Paladin Energy Ltd · ASX:PDN
Paladin Energy — Investor Presentation (November 2026)
69 slides from Paladin Energy's investor presentation, Nov 12, 2026
Slide 1: Equity raising to accelerate Paladin's growth strategy
Not for release to US wire services or distribution in the United States rsonal use only Equity raising to accelerate Paladin’s growth strategy 12 November 2026
Slide 2: Important Notice
Important Notice This presentation (Presentation) is dated 12 November 2026 and has been securities. No account has been taken of the objectives, financial situation or obligation to furnish the person with any further information. Nothing in this prepared by Paladin Energy Ltd (the Company or Palad
Slide 3: Important Notice
Important Notice For further information regarding the exploration results relating to the Triple R Market and Industry Data this Presentation and take no responsibility for any part of this Presentation or deposit, please refer to the Company’s announcement titled ‘PLS exploration Certain informati
Slide 4: Contents
Section 1 Executive summary Section 2 PLS Project overview rsonal use only PLS Project exploration and growth Section 3 upside Section 4 Langer Heinrich Mine overview Section 5 Equity raising overview Section 6 Uranium and nuclear market snapshot Section 7 Mineral Resources and Ore Reserves Section
Slide 5: Executive summary
rsonal use only Section 1 Executive summary
Slide 6: Exposure to uranium production at LHM and development upside at PLS
Exposure to uranium production at LHM and development upside at the PLS Project, providing leverage to an attractive uranium market outlook rsonal use only Delivering exposure to Unlocking the value of Capitalising on uranium uranium production at LHM the PLS Project market strength The Langer Heinr
Slide 7: A$525M equity raising positions Paladin for its next phase of growth at PLS
A$525M equity raising positions Paladin for its next phase of growth at PLS Significant equity financing represents a material de-risking milestone for PLS development rsonal use only Compelling PLS Maintaining PLS Advancing growth Enhanced balance investment case Project momentum opportunities shee
Slide 8: Funding pathways for the PLS Project
Project finance Government Support Equity raise Compelling economics, a strengthened Growing government support for nuclear rsonal use only balance sheet, and established debt as a decarbonisation and energy security strengthens the relationships underpin broad access to financing options. Potential
Slide 9: Multi-decade production and growth pipeline
Multi-decade production and growth pipeline Paladin provides an established production platform, significant growth upside via the PLS Project, and an advanced exploration portfolio rsonal use only Namibia Canada Advanced exploration portfolio in Canada and Australia Production Development and Preli
Slide 10: PLS: Globally material project
Premier location Shallow & high grade Located in the Athabasca Basin region, Conventional mining, via decline access. rsonal use only the world’s premier high-grade uranium Shallow nature of the Triple R deposit mining district with access to established supports a simple development approach infras
Slide 11: PLS Project positioned to deliver new uranium supply into undersupplied market
PLS Project is well-positioned to deliver meaningful new uranium supply into an increasingly undersupplied market rsonal use only Global uranium supply and demand1 (Mlb) Global utility uncovered uranium requirements2 114Mlb 768Mlb 1,851Mlb 400 New supply required annually 50Mlb 181Mlb 315Mlb 350 300
Slide 12: PLS Project overview
rsonal use only Section 2 PLS Project overview
Slide 13: Canada's Athabasca Basin region
Canada’s Athabasca Basin region PALADIN CANADA PROPERTIES DEVELOPMENT PROJECTS PAST PRODUCERS DEPOSITS The world’s premier high-grade uranium mining jurisdiction CURRENT OPERATIONS SHOWINGS MILL rsonal use only Jurisdiction: stable, supportive government and communities with access to a skilled work
Slide 14: Strong economics at the PLS Project
Strong economics at the PLS Project Update dated 28 August 20251 rsonal use only 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
Slide 15: De-risking permitting pathway
De-risking permitting pathway rsonal use only Pathway to production Dec 2024 Mar 2025 Aug 2025 Feb 2026 Jun 2026 Jul 2026 Next milestones6 2031 Production Acquisition Exemption Completion Environmental Sufficiency Administrative Provincial Permitting of Fission granted by of Engineering Impact statu
Slide 16: Building respectful, long lasting relationships with communities and Indigenous peoples
Building respectful, long lasting and mutually beneficial relationships with local rsonal use only communities and Indigenous peoples where we operate Paladin respects and upholds Indigenous rights throughout the lifecycle of our operations that take place on the lands of Indigenous peoples and seek
Slide 17: Potential resource growth via extension drilling
Potential resource growth via extension drilling Targeted extension drilling aims to increase resource inventory within the existing Triple R uranium zones rsonal use only De-risk early production (R780E) Extend Mine Life at Triple R deposit • Increase geological confidence in the first 2–3 years of
Slide 18: Unlocking the value of the PLS Project
Key regulatory, Established permitting, engineering in-house uranium and Indigenous marketing expertise rsonal use only engagement milestones and capabilities to achieved since Fission support PLS acquisition contracting activities Commissioning, ramp- up and first production targeted for 20311 Unlo
Slide 19: PLS Project exploration and growth upside
rsonal use only Section 3 PLS Project exploration and growth upside
Slide 20: Triple R is the Athabasca's only shallow high-grade undeveloped deposit
Canada’s Athabasca Basin region PAST PRODUCERS DEPOSITS CURRENT OPERATIONS Triple R is the Athabasca’s only shallow high-grade, undeveloped uranium deposit rsonal use only 100 0 -100 -200 -300 -400 -500 -600 -700 -800 -900 -1,000 VERTICAL DEPTH (m) 20
Slide 21: Unlocking growth at PLS through exploration
Unlocking growth at PLS through exploration rsonal use only • Post the 2012 Triple R discovery, Fission focused on resource growth • Following the acquisition, Paladin expanded exploration across the broader tenement package • Saloon East and Atlas discoveries highlight the district-scale potential
Slide 22: A strategic path to unlocking PLS upside
A strategic path to unlocking PLS upside Potential to support longer life of mine production and higher cash flow, leveraging existing PLS Project infrastructure rsonal use only Resource extension drilling Targeted extension drilling aims to increase resource inventory within the existing Triple R
Slide 23: Langer Heinrich Mine overview
rsonal use only Section 4 Langer Heinrich Mine overview
Slide 24: LHM: A strategic uranium producing asset
LHM: A strategic uranium producing asset rsonal use only Located in Namibia, the third largest global uranium producing country accounting for ∼13% of global production1 Strong Government and community support for uranium mining in Namibia with excellent local infrastructure and proximity to the Wal
Slide 25: Making an impact in our communities
Making an impact in our communities We are committed to playing a meaningful role in Namibia, through prioritising local employment and supporting initiatives that positively impact youth education and development, health, wellbeing and community engagement. At LHM 99% of our 420 employees are Namib
Slide 26: Ramp-up of mining activities completed
Ramp-up of mining activities completed rsonal use only Current Tailings (TSF6) Processing Plant G Pits J Pits F Pits H Pits ROM Pad Stockpile Simple open pit Standard drill Conventional Mining to be mining operation and blast mining contracted load conducted across process and haul fleet four pits d
Slide 27: LHM operational update
LHM operational update During the month of October 2026, LHM experienced strong operational performance, with processing plant and production metrics improving relative to the September 2026 quarter rsonal use only • The improved operational performance reflects the planned October 2026 FY2027 LHM (
Slide 28: Equity raising overview
rsonal use only Section 5 Equity raising overview
Slide 29: Sources and uses
Sources and uses Equity raise positions Paladin for its next phase of growth, funding the ongoing development of the PLS Project, potential Resource growth and mine life extension, and advancing exploration opportunities across the broader Athabasca Basin region portfolio rsonal use only Use of fund
Slide 30: Equity raising overview
Equity raising overview • Paladin is conducting an underwritten equity raising to raise A$525 million (before costs), comprising: rsonal use only o An underwritten ASX institutional placement of Paladin fully paid ordinary shares (Shares) to raise A$474 million (ASX Placement) o A Canadian bought de
Slide 31: Pro-forma financial position
Pro-forma financial position rsonal use only Impact of ASX 30 September Pro-forma SPP Pro-forma Unit Placement & TSX 2026 (nil SPP) (A$50 million) (A$50 million SPP) Bought Deal Ordinary shares M 449.4 67.3 516.7 6.4 523.1 Cash and Cash Equivalents (1,2,3) US$M 209 361 570 34 604 Debt Facility (draw
Slide 32: Indicative equity raising timetable
Indicative equity raising timetable rsonal use only Event Date/Time (AEDT) (1) ASX Placement and TSX Bought Deal ASX and TSX Trading halt 12 November 2026 Launch of Offer, ASX release of Investor Presentation, dissemination and filing of News Release, filing of Canadian Offering 12 November 2026 Doc
Slide 33: Uranium and nuclear snapshot
rsonal use only Section 6 Uranium and nuclear snapshot
Slide 34: Policy support for nuclear and uranium demand
COP28 pledge to triple World Bank policy now nuclear capacity by 2050 permits support for nuclear endorsed by 38 nations energy, expanding potential rsonal use only financing and advisory pathways for eligible projects Focus on energy security is China hosts the fastest- India plans to grow accelera
Slide 35: Paladin's assets strategically placed to supply uranium globally
Paladin’s assets are 40 Disconnect between uranium requirements and supply strategically placed to 3 17 7 supply uranium 78 CANADA rsonal use only RUSSIA globally 0 KAZAKHSTAN 22 0 LHM provides utilities with diversification vis-a-vis production from Kazakhstan, FRANCE Canada and Uzbekistan 51 PLS i
Slide 36: 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 rsonal use only Global nuclear reactor rollout is underway1 80 reactors under construction1 336 980 PROPOSED NEW TOTAL REACTORS POTENTIAL IN 27 COUNTRIES REACTORS China 39 Ind
Slide 37: Mineral Resources and Ore Reserves
rsonal use only Section 7 Mineral Resources and Ore Reserves
Slide 38: PLS Project Mineral Resources and Ore Reserves
PLS Project Mineral Resources and Ore Reserves rsonal use only Mineral Resources1 Deposit Mt Grade % U3O8 Mlb U3O8 Grade g/t Au Koz Au Indicated Triple R 2.9 1.88 118.8 0.59 54.4 Inferred Triple R 0.4 1.19 10.9 0.46 6.1 Total 3.3 1.79 129.7 0.57 60.5 Ore Reserves1 Mt Grade % U3O8 Mlb U3O8 Probable R
Slide 39: Non-IFRS Measures
rsonal use only Section 8 Non-IFRS Measures
Slide 40: Non-IFRS Measures
Non-IFRS Measures The Non-IFRS Measures used in this Presentation are described below. Average Realised Price rsonal use only Average Realised Price is a Non-IFRS Measure that represents the average revenue received per pound of U 3O8 sold during a given period. It is calculated by dividing total re
Slide 41: International offer restrictions
rsonal use only Section 9 International offer restrictions
Slide 42: International Offer Restrictions
International Offer Restrictions This document does not constitute an offer of new ordinary shares (“New Shares”) of the Company in any jurisdiction in which it would be unlawful. In particular, this document may not be distributed to any person, and the New Shares may not be offered or sold, in any
Slide 43: International Offer Restrictions
International Offer Restrictions Hong Kong rsonal use only WARNING: This document has not been, and will not be, registered as a prospectus under the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32) of Hong Kong, nor has it been authorised by the Securities and Futures Commiss
Slide 44: International Offer Restrictions
International Offer Restrictions Norway rsonal use only This document has not been approved by, or registered with, any Norwegian securities regulator under the Norwegian Securities Trading Act of 29 June 2007 no. 75. Accordingly, this document shall not be deemed to constitute an offer to the publi
Slide 45: International Offer Restrictions
International Offer Restrictions United Kingdom This document has not been delivered for approval to the Financial Conduct Authority in the United Kingdom and no prospectus (within the meaning of Regulation 21 of The Public Offers and Admissions to Trading Regulations rsonal use only 2024 (“POATRs”)
Slide 46: Key risks
rsonal use only Section 10 Key risks
Slide 47: Key risks
Key risks Introduction This section describes the key business risks of investing in Paladin, together with the risks relating to participation in the Offer which may affect the value of Paladin shares. It does not describe all the risks of an investment. rsonal use only Investors should consult the
Slide 48: Key risks
Key risks Paladin cannot provide assurance of its ability to operate its projects profitably. While Paladin intends to generate working capital through operating its uranium mine, there is no assurance that the Company will be capable of producing positive cash flow on a consistent basis or that any
Slide 49: Key risks
Key risks Counterparty and Credit Risk The Company is exposed to credit risk through its relationships with customers and other commercial counterparties. A customer or other counterparty may fail to perform its contractual obligations, delay payment, become insolvent rsonal use only or otherwise be
Slide 50: Key risks
Key risks If selected mining methods or technical assumptions do not perform as anticipated, the Company may experience production disruptions, reduced recoveries, increased costs, project delays or lower economic returns. Any such outcome could have a material adverse effect on the Company's busine
Slide 51: Key risks
Key risks Similarly, the success of development projects acquired through corporate transactions is subject to the same technical, permitting, operational and market risks applicable to internally developed projects. Failure to successfully execute growth initiatives or realise expected benefits fro
Slide 52: Key risks
Key risks The Company's activities expose employees, contractors and other stakeholders to a range of health and safety risks, including interactions with mobile equipment, exposure to ionising radiation and radioactive materials, falls, electrical hazards, fire and explosion incidents, aviation act
Slide 53: Key risks
Key risks The Company's sales and export activities are subject to various approvals and permits. There can be no assurance that the Company will obtain, maintain or renew all required permits and approvals on a timely basis. The maintenance and renewal of mineral tenure rights may also depend upon
Slide 54: Key risks
Key risks Geopolitical and International Trade Risk Paladin's business may be affected by geopolitical developments, international conflicts, economic sanctions, trade restrictions, tariffs, export controls and disruptions to global markets and supply chains. rsonal use only Changes in international
Slide 55: Key risks
Key risks Certain fundamental matters in respect of LHMHL require the approval of CNOL and disputes could adversely affect the Company On July 23, 2014, Paladin entered into a shareholders’ agreement with CNNC Overseas Limited (CNOL), a subsidiary of China National Nuclear Corporation, in respect of
Slide 56: Key risks
Key risks Further, the Métis Nation-Saskatchewan (MN-S) has applied for judicial review in the Saskatchewan Court of King’s Bench in Canada to challenge the decision of the Saskatchewan Minister of Environment to approve the PLS Project. The MN-S application alleges that the Government of Saskatchew
Slide 57: Key risks
Key risks Nuclear industry sentiment and major nuclear incident risk Demand for uranium is influenced by public acceptance of nuclear power, government energy policies, regulatory frameworks and the operating performance of the global nuclear industry. rsonal use only Major accidents involving nucle
Slide 58: Key risks
Key risks Any inability to maintain adequate liquidity or access funding on acceptable terms could have a material adverse effect on the Company's business, financial condition, results of operations, cash flows and future prospects. rsonal use only Financial assurance and insurance risk Paladin is
Slide 59: Key risks
Key risks Labour and industrial relations risk rsonal use only Paladin's operations depend on maintaining constructive relationships with its employees, contractors, workforce representatives, local communities and relevant government authorities. Changes in labour laws, employment regulations, work
Slide 60: Key risks
Key risks Changes in technology, market structure or industry practices could adversely affect uranium demand, product competitiveness, project economics, operating costs or investment returns. Any such developments could have a material adverse effect on the Company's business, financial condition,
Slide 61: Key risks
Key risks (k) Australian uranium policy rsonal use only The granting of licenses to mine uranium is a decision made within the residual jurisdiction of each Australian state government and the government of the Northern Territory. The attitudes of the various state and territory governments to urani
Slide 62: Key risks
Key risks The Company may raise additional capital in the future through the issuance of equity securities or securities convertible into equity. Equity financings, the issuance of shares in connection with acquisitions or other corporate transactions, and the conversion or exercise of outstanding s
Slide 63: Summary of Underwriting Arrangements
rsonal use only Section 11 Summary of Underwriting Arrangements
Slide 64: Summary of Underwriting Arrangements: ASX Placement
Summary of Underwriting Arrangements ASX Placement rsonal use only Overview • The ASX Placement will be fully underwritten by Macquarie Capital (Australia) Limited (Macquarie), Canaccord Genuity (Australia) Limited (Canaccord) and Royal Bank of Canada (trading as RBC Capital Markets) (RBC) (together
Slide 65: Summary of Underwriting Arrangements: Termination Events
Summary of Underwriting Arrangements ASX Placement rsonal use only Termination Events (1/2) • The JLMs can terminate their obligations under the Placement Agreement if certain events occur before 4.00pm on the settlement date for the Placement Shares. If the Placement Agreement is terminated by the
Slide 66: Summary of Underwriting Arrangements: Termination Events
Summary of Underwriting Arrangements ASX Placement rsonal use only Termination Events (2/2) • In addition to the above, some termination events will depend on whether the JLMs have reasonable grounds to believe that the relevant event: (i) has had, or is likely to have, a material adverse effect on
Slide 67: Summary of Underwriting Arrangements: Fees
Summary of Underwriting Arrangements ASX Placement rsonal use only Fees • Each JLM will receive a fee for acting in their respective capacities. The fee comprises both an underwriting fee component (being 2.0% of the Placement Amount) and a management fee component (being 0.5% of the Placement Amoun
Slide 68: Summary of Underwriting Arrangements: TSX Bought Deal
Summary of Underwriting Arrangements TSX Bought Deal rsonal use only Overview • RBC Dominion Securities Inc. and National Bank Financial Inc. (Underwriters) have agreed to purchase from Paladin, on a “bought deal” private placement basis (TSX Bought Deal), pursuant to the Listed Issuer Financing Exe
Slide 69: Investor Relations and Media contacts
rsonal use only 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
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