Slide 1: Quarterly Results Presentation
June 2026 Quarterly Results Presentation 22 July 2026
Slide 2: Important Notice
Important Notice This presentation (Presentation) is dated 22 July 2026 and has been prepared by omission therefrom. The Company accepts no responsibility to update any person mineral resources or ore reserves in accordance with the JORC Code, and it is Paladin Energy Ltd (the Company or Paladin) ba
Slide 3: A global uranium producer
Market strength Strategic opportunity Increasing nuclear demand – Established uranium producer with secure, stable, predictable assets in leading uranium mining baseload power for global energy jurisdictions and a globally expansion significant resource base A global Delivering real value uranium Su
Slide 4: Multi-decade production and growth pipeline to capture the growing uranium supply deficit
Multi-decade production and growth pipeline to capture the growing uranium supply deficit Namibia Canada Advanced exploration portfolio in Canada and Australia Production Development and Preliminary Economic Advanced Exploration1 Early-Stage Exploration Exploration Assessment (Athabasca Basin) Lange
Slide 5: June 2026 Quarterly Highlights
June 2026 Quarterly Highlights1 PLS Project advanced towards LHM ramp-up successfully completed development following the CNSC2 delivering strong operational determination that the Construction performance, achieving or exceeding Licence application was sufficient to FY2026 guidance on production, L
Slide 6: June 2026 Quarterly Cash Flow
June 2026 Quarterly Cash Flow For the three-month period ended 30 June 2026 US$ million 158 -60 -9 -11 265 -16 -12 -5 220 Cash & Customer LHM LHM LG LHM PLS Project & Other² Debt Facility Cash & Investments Receipts¹ Production Stockpile Stripping & Exploration Repayment Investments 31 Mar 2026 Cost
Slide 7: LHM FY2027 Guidance
LHM FY2027 Guidance1 Guidance (100%) 2,3 FY2027 U3O8 Produced4 Mlb 5.1 – 5.6 U3O8 Sold5 Mlb 4.8 – 5.3 Cost of Production6 US$/lb 44 – 48 Capital Expenditure7 US$ 29 – 35 Average Realised Price Sensitivity FY2027 Uranium Spot Price Assumption (US$/lb) Forecast Average Realised Price (US$/lb)8,9 40 51
Slide 8: Langer Heinrich Mine Namibia.
Langer Heinrich Mine Namibia.
Slide 9: LHM June 2026 Quarter Results
LHM June 2026 Quarter Results 1.23Mlb U3O8 488ppm 90% produced ore feed grade plant recovery rate 1.35Mlb U3O8 US$70.6/lb U3O8 US$51.6/lb U3O8 sold to our global customers average realised price1 cost of production2 1. Average Realised Price is a Non-IFRS Measure. See appendices for more information
Slide 10: Strong operational performance in FY2026
Strong operational performance in FY2026 US$43.3/lb cost of production1 FY2026 guidance range US$44/lb to US$48/lb 4.82Mlb U3O8 4.35Mlb U3O8 US$12M in capital produced sold expenditure FY2026 guidance range FY2026 guidance range FY2026 guidance range 4.5Mlb to 4.8Mlb U3O8 3.8Mlb to 4.2Mlb U3O8 US$15
Slide 11: LHM ramp-up safely and successfully completed
LHM ramp-up safely and successfully completed Mining Processing Sales Total mined material was 7.45Mt for the Production of 1.23Mlb U₃O₈ at an average Sales and average realised price1 driven by quarter, the highest quarterly mining rate recovery rate of 90% for the quarter, the quality of the LHM c
Slide 12: LHM delivering uranium to Tier-1 customer base
LHM delivering uranium to Tier-1 customer base Industry leading contract book leveraging strong uranium market fundamentals 4.35Mlb US$70.0/lb 21Mlb 86% U3O8 sold in FY2026 average realised price1 in FY2026 of U3O8 contracted of the LHM Ore Reserve to 20302,3 exposed to market-related prices or is u
Slide 13: Patterson Lake South Project Canada.
Patterson Lake South Project Canada.
Slide 14: PLS June 2026 Quarter Highlights
PLS June 2026 Quarter Highlights1 CNSC sufficiency Atlas Discovery2 Binding term sheet achieved executed with BNDN PLS Project advanced permitting process High-grade body of uranium mineralisation Execution of a binding term sheet with the with CNSC determination of ‘sufficiency’ identified at Atlas
Slide 15: De-risking and unlocking value of the PLS Project
De-risking and unlocking value of the PLS Project Significant milestones achieved on Fission integration and advancement of the PLS Project Next steps Jul 2026 Jun 2026 Apr 2026 Continue to Completion of Ongoing Feb 2026 advance the FEED study engagement CNSC and readiness with Oct 2025 Protocol Con
Slide 16: Unlocking growth at the PLS Project through exploration
Unlocking growth at the PLS Project through exploration PLS Project and Saloon trend exploration map2 Paladin has identified a clear strategy to extend the PLS Project beyond its existing 10-year mine life1 with focus on resource conversion and extension drilling at the Triple R deposit, complemente
Slide 17: Atlas Discovery
Atlas Discovery1 New high-grade uranium discovery identified at PLS Project High-grade body of uranium mineralisation has been intersected 3.5km south of Paladin’s Triple R deposit and 4.5km southwest of Saloon East, named the Atlas discovery. Eight (8) exploration drillholes were collared, with sev
Slide 18: Uranium Market.
Uranium Market.
Slide 19: Global nuclear reactor fleet underpins existing demand for uranium
Global nuclear reactor fleet underpins existing demand for uranium Multi-decade reactor rollout drives uranium demand growth Global nuclear reactor rollout is underway1 326 965 PROPOSED NEW TOTAL POTENTIAL REACTORS REACTORS IN 26 COUNTRIES 120 79 PLANNED NEW REACTORS IN 17 COUNTRIES 440 REACTORS UND
Slide 20: Structural uranium supply-demand deficit is expected to widen
Structural uranium supply-demand deficit is expected to widen Visible new supply is insufficient to meet growing uranium demand Global uranium supply and demand1 (Mlb) Global utility uncovered uranium requirements2 126Mlb 792Mlb 1,874Mlb 400 New supply required annually 50Mlb 181Mlb 315Mlb 350 300 2
Slide 21: Paladin's assets are strategically placed to supply uranium
Paladin’s assets are Disconnect between uranium requirements and supply strategically placed 40 17 7 78 to supply uranium 3 RUSSIA globally CANADA 0 KAZAKHSTAN 22 LHM uranium provides utilities with 49 diversification vis-a-vis production from 0 FRANCE Kazakhstan, Canada and Uzbekistan 5 60 UNITED S
Slide 22: Delivering Sustainable Value.
Delivering Sustainable Value.
Slide 23: Making an impact in our communities
Making an impact in our communities Paladin is committed to playing a meaningful role in its host communities in Namibia and Canada. Our focus is on supporting initiatives that positively impact youth education, health, wellbeing and community engagement • Ministry of Health and Social Services – St
Slide 24: Paladin is well-placed to capture the growing uranium supply deficit
Paladin is well-placed to capture the growing uranium supply deficit Producing Unlocking Driving growth Delivering uranium for Patterson Lake through sustained sustainable value global energy South Project for exploration security today nuclear energy expansion tomorrow 24
Slide 25: Thank you.
Thank you. INVESTOR RELATIONS MEDIA 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
Slide 26: Appendix.
Appendix.
Slide 27: LHM June 2026 Quarter Results
1. Refer to Paladin’s exchange announcement titled “Quarterly Report LHM June 2026 Quarter Results1 – June 2026” dated 22 July 2026 2. Paladin has a 75% interest in the LHM 3. Total Ore Mined includes high-grade, medium-grade and low-grade ore 4. Low-grade ore stockpile material to be processed duri
Slide 28: LHM Mineral Resources and Ore Reserves
LHM Mineral Resources and Ore Reserves Summary Mineral Resources1 As at 30 June 2025 Classification Location Millions of Tonnes (Mt) Grade U3O8 (ppm) Contained U3O8 (Mlb) Grade V2O5 (ppm) Contained V2O5 (Mlb) Measured In-situ 76.9 450 76.3 145 24.7 2 MG ROM stockpiles 2.6 460 2.6 155 0.9 3 LG ROM st
Slide 29: Strong economics at the PLS Project
Strong economics at the PLS Project Update dated 28 August 20251 Key Economics US$3,023M Initial Mine Life5 Years 10 LOM CASH FLOWS (POST-TAX)2,3 AT US$90/lb URANIUM PRICE4 Construction Period5 Years 3 Grade5 % U3O8 (ppm) 1.41 (14,100) Recovery5 % 97.0 US$1,325M Production (LOM)5 Mlb U3O8 90.9 NPV8
Slide 30: PLS Project is highly cash flow generative in a range of price environments
PLS Project is highly cash flow generative in a range of price environments1 Uranium Price2 NPV8 (post-tax)3,4 NPV8 (post-tax)3,4 IRR (post-tax)3,4 Avg. FCF p.a. 3,5 Avg. FCF p.a.3,5 US$/lb US$M C$M % US$M C$M $120/lb 2,172 2,896 37.5% 586 781 $110/lb 1,891 2,521 34.6% 534 712 $100/lb 1,609 2,146 31
Slide 31: PLS Project is one of the leading undeveloped uranium projects globally
PLS Project is one of the leading undeveloped uranium projects globally LEGEND Advanced development stage uranium projects’ grade and C1 cash cost benchmarking1 Athabasca Basin Projects 10.00% PLS Project Mineral Resource grade (%, log scale) Gryphon Phoenix Rook 1 1.00% Dasa Dewey-Burdock Etango-8
Slide 32: Peer Comparison – Advanced development stage uranium projects' grade and C1 cash cost benchmarking
Peer Comparison – Advanced development stage uranium projects’ grade and C1 cash cost benchmarking Mineral Resources and Ore Reserves, Grade and C1 Cash Costs Reporting Asset Company Location Ownership Ore Reserves Mineral Resources C1 Cash Cost Source 1 Date Source 2 Date Study Type Framework Prove
Slide 33: PLS Project Mineral Resources and Reserves
PLS Project Mineral Resources and Reserves Notes: Summary Mineral Resources1 1. CIM Definition Standards were followed for the classification of mineral resources. 2. The mineral resources are reported with an effective date of 30 June 2025. 3. Mineral resources are reported at a cut-off grade of 0.
Slide 34: Non-IFRS Measures
Non-IFRS Measures The Non-IFRS Measures used in this Presentation are described below. Average Realised Price Average Realised Price (US$/lb U3O8) is a Non-IFRS Measure that represents the average revenue received per pound of uranium sold during a given period. It is calculated by dividing total re