Paladin Energy Ltd · ASX:PDN
Paladin Energy — Citi Australia & New Zealand Investment Conference 2025
33 slides from Paladin Energy's conference presentation, Oct 15, 2025
Slide 1: A global uranium producer with scale and growth
A global uranium producer with scale and growth Citi Australia & New Zealand Investment Conference 2025 15 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 market Final phase of the Growth via the outlook driven by nuclear Langer Heinrich Mine1 Patterson Lake South energy demand ramp-up underway Project • Increasing nuclea
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: September 2025 Quarter Highlights
September 2025 Quarter Highlights Material Cash and mined at LHM Production investments 63% higher 1.1Mlb U3O8 US$269.4M than previous quarter PLS Project engineering Paul Hemburrow’s A$300 million fully review confirmed appointment as underwritten equity technical robustness MD & CEO effective rais
Slide 6: Langer Heinrich Mine (LHM) Namibia
Langer Heinrich Mine (LHM) Namibia
Slide 7: LHM September 2025 Quarter Highlights
LHM September 2025 Quarter Highlights 1.1Mlb U3O8 477ppm 86% record quarterly production since ore grade as LHM continues to blend average overall plant recovery rate the restart of the LHM stockpiles with primary ore feed within target range 533.8klb U3O8 US$67.4/lb U3O8 US$41.6/lb U3O8 sold under
Slide 8: Building on the mining capability
Building on the mining capability Mining activities continued to ramp up during the September quarter, with active drilling, blasting, and load-and-haul activities focused on the G and F pits • Total mined material was 5.27Mt during the quarter, an increase of 63% compared to the previous quarter •
Slide 9: LHM Processing Plant optimisation delivering recovery stability and throughput improvement
LHM Processing Plant optimisation delivering recovery stability and throughput improvement 1400 Target overall recovery rate 88% 88% 87% 86% 90% 1200 1,170 1,150 80% 1,066 69% 994 70% 1000 902 872 830 60% 800 750 745 710 50% 640 623 638 600 534 40% 500 30% 400 20% 200 10% 0 0% Q1FY2025 Q2FY2025 Q3FY
Slide 10: Infrastructure in place to support transition to full mining and processing operations
Infrastructure in place to support transition to full mining and processing operations Tailings Storage Facility 6 successfully commissioned to provide capacity for ongoing production Refurbished power infrastructure with track record of reliable power supply NamWater upgrades and on-site water mana
Slide 11: Industry-leading contract book
Industry-leading contract book Contract pricing mix (2025-30) 2 uranium sales agreements with 55% 14 tier-one global customers in the US, Europe and Asia1 Market-related prices 24.5Mlb 45% 24.5Mlb of U3O8 contracted to 20302 Base-escalated & fixed prices Contract pricing mix (Ore Reserve)3 of the LH
Slide 12: Patterson Lake South (PLS) Project Canada
Patterson Lake South (PLS) Project Canada
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: Strong economics at the PLS Project
Strong economics at the PLS Project Economics reflect the PLS Project’s position as KEY ECONOMIC OUTCOMES a world-class uranium project which is highly cash flow generative in a range of price Initial Mine Life4 Years 10 environments Construction Period4 Years 3 Grade4 % U3O8 1.41 US$3,023M US$1,325
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: 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 life1 with focus on expanded drilling operations to unlock significant growth potential through strategic priorities Extending Triple R mineralis
Slide 18: Delivering progress towards PLS Project development
Delivering progress towards PLS Project development Significant milestones achieved since Paladin has a clear pathway focused on Fission acquisition unlocking PLS Project value Exemption granted by the Canadian Government from the Non- • Ongoing engagement with Indigenous Nations Resident Ownershi
Slide 19: Growth
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Slide 20: Maximising exploration value through strategic prioritisation
Maximising exploration value through strategic prioritisation Global uranium exploration capability strengthened to drive disciplined organic growth Patterson Lake South, Canada • Early target testing around greater PLS has unlocked new prospective trend at Saloon East1 • Continue testing along PLG-
Slide 21: Uranium Market Outlook
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Slide 22: 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 23: 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 supplies1 America 39 39 • European utilities currently Europe source ~50%2 of their requirements from Kazakhstan, Russia and Niger. They are 103 increasi
Slide 24: Uranium contracting returning to fundamentals
Uranium contracting returning to fundamentals Spot and term market volumes1 Spot market volumes Spot and term pricing, last 5 years3 Term contract volumes $120 Spot Mid Point (UxC and TT) 275 YTD Spot market volumes YTD Term contract volumes Term Mid Point (UxC and TT) 250 Potential term contract vo
Slide 25: Delivering Sustainable Value
Delivering Sustainable Value
Slide 26: Delivering sustainable value
Delivering sustainable value Maximise Unlocking the Deliver organic Drive production from value of the growth via sustainable the LHM PLS Project exploration value for shareholders 26 26
Slide 27: Clean Energy. Clear Future.
Clean Energy. Clear Future. 27
Slide 28: Appendices
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Slide 29: PLS Project | Permitting / License review process
PLS Project | Permitting / License review process Key permitting processes Timeline to production1 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
Slide 30: 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 31: 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 32: 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 33: 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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