Paladin Energy Ltd · ASX:PDN
Paladin Energy — Macquarie Australia Conference 2026
31 slides from Paladin Energy's conference presentation, May 5, 2026
Slide 1: Macquarie Australia Conference 2026
2026 Macquarie Australia Conference 5 to 7 May 2026
Slide 2: Important Notice
Important Notice This presentation (Presentation) is dated 5 May 2026 and has been prepared by omission therefrom. The Company accepts no responsibility to update any person mineral resources or ore reserves in accordance with the JORC Code, and it is Paladin Energy Ltd (the Company or Paladin) base
Slide 3: A global uranium producer
Market strength Strategic opportunity Increasing nuclear demand – Established uranium producer with secure, stable, predictable assets in leading uranium mining baseload power for global energy jurisdictions and a globally expansion significant resource base A global Delivering real value uranium Ra
Slide 4: Multi-decade production and growth pipeline to capture the growing uranium supply deficit
Multi-decade production and growth pipeline to capture 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) Lange
Slide 5: Uranium Market
Uranium Market.
Slide 6: 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 311 952 PROPOSED NEW TOTAL POTENTIAL REACTORS REACTORS IN 25 COUNTRIES 124 79 PLANNED NEW REACTORS IN 18 COUNTRIES 438 REACTORS UND
Slide 7: 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 0.1Blb 0.8Blb 1.9Blb 400 New supply required annually 50Mlb 181Mlb 315Mlb 350 300 250
Slide 8: Paladin’s assets are strategically placed to supply uranium globally
Paladin’s assets Disconnect between uranium requirements and supply are strategically 40 17 8 78 placed to supply 3 CANADA RUSSIA 0 uranium globally KAZAKHSTAN 22 LHM uranium provides utilities with 49 diversification vis-a-vis production from 0 FRANCE Kazakhstan, Canada and Australia 5 60 UNITED ST
Slide 9: Langer Heinrich Mine Namibia
Langer Heinrich Mine Namibia.
Slide 10: LHM: A strategic uranium asset
A proven uranium Production history with jurisdiction Tier-1 customer base Namibia accounts for ~12% of Since 2007 LHM has produced and world’s uranium production sold 49Mlb of U3O8 to global customers De-risked asset Finalising ramp-up US$120M Restart Project completed in 20241 focused on Record or
Slide 11: LHM ramping up to full mining and processing plant operations
LHM ramping up to full mining and processing plant operations Mining Processing Sales Full mining fleet commissioned and Consistent improvement quarter-on- Sales and average realised price1 driven by operational with 17Mt mined in the first quarter with increased feed grade and the quality of the LH
Slide 12: 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 3Mlb US$69.8/lb 22Mlb 86% U3O8 sold in the first average realised price1 in the first of U3O8 contracted of the LHM Ore Reserve nine months of FY2026 nine months of FY2026 to 2
Slide 13: Patterson Lake South Project Canada
Patterson Lake South Project Canada.
Slide 14: PLS: A standout asset in a premier location
Premier location Shallow & high grade Located in the Athabasca Basin, Conventional mining, via decline the world’s premier high-grade access. Shallow nature of deposit uranium mining district with access reduces development timeframe and to established infrastructure capital expenditure PLS: Globall
Slide 15: PLS Project is one of the leading undeveloped uranium projects globally
PLS Project is one of the leading undeveloped uranium projects globally LEGEND Advanced development stage uranium projects’ grade and C1 cash cost benchmarking1 Athabasca Basin Projects 10.00% PLS Project Mineral Resource grade (%, log scale) Gryphon Phoenix Rook 1 1.00% Dasa Dewey-Burdock Etango-8
Slide 16: Shallow high-grade orebody with significant extension potential
Shallow high-grade orebody with significant extension potential Indicated Resource Inferred Resource Decline access Conventional mining Load and haul Ground freezing Shallow deposit allows Mining is entirely in basement Efficient trucking to surface Athabasca Basin’s standard decline access – delive
Slide 17: Strong economics at the PLS Project
Strong economics at the PLS Project Economics reflect the PLS Project’s position as a world-class uranium project1 Key Economics US$3,023M Initial Mine Life5 Years 10 LOM CASH FLOWS (POST-TAX)2,3 AT US$90/lb URANIUM PRICE4 Construction Period5 Years 3 Grade5 % U3O8 (ppm) 1.41 (14,100) Recovery5 % 97
Slide 18: PLS Project is highly cash flow generative in a range of price environments
PLS Project is highly cash flow generative in a range of price environments1 Uranium Price2 NPV8 (post-tax)3,4 NPV8 (post-tax)3,4 IRR (post-tax)3,4 Avg. FCF p.a. 3,5 Avg. FCF p.a.3,5 US$/lb US$M C$M % US$M C$M $120/lb 2,172 2,896 37.5% 586 781 $110/lb 1,891 2,521 34.6% 534 712 $100/lb 1,609 2,146 31
Slide 19: Unlocking growth at the PLS Project through exploration
Unlocking growth at the PLS Project through exploration PLS Project and Saloon East trend exploration map2 Paladin has identified a clear strategy to extend the PLS Project beyond its existing 10-year mine life1 with focus on resource conversion and extension drilling at the Triple R deposit, comple
Slide 20: De-risking and unlocking value of the PLS Project
De-risking and unlocking value of the PLS Project Significant milestones achieved on Fission integration and advancement of the PLS Project Next steps • Continue to advance the CNSC Construction Licence process • Completion of Feb 2026 FEED study and readiness for Detailed Engineering Oct 2025 • Ong
Slide 21: Delivering Sustainable Value
Delivering Sustainable Value.
Slide 22: Making an impact in our communities
Making an impact in our communities We are committed to playing a meaningful role in our host communities in Namibia and Canada. Our focus is on supporting initiatives that positively impact youth education, health, wellbeing and community engagement 22
Slide 23: Prioritising local talent
Prioritising local talent Our people are highly experienced with strong local knowledge and a deep understanding of our operating environments. We prioritise developing and retaining local talent and building skilled teams 23
Slide 24: Paladin is well-placed to capture the growing uranium supply deficit
Paladin is well-placed to capture the growing uranium supply deficit Producing Unlocking Driving growth Delivering uranium for Patterson Lake through sustained sustainable value global energy South Project for exploration security today nuclear energy expansion tomorrow 24
Slide 25: Thank you
2026 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 26: Appendix
Appendix.
Slide 27: LHM March 2026 Quarter Results
LHM March 2026 Quarter Results1 1.Refer to Paladin’s exchange announcement titled “Quarterly 2 Q3 Q2 Q1 YTD Report – March 2026” dated 22 April 2026 LHM (100%) 2.Paladin has a 75% interest in the LHM FY2026 FY2026 FY2026 FY2026 3. Total Ore Mined includes high grade, medium grade and low- MINING gra
Slide 28: LHM Mineral Resources and Ore Reserves
LHM Mineral Resources and Ore Reserves Summary Mineral Resources1 As at 30 June 2025 Classification Location Millions of Tonnes (Mt) Grade U3O8 (ppm) Contained U3O8 (Mlb) Grade V205 (ppm) Contained V205 (Mlb) Measured In-situ 76.9 450 76.3 145 24.7 2 MG ROM stockpiles 2.6 460 2.6 155 0.9 3 LG ROM st
Slide 29: PLS Project Mineral Resources and Reserves
PLS Project Mineral Resources and Reserves Notes: Summary Mineral Resources1 1. CIM Definition Standards were followed for the classification of mineral resources. 2. The mineral resources are reported with an effective date of 30 June 2025. 3. Mineral resources are reported at a cut-off grade of 0.
Slide 30: 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 31: 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