DENISON MINES CORP.
Management’s Discussion and Analysis
Three Months Ended March 31, 2010
(Expressed in U.S. Dollars, Unless Otherwise Noted)
This Management’s Discussion and Analysis (“MD&A”) of Denison Mines Corp. and its subsidiary
companies and joint ventures (collectively, “Denison” or the “Company”) provides a detailed analysis
of the Company’s business and compares its financial results with those of the previous year. This
MD&A is dated as of May 6, 2010 and should be read in conjunction with, and is qualified by, the
Company’s unaudited consolidated financial statements and related notes for the three months
ended March 31, 2010. The financial statements are prepared in accordance with generally
accepted accounting principles in Canada. All dollar amounts are expressed in U.S. dollars, unless
Other continuous disclosure documents, including the Company’s press releases, quarterly and
annual reports, Annual Information Form and Form 40-F are available through its filings with the
securities regulatory authorities in Canada at www.sedar.com and the United States at
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
Certain information contained in this MD&A constitutes “forward-looking information”, within the
meaning of the United States Private Securities Litigation Reform Act of 1995 and similar Canadian
legislation concerning the business, operations and financial performance and condition of Denison.
Generally, these forward-looking statements can be identified by the use of forward-looking
terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”,
“estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of
such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”
or “will be taken”, “occur”, “be achieved” or “has the potential to”.
Forward looking statements are based on the