Exhibit 99.2
 DENISON MINES CORP.
 INTRODUCTION
  www.sedar.com www.sec.gov/edgar.shtml
 CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
   
    
    the estimates of Denisons mineral reserves and mineral resources;
    
    uranium and vanadium production levels;
    
    capital expenditure programs, estimated production costs, exploration expenditures
and reclamation costs;
    
    expectations of market prices and costs;
    
    supply and demand for uranium and vanadium;
    
    possible impacts of litigation on Denison;
    
    exploration, development and expansion plans and objectives;
    
    Denisons expectations regarding raising capital and adding to its mineral reserves
through acquisitions and development; and
    
    receipt of regulatory approvals and permits and treatment under governmental
regulatory regimes.
  
    
    volatility in market prices for uranium and vanadium;
    
    changes in foreign currency exchange rates and interest rates;
    
    liabilities inherent in mining operations;
    
    uncertainties associated with estimating mineral reserves and resources;
    
    failure to obtain industry partner and other third party consents and approvals,
when required;
    
    delays in obtaining permits and licenses for development properties;
    
    competition for, among other things, capital, acquisitions of mineral reserves,
undeveloped lands and skilled personnel;
    
    incorrect assessments of the value of acquisitions; and
    
    geological, technical and processing problems.




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DENISON MINES CORP.
 OVERVIEW
      The Uranium Industry
   Uranium Supply and Demand
 3 8 3 8 3 8
   - 2 -




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DENISON MINES CORP.
 6 3 8
   Uranium Prices
   3 8
 3 8
  - 3 -




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DENISON MINES CORP.
 3 8
  Competition
  Marketing Uranium
      The Vanadium Market
   - 4 -




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DENISON MINES CORP.
 2 5 2 5
  2 5 2 5 2 5 2 5 2 5
  Marketing Vanadium
 2 5
  - 5 -




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DENISON MINES CORP.
 SELECTED ANNUAL FINANCIAL INFORMATION
  Three Months ended
    
    
    Year ended
    
    
    Year ended
    
    
    Fifteen Months EndedDec. 31,
    
    
    Dec. 31,
    
    
    Dec. 31
    
    
    Dec. 31(in thousands)
    
    2008
    
    
    2008
    
    
    2007
    
    
    2006Results of Operations:Total revenues
    
    $
    36,807
    
    
    $
    123,184
    
    
    $
    76,764
    
    
    $
    9,722Net income (loss)
    
    
    (56,762
    )
    
    
    (80,648
    )
    
    
    47,244
    
    
    
    (16,998
    )Basic earnings (loss) per share
    
    
    (0.30
    )
    
    
    (0.42
    )
    
    
    0.25
    
    
    
    (0.18
    )Diluted earnings (loss) per share
    
    
    (0.30
    )
    
    
    (0.42
    )
    
    
    0.24
    
    
    
    (0.18
    )
 As at Dec. 31,
    
    
    As at Dec. 31,
    
    
    As at Dec. 31,2008
    
    
    2007
    
    
    2006Financial Position:Working capital
    
    $
    34,655
    
    
    $
    75,915
    
    
    $
    93,743Long-term investments
    
    
    10,691
    
    
    
    20,507
    
    
    
    16,600Property, plant and equipment
    
    
    717,433
    
    
    
    727,823
    
    
    
    403,571Total assets
    
    
    884,933
    
    
    
    1,001,581
    
    
    
    659,348Total long-term liabilities
    
    $
    248,947
    
    
    $
    175,081
    
    
    
    123,244
 RESULTS OF OPERATIONS
 General
    Revenues
 3 8 3 8
 3 8 3 8
  - 6 -




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DENISON MINES CORP.
 3 8 3 8
     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 2 5 2 5 3 8
 3 8 2 5
  Sales Royalties and Capital Taxes
   - 7 -




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DENISON MINES CORP.
 MINERAL PROPERTY EXPLORATION
     General and Administrative
  Stock Option Expense
  Impairment of Goodwill
   - 8 -




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DENISON MINES CORP.
 Other Income and Expenses
   Income Taxes
  Outlook for 2009
 Mining and Production
 Canada
 3 8, 3 8
 3 8 3 8,
  United States
    - 9 -




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DENISON MINES CORP.
   3 8 2 5
 Sales
 3 8
 Exploration
 Athabasca Basin
      Southwest United States
  Mongolia
  Zambia
   - 10 -




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DENISON MINES CORP.
 SUMMARY OF QUARTERLY FINANCIAL RESULTS
 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
    )
 2007
    
    
    2007
    
    
    2007
    
    
    2007(in thousands)
    
    Q4
    
    
    Q3
    
    
    Q2
    
    
    Q1Total revenues
    
    $
    36,825
    
    
    $
    9,411
    
    
    $
    18,809
    
    
    $
    11,719Net income (loss)
    
    
    23,542
    
    
    
    (11,721
    )
    
    
    40,489
    
    
    
    (5,066
    )Basic and diluted earnings (loss)
per share
    
    
    0.12
    
    
    
    (0.06
    )
    
    
    0.21
    
    
    
    (0.03
    )
 LIQUIDITY AND CAPITAL RESOURCES
        
    
    Minimum tangible net worth of $450,000,000 plus 50% of positive quarterly net income and
50% of net proceeds of all equity issues after December 31, 2007;
 
    
    Maximum ratio of total net debt to earnings before interest, taxes, depreciation and
amortization and other allowed adjustments as defined in the credit agreement (EBITDA),
of 3.5 to 1.0 for each fiscal quarter starting with the fiscal quarter ending December 31,
2008 and including the fiscal quarter September 30, 2009 and 3.0 to 1.0 for each fiscal
quarter thereafter. EBITDA is calculated on a rolling four quarters basis commencing with
the third quarter 2008;
  - 11 -




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DENISON MINES CORP.
 
    
    Minimum interest coverage ratio of 3.0 to 1.0 using rolling EBITDA and rolling interest
expense for each fiscal quarter starting with the fiscal quarter ending December 31, 2008;
and
 
    
    Minimum current ratio of 1.1 to 1.0.
      OFF-BALANCE SHEET ARRANGEMENTS
  TRANSACTIONS WITH RELATED PARTIES
 3 8 6 3 8 6
   3 8 3 8
  - 12 -




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DENISON MINES CORP.
  Three Months
    
    
    Three Months
    
    
    Year
    
    
    YearEnded
    
    
    Ended
    
    
    Ended
    
    
    EndedDec. 31,
    
    
    Dec. 31,
    
    
    Dec. 31,
    
    
    Dec. 31,(in thousands)
    
    2008
    
    
    2007
    
    
    2008
    
    
    2007RevenueUranium sales
    
    $
    
    
    
    $
    
    
    
    $
    3,225
    
    
    $
    9,750Management fees (including expenses)
    
    
    318
    
    
    
    645
    
    
    
    1,695
    
    
    
    2,301Commission fees on purchase and sale of uranium
    
    
    
    
    
    
    627
    
    
    
    1,234
    
    
    
    2,089Other income (expense)Loan interest under credit facility
    
    
    
    
    
    
    5
    
    
    
    
    
    
    
    202Standby fee under credit facility
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    9Total
    
    $
    318
    
    
    $
    1,277
    
    
    $
    6,154
    
    
    $
    14,351
   OUTSTANDING SHARE DATA
  CONTROLS AND PROCEDURES
  Internal Control  Integrated Framework
  CRITICAL ACCOUNTING ESTIMATES
   - 13 -




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DENISON MINES CORP.
  Depletion and Amortization of Property, Plant and Equipment
  Impairment of Long-Lived Assets
  Goodwill
  Inventory
  Future Tax Assets and Liabilities
  Provision for Other than Temporary Impairment in the Value of Investments
   - 14 -




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DENISON MINES CORP.
 Asset Retirement Obligations
  Stock-Based Compensation
  Retiree Benefit Obligation
  NEW ACCOUNTING STANDARDS ADOPTED
  a)
    
    CICA Handbook Section 1400 General Standards of Financial Statement Presentation
this section was amended to include a requirement that management make an assessment of an
entitys ability to continue as a going concern when preparing financial statements.
 b)
    
    CICA Handbook Section 3031 Inventories which provides guidance on the determination
of cost and its subsequent recognition as an expense, including any write-down to net
realizable value. It also provides guidance on the cost formulas that are used to assign
costs to inventories. There was no impact to the Companys financial results from adopting
this standard.
 c)
    
    CICA Handbook Section 3862 Financial Instruments  Disclosures and Section 3863
Financial Instruments  Presentation which requires disclosures in the financial
statements that will enable users to evaluate: the significance of financial instruments
for the companys financial positions and performance; the nature and extent of risks
arising from financial instruments to which the company is exposed during the period and at
the balance sheet date; and how the company manages those risks.
 d)
    
    CICA Handbook Section 1535 Capital Disclosures which requires the disclosure of both
qualitative and quantitative information that enable users to evaluate the companys
objectives, policies and processes for managing capital.
  - 15 -




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DENISON MINES CORP.
 Accounting Standards Issued but not yet Adopted
  a)
    
    CICA Handbook Section 3064 Goodwill and intangible assets 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. This standard is effective for fiscal years beginning on or after October 1,
2008 and requires retroactive application to prior period financial statements. The Company
has evaluated the impact of this new standard for adoption on January 1, 2009 and does not
expect any significant impact on its consolidated financial statements.
 b)
    
    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.
 c)
    
    Emerging Issues Committee Abstract 173 Credit risk and the fair value of financial
assets and financial liabilities requires the Company to consider its own credit risk and
the credit risk of the counterparty should when determining the fair value of financial
assets and financial liabilities, including derivative instruments. EIC 173 is effective
for years beginning after January 1, 2010.
 INTERNATIONAL FINANCIAL REPORTING STANDARDS
    CONTRACTUAL OBLIGATIONS
   AfterTotal
    
    
    1 Year
    
    
    2-3 Years
    
    
    4-5 Years
    
    
    5 YearsDebt Obligations
    
    $
    100,523
    
    
    $
    464
    
    
    $
    100,030
    
    
    $
    29
    
    
    $
    Operating lease obligations
    
    $
    2,820
    
    
    $
    953
    
    
    $
    1,271
    
    
    $
    400
    
    
    $
    196
  - 16 -




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DENISON MINES CORP.
 ENVIRONMENTAL RESPONSIBILITY
     RESEARCH AND DEVELOPMENT
  RISK FACTORS
  Current Global Financial Conditions
   - 17 -




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DENISON MINES CORP.
 Market Price of Shares
  Dilution from Further Equity Financing
  Volatility and Sensitivity to Prices and Costs
 3 8 2 5
   Competition from Other Energy Sources and Public Acceptance of Nuclear Energy
   - 18 -




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DENISON MINES CORP.
 Uranium Industry Competition and International Trade Restrictions
 6
 Competition for Properties
  Replacement of Reserves and Resources
  Imprecision of Reserve and Resource Estimates
  Decommissioning and Reclamation
    - 19 -




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DENISON MINES CORP.
  Technical Obsolescence
  Property Title Risk
   Production Estimates
   Mining and Insurance
     - 20 -




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DENISON MINES CORP.
 Dependence on Issuance of Licence Amendments and Renewals
  Nature of Exploration and Development
     Governmental Regulation and Policy Risks
   - 21 -




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DENISON MINES CORP.
   Operations in Foreign Jurisdictions
   Environmental, Health and Safety Risks
     - 22 -




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DENISON MINES CORP.
 Aboriginal Title and Consultation Issues
  Accounting Policies
  Ability to Maintain Obligations Under Credit Facility and Other Debt
  Credit Risk
   Currency Fluctuations
  Capital Intensive Industry; Uncertainty of Funding
   - 23 -




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DENISON MINES CORP.
 Dependence on Key Personnel and Qualified and Experienced Employees
   Internal Controls
  Conflicts of Interest
  Reliance on ARC as Operator
  Labour Relations
  Indemnities
   - 24 -