Exhibit 99.2
 DENISON MINES CORP.
 INTRODUCTION
  www.sedar.com www.sec.gov/edgar.shtml
 CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
    http://www.sedar.com http://www.sec.gov
  Cautionary Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred
Resources: United
States investors are cautioned not to assume that all or any part of Measured or Indicated Mineral
Resources will ever be converted into Mineral Reserves. United States investors are also cautioned
not to assume that all or any part of an Inferred Mineral Resource exists, or is economically or
legally mineable.




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##### 



DENISON MINES CORP.
 2009 HIGHLIGHTS
 
    
    Denisons 2009 production totaled 1,426,000 million pounds U3O8
and 501,000 pounds V2O5.
 
    
    Uranium sales were 1,127,000 million pounds U3O8 at an average
price of $51.17 per pound.
 
    
    Vanadium sales totaled 520,000 pounds V2O5 at an average price of
$3.73 per pound and 229,000 pounds FeV at an average price of $11.09 per pound.
 
    
    At the end of 2009 the Company had 484,000 pounds U3O8 and 773,000
pounds V2O5 and 2,000 pounds FeV in inventory available for sale.
Based on current spot market prices, this inventory has a value of $24,582,000 million.
 
    
    In 2009 Denison paid down all of its debt and at year end is debt-free and has a cash
balance of $19.8 million and working capital of $75.6 million.
 
    
    At the Wheeler River property in the Athabasca Basin region of northern Saskatchewan,
Denison announced one of the best new discoveries in this uranium rich region in the last
twenty years. Some of the best intersections of the three 2009 drill programs included
62.6% U3O8 over 6.0 metres, 32.8% eU3O8 over
7.6 metres and 16.8% over 9.0 metres.
 
    
    In Mongolia, the Gurvan Saihan Joint Ventures (70% owned by Denison) resource report
was formally accepted by the Mongolian government. This is the first uranium resource
accepted by the government and is the first stage in the receipt of a mining licence.
 
    
    In Zambia, the Mutanga projects Environmental Report, or Environmental Impact
Statement, was accepted by the Zambian government.
 
    
    At the White Mesa mill the Company worked through 2009 without a lost time accident and
surpassed the admirable milestone of 1.0 million hours worked without a lost time accident.
 ABOUT DENISON
     Strategy
   - 2 -




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DENISON MINES CORP.
 The Uranium Industry
  Uranium Demand
  ) 3 8
  Primary Uranium Supply
   Secondary Uranium Supply
    - 3 -




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DENISON MINES CORP.
   Uranium Prices
   3 8 3 8 3 8 3 8
 Competition
   Marketing Uranium
   - 4 -




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DENISON MINES CORP.
 3 8
  The Vanadium Market
    2 5 2 5
  Vanadium Marketing
  2 5
  - 5 -




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DENISON MINES CORP.
 SELECTED ANNUAL FINANCIAL INFORMATION
  Three Months ended
    
    
    Year ended
    
    
    Year ended
    
    
    Year endedDec. 31,
    
    
    Dec. 31,
    
    
    Dec. 31,
    
    
    Dec. 31,(in thousands)
    
    2009
    
    
    2009
    
    
    2008
    
    
    2007Results of Operations:Total revenues
    
    $
    31,052
    
    
    $
    79,170
    
    
    $
    123,184
    
    
    $
    76,764Net income (loss)
    
    
    (36,127
    )
    
    
    (147,012
    )
    
    
    (80,648
    )
    
    
    47,244Basic earnings (loss) per share
    
    
    (0.11
    )
    
    
    (0.51
    )
    
    
    (0.42
    )
    
    
    0.25Diluted earnings (loss) per share
    
    
    (0.11
    )
    
    
    (0.51
    )
    
    
    (0.42
    )
    
    
    0.24
 As at Dec. 31,
    
    
    As at Dec. 31,
    
    
    As at Dec. 31,2009
    
    
    2008
    
    
    2007Financial Position:Working capital
    
    $
    75,578
    
    
    $
    34,655
    
    
    $
    75,915Long-term investments
    
    
    10,605
    
    
    
    10,691
    
    
    
    20,507Property, plant and equipment
    
    
    691,039
    
    
    
    717,433
    
    
    
    727,823Total assets
    
    
    867,981
    
    
    
    885,702
    
    
    
    1,001,581Total long-term liabilities
    
    $
    127,931
    
    
    $
    249,716
    
    
    
    175,081
 RESULTS OF OPERATIONS
 General
  Revenues
 3 8 3 8
 3 8 3 8
 3 8 3 8 3 8 3 8
 2 5 2 5
  - 6 -




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DENISON MINES CORP.
  Operating Expenses
 Milling and Mining Expenses
 3 8 3 8 3 8 3 8
 3 8 3 8 3 8 3 8 3 8 3 8 3 8 3 8
 3 8
  3 8 3 8 3 8 3 8 3 8 2 5
 3 8 2 5 3 8
 3 8 3 8
 3 8 2 5
  - 7 -




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DENISON MINES CORP.
  Other
  Sales Royalties and Capital Taxes
  Mineral Property Exploration
    3 8 3 8 3 8 3 8 3 8 3 8
  - 8 -




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DENISON MINES CORP.
   General and Administrative
  Stock Option Expense
  Impairment of Mineral Properties
  Impairment of Goodwill
  Other Income and Expenses
    - 9 -




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DENISON MINES CORP.
 Income Taxes
  OUTLOOK FOR 2010
 3 8 3 8 2 5
 Mining Operations
 3 8 2 5
 3 8 2 5 3 8
 3 8
 3 8
  Business Development
     - 10 -




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DENISON MINES CORP.
 SUMMARY OF QUARTERLY FINANCIAL RESULTS
 2009
    
    
    2009
    
    
    2009
    
    
    2009(in thousands)
    
    Q4
    
    
    Q3
    
    
    Q2
    
    
    Q1Total revenues
    
    $
    31,052
    
    
    $
    12,748
    
    
    $
    13,372
    
    
    $
    21,998Net income (loss)
    
    
    (36,127
    )
    
    
    (91,343
    )
    
    
    (18,215
    )
    
    
    (1,327
    )Basic and diluted earnings (loss)
per share
    
    
    (0.11
    )
    
    
    (0.27
    )
    
    
    (0.07
    )
    
    
    (0.01
    )
 2008
    
    
    2008
    
    
    2008
    
    
    2008(in thousands)
    
    Q4
    
    
    Q3
    
    
    Q2
    
    
    Q1Total revenues
    
    $
    36,807
    
    
    $
    36,483
    
    
    $
    31,713
    
    
    $
    18,181Net income (loss)
    
    
    (56,762
    )
    
    
    332
    
    
    
    (13,756
    )
    
    
    (10,462
    )Basic and diluted earnings (loss)
per share
    
    
    (0.30
    )
    
    
    0.00
    
    
    
    (0.07
    )
    
    
    (0.06
    )
 LIQUIDITY AND CAPITAL RESOURCES
         - 11 -




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DENISON MINES CORP.
 OFF-BALANCE SHEET ARRANGEMENTS
  TRANSACTIONS WITH RELATED PARTIES
 
 3 8
  Three Months
    
    
    Three Months
    
    
    Year
    
    
    YearEnded
    
    
    Ended
    
    
    Ended
    
    
    EndedDec. 31,
    
    
    Dec. 31,
    
    
    Dec. 31,
    
    
    Dec. 31,(in thousands)
    
    2009
    
    
    2008
    
    
    2009
    
    
    2008RevenueUranium sales
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    3,225Management fees (including expenses)
    
    
    397
    
    
    
    318
    
    
    
    1,541
    
    
    
    1,695Commission fees on purchase and sale of uranium
    
    
    239
    
    
    
    
    
    
    
    981
    
    
    
    1,234Total
    
    $
    636
    
    
    $
    318
    
    
    $
    2,522
    
    
    $
    6,154
  Korea Electric Power Corporation (KEPCO)
 3 8
 OUTSTANDING SHARE DATA
  CONTROLS AND PROCEDURES
   - 12 -




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DENISON MINES CORP.
 Internal Control  Integrated Framework
  CRITICAL ACCOUNTING ESTIMATES
   Depletion and Amortization of Property, Plant and Equipment
  Impairment of Long-Lived Assets
  Goodwill
   - 13 -




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DENISON MINES CORP.
 Inventory
  Future Tax Assets and Liabilities
  Provision for Other than Temporary Impairment in the Value of Investments
  Asset Retirement Obligations
  Stock-Based Compensation
  Retiree Benefit Obligation
   - 14 -




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DENISON MINES CORP.
 New Accounting Standards Adopted
  a)
    
    CICA Handbook Section 3064 Goodwill and intangible assets which provides guidance on
the recognition, measurement, presentation and disclosure for goodwill and intangible
assets, other than the initial recognition of goodwill or intangible assets acquired in a
business combination. There was no impact to the Companys financial statements from
adopting this standard.
 b)
    
    In January 2009, the CICA issued EIC 173 Credit Risk and the Fair Value of Financial
Assets and Financial Liabilities which requires the entity to consider its own credit risk
as well as the credit risk of its counterparties when determining the fair value of
financial assets and liabilities, including derivative instruments. The standard is
effective for the Companys 2009 fiscal year, commencing January 1, 2009 and is required to
be applied retrospectively without restatement to prior periods. The adoption of this
pronouncement did not have a material impact on the valuation of the Companys financial
assets or financial liabilities.
 c)
    
    In March 2009, the CICA issued an EIC Abstract on Impairment Testing of Mineral
Exploration Properties, EIC 174. This abstract discusses the analysis recommended to be
performed to determine if there has been an impairment of mineral exploration properties.
The Company considered the recommendations discussed in the Abstract effective for fiscal
periods beginning January 1, 2009 when testing for impairment of mineral properties.
Adoption of this pronouncement did not have any material effect on the financial
statements.
 d)
    
    The CICA amended Section 3855 Financial Instruments to clarify that, upon
reclassification of a financial instrument out of the trading category, an assessment must
be completed to determine whether an embedded derivative is required to be bifurcated. In
addition, the amendment prohibits the reclassification of a financial instrument out of
trading when the derivative embedded in the financial instrument cannot be separately
measured from the host contract. The amendment is applicable to all reclassifications
occurring after July 1, 2009. Adoption of this standard did not have any material effect
on the financial statements.
 e)
    
    In August 2009, the CICA issued further amendments to Section 3855. The amendments
changed the definition of a loan such that certain debt securities may be classified as
loans if they do not have a quoted price in an active market and the Company does not have
the intent to sell the security immediately or in the near term. As a result, debt
securities classified as loans will be assessed for impairment using the incurred credit
loss model of Section 3025 to reduce the carrying value of a loan to its estimated
realizable amount. Loan impairment accounting requirements are also applied to
held-to-maturity financial assets as a result of the amendments. Debt securities that are
classified as available-for-sale continue to be written down to their fair value when the
impairment is considered to be other than temporary. However, the impairment loss can be
reversed if the fair value substantially increases and the increase can be objectively
related to an event occurring after the impairment loss was recognized. Adoption of this
standard did not have any material effect on the financial statements.
 f)
    
    In June 2009, the CICA amended Section 3862 Financial Instruments  Disclosures to
require enhanced disclosure about the fair value assessments of the financial instruments.
The new disclosures are based on a fair value hierarchy that categorizes financial
instruments measured at fair value at one of three levels according to the reliability of
the inputs used to estimate the fair values. The amendments apply to annual financial
statements for fiscal years ending after September 30, 2009. The Company has adopted these
disclosures effective in the December 31, 2009 annual financial statements.
  - 15 -




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DENISON MINES CORP.
 Accounting Standards Issued but not yet Adopted
  a)
    
    CICA Handbook Section 1582 Business Combinations, Section 1601 Consolidated
Financial Statements and Section 1602 Non-Controlling Interests which replace the former
CICA 1581 Business Combinations and CICA 1600 Consolidated Financial Statements and
establish a new section for accounting for a non-controlling interest in a subsidiary.
These sections provide the Canadian equivalent to FASB Statements
No. 141(R) Business Combinations and No. 160 Non-Controlling Interests in Consolidated
Financial Statements. CICA 1582 is effective for business combinations for which the
acquisition date is on or after the beginning of the first annual reporting period after
January 1, 2011. CICA 1601 and CICA 1602 apply to interim and annual consolidated financial
statements relating to years beginning on or after January 1, 2011 although early adoption
is permitted. CICA 1582, which replaces Handbook Section 1581, Business Combinations,
establishes standards for the measurement of a business combination and the recognition and
measurement of assets acquired and liabilities assumed. CICA 1601, which replaces Handbook
Section 1600, carries forward the existing Canadian guidance on aspects of the preparation
of consolidated financial statements subsequent to acquisition other than non-controlling
interests. CICA 1602 establishes guidance for the treatment of non-controlling interests
subsequent to acquisition through a business combination.
 CONVERSION TO INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)
    
    
    Initial diagnostic phase
    
    Impact analysis and design phase
    
    Implementation phase
     Potential Impact of IFRS Implementation on Denison
   - 16 -




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DENISON MINES CORP.
 IFRS 1, First-time Adoption of International Financial Reporting Standards
       Impairment of Non Current Assets
  Mineral Property and Exploration Costs
  Future Income Taxes
    - 17 -




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DENISON MINES CORP.
 CONTRACTUAL OBLIGATIONS
 
 AfterTotal
    
    
    1 Year
    
    
    2-3 Years
    
    
    4-5 Years
    
    
    5 YearsDebt Obligations
    
    $
    1,064,000
    
    
    $
    869,000
    
    
    $
    122,000
    
    
    $
    73,000
    
    
    $
    Operating lease
and other obligations
    
    $
    4,067,000
    
    
    $
    2,731,000
    
    
    $
    882,000
    
    
    $
    322,000
    
    
    $
    132,000
 ENVIRONMENTAL RESPONSIBILITY
    
   - 18 -




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DENISON MINES CORP.
 RESEARCH AND DEVELOPMENT
  RISK FACTORS
  Current Global Financial Conditions
  Market Price of Shares
  Dilution from Further Equity Financing
   - 19 -




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DENISON MINES CORP.
 Volatility and Sensitivity to Prices and Costs
 3 8 2 5
   Competition from Other Energy Sources and Public Acceptance of Nuclear Energy
  Uranium Industry Competition and International Trade Restrictions
 6
 Competition for Properties
  Replacement of Reserves and Resources
   - 20 -




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DENISON MINES CORP.
 Imprecision of Reserve and Resource Estimates
  Decommissioning and Reclamation
    Technical Obsolescence
  Property Title Risk
   - 21 -




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DENISON MINES CORP.
  Production Estimates
   Mining and Insurance
    Dependence on Issuance of Licence Amendments and Renewals
  Nature of Exploration and Development
   - 22 -




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DENISON MINES CORP.
    Governmental Regulation and Policy Risks
     - 23 -




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##### 



DENISON MINES CORP.
 Operations in Foreign Jurisdictions
   Environmental, Health and Safety Risks
    Aboriginal Title and Consultation Issues
  Accounting Policies
   - 24 -




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DENISON MINES CORP.
 Ability to Maintain Obligations Under Credit Facility and Other Debt
  Credit Risk
  Currency Fluctuations
  Capital Intensive Industry; Uncertainty of Funding
  Dependence on Key Personnel and Qualified and Experienced Employees
   Internal Controls
   - 25 -




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DENISON MINES CORP.
 Potential Influence of KEPCO
   Conflicts of Interest
  Reliance on ARC as Operator
  Labour Relations
  Indemnities
  QUALIFIED PERSON
   - 26 -