Paladin Energy Ltd · ASX:PDN
Paladin Energy — Q3 FY2026 Earnings Presentation
28 slides from Paladin Energy's earnings presentation, Apr 22, 2026
Slide 1: March 2026 Quarter Presentation
March 2026 Quarter Presentation 22 April 2026 Refer to Paladin’s exchange announcement titled “March 2026 Quarterly Report” dated 22 April 2026
Slide 2: Important Notice
Not an Offer Readers should not place undue reliance on forward-looking statements, and Property” (effective date 17 January 2023), prepared in accordance with NI 43-101 should rely on their own independent enquiries, investigations and advice and available on www.sedarplus.ca. Scientific and techni
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 market Langer Heinrich Mine1 Growth via outlook driven by nuclear ramp-up to complete Patterson Lake South energy demand by the end of FY2026 Project • Increasing nucle
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 Exploration portfolio Namibia Canada in Australia1 and Canada Preliminary Economic Early-Stage Exploration Production Development Advanced Exploration Assessment (Athabasca Basin) Langer Heinrich Patterson Lake
Slide 5: March 2026 Quarterly Highlights
March 2026 Quarterly Highlights1 • Cash and investments of US$219.5M and an undrawn US$70M Revolving CASH AND DEBT Q3 Q2 Q1 Credit Facility at quarter end (US$M) FY2026 FY2026 FY2026 • Production of 1.29Mlb U3O8, up 5% from previous quarter, driven by strong Cash and Investments 219.5 278.4 269.4 pr
Slide 6: March 2026 Quarterly Cash Flow
March 2026 Quarterly Cash Flow For the three-month period ended 31 March 2026 US$ million • Unrestricted cash and investments of US$219.5M at 31 March 2026 36 • Sales volumes, revenues and cashflows can vary significantly on 278 a quarterly basis due to the timing of customer receipts, shipping -52
Slide 7: Langer Heinrich Mine March 2026 Quarterly Results
Langer Heinrich Mine March 2026 Quarterly Results Refer to Paladin’s exchange announcement titled “March 2026 Quarterly Report” dated 22 April 2026
Slide 8: LHM March 2026 Quarter Highlights
LHM March 2026 Quarter Highlights 1.29Mlb U3O8 503ppm 92% produced average ore feed grade average overall plant recovery rate 1.03Mlb U3O8 US$68.3/lb U3O8 US$40.3/lb U3O8 sold to our global customers average realised price1 average cost of production2 1. Average Realised Price is a Non-IFRS Measure.
Slide 9: LHM Mining
LHM Mining Mining activities continued to ramp up with 6.17Mt mined during the quarter • Mining activities continued to ramp up during the quarter, with delivery and commissioning of the remaining mining fleet completed • Drilling, blasting and load-and-haul concentrated in the G pit • Total mined m
Slide 10: LHM Processing Plant
LHM Processing Plant Production of 1.29Mlb U₃O₈, Target overall recovery rate up 5% on the previous quarter 1600 85% to 90% 88% 88% 87% 91% 92% 95% 1500 86% 90% 85% 1400 1,291 80% 1300 1,213 69% 1,207 1,233 75% • Crusher throughput was 1.21Mt at an average 1200 1,170 1,150 70% 1,066 ore feed grade o
Slide 11: LHM Sales and Contracting
LHM Sales and Contracting U3O8 sold in the first nine months Contract pricing mix (2026-30) 2,3 3Mlb of FY2026 55% Market-related prices average realised price1 in the first US$69.8/lb nine months of FY2026 22Mlb 45% Base-escalated & fixed prices 22Mlb of U3O8 contracted to 20302,3 Contract pricing
Slide 12: Patterson Lake South (PLS) Project
Patterson Lake South (PLS) Project
Slide 13: PLS Project Highlights
PLS Project Highlights 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 extension through at 1.41%1, hosted in basement rock, mine life supported by a 1,0
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: PLS Project Progress & Exploration
PLS Project Progress & Exploration1 Approval of EIS received from the Government of Saskatchewan for development of the shallow, high-grade PLS Project2 • Commencement of an update of the Front-End Engineering Design (FEED) study for the PLS Project during the quarter. This update is expected to fur
Slide 16: Uranium Market Outlook
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Slide 17: 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 18: Term pricing environment continues to strengthen
Term pricing environment continues to strengthen Spot and term pricing, last 5 years1 Spot and term market volumes2 $120 275 Spot market volumes Spot Mid Point (UxC and TT) Term Mid Point (UxC and TT) Term contract volumes 250 $100 225 200 175 $80 Mlb U3O8 150 125 $60 100 75 $40 50 25 - $20 2005 200
Slide 19: Delivering Sustainable Value
Delivering Sustainable Value
Slide 20: Delivering sustainable value
Delivering sustainable value Maximise value Advance the PLS Deliver organic Drive from Langer Project towards growth via sustainable Heinrich Mine development exploration value for shareholders 20
Slide 21: Clean Energy. Clear Future.
Clean Energy. Clear Future.
Slide 22: Appendices
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Slide 23: LHM March 2026 Quarter Results
LHM March 2026 Quarter Results Q3 Q2 Q1 YTD LHM (100%)1 FY2026 FY2026 FY2026 FY2026 1.Paladin has a 75% interest in the LHM 2. Total Ore Mined includes high grade, medium grade and MINING low-grade ore 3. Low-grade ore stockpile material to be processed during the Waste Mined Mt 4.45 3.93 4.37 12.75
Slide 24: LHM | Mineral Resources and Ore Reserves
LHM | Mineral Resources and Ore Reserves Summary Mineral Resources1 As at 30 June 2025 Millions of Tonnes Grade U3O8 Contained U3O8 Grade V2O5 Contained V2O5 Classification Location (Mt) (ppm) (Mlb) (ppm) (Mlb) Measured In-situ 76.9 450 76.3 145 24.7 MG ROM stockpiles 2.6 460 2.6 155 0.9 LG ROM stoc
Slide 25: PLS Project | Mineral Resources and Reserves
PLS Project | Mineral Resources and Reserves Summary Mineral Resources1 Notes: Millions of Tonnes Grade U3O8 Grade Au Contained U3O8 Contained Au Classification 1. CIM Definition Standards were followed for the classification of mineral (Mt) (%) (g/t Au) (Mlb) (koz) resources. 2. The mineral resourc
Slide 26: Peer comparison – Mineral Resources and Ore Reserves, grade and C1 cash costs
Peer comparison – Mineral Resources and Ore Reserves, grade and C1 cash costs C1 Cash Reporting Asset Company Location Ownership Ore Reserves Mineral Resources Source 1 Date Source 2 Date Study Type Cost Framework Proven Probable Grade Total Attributable Measured Indicated Inferred Grade Total Attri
Slide 27: Non-IFRS Measures
Non-IFRS Measures Average Realised Price Average Realised Price (US$/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 revenue from U₃O₈ sales (before royalties and after any applicable disc
Slide 28: Investor Relations / Media
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