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Uranium Company Decides to Advance Athabasca Project
Research Report

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A ROTH Capital Partners report considers this Canadian firm's news a positive development.

In a Dec. 19 research note, analyst Joe Reagor reported that Denison Mines Corp. (DML:TSX; DNN:NYSE.MKT) intends to advance Wheeler River, its Athabasca Basin uranium project, into the permitting phase, beginning with an environmental assessment.

"We view this as a positive step towards eventually developing the project," he added.

The forecasted budget for moving forward in 2019 is $10.3 million. Denison has committed to funding its part, about 90% of the total.

Reagor noted that a potential near-term, "significant positive" catalyst for the uranium explorer/developer is the receipt of successful results from in situ recovery testing for the Phoenix deposit, where it intends to do wellfield and pilot plan testing.

Permitting activities, including the economic assessment, will not likely move the stock in 2019óbut could in subsequent years, indicated Reagor.

ROTH's valuation on Denison remains the same, as do its Buy rating and $1.40 per share price target. The energy company's share price today is about $0.63.


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Disclosures from ROTH Capital Partners, Denison Mines Corp., Company Note, December 19, 2018

Regulation Analyst Certification ("Reg AC"): The research analyst primarily responsible for the content of this report certifies the following under Reg AC: I hereby certify that all views expressed in this report accurately reflect my personal views about the subject company or companies and its or their securities. I also certify that no part of my compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in this report.

ROTH makes a market in shares of Denison Mines Corp. and as such, buys and sells from customers on a principal basis.

Shares of Denison Mines Corp. may be subject to the Securities and Exchange Commission's Penny Stock Rules, which may set forth sales practice requirements for certain low-priced securities.

ROTH Capital Partners, LLC expects to receive or intends to seek compensation for investment banking or other business relationships with the covered companies mentioned in this report in the next three months.

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