Paladin Energy Ltd · ASX:PDN
Paladin Energy — Investor Day (September 2026)
90 slides from Paladin Energy's investor day presentation, Sep 2, 2026
Slide 1: Investor Day
Investor Day 2 September 2026
Slide 2: Important Notice
Important Notice This presentation (Presentation) is dated 2 September 2026 and has been exclude all liability whatsoever (including in negligence) for any loss or Historical Estimates prepared by Paladin Energy Ltd (the Company or Paladin) based on damage which may be suffered by any person as a co
Slide 3: Agenda
Introduction & Business strategy Paul Hemburrow, MD and CEO FY2026 in review & Capital management Anna Sudlow, CFO Uranium market Alex Rybak, CCO Langer Heinrich Mine Scott Barber, COO Q&A Break Patterson Lake South Project Scott Barber, COO | Dale Huffman, President Paladin Canada Agenda Exploratio
Slide 4: Presenters
Presenters Paul Hemburrow Anna Sudlow Scott Barber Alex Rybak Managing Director and Chief Financial Officer Chief Operating Officer Chief Commercial Officer Chief Executive Officer Dale Huffman Andrew Fitzpatrick President General Manager Paladin Canada Exploration 4
Slide 5: Business strategy
Business strategy Paul Hemburrow, MD and CEO
Slide 6: A global uranium producer with scale and growth potential
Leveraging market Delivering sequenced strength production growth Capitalising on growing demand Advancing a multi-decade for nuclear energy, a secure and production, development and reliable source of baseload power exploration pipeline across Namibia, essential for meeting the world’s Canada and A
Slide 7: Focus on energy security is accelerating
COP28 pledge to triple World Bank policy now nuclear capacity by 2050 permits support for nuclear endorsed by 38 nations energy, expanding potential financing and advisory pathways for eligible projects Focus on energy security is China hosts the fastest- growing fleet of nuclear India plans to grow
Slide 8: Multi-decade production and growth pipeline to capitalise on the growing uranium supply deficit
Multi-decade production and growth pipeline to capitalise on the growing uranium supply deficit Namibia Canada Advanced exploration portfolio in Canada and Australia Production Development and Preliminary Economic Advanced exploration1 Early-stage exploration exploration Assessment (Athabasca Basin
Slide 9: A successful year of delivery, growth and strategic progress
A successful year of delivery, growth and strategic progress Aug 2026 Jul 2026 Jun 2026 Jun 2026 Mutual Jun 2026 Protocol Benefits Jun 2026 LHM ramp-up signed with Agreement the CNSC with Birch Feb 2026 Paladin added successfully Narrows completed targeting Jan 2026 ‘Sufficiency’ to the with 4.82Mlb
Slide 10: Paladin's core strengths underpin long-term growth and value creation
Paladin’s core strengths underpin long-term growth and value creation Multi-decade Operational Project delivery asset portfolio excellence Located in premier uranium Track record of safe and Demonstrated capability in mining jurisdictions with consistent performance large scale project execution exp
Slide 11: Key drivers of Paladin's near-term growth strategy
Key drivers of Paladin’s near-term growth strategy Maximise the Unlock the value Advance exploration value from LHM of the PLS Project assets Deliver safe, consistent operational and Progress the project through key Focus on both near mine and financial performance permitting and regulatory mileston
Slide 12: FY2026 in review & Capital management
FY2026 in review & Capital management Anna Sudlow, CFO
Slide 13: FY2026 Highlights
4.82Mlb U3O8 US$70.0/lb U3O8 produced Average Realised Price1 FY2026 Highlights US$304.3M US$43.3/lb U3O8 Sales revenue from the Cost of Production1 sale of 4.35Mlb U3O8 US$52.2M US$265.0M Gross profit Cash and investments at 30 June 2026 Refer to Stock Exchange Announcement titled “2026 Annual Repo
Slide 14: FY2026 Financial Results
FY2026 Financial Results Financial performance reflects the successful ramp-up of LHM with higher uranium production and sales volumes driving a significant increase in revenue and gross profit FY2026 FY2025 Change Comments Higher sales contract pricing and Average Realised Price1 US$/lb 70.0 65.7 7
Slide 15: FY2026 Sustainability Highlights
3.2 99% Group TRIF1 of LHM employees are at 30 June 2026 Namibian Nationals FY2026 55 EIS approval community programs across by the Saskatchewan Sustainability Namibia and Canada Government for the PLS Project Highlights Refer to Stock Exchange Announcement titled “2026 Annual Report to Shareholders
Slide 16: Strong balance sheet and capital allocation
Investing for long-term growth while maintaining financial discipline Strong balance Capital Shareholder sheet allocation returns • US$265M cash and investments1 • Sustain and grow operating asset • Maximise cashflows from operations • US$70M undrawn Revolving Credit • PLS Project development • S&P/
Slide 17: Proven operational experience, global capital markets access
Capital Markets Government Support Proven operational Strong PLS Project economics along with a strong balance sheet, credibility as Strong government support globally for nuclear due to the drive for experience, an operator, dual listing and existing debt relationships provide flexibility in decarb
Slide 18: Uranium market
Uranium market Alex Rybak, CCO
Slide 19: Paladin's assets are strategically placed to supply uranium globally
Paladin’s assets 40 Disconnect between uranium requirements and supply are strategically 17 3 7 78 placed to supply CANADA RUSSIA uranium globally 0 KAZAKHSTAN 22 0 LHM provides utilities with diversification vis-a-vis production from Kazakhstan, FRANCE Canada and Uzbekistan 51 PLS is well positione
Slide 20: Growth in electrification and supportive policy driving nuclear energy outlook
Growth in electrification and supportive policy driving nuclear energy outlook World total electricity production (TWh)1 By 2050 global Geopolitics and electricity generation AI growth are is projected to strengthening the double from 2024 case for nuclear as a 9% 9% 10% 10% levels1 secure, reliable
Slide 21: 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 Global nuclear reactor rollout is underway1 79 reactors under construction1 331 975 PROPOSED NEW TOTAL REACTORS POTENTIAL IN 26 COUNTRIES REACTORS China 37 India 8 124 79 PLAN
Slide 22: Structural uranium supply-demand deficit is expected to widen
Structural uranium supply-demand deficit is expected to widen Visible new supply is insufficient to meet growing uranium demand Global uranium supply and demand1 (Mlb) Global utility uncovered uranium requirements2 126Mlb 792Mlb 1,874Mlb 400 New supply required annually 50Mlb 181Mlb 315Mlb 350 300 2
Slide 23: LHM's industry leading contract book leveraging strong uranium market fundamentals
LHM’s industry leading contract book leveraging strong uranium market fundamentals 4.35Mlb US$70/lb 21Mlb 85% U3O8 sold in FY2026 average realised price1 in FY2026 of U3O8 contracted of the LHM Ore Reserve to 20302,3 exposed to market-related prices or is uncontracted3,4 LHM contract pricing mix (20
Slide 24: Delivering uranium to Tier-1 customers globally
Delivering uranium to Tier-1 customers globally 1 2 Converdyn-Solstice Cameco Orano Metropolis Facility Port Hope Facility Malvesi Facility U3O8 drums packed in Container transport from USA Canada France Port of container according to LHM to Walvis Bay Port Shanghai China specifications North Americ
Slide 25: In-house uranium marketing expertise and proven customer relationships
Deep industry relationships Proven contract execution • Long-standing relationships with global • Marketing team with decades of contracting nuclear utilities, converters, enrichers, experience across cycles shipping providers and intermediaries • Demonstrated ability to build uranium • Deep underst
Slide 26: Uranium prices have recovered significantly, yet remain below historic highs
Uranium prices have recovered significantly, yet remain below historic highs Uranium prices (inflation adjusted, in 2026 dollars) Uranium bull market Nuclear Uranium bear market, China, India and Russia 250 triggered by oil price shocks renaissance triggered by Fukushima Nuclear Expansion US/Iran Wa
Slide 27: Langer Heinrich Mine Namibia
Langer Heinrich Mine Namibia Scott Barber, COO
Slide 28: LHM: A strategic uranium producing asset
LHM: A strategic uranium producing asset 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 Walvis Bay industri
Slide 29: 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 30: LHM ramp-up completed safely and successfully
LHM ramp-up completed safely and successfully LHM TRIF vs quarterly hours worked LHM quarterly operational performance Target overall 92 91 90 95 7 800,000 recovery rate 88 88 87 86 90 1.4 85% to 90% 85 700,000 1.29 80 6 1.23 69 1.21 1.23 1.21 1.19 75 1.2 1.17 1.15 70 600,000 65 5 1.07 60 Hours Work
Slide 31: Ramp-up of mining activities completed
Ramp-up of mining activities completed 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 during the mining
Slide 32: Proven processing plant
Proven processing plant 10 years of successful operations history Standard crushing and classification Alkaline leach process similar to standard alumina refining process (Bayer Process) CCD solids separation and ion exchange Final product recovery to U3O8 32
Slide 33: Significant upgrades to infrastructure since restart
Significant upgrades to infrastructure since restart • Industrial water (blended supply) from NamWater Water • Groundwater (Swakop river abstraction) • Site water storage via two bladders and open pond Evap Pond C Power • LHM supplied through a 66kV line from Kuiseb (local) substation • Emergency po
Slide 34: LHM FY2027 Guidance
LHM FY2027 Guidance1 Guidance (100%) 2,3 FY2027 U3O8 Produced4 Mlb 5.1 – 5.6 U3O8 Sold5 Mlb 4.8 – 5.3 Cost of Production6 US$/lb 44 – 48 Capital Expenditure7 US$ 29 – 35 • Higher production is expected in the second half of FY2027 as higher-grade ore feed to the processing plant increases • Planned
Slide 35: Break
Break
Slide 36: Patterson Lake South Project Canada
Patterson Lake South Project Canada Scott Barber, COO | Dale Huffman, President Paladin Canada
Slide 37: You can watch the PLS video here
You can watch the PLS video here 37
Slide 38: PLS: A standout asset in a premier mining jurisdiction
Premier location Shallow & high grade Located in the Athabasca Basin region, Conventional mining, via decline access. 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 infrastructure PLS: Gl
Slide 39: PLS Project is one of the leading low cost, high-grade uranium advanced development projects globally
PLS Project is one of the leading low cost, high-grade uranium advanced development projects globally LEGEND Advanced development stage uranium projects’ grade and C1 cash cost benchmarking1 Athabasca Basin region projects PLS Project 10.00% Mineral Resource grade (%, log scale) Wheeler River Wheele
Slide 40: Strong economics at the PLS Project
Strong economics at the PLS Project Update dated 28 August 20251 US$11.7/lb US$1,226M US$3,023M Operating Cash Cost (Life of mine (LOM))2 Pre-production capital cost LOM cash flows (post-tax)4,5 exclusive of pre-FID capital expenditure3 at US$90/lb uranium price6 US$15.2/lb US$1,325M 28.2% All-in Su
Slide 41: 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 Jurisdiction: stable, supportive government and communities with access to a skilled workforce Uranium Ci
Slide 42: Building respectful, long lasting and mutually beneficial relationships with local communities
Building respectful, long lasting and mutually beneficial relationships with local 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 to develop part
Slide 43: Making an impact in our communities
Making an impact in our communities We are committed to building long lasting and valued relationships in Saskatoon and throughout Northern Saskatchewan. 43
Slide 44: De-risking permitting pathway
De-risking permitting pathway Pathway to production Dec 2024 Mar 2025 Aug 2025 Feb 2026 Jun 2026 Jul 2026 Next milestones 2031 Production6 Acquisition Exemption Completion Environmental Sufficiency Administrative Provincial Permitting of Fission granted by of Engineering Impact status Protocol signe
Slide 45: Shallow, high-grade orebody with significant extension potential
Shallow, high-grade orebody with significant extension potential Triple R deposit remains open along strike and at depth Indicated Resource Inferred Resource Open along strike and at depth Decline access Conventional mining Load and haul Bulk freezing Shallow deposit allows Mining is entirely in bas
Slide 46: 3D underground mine model video – sequenced year-by-year
3D underground mine model video – sequenced year-by-year 46
Slide 47: Traditional approach to underground mining reduces risk
Traditional approach to underground mining reduces risk Shallow orebody enables decline access, reducing development On-site backfill plant returns cemented waste rock underground for complexity and capital requirements geotechnical support in stoping areas Cut & fill and long-hole stoping combined
Slide 48: Traditional approach to underground mining reduces risk
Traditional approach to underground mining reduces risk Shallow orebody enables decline access, reducing development On-site backfill plant returns cemented waste rock underground for complexity and capital requirements geotechnical support in stoping areas Cut & fill and long-hole stoping combined
Slide 49: Traditional approach to underground mining reduces risk
Traditional approach to underground mining reduces risk Shallow orebody enables decline access, reducing development On-site backfill plant returns cemented waste rock underground for complexity and capital requirements geotechnical support in stoping areas Cut & fill and long-hole stoping combined
Slide 50: Traditional approach to underground mining reduces risk
Traditional approach to underground mining reduces risk Shallow orebody enables decline access, reducing development On-site backfill plant returns cemented waste rock underground for complexity and capital requirements geotechnical support in stoping areas Cut & fill and long-hole stoping combined
Slide 51: Traditional approach to underground mining reduces risk
Traditional approach to underground mining reduces risk Shallow orebody enables decline access, reducing development On-site backfill plant returns cemented waste rock underground for complexity and capital requirements geotechnical support in stoping areas Cut & fill and long-hole stoping combined
Slide 52: Traditional approach to underground mining reduces risk
Traditional approach to underground mining reduces risk Shallow orebody enables decline access, reducing development On-site backfill plant returns cemented waste rock underground for complexity and capital requirements geotechnical support in stoping areas Cut & fill and long-hole stoping combined
Slide 53: Mine portal and decline access
Mine portal and decline access Decline access reduces development complexity relative to shaft-based Illustrative decline access mining Short ~350m decline through the overburden (plus ~65m transition into bedrock)1 Tunnel boring machine (TBM) construction, established in civil works (widely used be
Slide 54: Established bulk freezing process
Established bulk freezing process Illustrative bulk freezing process Bulk freezing process used across the Athabasca Basin SURFACE FREEZE PLANT and globally to improve ground stability and reduce water inflows, including at Cigar Lake, McArthur River, Jansen FREEZE PIPES A surface refrigeration plan
Slide 55: Standard underground mining fleet
30t Haul Trucks Loaders Standard underground mining fleet • Conventional equipment sourced from established global mining suppliers • Fleet size reflects the high grades Development Jumbos Longhole Drills and low mining rate (1,000tpd) • Well within the capability of experienced underground mining c
Slide 56: Proven process plant
Proven process plant High-level process plant flow diagram • Proven flowsheet designed for 1,000tpd (350,000tpa) at an average mill feed grade of 1.41% U₃O₈, to produce on average ~9Mlb U₃O₈ pa1 • Conventional acid-leach uranium plant, based on successful Athabasca operations including Rabbit Lake,
Slide 57: Project site designed for efficient operations and reduced surface disturbance
Project site designed for efficient operations and reduced surface disturbance Process plant layout Compact processing infrastructure, enabled by the Monitoring high-grade orebody and low 1,000tpd rate Ponds Water (~350,000tpa which is less than 10% of total ore Treatment Mine processed at LHM in FY
Slide 58: Best practice tailings management facility design
Best practice tailings management facility design Proven, industry-standard approach Illustrative tailings management facility Surface disposal is the prevailing tailings-management method at operating uranium mines worldwide Operating flexibility Built-in expansion capacity 7.2Mm³ of capacity for P
Slide 59: Non-Process Infrastructure
Non-Process Infrastructure Access & Logistics Power Water Permanent camp Mine site located 2km from all- To be provided by LPG or LNG Fresh water requirements will be 230-person camp to be constructed season Highway 955 for inbound onsite power plant, with future met by groundwater wells at the to a
Slide 60: Unlocking the value of PLS, one of the leading low cost, high-grade uranium projects globally
Unlocking the value of PLS, one of the leading low cost, high-grade uranium projects globally Key regulatory, Focus on securing permitting, engineering development permitting and Indigenous and advancing project engagement milestones funding ahead of FID achieved since Fission acquisition Utilise es
Slide 61: Exploration and growth strategy
Exploration and growth strategy Scott Barber, COO | Andrew Fitzpatrick, GM Exploration
Slide 62: Globally significant uranium resource
Globally significant uranium resource 532Mlb1 of uranium mineral resources providing a strong Paladin asset portfolio growth pathway Attributable Mineral Resources¹ Canadian assets located in a richly endowed mineralisation 127.7Mlb province with extensive opportunity to grow the resource 129.7Mlb M
Slide 63: Significant, diversified resource platform in key uranium mining jurisdictions
Significant, diversified resource platform in key uranium mining jurisdictions 1. PLS Project 2. Michelin Project 3. Mt Isa, Manyingee and Carley Bore1 Langer Heinrich Mine 129.7 Mlb U3O8 127.7 Mlb U3O8 41.5 Mlb U3O8 148.4 Mlb U3O8 85.0 Mlb U3O8 Mineral Resources Mineral Resources Mineral Resources
Slide 64: Canada's Athabasca Basin region
Canada’s Athabasca Basin region PAST PRODUCERS DEPOSITS CURRENT OPERATIONS Triple R is the Athabasca’s only shallow high-grade, undeveloped uranium deposit 100 0 -100 -200 -300 -400 -500 -600 -700 -800 -900 -1,000 VERTICAL DEPTH (m) 64
Slide 65: Uranium exploration in Canada
Uranium exploration in Canada Seasonal access strategy Diamond drilling Fast downhole decision Winter: frozen lakes and wetlands open Continuous core preserves lithology, Gamma tools provide immediate access to otherwise difficult drilling structures, alteration and mineralised calibrated U₃O₈ estim
Slide 66: Unlocking growth at PLS through exploration
Unlocking growth at PLS through exploration • 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 of PLS Timeline
Slide 67: A strategic path to unlocking PLS upside
A strategic path to unlocking PLS upside 1. Resource extension drilling Targeted extension drilling aims to increase resource inventory within the existing Triple R uranium zones 2. Prospect delineation drilling Triple R Saloon Delineation drilling converts promising discoveries like East Atlas and
Slide 68: 1. Resource extension drilling
1. Resource extension drilling Targeted extension drilling aims to increase resource inventory within the existing Triple R uranium zones De-risk early production (R780E) Extend Mine Life at Triple R deposit • Increase geological confidence in the first 2–3 years of production • Grow reserves throug
Slide 69: Triple R remains open at depth and along strike, offering significant brownfield upside
Triple R remains open at depth and along strike, offering significant brownfield upside Historically PLS drilling has been limited to 500m depth Shear hosted uranium deposits typically extend to depth (i.e. 800m+ Eagle Point deposits) There are multiple brownfield opportunities at Triple R: • betwee
Slide 70: All Triple R zones remain open, supporting further resource growth potential
All Triple R zones remain open, supporting further resource growth potential Long section Cross section Projected cross section of Triple R from ENE 1. Between known mineralised zones along shear zone 3. Mineralisation along parallel structures 2. Mineralisation at depth to the main shear zone as ob
Slide 71: R1515W extension
R1515W extension1 Supporting future Resource and Reserve growth Twenty drillholes totaling 6,250.5m were completed at the Triple R R1515W zone in 2026, aiming to extend mineralization along strike and at depth outside of the current resource Significant intercepts include: ▪ PLS26-751: 19.3m of tota
Slide 72: R1515W extension
R1515W extension1 Supporting future Resource and Reserve growth Twenty drillholes totaling 6,250.5m were completed at the Triple R R1515W zone in 2026, aiming to extend mineralization along strike and at depth outside of the current resource Significant intercepts include: ▪ PLS26-751: 19.3m of tota
Slide 73: 2. Prospect delineation drilling
2. Prospect delineation drilling Deliver step-change growth through new discoveries within infrastructure/haulage distance Saloon East & Atlas delineation • Organic resource growth • Potential for higher life-of-mine production and cumulative cash flow • Strong leverage of existing infrastructure •
Slide 74: Atlas Discovery
Atlas Discovery Highest Grade Hole to date1 Atlas was discovered in 20262 and is located 3.5km south of Triple R Twenty-five drillholes have been completed at Atlas, totaling 8,755.4m Recent significant intercepts include: ▪ PLS26-762A: 13.0m of total composite mineralisation including 4.1m of 3.0%
Slide 75: Atlas Discovery
Atlas Discovery Highest Grade Hole to date1 Atlas was discovered in 20262 and is located 3.5km south of Triple R Twenty-five drillholes have been completed at Atlas, totaling 8,755.4m Recent significant intercepts include: ▪ PLS26-762A: 13.0m of total composite mineralisation including 4.1m of 3.0%
Slide 76: Saloon East Discovery
Saloon East Discovery Continues to grow1 Saloon East was discovered in August 2024 and is located 3.5km southeast of Triple R Twenty-eight drillholes have now been completed at Saloon East totaling 8,595.4m, with mineralisation continuing to be intersected Best holes to date include: ▪ PLS25-693: 23
Slide 77: 3. Regional exploration opportunities
3. Regional exploration opportunities Exploration targets underexplored structural corridors to identify new mineral deposits beyond current footprint 77
Slide 78: Driving growth through sustained exploration
532Mlb GLOBAL URANIUM RESOURCES1,2 30,000m TARGETED DRILLING AT PLS IN FY2027 Global footprint across three Every Triple R zone still open continents with 129.7Mlb U3O8 and barely tested below 500m at the PLS Project 2 Driving growth NEW DISCOVERIES through sustained Saloon East and Atlas located 3.
Slide 79: Closing remarks
Closing remarks
Slide 80: Paladin's goal is to be a leading independent, upstream-focused uranium producer globally
Paladin’s goal is to be a leading independent, upstream-focused uranium producer globally Langer Patterson Value Heinrich Lake South creation Mine Project Producing uranium for global Delivering PLS Project for nuclear energy energy security today expansion tomorrow Exploration Driving growth throug
Slide 81: Q&A
Q&A
Slide 82: Paladin Energy 2026 Investor Day
Paladin Energy 2026 Investor Day 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
Slide 83: Appendix
Appendix 83
Slide 84: LHM FY2027 Guidance
LHM FY2027 Guidance1 Guidance (100%) 2,3 FY2027 U3O8 Produced4 Mlb 5.1 – 5.6 U3O8 Sold5 Mlb 4.8 – 5.3 Cost of Production6 US$/lb 44 – 48 Capital Expenditure7 US$ 29 – 35 Average Realised Price Sensitivity FY2027 Uranium Spot Price Assumption (US$/lb) Forecast Average Realised Price (US$/lb)8,9 40 51
Slide 85: LHM Mineral Resources and Ore Reserves
LHM Mineral Resources and Ore Reserves Summary Mineral Resources1 As at 30 June 2026 Mt Grade ppm U3O8 Mlb U3O8 Grade ppm V2O5 Mlb V2O5 Measured In-situ 67.6 449 66.9 145 21.7 ROM stockpiles 0.1 485 0.1 157 0.0 2 LG stockpiles 27.3 314 18.9 102 6.1 Total Measured 95.0 410 85.9 133 27.8 Indicated In-
Slide 86: PLS Project Mineral Resources and Reserves
PLS Project Mineral Resources and Reserves 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 1.80 129.7 0.57 60.5 Ore Reserves1 Mt Grade % U3O8 Mlb U3O8 Probable R780E Zone 2.6 1.46 8
Slide 87: Michelin Project Mineral Resources
Michelin Project Mineral Resources Summary Mineral Resources Deposit Mt Grade ppm U 3 O 8 Mlb U3O8 Measured Michelin1 17.6 965 37.6 Rainbow 0.2 920 0.4 Indicated Gear 0.4 770 0.6 Inda 1.2 690 1.8 Jacques Lake1 13.0 630 18.0 1 Michelin 20.6 980 44.6 Nash 0.7 830 1.2 Rainbow 0.8 860 1.4 Inferred Gear
Slide 88: Australian exploration portfolio Mineral Resources
Australian exploration portfolio Mineral Resources Summary Mineral Resources Deposit Mt Grade ppm U 3 O 8 Mlb U3O8 Measured Valhalla 16.0 820 28.9 Indicated Andersons 1.4 1,450 4.6 Bikini 5.8 495 6.3 Duke Batman 0.5 1,370 1.6 Odin 8.2 555 10.0 Skal 14.3 640 20.2 Valhalla 18.6 840 34.5 Carley Bore1 5
Slide 89: Peer Comparison – Advanced development stage uranium projects' grade and C1 cash cost benchmarking
Peer Comparison – Advanced development stage uranium projects’ grade and C1 cash cost benchmarking Mineral Resources and Ore Reserves, Grade and C1 Cash Costs Reporting Asset Company Location Ownership Ore Reserves Mineral Resources C1 Cash Cost Source 1 Date Source 2 Date Study Type Framework Prove
Slide 90: Non-IFRS Measures
Non-IFRS Measures The Non-IFRS Measures used in this Presentation are described below. Average Realised Price 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 revenue from U 3O8