Paladin Energy Ltd · ASX:PDN
Paladin Energy — Corporate Update (August 2025)
36 slides from Paladin Energy's corporate update, Aug 28, 2025
Slide 1: Unlocking the value of the Patterson Lake South Project
Unlocking the value of the Patterson Lake South Project 28 August 2025
Slide 2: Important Notice
This presentation (Presentation) is dated 28 August 2025 and has been processing technical problems, the inability to obtain any additional mine Company does not guarantee any particular rate of return, the performance of prepared by Paladin Energy Ltd (the Company or Paladin) based on licenses, per
Slide 3: A global uranium producer with a multi-decade growth pipeline
A global uranium producer with a multi-decade growth pipeline Exploration portfolio Namibia Canada in Australia2 and Canada Preliminary Economic Early-Stage Exploration Production Development Assessment Advanced Exploration (Athabasca Basin) Langer Heinrich Patterson Lake South Manyingee & Mount Jul
Slide 4: 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%3, hosted in basement rock, mine life supported by a 1,0
Slide 5: Engineering Review confirms unchanged physicals with updated capital and operating costs
Engineering Review confirms unchanged physicals with updated capital and operating costs Comprehensive review confirms robustness of KEY ECONOMIC OUTCOMES the PLS Project and de-risks its development Initial Mine Life4 Years 10 and operation Construction Period4 Years 3 Grade4 % U3O8 1.41 • As part
Slide 6: Updated capital cost forecast aligned with engineering progress
Updated capital cost forecast aligned with engineering progress The forecast pre-production capital and sustaining capital costs reflect significant advancement of engineering, procurement, operability and optimised safety as well as escalation and inflationary impacts PRE-PRODUCTION CAPITAL SUMMARY
Slide 7: Strong economics at the PLS Project
Strong economics at the PLS Project Economics reflect the PLS Project’s position as a world-class uranium project which is highly cash flow generative in a range of price environments Uranium Price14 NPV8 (Post-Tax)6,13 NPV8 (Post-Tax)6,13 IRR (Post-Tax)6,13 Avg. FCF p.a.6,15 Avg. FCF p.a.6,15 US$3,
Slide 8: Unlocking growth at the PLS Project through exploration
Unlocking growth at the PLS Project through exploration Paladin has identified a clear strategy to extend the PLS Project beyond its existing 10-year mine life4 • Current mine life is supported by existing 93.7Mlb U3O8 mineral reserves3,4 • Paladin is focused on expanded drilling operations to unloc
Slide 9: Delivering progress towards PLS Project development
Delivering progress towards PLS Project development Significant milestones achieved since Fission acquisition Exemption granted by the Canadian Government from the Non- Resident Ownership Policy (NROP) in the Uranium Mining Sector for the PLS Project, allowing Paladin to maintain a 100% controllin
Slide 10: PLS Project next steps
PLS Project next steps Paladin has a clear pathway focused on unlocking PLS Project value • Ongoing engagement with Indigenous Nations • Provincial EIS approval and permitting • Future drilling programs focused on Triple R resource extension and the new prospective trend Saloon East • Continue to ad
Slide 11: PLS Project Overview
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Slide 12: Canada's Athabasca Basin region
Canada’s Athabasca Basin region PALADIN CANADA PROPERTIES DEPOSITS The world’s premier high-grade uranium DEVELOPMENT PROJECTS SHOWINGS mining jurisdiction CURRENT OPERATIONS MILL PAST PRODUCERS Uranium City Beaverlodge District • Jurisdiction: stable, supportive government and communities with acce
Slide 13: 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 benchmarking23 Bubble size = contained U3O8 mineral resource Athabasca Basin projects 10.00% PLS Project Mineral Resource grade (%, log scale) Gryphon Phoenix R
Slide 14: PLS Project hosts the shallow, high-grade Triple R deposit
PLS Project hosts the shallow, high-grade Triple R deposit Athabasca Basin regional deposits TRIPLE R Triple R is the Athabasca’s only shallow high-grade, OVERBURDEN undeveloped uranium project Midwest Key Lake Roughrider ATHABASCA SANDSTONE McClean Lake Cluff Lake Arrow Hurricane Hosted entirely in
Slide 15: Shallow high-grade orebody with significant extension potential
Shallow high-grade orebody with significant extension potential Access Portal Fresh Air Shaft Exhaust Air Shaft 0m PATTERSON LAKE 100 m R00E Underground R1620E 200 m R840W Workings R780E 300 m R1515W 0m 250 m 400 m PROPOSED MINE DEVELOPMENT Decline Access Conventional Mining Load and Haul Ground Fre
Slide 16: Conventional, proven Athabasca Basin uranium process flowsheet
Conventional, proven Athabasca Basin uranium process flowsheet SAG Classification Mill Pump Cyclone Trommel Proven process flowsheet supports 1,000tpd / 350,000tpa run-of- ROM Stockpile mine process rate supported by mill feed grade of 1.41% U3O8 Trash Screen over LOM4 Leaching Tanks Neutral Thicken
Slide 17: Best practice tailings management facility design
Best practice tailings management facility design Conventional design Optimised operability Proven concept Conducive to long term monitoring and Integrated water and tailings management Design drawn from tried and proven performance validation strategy, providing tailings deposition tailings managem
Slide 18: Site designed to leverage local infrastructure
Site designed to leverage local infrastructure Access Mine site located 2km from all-season Highway 955 955, minimising on site road construction environmental impact CAMP ACCESS ROAD Power To be provided by Liquefied Petroleum Gas TAILING HIGHWAY 955 EXHAUST MANAGEMENT AIR onsite power plant FACILI
Slide 19: Permitting / License review process
Permitting / License review process Key permitting processes Timeline to production7 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 technical revi
Slide 20: Meaningful and collaborative engagement with Indigenous Nations and stakeholders
Meaningful and collaborative engagement with Indigenous Nations and stakeholders Paladin engages and invests in activities with local communities and Indigenous Nations that aim to deliver long term social, environmental and economic resilience in the community • Commitment to engage and collaborate
Slide 21: PLS Project Exploration and growth upside
PLS Project Exploration and growth upside
Slide 22: Winter drilling program results at Triple R
Winter drilling program results at Triple R Triple R extension drilling during winter 2025 yielded highly promising results warranting follow-up resource extension drilling24 • R1515W Extension Drilling: PLS25-705 was drilled 15 m east of R1515W, intersecting 42.1 m of composite radioactivity up to
Slide 23: Extending mineralised zones at Triple R
Extending mineralised zones at Triple R • The winter 2025 drill program successfully confirmed radioactivity east of the defined R1515W and R840W zones confirming these pods remain open with growth potential24 • Wildcat drilling approximately 180m west of R1515W also intersected a thick zone of elev
Slide 24: Saloon East exploration update
Saloon East exploration update Saloon East is the new uranium discovery made by Fission in late 2024, located 3.5 km southeast of Triple R. All 11 winter drillholes at Saloon East intersected highly elevated radioactivity in multiple zones over significant widths. Drilling at Saloon East has focused
Slide 25: The need for Canadian uranium
The need for Canadian uranium
Slide 26: Global nuclear energy demand driven by the need for clean & reliable baseload power
Global nuclear energy demand driven by the need for clean & 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 en
Slide 27: Disconnect between uranium requirements and supply
Disconnect between uranium requirements and supply • Largest uranium consuming countries (US, China and France) have minimal domestic North Russia supplies26 America 35 39 • European utilities currently Europe source ~50%28 of their requirements from Kazakhstan, Russia and Niger. They are 89 increas
Slide 28: PLS Project leveraged to positive long-term uranium outlook
PLS Project leveraged to positive long-term uranium outlook Historical and forecast uranium spot and term pricing (US$/lb U3O8) 30,31 140 120 100 Price (US$/lb U3O8) 80 PLS Project FEED study conducted at US$90/lb U3O8 real32 60 40 20 - 2006 2009 2012 2015 2018 2021 2024 2027 2030 2033 2036 2039 Ter
Slide 29: Delivering Sustainable Value
Delivering Sustainable Value
Slide 30: 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 30 30
Slide 31: Appendices
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Slide 32: Notes
Notes 1. Paladin has a 75% interest in the LHM. 2. The state government of Queensland permits uranium exploration, but bans uranium mining, whilst the current state government of Western Australia currently has no-development uranium mining policy. 3. Refer to the Appendices to this presentation for
Slide 33: Notes (cont.)
Notes (cont.) 21. Fraser Institute - Annual Survey of Mining Companies 2024. 22. UxC Uranium Market Outlook, Q2 2025. 23. Advanced development stage uranium projects that have not reached production. Includes projects at the Feasibility, Definitive Feasibility and Pre-Feasibility study level. 24. Re
Slide 34: 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 35: 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 36: Paladin Investor Relations
PALADIN INVESTOR RELATIONS Head Office Canada Paula Raffo Bob Hemmerling T: +61 8 9423 8100 T: +1 250-868-8140 E: paula.raffo@paladinenergy.com.au E: bob.hemmerling@paladinenergy.ca MEDIA Head Office Canada Anthony Hasluck Ian Hamilton Paladin Corporate Affairs FGS Longview T: +61 438 522 194 T: +1