Denison Strengthens Board Leadership with Energy Industry Veterans as Development Accelerates

Strategic Board Appointments Bring Nuclear Expertise Amid Wheeler River Project Progress

Denison Mines Corp. (TSX: DML, NYSE American: DNN) has announced significant board composition changes aimed at bolstering the company’s strategic guidance through a critical execution phase. The uranium developer, which holds a 95% interest in the Wheeler River Uranium Project—the largest undeveloped uranium asset in the eastern Athabasca Basin—has brought two seasoned professionals into leadership roles.

Kenneth Hartwick Joins Board with Clean Energy Leadership Track Record

Effective March 19, 2025, kenneth Hartwick, who stepped down from his position as President and Chief Executive Officer of Ontario Power Generation in 2024, has been appointed to Denison’s Board of Directors. The appointment represents a significant addition of energy sector credibility to Denison’s governance structure.

Hartwick brings four decades of professional experience across finance, investment, corporate leadership, and risk management, with 35 years specifically in the finance and energy sectors. During nearly nine years leading OPG—one of North America’s largest and most diversified electricity generators—he spearheaded the organization’s transition toward clean energy technologies. His tenure witnessed the development of OPG’s Ivy charging network for vehicle electrification, the establishment of the PowerON fleet electrification subsidiary, and notably, global leadership in Small Modular Reactor (SMR) deployment, including planned installation of four SMRs at the Darlington facility.

A Chartered Professional Accountant holding an Honours Bachelor of Business Administration from Trent University, Hartwick also initiated OPG’s first Climate Change Plan and Reconciliation Action Plan during his leadership.

New KHNP Representative Enhances Asian Nuclear Sector Coordination

Jinsu Baik, who joined the Board on March 13, 2025, replaces the previous nominee from Korea Hydro and Nuclear Power (KHNP). Currently serving as General Manager of the Nuclear Fuel Cycle Management Section at KHNP—South Korea’s national hydro and nuclear power utility—Baik brings specialized expertise developed across multiple divisions including Safety Engineering and Nuclear Fuel Supply.

With a degree in Nuclear Engineering from HanYang University, Baik strengthens the Board’s connection with Denison’s strategic partner. Denison and KHNP Canada Energy Ltd. maintain a Strategic Relationship Agreement, with KHNP Canada currently holding approximately 6.5% of Denison’s shares and retaining the right to nominate board representation.

Governance Transition and Project Execution Focus

The departing Director, Brian Edgar, stepped down after more than two decades of service including roles as Lead Director, Chair of the Corporate Governance & Nominating Committee, and Audit Committee member.

Jennifer Traub, Chair of the Board, noted that the new appointments position the company for enhanced oversight during “the critical process of Phoenix project execution and marketing of future uranium production.” Both new directors bring experience from globally recognized utilities leading in nuclear power generation.

Strategic Context: Accelerating Uranium Development

The board changes arrive amid notable progress on Denison’s flagship assets. The Phoenix feasibility study for the proposed In-Situ Recovery (ISR) operation was completed in mid-2023, with an updated Pre-Feasibility Study for the Wheeler River Gryphon deposit finished for conventional underground mining. Both studies indicate potential competitive positioning against the world’s lowest-cost uranium operations.

2024 marked significant permitting milestones, including federal licensing document submission and provincial/regulatory acceptance of the Environmental Impact Statement. Beyond Wheeler River, Denison maintains a 22.5% stake in the McClean Lake Joint Venture (utilizing mill capacity for Cigar Lake toll milling beginning 2025), plus interests in nearby Midwest and Waterbury Lake properties within 20 kilometers of processing infrastructure.

Through 50% ownership of JCU (Canada) Exploration Company, Limited, Denison holds joint venture interests in additional uranium projects including Millennium, Kiggavik, and Christie Lake across Canadian jurisdictions. The company marked its 70th anniversary in 2024, having maintained continuous uranium sector involvement since 1954 when it first acquired mining claims in Ontario’s Elliot Lake region.