of the Credit
Agreement as amended by this agreement and such other matters as
the Administrative Agent may reasonably request, and (iv) except as
delivered under the Existing Credit Agreement, share certificates
representing all of the issued and outstanding shares of the
Borrower duly endorsed in blank for transfer or attached to duly
executed stock transfers and powers of attorney or as otherwise
required under Applicable Law.</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: 229px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 13px">ARTICLE
4</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 229px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 13px">MISCELLANEOUS</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-weight: bold; font-family: Arial; font-size: 13px">4.1</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Arial; font-size: 13px">No
Default.</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: 24px; margin-right: 48px; text-indent: 96px">
<font style="font-family: Arial; font-size: 13px">The Obligors
represent and warrant to and in favour of the Administrative Agent
and the Lenders that no Default has occurred and is continuing as
at the date this agreement becomes effective and no Default would
arise immediately thereafter.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<font style="font-weight: bold; font-family: Arial; font-size: 13px">4.2</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Arial; font-size: 13px">Future
References to the Credit Agreement.</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: 47px; text-indent: 96px">
<font style="font-family: Arial; font-size: 13px">On and after the
date of this agreement, each reference in the Credit Agreement to
&#x201C;this agreement&#x201D;, &#x201C;hereunder&#x201D;,
&#x201C;hereof&#x201D;, or words of like import referring to the
Credit Agreement, and each reference in any related document to the
&#x201C;Credit Agreement&#x201D;, &#x201C;thereunder&#x201D;,
&#x201C;thereof&#x201D;, or words of like import referring to the
Credit Agreement, shall mean and be a reference to the Credit
Agreement as amended hereby. The Credit Agreement, as amended
hereby, is and shall continue to be in full force and effect and is
hereby in all respects ratified and confirmed.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-weight: bold; font-family: Arial; font-size: 13px">4.3</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Arial; font-size: 13px">Governing
Law.</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: 13px">This agreement
shall be governed by and construed in accordance with the laws of
the Province of Ontario and the federal laws of Canada applicable
therein.</font></div>
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<font style="font-family: Arial; font-size: 13px;">&#xA0;</font></div>
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<font style="font-family: Arial; font-size: 13px;">&#xA0;</font></div>
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<font style="font-weight: bold; font-family: Arial; font-size: 11px">Fourteenth
Amending Agreement</font></div>
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<font style="font-family: Arial; font-size: 13px">- <font style="font-family: Times New Roman; font-size: 13px">4</font>
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<font style="font-weight: bold; font-family: Arial; font-size: 13px">4.4</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Arial; font-size: 13px">Enurement.</font></div>
</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: 13px">This agreement
shall enure to the benefit of and shall be binding upon the parties
hereto and their respective successors and permitted
assigns.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<font style="font-weight: bold; font-family: Arial; font-size: 13px">4.5</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Arial; font-size: 13px">Further
Assurances.</font></div>
</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: 13px">The Obligors
shall do, execute and deliver or shall cause to be done, executed
and delivered all such further acts, documents and things as the
Administrative Agent may reasonably request for the purpose of
giving effect to this agreement and to each and every provision
hereof.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<div style="text-align: left; display: table-cell; width: 96px">
<font style="font-weight: bold; font-family: Arial; font-size: 13px">4.6</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Arial; font-size: 13px">Counterparts.</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: 120px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 13px">This agreement
may be executed and delivered in one or more original, emailed
(in</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 47px; text-indent: 0px">
<font style="font-family: Arial; font-size: 13px">.pdf format),
faxed or by other electronic means, signed counterparts, and by
different parties in separate counterparts, each of which shall be
deemed to be an original and all of which taken together shall be
deemed to constitute one and the same instrument.</font></div>
<div style="text-align: justify; 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: 96px">
<font style="font-weight: bold; font-family: Arial; font-size: 13px">4.7</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Arial; font-size: 13px">Confirmation
of Security.</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: 47px; text-indent: 96px">
<font style="font-family: Arial; font-size: 13px">Each Obligor
confirms and agrees that the Liens and other obligations expressed
to be created under or pursuant to each Security Document to which
it is a party shall be binding upon such Obligor and its collateral
(as described in each such Security Document) shall be unaffected
by and shall continue in full force and effect notwithstanding the
amendment to the Credit Agreement as constituted hereby and the
execution and delivery and effectiveness of this agreement shall
not in any manner whatsoever reduce, release, discharge, impair or
otherwise prejudice or change the rights of the Finance Parties
arising under, by reason of or otherwise in respect of such Liens
and other obligations constituted by each such Security Document.
For the avoidance of doubt, each Obligor hereby confirms that each
Security Document to which it is a party secures its Secured
Obligations and that each such Security Document continues in full
force and effect.</font></div>
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<font style="font-weight: bold; font-family: Arial; font-size: 11px">Fourteenth
Amending Agreement</font></div>
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<font style="font-family: Arial; font-size: 13px"><font style="font-weight: bold">IN WITNESS WHEREOF</font>, the parties hereto
have executed and delivered this agreement on the date first above
written.</font></div>
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<font style="font-family: Arial; font-size: 13px">Denison Mines
Inc.</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 68px; text-indent: 0px">
<font style="font-family: Arial; font-size: 13px">1100 - 40
University Avenue Toronto, ON M5J 1T1</font></div>
</td>
<td style="vertical-align: top; width: 55%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 13px">DENISON
MINES INC.</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: 55%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 13px"><font style="font-family: Arial; font-size: 13px">By:</font>
(signed)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%">
<div style="text-align: left; margin-left: 24px; margin-right: 25px; text-indent: 0px">
<font style="font-family: Arial; font-size: 13px">Attention:&#xA0;Chief
Financial Officer</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 25px; text-indent: 0px">
<font style="font-family: Arial; font-size: 13px">Telefax:&#xA0;(416)
979-5893</font></div>
</td>
<td style="vertical-align: top; width: 55%">
<div style="text-align: left; margin-left: 60px; margin-right: 100px; text-indent: 0px">
<font style="font-family: Arial; font-size: 13px">Name: David Cates
Title: President &amp; CEO</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: 55%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 13px"><font style="font-family: Arial; font-size: 13px">By:</font>
(signed)</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: 55%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 13px">Name: Elizabeth
Sidle</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 13px">Title: Chief
Financial Officer</font></div>
</td>
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<td style="vertical-align: top; width: 45%">
<div style="text-align: justify; margin-left: 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: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 13px">Denison Mines
Corp.</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 68px; text-indent: 0px">
<font style="font-family: Arial; font-size: 13px">1100 - 40
University Avenue Toronto, ON M5J 1T1</font></div>
</td>
<td style="vertical-align: top; width: 55%">
<div style="text-align: justify; margin-left: 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: 36px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 13px">DENISON
MINES CORP.</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: 55%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 13px"><font style="font-family: Arial; font-size: 13px">By:</font>
(signed)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 45%">
<div style="text-align: left; margin-left: 24px; margin-right: 25px; text-indent: 0px">
<font style="font-family: Arial; font-size: 13px">Attention:&#xA0;Chief
Financial Officer</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 25px; text-indent: 0px">
<font style="font-family: Arial; font-size: 13px">Telefax:&#xA0;(416)
979-5893</font></div>
</td>
<td style="vertical-align: top; width: 55%">
<div style="text-align: left; margin-left: 60px; margin-right: 100px; text-indent: 0px">
<font style="font-family: Arial; font-size: 13px">Name: David Cates
Title: President &amp; CEO</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: 55%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 13px"><font style="font-family: Arial; font-size: 13px">By:</font>
(signed)</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: 55%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 13px">Name: Elizabeth
Sidle</font></div>
<div style="text-align: left; margin-left: 108px; margin-right: 24px; text-indent: -48px">
<font style="font-family: Arial; font-size: 13px">Title: Vice
President, Finance and Chief Financial Officer</font></div>
</td>
</tr></table>
</div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr style="background-color: #ffffff">
<td style="vertical-align: top; width: 100%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">Fourteenth
Amending Agreement</font></div>
</td>
</tr></table>
</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>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<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="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: 46%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 13px">The Bank of Nova
Scotia</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 20px; text-indent: 0px">
<font style="font-family: Arial; font-size: 13px"><font style="font-size: 13px">Corporate Banking &#x2013; Loan
Syndications</font></font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 20px; text-indent: 0px">
<font style="font-family: Arial; font-size: 13px"><font style="font-size: 13px">40 Temperance Street, 6</font><font style="font-size: 11px">th</font> <font style="font-size: 13px">Floor
Toronto, Ontario M5H 0B4</font></font></div>
</td>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 13px">THE BANK
OF NOVA SCOTIA, as</font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 13px">Administrative
Agent</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 46%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 13px">Attention:&#xA0;Managing
Director</font></div>
</td>
<td style="vertical-align: top; width: 54%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 13px"><font style="font-family: Arial">By:</font> (signed)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 46%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 13px">Telefax:&#xA0;(416)
866-3329</font></div>
</td>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 13px"><font style="font-family: Arial">Name:</font> Elizabeth Daponte</font></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 13px"><font style="font-family: Arial">Title:</font>&#xA0;Managing
Director</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 46%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 54%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 13px"><font style="font-family: Arial">By:</font> (signed)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 46%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 13px"><font style="font-family: Arial">Name:</font> Lavinia Ban</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 46%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 54%">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 13px"><font style="font-family: Arial">Title:</font>&#xA0;Associate
Director</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 13px">The Bank of Nova
Scotia</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 28px; text-indent: 0px">
<font style="font-family: Arial; font-size: 13px"><font style="font-size: 13px">Corporate Banking &#x2013; Global
Mining</font></font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 28px; text-indent: 0px">
<font style="font-family: Arial; font-size: 13px"><font style="font-size: 13px">40 Temperance Street, 6</font><font style="font-size: 11px">th</font> <font style="font-size: 13px">Floor</font></font></div>
</td>
<td style="vertical-align: top; width: 56%">
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 13px">THE BANK
OF NOVA SCOTIA, as Lender</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 13px">Toronto, Ontario
M5H 0B4</font></div>
</td>
<td style="vertical-align: top; width: 56%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 13px"><font style="font-family: Arial">By:</font>&#xA0;(signed)</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: 56%">
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 13px"><font style="font-family: Arial">Name:</font> Elizabeth Daponte</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 13px">Attention:
Managing Director</font></div>
</td>
<td style="vertical-align: top; width: 56%">
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 13px"><font style="font-family: Arial">Title:</font>&#xA0;Managing
Director</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 13px">Telefax: (416)
866-2009</font></div>
</td>
<td style="vertical-align: top; width: 56%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</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: 56%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 13px"><font style="font-family: Arial">By:</font>&#xA0;(signed)</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: 56%">
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 13px"><font style="font-family: Arial">Name:</font> Lavinia Ban</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: 56%">
<div style="text-align: left; margin-left: 72px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 13px"><font style="font-family: Arial">Title:</font>&#xA0;Associate
Director</font></div>
</td>
</tr></table>
</div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr style="background-color: #ffffff">
<td style="vertical-align: top; width: 100%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 11px">Fourteenth
Amending Agreement</font></div>
</td>
</tr></table>
</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>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div id="pn" style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr style="background-color: #ffffff">
<td style="vertical-align: top; width: 100%">
<div id="pn" style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<br></div>
</td>
</tr></table>
</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>
</div>
<div style="text-align: left; margin-left: 228px; margin-right: 196px; text-indent: 72px">
<font style="font-weight: bold; font-family: Arial; font-size: 13px">SCHEDULE B
COMPLIANCE CERTIFICATE</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 13px">TO:</font></div>
</td>
<td style="vertical-align: top; width: 81%">
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 13px">THE BANK OF NOVA
SCOTIA</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: 24px; margin-right: 47px; text-indent: 96px">
<font style="font-family: Arial; font-size: 13px">I,<font style="text-decoration: underline">&#xA0;</font>&#xA0;, the [senior
financial officer] of Denison Mines Corp, hereby certify
that:</font></div>
<div style="text-align: justify; 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: 48px">
<font style="font-family: Arial; font-size: 13px">1.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 13px">I am the duly appointed
[&lt;<font style="background-color: #00FFFF">@</font>&gt;] of
Denison Mines Corp., the parent named in the fourth amended and
restated credit agreement made as of January 30, 2015 (as amended
to the date hereof, the &#x201C;<font style="font-weight: bold">Credit Agreement</font>&#x201D;) between,
Denison Mines Inc., as borrower, the Lenders named therein and The
Bank of Nova Scotia, as administrative agent of the Lenders and as
such I am providing this Certificate for and on behalf of Denison
Mines Corp. and Denison Mines Inc. pursuant to the Credit
Agreement.</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: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Arial; font-size: 13px">2.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 13px">I am familiar with and have
examined the provisions of the Credit Agreement including, without
limitation, those of Article, 10, Article 11 and Article 13
therein.</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><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Arial; font-size: 13px">3.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 13px">To the best of my knowledge,
information and belief and after due inquiry, no Default has
occurred and is continuing.</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: 72px; margin-right: 47px; text-indent: 0px">
<font style="font-family: Arial; font-size: 13px">As at or for the
relevant period ending<font style="text-decoration: underline">&#xA0;</font>&#xA0;, the amount and
financial ratio as contained in Section <a href="#_bookmark0">11.1(o)</a> of the Credit Agreement is as follows and
detailed calculations thereof are attached hereto:</font></div>
<div style="text-align: 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%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div style="text-align: left; margin-left: 36px; margin-right: 9px; text-indent: 0px">
<font style="font-family: Arial; font-size: 13px">Actual
Amount</font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 13px">or
Ratio</font></div>
</td>
<td style="vertical-align: top; width: 39%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 13px">Required Amount
or Ratio</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 42%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 13px">(a)&#xA0;Adjusted
Tangible Net Worth</font></div>
</td>
<td style="vertical-align: top; width: 19%">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 39%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 13px">$131,000,000</font></div>
</td>
</tr></table>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Arial; font-size: 13px">4.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 13px"><a href="#_bookmark1"><font style="font-size: 11px">1</font></a>Attached
hereto is a revised updated Schedule E of the Credit
Agreement.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Arial; font-size: 13px">5.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Arial; font-size: 13px">Unless the context otherwise
requires, capitalized terms in the Credit Agreement which appear
herein without definitions shall have the meanings ascribed thereto
in the Credit Agreement.</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>
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<div style="text-align: left; margin-left: 120px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 13px">DATED
this<font style="text-decoration: underline">&#xA0;</font>&#xA0;day
of<font style="text-decoration: underline">&#xA0;</font>&#xA0;,
20<font style="text-decoration: underline">&#xA0;</font>&#xA0;.</font></div>
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<div>
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<tr>
<td style="vertical-align: top; width: 100%; border-top: 1pt 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: 13px">(Signature)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 100%; 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: 13px">(Name - please
print)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 100%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 13px">(Title of Senior
Financial Officer)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 13px;">&#xA0;</font></div>
</td>
</tr></table>
</div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 12px"><a name="_bookmark1"><!--anchor--></a><font style="font-size: 11px">1</font>&#xA0; Only required to extent necessary
pursuant to Section 10.1(n) of the Credit Agreement.</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 12px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 12px;">&#xA0;</font></div>
<br>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 13px;">
<tr>
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<br></td>
</tr><tr>
<td style="vertical-align: top; width: 100%; border-bottom: 2px solid #000000">
<br></td>
</tr><tr>
<td style="vertical-align: top; width: 100%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<br></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px;">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
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<tr style="background-color: #ffffff">
<td style="vertical-align: top; width: 100%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-size: 11px;">Fourteenth
Amending Agreement</font></div>
</td>
</tr></table>
</div>
</div>
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 13px;">
<tr style="background-color: #ffffff">
<td style="vertical-align: top; width: 100%">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<br></div>
</td>
</tr></table>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px;">&#xA0;</font></div>
</div>
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<!--page break--></div>
<div id="hdr">
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<div>
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<tr style="background-color: #ffffff">
<td style="vertical-align: top; width: 100%">
<div id="pn" style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px;">- <font style="font-size: 13px;">[Insert Pag</font></font><font style="font-family: Arial; font-size: 13px"><font style="font-family: Times New Roman; font-size: 13px">e Number]</font>
-</font></div>
</td>
</tr></table>
</div>
</div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 216px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Arial; font-size: 13px">CALCULATION
WORKSHEET</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; font-weight: bold; font-family: Arial; font-size: 13px">
Adjusted Tangible Net Worth</font></div>
<div style="text-align: justify; margin-left: 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: 72px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Arial; font-size: 13px">Actual:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
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<tr>
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<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 72%; border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; 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: 13px">Equity as of
financial statements dated [ ]</font></div>
</td>
<td style="vertical-align: top; width: 27%; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-top: 0.75pt solid #000000; 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: 13px">$&lt;<font style="background-color: #00FFFF">@</font>&gt;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 1%; border-left: 0.75pt 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: 72%; border-left: 0.75pt solid #000000; 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: 13px">Less:</font></div>
</td>
<td style="vertical-align: top; width: 27%; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 1%; border-left: 0.75pt 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: 72%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 13px">Goodwill and
other intangible assets</font></div>
</td>
<td style="vertical-align: top; width: 27%; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; 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: 13px">$&lt;<font style="background-color: #00FFFF">@</font>&gt;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 1%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 72%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 13px">Tangible Net
Worth</font></div>
</td>
<td style="vertical-align: top; width: 27%; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 13px">$&lt;<font style="background-color: #00FFFF">@</font>&gt;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 1%; border-left: 0.75pt 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: 72%; border-left: 0.75pt solid #000000; 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: 13px">Less:</font></div>
</td>
<td style="vertical-align: top; width: 27%; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 1%; border-left: 0.75pt 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: 72%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 40px; text-indent: 0px">
<font style="font-family: Arial; font-size: 13px">IFRS accounting
values for Convertible Unsecured Note Indebtedness</font></div>
</td>
<td style="vertical-align: top; width: 27%; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; 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: 13px"><font style="font-size: 13px">$&lt;</font><font style="font-size: 13px; background-color: #00FFFF">@</font><font style="font-size: 13px">&gt;</font><a href="#_bookmark2"><font style="font-size: 11px">2</font></a></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 1%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 72%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 13px">Plus:</font></div>
</td>
<td style="vertical-align: top; width: 27%; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 1%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Arial; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 72%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 13px">Face Value of
Convertible Unsecured Note Indebtedness</font></div>
</td>
<td style="vertical-align: top; width: 27%; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 13px"><font style="font-size: 13px">$&lt;</font><font style="font-size: 13px; background-color: #00FFFF">@</font><font style="font-size: 13px">&gt;</font><a href="#_bookmark3"><font style="font-size: 11px">3</font></a></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: 72px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Arial; font-size: 13px">Minimum
Required:</font></div>
<div style="text-align: 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: 1%; border-left: 0.75pt solid #000000; border-top: 0.75pt 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: 72%; border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; 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: 13px">Minimum
Level</font></div>
</td>
<td style="vertical-align: top; width: 27%; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-top: 0.75pt solid #000000; 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: 13px">$131,000,000</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: 72px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 13px"><font style="font-style: italic">Compliance</font>&#xA0;[Yes]/[No]</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; 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: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Arial; font-size: 12px"><a name="_bookmark2"><!--anchor--></a><font style="font-size: 11px">2</font> Amount to be converted to Canadian
dollars as of the date of calculation.</font></div>
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<font style="font-family: Arial; font-size: 12px"><a name="_bookmark3"><!--anchor--></a><font style="font-size: 11px">3</font> Amount to be converted to Canadian
dollars as of the date of calculation.</font></div>
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<font style="font-weight: bold; font-family: Arial; font-size: 11px">Fourteenth
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