Paladin Energy Ltd · ASX:PDN
Paladin Energy — Q2 FY2026 Earnings Presentation
29 slides from Paladin Energy's earnings presentation, Jan 21, 2026
Slide 1: December 2025 Quarter Presentation
December 2025 Quarter Presentation 21 January 2026 Refer to Paladin’s exchange announcement titled “Quarterly Activities Report – September 2025” Dated 14 October 2025.
Slide 2: Important Notice
Not an Offer forward-looking statements will prove to be accurate. Princep, a full-time employee of Gill Lane Consulting Pty Ltd, each a “qualified person” under NI 43-101. This Presentation is for information purposes only and does not constitute an Readers should not place undue reliance on forwar
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 full Patterson Lake flexibility driven by nuclear mining and operations South Project energy de
Slide 4: Multi-decade production and growth pipeline
Multi-decade production and growth pipeline Exploration portfolio Namibia Canada 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: December 2025 Quarterly Highlights
December 2025 Quarterly Highlights1 CASH AND DEBT Q2 Q1 (US$M) FY2026 FY2026 • Enhanced balance sheet following completion of the Share Purchase Plan (SPP) and the restructure of the syndicated debt facility with cash and investments of Cash and Investments 278.4 269.4 US$278.4M and an undrawn US$70
Slide 6: December 2025 Quarterly Cash Flow
December 2025 Quarterly Cash Flow For the three-month period ended 31 December 2025 US$ million • Unrestricted cash and investments of US$278.4M at 31 December 2025 62 • Sales volumes, revenues and 65 cashflows can vary significantly on a quarterly basis due to the timing 278 269 of customer receipt
Slide 7: Langer Heinrich Mine December 2025 Quarterly Results
Langer Heinrich Mine December 2025 Quarterly Results Refer to Paladin’s exchange announcement titled “December 2025 Quarterly Report” dated 21 January 2026.
Slide 8: LHM December 2025 Quarter Highlights
LHM December 2025 Quarter Highlights 1.23Mlb U3O8 US$39.7/lb U3O8 91% produced at an average cost of production1 average overall plant recovery rate average ore feed grade of 524ppm 1.43Mlb U3O8 US$71.8/lb U3O8 1.61Mlb U3O8 sold to our global customers average realised price2 closing finished produc
Slide 9: LHM Mining
LHM Mining Mining activities continued to ramp up with 5.53Mt mined during the quarter Q2 Q1 YTD MINING FY2026 FY2026 FY2026 Total Mined Mt 5.53 5.27 10.80 • Mining activities at the LHM continued to ramp up during the quarter, with drilling, blasting and load-and-haul concentrated in the G and F pi
Slide 10: LHM Processing Plant
LHM Processing Plant Production of 1.23Mlb U₃O₈, up 16% on the previous quarter Q2 Q1 YTD PROCESSING FY2026 FY2026 FY2026 • Crusher throughput was 1.21Mt at an average ore feed grade Tonnes Processed Mt 1.21 1.15 2.36 of 524ppm for the quarter, reflecting a higher proportion of mined ore being fed t
Slide 11: LHM Sales and Contracting
LHM Sales and Contracting Contract pricing mix (2025-30) 2 1.43Mlb U3O8 sold 53% Market-related prices US$71.8/lb Average realised price1 23Mlb 47% Base-escalated & fixed prices 23 Mlb of U3O8 contracted to 20302 Contract pricing mix (Ore Reserve) 3 of the LHM Ore Reserve3 exposed 85% to market rela
Slide 12: Patterson Lake South (PLS) Project
Patterson Lake South (PLS) Project
Slide 13: 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%1, hosted in basement rock, mine life supported by a 1,0
Slide 14: Engineering Review confirms unchanged physicals with updated capital and operating costs
Engineering Review confirms unchanged physicals with updated capital and operating costs1 Comprehensive review confirms robustness of KEY ECONOMIC OUTCOMES the PLS Project and de-risks its development and Initial Mine Life4 Years 10 operation Construction Period4 Years 3 Grade4 % U3O8 1.41 • As part
Slide 15: Canada’s Athabasca Basin region
Canada’s Athabasca Basin region The world’s premier high-grade uranium PALADIN CANADA PROPERTIES DEPOSITS mining jurisdiction DEVELOPMENT PROJECTS SHOWINGS CURRENT OPERATIONS MILL PAST PRODUCERS • Jurisdiction: stable, supportive government and Uranium City communities with access to a skilled workf
Slide 16: 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 benchmarking1 Bubble size = contained U3O8 mineral resource Athabasca Basin projects 10.00% PLS Project Mineral Resource grade (%, log scale) Gryphon Phoenix Ro
Slide 17: PLS Project Progress & Exploration
PLS Project Progress & Exploration1 Mobilisation completed for the winter drilling program at the PLS Project in the December 2025 quarter and drilling commenced in January 2026 Q2 Q1 YTD PLS PROJECT • Preparations for the winter drilling program, including ice pad FY2026 FY2026 FY2026 flooding on P
Slide 18: Uranium Market Outlook
Uranium Market Outlook
Slide 19: Global nuclear energy demand driven by the need for clean and reliable baseload power
Global nuclear energy demand driven by the need for clean and 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
Slide 20: Uranium contracting returning to fundamentals
Uranium contracting returning to fundamentals Spot and term market volumes1 Spot and term pricing, last 5 years2 275 Spot market volumes $120 Spot Mid Point (UxC and TT) Term contract volumes Term Mid Point (UxC and TT) 250 225 $100 200 175 $80 Mlb U3O8 150 125 100 $60 75 50 $40 25 - $20 2012 2005 2
Slide 21: Delivering Sustainable Value
Delivering Sustainable Value
Slide 22: Delivering sustainable value
Delivering sustainable value Maximise value Advance the PLS Deliver organic Drive from Langer Project towards growth via sustainable Heinrich Mine development exploration value for shareholders 22
Slide 23: Clean Energy. Clear Future.
Clean Energy. Clear Future.
Slide 24: Appendices
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Slide 25: 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 26: 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 27: 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 28: 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 29: 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