Paladin Energy Ltd · ASX:PDN
Paladin Energy — Shareholder Meeting (November 2025)
32 slides from Paladin Energy's shareholder meeting presentation, Nov 18, 2025
Slide 1: A global uranium producer with scale and growth
A global uranium producer with scale and growth Annual General Meeting 2025 18 November 2025
Slide 2: Important Notice
Not an Offer forward-looking statements will prove to be accurate. Princep, a full-time employee of Gill Lane Consulting Pty Ltd, each a “qualified person” under NI 43-101. This Presentation is for information purposes only and does not constitute an Readers should not place undue reliance on forwar
Slide 3: A global uranium producer with scale and growth
A global uranium producer with scale and growth Foundations in place to underpin Paladin’s growth and value creation Strong uranium Langer Heinrich Growth via Balance sheet market outlook Mine1 ramp-up to Patterson Lake flexibility driven by nuclear full mining and South Project energy demand operat
Slide 4: FY2025 was a transformative year for Paladin
FY2025 was a transformative year for Paladin Sep 2025 Record quarterly production at LHM6 Jul 2024 Dec 2024 Feb 2025 Apr 2025 Jun 2025 Jun 2025 Sep 2025 Sep/Oct 2025 LHM first Successful Two Mutual Transition to Acceptance of 3.0Mlb U3O8 Paul Hemburrow A$400M customer acquisition of Benefits mining
Slide 5: Multi-decade production and growth pipeline
Multi-decade production and growth pipeline Exploration portfolio Namibia Canada in Australia1 and Canada Preliminary Economic Early-Stage Exploration Production Development Advanced Exploration Assessment (Athabasca Basin) Langer Heinrich Patterson Lake South Manyingee & Mount Juliet 11,148 ha Mine
Slide 6: FY2025 Sustainability Highlights
FY2025 Sustainability Highlights TRIFR 98% 84% 2.7 of the LHM of total procurement per million employees are local costs spent with hours worked local businesses No serious Adoption of key Board composition environmental Sustainability reporting incidents or breaches frameworks (including >30% of en
Slide 7: Langer Heinrich Mine (LHM) Namibia
Langer Heinrich Mine (LHM) Namibia
Slide 8: LHM Highlights
LHM Highlights 3.0Mlb U3O8 US$65.7/lb US$40.2/lb FY2025 1 production U3O8 average realised price3 U3O8 cost of production4 1Q 1.06Mlb U3O8 US$67.4/lb US$41.6/lb FY2026 2 production U3O8 average realised price3 U3O8 cost of production4 1.Refer to Paladin’s exchange announcement titled “Quarterly Acti
Slide 9: LHM Processing Plant optimisation delivering recovery stability and throughput improvement
LHM Processing Plant optimisation delivering recovery stability and throughput improvement Target overall 1400 recovery rate 88% 88% 87% 86% 90% 1200 1,170 1,150 80% 1,066 69% 994 70% 1000 902 872 830 60% 800 750 745 710 50% 640 623 638 600 534 40% 500 30% 400 20% 200 10% 0 0% Q1FY2025 Q2FY2025 Q3FY
Slide 10: Industry-leading contract book
Industry-leading contract book Contract pricing mix (2025-30)3 2.7Mlb of U3O8 sold in FY20251 55% Market-related prices uranium sales agreements with 24.5Mlb 14 tier-one global customers in the US, Europe and Asia2 45% Base-escalated & fixed prices 24.5Mlb of U3O8 contracted to 20303 Contract pricin
Slide 11: Patterson Lake South (PLS) Project Canada
Patterson Lake South (PLS) Project Canada
Slide 12: Acquisition of Fission successfully completed in late 2024 delivering the world-class PLS Project
Acquisition of Fission successfully completed in late 2024 delivering the world-class PLS Project Shallow, high-grade ~9Mlb p.a. U3O8 Significant growth Triple R deposit potential 93.7Mlb U3O8 of Probable Mineral Reserve average annual production target over a 10-year potential for mine life extensi
Slide 13: Canada's Athabasca Basin region
Canada’s Athabasca Basin region PALADIN CANADA PROPERTIES DEPOSITS The world’s premier high-grade uranium DEVELOPMENT PROJECTS SHOWINGS CURRENT OPERATIONS MILL mining jurisdiction PAST PRODUCERS Uranium City • Jurisdiction: stable, supportive government and Beaverlodge District communities with acce
Slide 14: PLS Project is one of the leading undeveloped uranium projects globally
PLS Project is one of the leading undeveloped uranium projects globally Advanced development stage uranium projects’ grade and C1 cash cost benchmarking1 Bubble size = contained U3O8 mineral resource Athabasca Basin projects 10.00% PLS Project Mineral Resource grade (%, log scale) Gryphon Phoenix Ro
Slide 15: Delivering progress towards PLS Project development
Delivering progress towards PLS Project development Significant milestones achieved since Paladin has a clear pathway focused on Fission acquisition unlocking PLS Project value ✓ Exemption granted by the Canadian Government from the Non- • Ongoing engagement with Indigenous Nations Resident Ownershi
Slide 16: Growth
Lrsteee\ oN i EN SS tet tee eet + 4 4 + 4+) t % : ; ee ee ee ee | ee Soy ia iy Aa Pan oi a Oe te ee cae. PALADIN Z ee ee | . fe ee ee ee ie ie i ee E t+eett t+ + \i
Slide 17: Maximising value through strategic prioritisation
Maximising value through strategic prioritisation Global uranium exploration capability strengthened to drive disciplined organic growth Patterson Lake South, Canada • Early target testing around greater PLS has unlocked new prospective trend at Saloon East1 • Continue testing along PLG-3 trend whic
Slide 18: Australian & Canadian exploration portfolio
Australian & Canadian exploration portfolio Advanced • Mineral Resource: 126.8Mlb Measured and Indicated + 63.0Mlb Inferred Mount Isa Manyingee & Carley Bore exploration • Review of historical metallurgical test work • Mineral Resource: 106.1Mlb Measured and Indicated + 42.2Mlb Inferred1 • Mineral R
Slide 19: Uranium Market Outlook
Uranium Market Outlook
Slide 20: Global nuclear energy demand driven by the need for clean and reliable baseload power
Global nuclear energy demand driven by the need for clean and reliable baseload power • Current demand for uranium is underpinned by existing global reactor fleet, reactors under construction and reactor life extensions & restarts in the US and elsewhere • Significant incremental demand for nuclear
Slide 21: Uranium contracting returning to fundamentals
Uranium contracting returning to fundamentals Spot and term market volumes1 Spot market volumes Spot and term pricing, last 5 years3 Term contract volumes $120 Spot Mid Point (UxC and TT) 275 YTD Spot market volumes YTD Term contract volumes Term Mid Point (UxC and TT) 250 Potential term contract vo
Slide 22: Delivering Sustainable Value
Delivering Sustainable Value
Slide 23: Delivering sustainable value
Delivering sustainable value Maximise Unlocking the Deliver organic Drive production from value of the growth via sustainable the LHM PLS Project exploration value for shareholders 23 23
Slide 24: Clean Energy. Clear Future.
Clean Energy. Clear Future.
Slide 25: Appendices
q \ > 2S eB, bette eb tte tt Fe ae ae ee a ae es le ole he A a i ele Ae ee See ee pee te Re ee * Abt t+ + + + c fia of + + + + ++eett t+ + Bla ala woes att
Slide 26: PLS Project | Permitting / License review process
PLS Project | Permitting / License review process Key permitting processes Timeline to production1 Provincial Environmental Impact Assessment (EIA) process 2025 2026 2027 2028 2029 2030 2031 • The EIA process started formally in 2021 and the EIS was submitted in March 2024 Provincial EIS • Obtained
Slide 27: LHM | Mineral Resources and Ore Reserves
LHM | Mineral Resources and Ore Reserves Summary Mineral Resources1 As at 30 June 2025 Millions of Tonnes Grade U3O8 Contained U3O8 Grade V2O5 Contained V2O5 Classification Location (Mt) (ppm) (Mlb) (ppm) (Mlb) Measured In-situ 76.9 450 76.3 145 24.7 MG ROM stockpiles 2.6 460 2.6 155 0.9 LG ROM stoc
Slide 28: PLS Project | Mineral Resources and Reserves
PLS Project | Mineral Resources and Reserves Summary Mineral Resources1 Notes: Millions of Tonnes Grade U3O8 Grade Au Contained U3O8 Contained Au Classification 1. CIM Definition Standards were followed for the classification of mineral (Mt) (%) (g/t Au) (Mlb) (koz) resources. 2. The mineral resourc
Slide 29: Mineral Resources Summary Michelin Project
Mineral Resources Summary Michelin Project Mineral Resources Mlb U3O8 Paladin Ownership Canada Mt Grade ppm U3O8 (100% basis) (%)3 Measured Michelin1 17.6 965 37.6 100 2 Rainbow 0.2 920 0.4 100 Indicated Gear2 0.4 770 0.6 100 2 Inda 1.2 690 1.8 100 Jacques Lake1 13.0 630 18.0 100 1 Michelin 20.6 980
Slide 30: Mineral Resources Summary Australian exploration portfolio
Mineral Resources Summary Australian exploration portfolio1 Note: Values may not add due to rounding. Mineral Resources Mlb U3O8 Paladin Ownership 1 Refer Announcement (ASX:SMM) dated 19 October 2010 Australia Mt Grade ppm U3O8 (100% basis) (%) "Resource Upgrade for the Valhalla Uranium Deposit“ (re
Slide 31: Peer comparison – Mineral Resources and Ore Reserves, grade and C1 cash costs
Peer comparison – Mineral Resources and Ore Reserves, grade and C1 cash costs C1 Cash Reporting Asset Company Location Ownership Ore Reserves Mineral Resources Source 1 Date Source 2 Date Study Type Cost Framework Proven Probable Grade Total Attributable Measured Indicated Inferred Grade Total Attri
Slide 32: Investor Relations
INVESTOR RELATIONS MEDIA Head Office Head Office Paula Raffo Anthony Hasluck T: +61 8 9423 8100 T: +61 438 522 194 E: paula.raffo@paladinenergy.com.au E: anthony.hasluck@paladinenergy.com.au