Paladin Energy Ltd · ASX:PDN
Paladin Energy — Investor Presentation (September 2025)
92 slides from Paladin Energy's investor presentation, Sep 16, 2025
Slide 1: Equity raising to unlock value from the Patterson Lake South Project
Not for release to US wire services or distribution in the United States Equity raising to unlock value from the Patterson Lake South Project 16 September 2025
Slide 2: Important Notice and Disclaimer
This presentation (Presentation) is dated 16 September 2025 and has been prepared by Paladin Energy Ltd ACN Not investment or financial product advice Important Notice 061 681 098 (Paladin or the Company) based on information available to it at that time. This Presentation has been authorised for re
Slide 3: Important Notice and Disclaimer
These forward-looking statements include, but are not limited to, statements regarding the completion of the Front-End Market and industry data Important Notice Engineering and Design; continued development of the Patterson Lake South project (PLS Project); expected design improvements and enhanceme
Slide 4: Important Notice and Disclaimer
Mineral resource and mineral reserve estimates relating to the PLS Project were estimated and classified in Production targets Important Notice accordance with the CIM Definition Standards for Mineral Resources & Mineral Reserves adopted May 19, 2014 by Canadian Institute of Mining, Metallurgy and P
Slide 5: Table of contents
Table of contents Section 1 Executive summary Section 2 PLS Project overview and update Section 3 PLS Project exploration and growth upside Section 4 Equity raising summary Section 5 Delivering sustainable value Section 6 PLS Project supporting information Section 7 Uranium market outlook Section 8
Slide 6: Section 1: Executive summary
Section 1: Executive summary
Slide 7: Foundations in place to underpin Paladin's growth and value creation
A global uranium producer with scale and growth Foundations in place to underpin Paladin’s growth and value creation Strong uranium market Final phase of the Exceptional growth outlook driven by nuclear Langer Heinrich Mine1 opportunity at the energy demand ramp-up underway Patterson Lake South Proj
Slide 8: Unlocking value from the PLS Project
Unlocking value from the PLS Project Equity raising provides Paladin with the balance sheet flexibility to advance the development of the PLS Project towards a Final Investment Decision (FID) alongside the ongoing ramp up of operations at the Langer Heinrich Mine U3O8 avg. annual Equity raising over
Slide 9: Section 2: PLS Project overview and update
Section 2: PLS Project overview and update
Slide 10: 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%11, hosted in basement rock, mine life supported by a 1,
Slide 11: 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 Life6 Years 10 and operation10 Construction Period6 Years 3 Grade6 % U3O8 1.41 • As par
Slide 12: 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 13: 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 Price18 NPV8 (Post-Tax)9,10 NPV8 (Post-Tax)9,10 IRR (Post-Tax)9,10 Avg. FCF p.a.9,19 Avg. FCF p.a.9,19 US$3,
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 benchmarking22 Bubble size = contained U3O8 mineral resource Athabasca Basin projects 10.00% PLS Project Mineral Resource grade (%, log scale) Gryphon Phoenix R
Slide 15: 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 life6 with focus on expanded drilling operations to unlock significant growth potential through strategic priorities Extending Triple R mineralis
Slide 16: 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 17: PLS Project next steps
PLS Project next steps Paladin has a clear pathway focused on unlocking PLS Project value • Appointment of Dale Huffman as President, Paladin Canada, effective 20 October 2025. Dale is a senior operations leader with over 25 years of experience in uranium mining including his most recent role as Vic
Slide 18: Section 3: PLS Project exploration and growth upside
Section 3: PLS Project exploration and growth upside
Slide 19: 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 drilling23 • R1515W Extension Drilling: PLS25-705 was drilled 15 m east of R1515W, intersecting 42.1 m of composite radioactivity up to
Slide 20: 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 potential23 • Wildcat drilling approximately 180m west of R1515W also intersected a thick zone of elev
Slide 21: 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 22: Section 4: Equity raising summary
Section 4: Equity raising summary
Slide 23: Equity raising overview
Equity raising overview • Paladin is conducting an underwritten equity raising to raise A$300 million (before costs), comprising: o An underwritten ASX institutional placement of Paladin fully paid ordinary shares (Shares) to raise A$231 million (ASX Placement) o A Canadian bought deal financing to
Slide 24: Sources and uses
Sources and uses Equity raising advances the PLS Project and provides Paladin with balance sheet flexibility as it ramps up the LHM into full mining and processing plant operations Use of funds Sources of funds (excludes SPP proceeds) A$m US$m25 PLS Project development • Front-End Engineering Design
Slide 25: LHM | Operational ramp-up on track to be completed by end of FY2026
LHM | Operational ramp-up on track to be completed by end of FY2026 FY2026 YTD LHM performance to date during the September LHM Summary (100%) (1 Jul to 31 Aug 2025) quarter has been in line with expectations and the Mining LHM remains on track to achieve FY2026 guidance Total mined Mt 3.6 Waste Mt
Slide 26: Pro forma financial position
Pro forma financial position Upon completion of the equity raise, Paladin will have a strong net cash position of ~US$215.725 Impact of ASX Impact of Pro-forma Placement & Pro-forma SPP Unit Current Treasury Share (A$20 million TSX Bought (nil SPP) (A$20 million) Sales SPP) Deal Ordinary Shares m 39
Slide 27: Indicative equity raising timetable
Indicative equity raising timetable Event Date/Time (AEST)37 ASX Placement, TSX Bought Deal and Treasury Share Sale ASX Trading halt 16 September 2025 Launch of Offer, ASX release of Investor Presentation, dissemination and filing of News Release, filing of 16 September 2025 Canadian Offering Docume
Slide 28: Section 5: Delivering sustainable value
Section 5: Delivering sustainable value
Slide 29: Multi-decade production and growth pipeline
Multi-decade production and growth pipeline Exploration portfolio Namibia Canada in Australia38 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 Min
Slide 30: Delivering sustainable value
Delivering sustainable value Maximise Advance the PLS Deliver organic Drive production from Project towards growth via sustainable the LHM development exploration value for shareholders 30 30
Slide 31: Section 6: PLS Project additional information
Section 6: PLS Project additional information
Slide 32: 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 33: 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 34: 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 35: 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 LOM6 Leaching Tanks Neutral Thicken
Slide 36: 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 37: Site designed to leverage local infrastructure
Site designed to leverage local infrastructure Access 955 Mine site located 2km from all-season Highway 955, minimising on site road construction environmental impact CAMP ACCESS ROAD Power To be provided by Liquefied Petroleum Gas TAILING EXHAUST MANAGEMENT HIGHWAY 955 AIR onsite power plant FACILI
Slide 38: Permitting / License review process
Permitting / License review process Key permitting processes Timeline to production14 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 rev
Slide 39: 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 40: Section 7: Uranium market outlook
Section 7: Uranium market outlook
Slide 41: 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 • According to WNA’s nuclear fuel report, deman
Slide 42: 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 supplies43 America 35 39 • European utilities currently Europe source ~50%45 of their requirements from Kazakhstan, Russia and Niger. They are 89 increas
Slide 43: PLS Project economics leveraged to positive long-term uranium outlook
PLS Project economics leveraged to positive long- term uranium outlook Historical and forecast uranium spot and term pricing (US$/lb U3O8) 47,48 140 120 100 Price (US$/lb U3O8) 80 PLS Project FEED study conducted at US$90/lb U3O8 real49 60 40 20 - 2006 2009 2012 2015 2018 2021 2024 2027 2030 2033 20
Slide 44: Section 8: Appendices
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Slide 45: Notes
Notes
Slide 46: Notes
Notes 1. Paladin has a 75% interest in the LHM. 2. Refer to Paladin’s exchange announcement titled “Langer Heinrich Mine FY2026 Guidance” dated 23 July 2025. 3. Refer to Paladin’s exchange announcement titled “Quarterly Activities Report – June 2025” dated 23 July 2025. 4. Refer to Paladin’s exchang
Slide 47: Notes (cont.)
Notes (cont.) 26. LIFE Offering of C$30 million. Assumes a 0.9186 AUD:CAD exchange rate. 27. Allocation of exploration spend is indicative and may be varied in response to market conditions at the time of drawdown. 28. Total ore mined includes high grade, medium grade and low grade ore. 29. Low-grad
Slide 48: Mineral Resources and Reserves
Mineral Resources and Reserves
Slide 49: Mineral Resources and Ore Reserves Langer Heinrich Mine
Mineral Resources and Ore Reserves Langer Heinrich Mine 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 25.5 MG ROM stockpiles 2.6 485 2.8 165
Slide 50: 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 51: Peer comparison information
Peer comparison information
Slide 52: 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 53: Section 9: International offer restrictions
Section 9: International offer restrictions
Slide 54: International offer restrictions
International offer restrictions This Presentation 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 Presentation may not be distributed to any person, and the New Shares may not be offered or sold
Slide 55: International offer restrictions
International offer restrictions Cayman Islands This Presentation may be distributed, and the New Shares may be offered and sold, only from outside the Cayman Islands to institutional and professional investors in the Cayman Islands. No offer or invitation to subscribe for New Shares may be made to
Slide 56: International offer restrictions
International offer restrictions Liechtenstein This Presentation has not been, and will not be, registered with or approved by the Financial Market Authority of Liechtenstein. Accordingly, this Presentation may not be made available, nor may the New Shares be offered for sale, in Liechtenstein excep
Slide 57: International offer restrictions
International offer restrictions Singapore This Presentation and any other materials relating to the New Shares have not been, and will not be, lodged or registered as a prospectus in Singapore with the Monetary Authority of Singapore. Accordingly, this Presentation and any other document or materia
Slide 58: International offer restrictions
International offer restrictions United Kingdom Neither this Presentation nor any other document relating to the offer has been delivered for approval to the Financial Conduct Authority in the United Kingdom and no prospectus (within the meaning of section 85 of the Financial Services and Markets Ac
Slide 59: Section 10: Key risks
Section 10: Key risks
Slide 60: 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. Investors should consult their own professio
Slide 61: Key risks
Key risks • non-compliance with legal requirements, including exceeding applicable air or water limits or requirements; • inability to obtain and renew the licences and other approvals needed to operate, restart and to increase production at the Company’s mines, mills and processing facilities, or t
Slide 62: Key risks
Key risks Estimates and assumptions are used in preparing Paladin’s consolidated financial statements Preparation of Paladin’s consolidated financial statements requires use of estimates and assumptions. Accounting for estimates requires Paladin to use its judgement to determine the amount to be rec
Slide 63: Key risks
Key risks Tailings Management Managing tailings is integral to mining. Langer Heinrich Uranium (Pty) Ltd (LHU) operates an in-pit tailings management facility (TMF) strategy targeting placement of all tailings material in pit voids. The Company currently has five existing TMFs and anticipates needin
Slide 64: Key risks
Key risks The Company is dependent on critical supplies, a lack of which could impact production and development of projects Timely and cost-effective execution of the Company’s mining operations and exploration activities is dependent on the adequate and timely supply of water, fuel, chemicals and
Slide 65: Key risks
Key risks Paladin’s current activities are subject to extensive laws and regulations controlling not only the mining of and exploration for mineral properties, but also the possible effects of such activities upon the environment and upon interests of Indigenous peoples. Permits from a variety of re
Slide 66: Key risks
Key risks Environmental and other regulations Uranium exploration and mine development is an environmentally hazardous activity which may give rise to substantial costs for environmental rehabilitation, damage control and losses. Paladin’s operations may use hazardous materials and produce hazardous
Slide 67: Key risks
Key risks Insurance may not adequately cover all potential risks of the Company’s operations Paladin currently has insurance to protect itself within ranges of coverage consistent with industry practice. However, certain risks will not be covered by insurance due to limitations or exclusions in insu
Slide 68: Key risks
Key risks Estimates of Mineral Resources and Ore/Mineral Reserves Estimates of mineral resources and ore/mineral reserves are inherently uncertain and, therefore, results from future mining or exploration activities may differ materially from current estimates. The mineral resources and ore/mineral
Slide 69: Key risks
Key risks • require the Company to operate mines or facilities unprofitably. This could have a material and adverse effect on the Company’s earnings, cash flows, financial condition, results of operations or prospects. Exploration hazards and risks The success of the Company depends on the delineati
Slide 70: Key risks
Key risks Mining and development risks Profitability depends on successful exploration and/or acquisition of reserves, design and construction of efficient processing facilities, competent operation and management and proficient financial management. Mining and development operations can be hampered
Slide 71: Key risks
Key risks Shortages and price volatility Paladin is dependent on various input commodities (such as fuel and other key inputs) and equipment (including parts) to conduct its exploration activities. A shortage of such input commodities or equipment or a significant increase in their cost could have a
Slide 72: Key risks
Key risks Nuclear energy competes with other viable energy sources Nuclear energy competes with other sources of energy, including oil, natural gas, coal and hydroelectricity. These other sources are to some extent interchangeable with nuclear energy, particularly over the longer term. Sustained low
Slide 73: Key risks
Key risks Interests in current or future joint ventures are subject to the risks normally associated with the conduct of joint ventures Paladin participates in joint venture and shareholder arrangements and may enter into similar arrangements in the future. Although Paladin has sought to protect its
Slide 74: Key risks
Key risks Uranium sales agreements risks The operations and revenues of the Company are dependent on the counterparties to existing and future uranium sales agreements (including the Uranium Sales Agreement with CNNC Overseas Limited) performing their obligations. If counterparties do not take their
Slide 75: Key risks
Key risks Supply chain and counterparty risks The Langer Heinrich Mine operates within a complex supply chain. Paladin depends on suppliers of raw materials, services, equipment and infrastructure to ensure its mine and process plant can operate and on providers of logistics to ensure products are d
Slide 76: Key risks
Key risks Health and safety risks Paladin has systems in place for the management of risks, however, uranium exploration and mining is inherently a high risk environment with little margin for error. In addition, where Paladin has an interest located in a developing country, embedding systems for ma
Slide 77: Key risks
Key risks Indigenous title claims, rights, engagement and consultation Exploration, development, mining, milling and decommissioning activities in Saskatchewan may be affected by claims by Indigenous peoples and related consultation issues. The Company also faces similar issues with activities in ot
Slide 78: Key risks
Key risks Access to land The Company may experience delays and cost overruns if it is unable to access the land required for its operations. This may be as a result of weather, environmental restraints, Indigenous peoples title claims, harvesting, landholder’s activities or other factors. The Compan
Slide 79: Key risks
Key risks Ability to attract and retain a skilled and diverse workforce The Company’s ability to manage its operations efficiently and effectively including maintaining strong safety and environmental performance, is dependent on the efforts of the Company’s employees and contractors, including its
Slide 80: Key risks
Key risks Litigation risk Class action proceedings have been commenced against the Company in the Supreme Court of Victoria alleging that the Company made misleading representations and contravened its ASX continuous disclosure obligations between 27 June 2024 and 25 March 2025 (Existing Proceedings
Slide 81: Key risks
Key risks Corporate culture and business conduct Corporate culture can greatly influence individual and group behaviours. The behaviours that could expose the Company to conduct risk include, but are not limited to: • delays in appropriately escalating regulatory and compliance issues; • failure to
Slide 82: Key risks
Key risks Internal controls over financial reporting Paladin designs and maintains internal controls over financial reporting to provide reasonable assurance that the Company authorizes transactions, safeguards assets against improper or unauthorized use and records and reports transactions properly
Slide 83: Key risks
Key risks Tariffs on international trade The United States government has and continues to make significant changes in U.S. trade policy and has taken certain actions that could negatively impact the United States trade, including imposing tariffs on certain imported goods and prohibiting certain im
Slide 84: Key risks
Key risks 2. Offer and general risks Full completion of the Offer is not guaranteed Paladin has entered into certain underwriting arrangements in connection with the Offer. See the “Summary of Underwriting Arrangements” section of this document for more information. If certain conditions are not sat
Slide 85: Key risks
Key risks Market price volatility Paladin shares are listed on the ASX, the TSX, the NSX, the OTCQX in the United States and the Munich, Berlin, Stuttgart and Frankfurt Stock Exchanges in Europe. The price of Paladin shares may be significantly affected by factors unrelated to the Company’s performa
Slide 86: Key risks
Key risks Global financial conditions Global financial conditions have been characterised by increased volatility and some financial institutions have either gone into bankruptcy or have had to be rescued by governmental authorities. Although there has been some recovery, there is no certainty that
Slide 87: Section 11: Summary of Underwriting Arrangements
Section 11: Summary of Underwriting Arrangements
Slide 88: Summary of Underwriting Arrangements
Summary of Underwriting Arrangements ASX Placement and Treasury Share Sale Overview • The ASX Placement and Treasury Share Sale will be fully underwritten by Canaccord Genuity (Australia) Limited (Canaccord) and Macquarie Capital (Australia) Limited (Macquarie) (together, the JLMs) on the terms and
Slide 89: Summary of Underwriting Arrangements
Summary of Underwriting Arrangements 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 Offer Shares. If the Placement Agreement is terminated by the JLMs, the JLMs are not obliged to
Slide 90: Summary of Underwriting Arrangements
Summary of Underwriting Arrangements 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 the outcome, success or settle
Slide 91: Summary of Underwriting Arrangements
Summary of Underwriting Arrangements Fees • Each JLM will receive a fee for acting in their respective capacities. The fee comprises both an underwriting fee component (being 2.4% of the Offer Amount) and a management fee component (being 0.6% of the Offer Amount). In addition, Paladin may in its ab
Slide 92: 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
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