Paladin Energy Ltd · ASX:PDN
Paladin Energy — Technical Presentation (February 2026)
46 slides from Paladin Energy's technical presentation, Feb 12, 2026
Slide 1: Langer Heinrich Mine Investor Site Visit
Langer Heinrich Mine Investor Site Visit 12 February 2026
Slide 2: Important Notice
Not an Offer Readers should not place undue reliance on forward-looking statements, and and cannot be verified due to limits on the availability and reliability of the should rely on their own independent enquiries, investigations and advice relevant data inputs, the voluntary nature of the data gat
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 Langer Heinrich Growth via Balance sheet market outlook Mine1 ramp-up to Patterson Lake flexibility driven by nuclear full mining and South Project energy demand operat
Slide 4: Multi-decade production and growth pipeline
Multi-decade production and growth pipeline Namibia Canada Exploration portfolio in Australia1 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 Mine
Slide 5: Namibia – A globally significant uranium mining jurisdiction
Namibia – A globally significant uranium mining jurisdiction Globally significant Namibia is the third Uranium exports uranium province largest global account for 15.8% of with three large-scale uranium producing Namibia’s 2024 GDP mines Langer country accounting from primary Heinrich, Rössing for ∼
Slide 6: Namibia is strategically positioned to supply uranium globally
Namibia is strategically positioned to supply uranium globally 47 17 75 7 22 3 Russia 0 Canada France 0 Kazakhstan 53 60 10 9 0 4 United States Japan China 28 19 0 0 Namibia Australia Existing Reactors1 Uranium production3 Mlb U3O8 p.a., 2022 1. World Nuclear Association (WNA) - “Nuclear Power in th
Slide 7: LHM Overview
LHM Overview
Slide 8: Welcome to Langer Heinrich Mine
Welcome to Langer Heinrich Mine Paul Hemburrow Scott Barber Andrew Poletto Johan Roux Armandt Visagie Managing Director and Chief Operating Officer General Manager Managing Director Chief Financial Officer Chief Executive Officer Paladin Energy Langer Heinrich Mine Namibia Namibia Paladin Energy 8 8
Slide 9: A strategic uranium producing asset
A strategic uranium producing asset LHM located ~85km LHM resides To date LHM Over 77Mlb of Ramp-up remains on northeast of Walvis within ML140 has produced uranium Ore track for completion by Bay in Namibia's covering ~44km2 over 49Mlb of U3O8 Reserves1, the end of FY2026, with Erongo Region with a
Slide 10: Langer Heinrich Mine history
Langer Heinrich Mine history Timeline 2007–2018 10+ years of production history with over 43Mlb uranium oxide ~ 43.3Mlb Restart Project delivered on time and within cost forecast ~ 5.8Mlb uranium produced uranium produced and sold since restart 2002 FY2007 FY2010 May 2018 Jul 2022 Jan 2024 April 202
Slide 11: Ramp up de-risking key components
Ramp up de-risking key components LHM ramp up has addressed and improved key Mining Transition to mining reducing impact of variability in quality components of the process flow path derisking of low-grade stockpiles the transition to steady state operations Crusher ROM bin upgraded. Record crusher
Slide 12: Safety and health performance
Safety and health performance Total Recordable Injury Critical Risk bowties 7.0 700,000 Frequency (TRIF) of 2.7 completed, with per million hours worked Critical Controls on a 12-month moving identified and 6.0 600,000 average with a growing verification platform workforce 5.0 500,000 Empower our pe
Slide 13: Langer Heinrich Mine highlights
Langer Heinrich Mine highlights Ramping up to full mining and processing plant operations FY2025 1 3.0Mlb US$65.7/lb US$40.2/lb U3O8 production U3O8 average realised price3 U3O8 cost of production4 1H 2.3Mlb US$70.5/lb US$40.5/lb FY2026 2 U3O8 production U3O8 average realised price3 U3O8 cost of pro
Slide 14: Geology
Geology
Slide 15: Surficial calcrete type uranium deposit
Surficial calcrete type uranium deposit Ugab River Omaruru Located within Cenozoic Deposit is 15 km long sediments, hosted in and occurs as a series of metamorphosed rocks of ore lenses. The ore body the Central Zone of the is between 1-30m thick Cape Cross Damara Orogenic Belt and 50-100m wide1 Spi
Slide 16: Significant Ore Reserve supporting a long-life operation
Significant Ore Reserve supporting a long-life operation Total Measured 100.8Mt 425ppm 94.2Mlb U3O8 Resources 1 Total Ore 80.4Mt 437ppm 77.5Mlb U3O8 Reserves 1 1. Refer to Appendices for further information on Mineral Resources and Ore Reserves 16
Slide 17: Mining
Mining
Slide 18: Site map overview
Site map overview Current Tailings (TSF6) Processing Plant ROM Pad H Pit J Pits F Pit G Pits Stockpile 18
Slide 19: Open pit mining
Open pit mining Simple open Standard drill Mining to be Standard 14Mt total material pit mining & blast mining conducted contracted load mined since restart operation process across four pits and haul fleet of mining in April 2025 19
Slide 20: Mining fleet
Mining fleet A60H Volvo Hitachi 2600 CAT 6015 CAT 785 dump Komatsu 785 Drill rigs Sandvik ADT’s (60t) Loaders loaders trucks (140t) dump trucks (90t) Di650i Leopards x9 x2 x3 x 12 x 18 x7 20
Slide 21: Processing
Processing
Slide 22: Proven processing plant
Proven processing plant 10 years of Standard Alkaline leach CCD solids Final product Product successful crushing and process similar to separation and recovery drummed and operations classification standard alumina ion exchange to U3O8 transported by history refining process road to Port of (Bayer P
Slide 23: Processing plant flowsheet
Processing plant flowsheet Process Description Bullets • Beneficiation Solid Liquor • Primary Crushing RoM Beneficiation Heat Recover Separation Tail Storage Ore & Leach Facility • Scrubbing (CCD) • Recycle Crushing PLS • Primary Classification Dry Tails Steam Sodium Wet Tails • Secondary Classifica
Slide 24: The processing plant
The processing plant 1. Crushing and scrubbing c 2. Classification b d 3. Heat recovery and leaching 4. Solids washing and tailing a 5. Ion-exchange and bicarbonate recovery 5 6 7 6. Sodium Diuranate and UO4 precipitation 7. Final product recovery 4 Infrastructure 3 2 a. Reagents storage b. NamWater
Slide 25: 1. Crushing and scrubbing
1. Crushing and scrubbing • ROM material is fed into two parallel crushing circuits • Crushed material is fed into three autogenous scrubbing mills where process solution is added • Scrubbed product is screened to ensure only <10mm material is passed onto the classification circuits. Material above
Slide 26: 2. Classification
2. Classification • Scrubbed material is classified using • Material above 500µm is dewatered and cyclones, vibrating screens and two teeter rejected in the form of barren sands bed units to recover only sub 500µm material which is fed to a pre-leach thickening circuit Classification & pre-leach thi
Slide 27: 3. Heat recovery and leaching
3. Heat recovery and leaching • Pre-leach thickeners dewater the classification product and provide a thickened slurry which is stored in two leach feed surge tanks • These tanks smoothen the effects of upstream process upsets improving process stability and run time • A heat recovery circuit heats
Slide 28: 4. Solids washing and tailing
4. Solids washing and tailing • Cooled leached product is washed in seven stages of CCD using barren solution from the Ion-Exchange process and industrial water • Flocculant is added at each stage to increase solids settling and improve process efficiency • The final washed solids are dewatered usin
Slide 29: 5. Ion-exchange and bicarbonate recovery
5. Ion-exchange and bicarbonate recovery • The pregnant leach solution is pumped into adsorption columns containing resin beads which extract the uranium and reject impurities. The remaining ‘barren’ solution is used in the CCD circuit as wash water • The loaded resin beads are transferred to elutio
Slide 30: 6. Sodium Diuranate and UO4 precipitation
6. Sodium Diuranate and UO4 precipitation • The sodium diuranate (SDU) slurry is dewatered in a thickener and washed to remove impurities using demineralized water • Batch reactors are used to convert the SDU to Uranyl peroxide (UO4) • The UO4 is dewatered in a thickener prior to further processing
Slide 31: 7. Final product recovery
7. Final product recovery • In FPR the UO4 slurry is washed to remove impurities and dewatered in a centrifuge • The UO4 cake is fed to a rotary electric kiln in which the UO4 is calcined to U3O8 • Conversion to U3O8 maximises product quality, reduces product drum consumption and lowers transport co
Slide 32: Infrastructure
Infrastructure
Slide 33: Water – Significant upgrades since restart
Water – Significant upgrades since restart LHM water requirement serviced by: • Industrial water (blended supply) from NamWater • Groundwater (Swakop river abstraction) • Site water storage via two bladders and open pond Source: Chamber of Mines Namibia Since commencement of the LHM restart project,
Slide 34: Power
Power • Namibia is part of the Southern • Namibia has been upgrading its African Power Pool (SAPP) – grid infrastructure so there is a regional cooperation of 12 reliable delivery of power and national electricity utilities in accommodate growing demand Southern Africa and new energy sources • Histo
Slide 35: Transport and logistics
Transport and logistics • LHM’s final product packing, transport and logistics is in line with the IAEA (International Atomic Energy Agency) regulations and guidelines 1 2 3 4 U3O8 drums packed in Container transport from LHM to Walvis Bay Port Dedicated Class 7 Loading of containers onto • Paladin
Slide 36: Community Engagement
AALADIN Community Engagement
Slide 37: Prioritising local talent
Prioritising local talent The LHM team is comprised of 98% Namibian employees, with many living in nearby communities 37
Slide 38: Partnerships with local community creating lasting value
Partnerships with local community creating lasting value We engage and collaborate with local communities to build respectful, lasting and mutually beneficial relationships 38
Slide 39: Conclusion
Conclusion
Slide 40: LHM – Delivering sustainable value
LHM – Delivering sustainable value Located in premier Strong local Exceptional Restart has uranium mining engagement and team de-risked future country community support operations Full mining and Focus on unlocking Quality offtake processing operations value via cost control contract book planned fo
Slide 41: Delivering sustainable value
Delivering sustainable value Maximise value Unlock the Deliver Drive from Langer value of the organic growth sustainable Heinrich Mine Patterson Lake via exploration value for South Project shareholders 41
Slide 42: Slide 42
Slide 43: Appendices
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Slide 44: Non-IFRS measures
Non-IFRS measures Paladin uses certain financial measures that are considered “non-IFRS financial information” within the meaning of Australian securities laws and/or “non-GAAP financial measures” within the meaning of Canadian securities laws (collectively referred to in this announcement as Non-IF
Slide 45: 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 46: 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
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