Paladin Energy Ltd · ASX:PDN
Paladin Energy — Q1 FY2027 Earnings Presentation
35 slides from Paladin Energy's earnings presentation, Oct 14, 2026
Slide 1: September 2026 Quarterly Results Presentation
rsonal use only September 2026 Quarterly Results Presentation
Slide 2: Important Notice
Important Notice This presentation (Presentation) is dated 14 October 2026 and has been information in this Presentation or any error or omission therefrom. The The scientific and technical information relating to the Langer Heinrich Mine prepared by Paladin Energy Ltd (the Company or Paladin) based
Slide 3: Multi-decade production and growth pipeline
Multi-decade production and growth pipeline to capitalise on the growing uranium supply deficit rsonal use only Namibia Canada Advanced exploration portfolio in Canada and Australia Production Development and Preliminary Economic Advanced exploration1 Early-stage exploration exploration Assessment (
Slide 4: Key drivers of Paladin's near-term growth strategy
Key drivers of Paladin’s near-term growth strategy rsonal use only 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 reg
Slide 5: September 2026 Quarterly Highlights
September 2026 Quarterly Highlights1 rsonal use only LHM production reflected Strong Average Realised LHM guidance metrics the planned maintenance Price reflected increasing remain unchanged for Q1 Q4 LHM SUMMARY (100%)5 FY2027 FY2026 shutdown and processing uranium prices and a higher FY20273 plant
Slide 6: September 2026 Quarterly Cash Flow
September 2026 Quarterly Cash Flow rsonal use only For the three-month period ended 30 September 2026 US$ million 71 265 -67 -11 -15 -19 209 -10 -5 Cash & Customer LHM LHM Low LHM stripping PLS Project Other⁴ Debt Facility Cash & Investments receipts¹ production Grade Ore & sustaining & group repaym
Slide 7: Langer Heinrich Mine, Namibia
rsonal use only Langer Heinrich Mine Namibia
Slide 8: LHM September 2026 Quarter Results
LHM September 2026 Quarter Results Mining Processing Sales rsonal use only Mining activities continued to progress to The planned maintenance shutdown and ore Strong Average Realised Price1 reflected plan, focused on the J pit as development characteristics associated with the mining increasing uran
Slide 9: FY2027 mining activity focused on the J pit
FY2027 mining activity focused on the J pit rsonal use only Current Tailings (TSF6) Processing Plant G Pits J Pits F Pits H Pits ROM Pad Stockpile Mining activities continued Q1 mining activity focused on Ore characteristics of the As mining advances into the to progress to plan, with 7.73Mt progres
Slide 10: LHM delivering uranium to Tier-1 customer base
LHM delivering uranium to Tier-1 customer base Industry leading contract book leveraging strong uranium market fundamentals rsonal use only 1.16Mlb US$79.4/lb 20Mlb 84% U3O8 sold in the first three months of average realised price1 in the first of U3O8 contracted of the LHM Ore Reserve FY2027 three
Slide 11: LHM FY2027 Guidance
LHM FY2027 Guidance1 LHM guidance metrics remain unchanged for FY2027 rsonal use only Guidance (100%) 2,3 FY2027 U3O8 Produced4 Mlb 5.1 – 5.6 U3O8 Sold5 Mlb 4.8 – 5.3 Cost of Production6 US$/lb 44 – 48 Capital Expenditure7 US$ 29 – 35 Average Realised Price Sensitivity FY2027 Uranium Spot Price Assu
Slide 12: Patterson Lake South, Canada
rsonal use only Patterson Lake South Canada
Slide 13: PLS Project: Globally material project
Premier location Shallow & high grade Located in the Athabasca Basin region, Conventional mining, via decline access. rsonal use only 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 infras
Slide 14: 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 rsonal use only Jurisdiction: stable, supportive government and communities with access to a skilled work
Slide 15: PLS September 2026 Quarter Highlights
PLS September 2026 Quarter Highlights1 rsonal use only MBA signed with Protocol in place with FEED advancement BNDN2 CNSC Paladin Canada Inc., and Birch Narrows Administrative Protocol signed with the The team continues to advance and de- Dene Nation (BNDN) signed a Mutual CNSC, targeting completion
Slide 16: De-risking permitting pathway
De-risking permitting pathway rsonal use only Pathway to production Dec 2024 Mar 2025 Aug 2025 Feb 2026 Jun 2026 Jul 2026 Next milestones6 2031 Production Acquisition Exemption Completion Environmental Sufficiency Administrative Provincial Permitting of Fission granted by of Engineering Impact statu
Slide 17: Unlocking growth at PLS through exploration
Unlocking growth at PLS through exploration Recent drilling extended mineralisation at the Atlas and Saloon East discoveries and beyond the current R1515W Mineral Resource at Triple R rsonal use only Resource extension drilling Targeted extension drilling aims to increase resource inventory within
Slide 18: PLS Project: Triple R deposit extension
PLS Project: Triple R deposit extension1 Supporting future Resource and Reserve growth rsonal use only Twenty drillholes totaling 6,250.5m were completed at the Triple R R1515W zone in 2026, aiming to extend mineralisation along strike and at depth outside of the current resource Significant interce
Slide 19: PLS: Atlas Discovery
PLS: Atlas Discovery Highest Grade Hole to date1 rsonal use only Atlas was discovered in 20261 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 in
Slide 20: PLS: Saloon East Discovery
PLS: Saloon East Discovery Continues to grow1 rsonal use only 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 inc
Slide 21: Uranium Market
rsonal use only Uranium Market
Slide 22: Policy support for nuclear power expansion underpinning uranium demand
COP28 pledge to triple World Bank policy now nuclear capacity by 2050 permits support for nuclear endorsed by 38 nations energy, expanding potential rsonal use only financing and advisory pathways for eligible projects Focus on energy security is China hosts the fastest- growing fleet of nuclear Ind
Slide 23: Uranium prices have recovered significantly, yet remain below historic highs
Uranium prices have recovered significantly, yet remain below historic highs rsonal use only 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 Expa
Slide 24: Disconnect between uranium requirements and supply
Disconnect between uranium requirements and supply Paladin’s assets are 40 strategically placed 17 3 7 78 to supply uranium CANADA rsonal use only RUSSIA globally 0 KAZAKHSTAN 22 0 LHM provides utilities with diversification vis-a-vis production from Kazakhstan, FRANCE Canada and Uzbekistan 51 PLS i
Slide 25: Delivering Sustainable Value
rsonal use only Delivering Sustainable Value
Slide 26: Making an impact in our communities
Making an impact in our communities Paladin is committed to playing a meaningful role in its host communities in Namibia and Canada. Our focus is on supporting initiatives that positively impact youth education, health, wellbeing and community engagement rsonal use only • Upgrade of six science labo
Slide 27: Paladin's goal is to be a leading independent uranium producer
Paladin’s goal is to be a leading independent, upstream-focused uranium producer globally rsonal use only 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 Drivi
Slide 28: Thank you.
rsonal use only Thank you. 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 29: Appendix
rsonal use only Appendix.
Slide 30: 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 rsonal use only Global uranium supply and demand1 (Mlb) Global utility uncovered uranium requirements2 114Mlb 768Mlb 1,851Mlb 400 New supply required annually 50Mlb 181Mlb
Slide 31: 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 rsonal use only Global nuclear reactor rollout is underway1 80 reactors under construction1 336 980 PROPOSED NEW TOTAL REACTORS POTENTIAL IN 27 COUNTRIES REACTORS China 38 Ind
Slide 32: LHM September 2026 Quarter Results
LHM September 2026 Quarter Results1 Q1 Q4 rsonal use only LHM (100%)2 FY2027 FY2026 MINING Waste Mined Mt 5.89 5.57 1. Refer to Paladin’s exchange announcement titled “Quarterly Total Ore Mined3 Mt 1.84 1.87 Report – September 2026” dated 14 October 2026 2. Paladin has a 75% interest in the LHM Tota
Slide 33: LHM Mineral Resources and Ore Reserves
LHM Mineral Resources and Ore Reserves rsonal use only 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
Slide 34: PLS Project Mineral Resources and Reserves
PLS Project Mineral Resources and Reserves rsonal use only 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 1.79 129.7 0.57 60.5 Ore Reserves1 Mt Grade % U3O8 Mlb U3O8 Probable R780E
Slide 35: Non-IFRS Measures
Non-IFRS Measures The Non-IFRS Measures used in this Presentation are described below. Average Realised Price rsonal use only Average Realised Price is a Non-IFRS Measure that represents the average revenue received per pound of U3O8 sold during a given period. It is calculated by dividing total rev