A global uranium producer with scale and growth Annual General Meeting 2025

18 November 2025

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 forward-looking statements, and offer, invitation or recommendation to purchase or otherwise deal in securities in should rely on their own independent enquiries, investigations and advice The scientific and technical information relating to PLS in this Presentation is Important Notice Presentation is not a prospectus, product disclosure statement or other forward-looking statements in this document relate only to events or information accordance with NI 43-101 and available on www.sedarplus.ca. Scientific and the Company or any other financial products. Neither this Presentation nor any regarding information contained in this document. Any reliance by a reader on based on the technical report titled “Feasibility Study, NI 43-101 Technical of its contents will form the basis of any contract or commitment. This the information contained in this document is wholly at the reader’s own risk. The Report, for PLS Property” (effective date 17 January 2023), prepared in

disclosure or offer document under Australian law, Canadian law, or the law of as of the date on which the statements are made. Paladin does not assume any technical information relating to PLS in this Presentation was reviewed and any other jurisdiction. obligation to update or revise its forward-looking statements, whether as a result approved by Kanan Sarioglu, VP Exploration of Paladin Canada Inc. (a of new information, future events or otherwise. No representation, warranty, subsidiary of Paladin), a “qualified person” under NI 43-101.

Not Investment or Financial Advice guarantee or assurance (express or implied) is made, or will be made, that any Foreign Estimates This Presentation, and the information in it, does not constitute financial product, forward-looking statements will be achieved or will prove to be correct. Except legal, tax or other investment advice and is not a recommendation regarding the for statutory liability which cannot be excluded, Paladin, its officers, employees For the purposes of ASX Listing Rule 5.12, the PLS Project mineral reserve and acquisition or disposal of Paladin’s securities. No account has been taken of the and advisers expressly disclaim any responsibility for the accuracy or mineral resource estimates are foreign estimates prepared in accordance with This presentation (Presentation) is dated 18 November 2025 and has been objectives, financial situation or needs of any recipient of this Presentation. completeness of the material contained in this document and exclude all liability NI 43- 101. Such estimates have not been reported in accordance with the prepared by Paladin Energy Ltd (the Company or Paladin) based on Recipients should therefore carefully consider whether Paladin’s securities are whatsoever (including negligence) for any loss or damage which may be JORC Code. Accordingly, a competent person has not done sufficient work to an appropriate investment for them in their personal, financial, taxation and other suffered by any person as a consequence of any information in this document or classify the foreign estimate as mineral resources or ore reserves in accordance information available to it at that time. You should read this disclaimer carefully before making any use of this Presentation or the information circumstances. Recipients should seek appropriate independent professional any error or omission therefrom. Except as required by law or regulation, Paladin with the JORC Code, and it is uncertain whether further evaluation and advice before taking any action based on the information contained in this accepts no responsibility to update any person regarding any inaccuracy, exploration will result in an estimate reportable under the JORC Code. See contained herein. By accessing or reviewing this Presentation you acknowledge and agree to the terms set out in this disclaimer. Presentation. omission or change in information in this document or any other information Paladin’s ASX announcement titled ‘Paladin Energy to acquire Fission Uranium made available to a person, nor any obligation to furnish the person with any creating a clean energy leader’ dated 24 June 2024 and the Company’s 2025 Past Performance further information. Nothing in this document will, under any circumstances, Annual Report for additional technical information relating to such foreign Historical information in this Presentation should not be relied upon as (and is create an implication that there has been no change in the affairs of Paladin estimates. Paladin confirms that the supporting information provided in that Summary Information not) an indication of future performance, including share price performance. since the date of this document. announcement continues to apply and has not materially changed. Paladin also confirms that it is not in possession of any new information or data relating to The information in this Presentation is of a general background nature only Forward-Looking Statements To the extent any forward-looking statement in this document constitutes “futurethese foreign estimates that materially impacts their reliability or Paladin’s ability and does not purport to be complete or contain all of the information investors oriented financial information” or “financial outlooks” within the meaning of This document contains certain “forward-looking statements” within the meaning to verify the foreign estimates as a mineral resource or ore reserve estimate in would require to evaluate an investment in the Company. The information in Canadian securities laws, such information is provided to demonstrate Paladin’s of Australian securities laws and “forward-looking information” within the accordance with the JORC Code.

the Presentation is current as at the date of the Presentation and the internal projections and to help readers understand Paladin’s expected financial meaning of Canadian securities laws (collectively referred to in this document as Company accepts no responsibility for updating its content. This Presentation results. Readers are cautioned that this information may not be appropriate for Market and Industry Data forward-looking statements). All statements in this document, other than any other purpose and readers should not place undue reliance on such has been prepared with due care, but the Company gives no representation statements of historical or present facts, are forward-looking statements and Certain information in this Presentation may have been obtained from market information. Future-oriented financial information and financial outlooks, as with or warranty (express or implied) in relation to the currency, accuracy, generally may be identified by the use of forward-looking words such as and industry data and forecasts obtained from government or industry forward-looking statements generally, are, without limitation, based on the reliability, fairness or completeness of the information, opinions or “anticipate”, “expect”, “likely”, “propose”, “will”, “intend”, “should”, “could”, “may”, publications and reports. Such market and industry data is subject to variations assumptions, and subject to the risks and uncertainties, described above.

conclusions herein. This Presentation should be read together with Paladin’s “believe”, “forecast”, “estimate”, “target”, “outlook”, “guidance” and other similar and cannot be verified due to limits on the availability and reliability of the periodic and continuous disclosure, available at www.paladinenergy.com.au expressions. Investment Risk relevant data inputs, the voluntary nature of the data gathering process and and www.sedarplus.ca. other limitations and uncertainties inherent in any market or other survey. Forward-looking statements involve subjective judgment and analysis and are An investment in the Company is subject to a range of known and unknown While Paladin believes any such data contained in this Presentation to be subject to significant uncertainties, risks and contingencies including those risk risks, including the possible loss of income and/or capital invested. The reliable, neither Paladin nor its representatives have independently verified any factors associated with the mining industry, many of which are outside the Company does not guarantee any particular rate of return, the performance of such information sourced from third parties and accordingly disclaimers all control of, change without notice, and may be unknown to Paladin. These risks the Company, the repayment of capital from the Company or the particular tax responsibility and liability whatsoever in respect to any such information.

and uncertainties include but are not limited to liabilities inherent in mine treatment of any investment. When making any investment decision, investors development and production, geological, mining and processing technical should make their own enquiries and investigations, including but not limited to Non-IFRS measures problems, the inability to obtain any additional mine licenses, permits and other forming their own views regarding the assumptions, uncertainties and Paladin uses certain financial measures that are considered “non-IFRS financial regulatory approvals required in connection with mining and third party contingencies mentioned in this Presentation which may affect the future information” within the meaning of Australian securities laws and/or “non-GAAP processing operations, competition for amongst other things, capital, acquisition operations and financial condition of the Company.

financial measures” within the meaning of Canadian securities laws (collectively of reserves, undeveloped lands and skilled personnel, incorrect assessments of Geological Information referred to in this announcement as Non-IFRS Measures) to supplement the value of acquisitions, changes in commodity prices and exchange rates, analysis of its financial and operating performance. These Non-IFRS Measures currency and interest fluctuations, various events which could disrupt operations Unless otherwise stated, information in this Presentation relating to the do not have a standardised meaning prescribed by International Financial and/or the transportation of mineral products, including labour stoppages and Company’s mineral resource and ore reserve estimates (other than the Reporting Standards (IFRS) and therefore may not be comparable to similar severe weather conditions, the demand for and availability of transportation Patterson Lake South project (PLS)) has been prepared in accordance with the measures presented by other issuers. For an explanation of how Paladin uses services, the ability to secure adequate financing and management's ability to Australasian Code for Reporting Exploration Results, Mineral Resources and non-IFRS measures and definitions of individual non-IFRS measures used by anticipate and manage the foregoing factors and risks. Readers are also Ore Reserves (the JORC Code). Unless otherwise stated, such information has Paladin, see Paladin’s MD&A released to the exchanges on 28 August 2025 referred to the risks and uncertainties referred to in the Company’s “2025 been extracted from the Company’s “2025 Annual Report to Shareholders”

available to view at paladinenergy.com.au and on www.sedarplus.ca.

Annual Report” (Annual Report) and in Paladin’s Management’s Discussion released on 28 August 2025 (Annual Report) and available to view at and Analysis for the year ended 30 June 2025 (MD&A), each released on 28 paladinenergy.com.au. Paladin confirms that it is not aware of any new The Company believes these measures provide additional insight into its August 2025 and in the Company’s Annual Information Form for the year information or data that materially affects the information extracted from the financial results and operational performance and are useful to investors, ended 30 June 2025 released on 15 September 2025 and available to view at Annual Report and, in the case of mineral resources or ore reserve information, securities analysts, and other interested parties in understanding and evaluating paladinenergy.com.au and on www.sedarplus.ca. that all material assumptions and technical parameters underpinning those the Company’s historical and future operating performance. However, they estimates continue to apply and have not materially changed. should not be viewed in isolation or as a substitute for information prepared in Although at the date of this document, Paladin believes the expectations accordance with IFRS. Accordingly, readers are cautioned not to place undue expressed in such forward-looking statements are based on reasonable Mineral resource and mineral reserve estimates relating to the PLS Project have reliance on any Non-IFRS Measures.

assumptions, such statements are not guarantees of future performance and been prepared in accordance with National Instrument 43-101 - Standards of actual results or developments may differ materially from the expectations Disclosure for Mineral Projects of the Canadian Securities Administrators (NI 43- Rounding expressed in such forward-looking statements due to a range of factors including 101).

Figures, amounts, percentages, estimates and calculations of value in this (without limitation) fluctuations in commodity prices and exchange rates, National Instrument 43-101 Presentation are subject to rounding. Accordingly, the actual calculation of such exploitation and exploration successes, permitting and development issues, figures may differ from figures in this Presentation.

political risks including the impact of political instability on economic activity and The scientific and technical information relating to the Langer Heinrich Mine uranium supply and demand, Indigenous Nations engagement, climate risk, (LHM) in this Presentation is based on the technical report titled “NI 43-101 Authorisation operating hazards, natural disasters, severe storms and other adverse weather Technical Report on Langer Heinrich Uranium Project, Erongo Region, Republic This announcement has been authorised for release by the Board of Directors of conditions, shortages of skilled labour and construction materials, equipment of Namibia” (effective date 31 March 2024), prepared in accordance with NI 43- Paladin.

and supplies, regulatory concerns, continued availability of capital and financing 101 and available on www.sedarplus.ca. Scientific and technical information and general economic, market or business conditions and risk factors relating to the LHM in this Presentation was reviewed and approved by David associated with the uranium industry generally. There can be no assurance that Varcoe, Principal Mining Engineer for AMC Consultants Pty Ltd, and David

A global uranium producer with scale and growth

Foundations in place to underpin Paladin’s growth and value creation

Growth via Balance sheet Strong uranium Langer Heinrich flexibility Patterson Lake market outlook Mine¹ ramp-up to South Project driven by nuclear full mining and energy demand operations underway

• High-grade, conventional • Completion of A$300M fully
• Increasing nuclear energy • First full year of production at demand led by global energy the Langer Heinrich Mine near surface project located underwritten equity raising⁵ security and electrification (LHM) in FY2025² in the premier Athabasca and A$100M SPP⁶ Basin
• Global utilities increasingly • LHM mining operations • US$269M in cash and investments as at 30 securing uranium supply from commenced in April 2025² • Engineering review confirmed robustness of the Patterson September 2025 (excluding Western facing jurisdictions
• Full mining and processing SPP funds)⁷ Lake South (PLS) project and
• Structural uranium supply- operations planned for de-risks its development and
  • US$50M undrawn Revolving

demand deficit due to under- FY2027³ operation⁴ Credit Facility⁷ investment

• Strong adjacent exploration
  • US$177.7M in sales revenue

upside and potential to for FY2025² extend the PLS resource

1. Paladin has a 75% interest in the LHM. 2. Refer to Paladin’s exchange announcement titled “2025 Annual Report to Shareholders & Appendix 4E” dated 28 August 2025. 3. Refer to Paladin’s exchange announcement titled “Langer Heinrich Mine FY2026 Guidance” dated 23 July 2025. 4. Refer to Paladin’s exchange announcements titled “Patterson Lake South Project Update” and “Patterson Lake South Project Update – Presentation” dated 28 August 2025, 5. Refer to Paladin’s exchange announcement titled “Paladin successfully completes A$300M equity raising” dated 16 September 2025, 6. Refer to Paladin’s exchange announcement titled “Paladin completes Share Purchase Plan” dated 16 October 2025. 7. Refer to Paladin’s exchange announcement titled “Quarterly Activities Report – September 2025” dated 14 October 2025.

FY2025 was a transformative year for Paladin

Sep 2025

Record quarterly production at LHM⁶

Jul 2024 Dec 2024 Feb 2025 Apr 2025 Jun 2025 Jun 2025 Sep 2025 Sep/Oct 2025 LHM first Successful Two Mutual Transition to Acceptance of Paul Hemburrow A$400M 3.0Mlb U3O8 customer acquisition of Benefits mining final PLS EIS for produced at LHM appointed MD & equity raising shipment from Fission Uranium Agreements commenced at public review by in FY2025⁴ CEO effective completed^7,8 production of Corp. and listing signed with LHM⁴ the Saskatchewan September 2025⁵ ore stockpile¹ on the TSX² Canadian Ministry of Indigenous Environment⁴ Nations³

1. Refer to Paladin’s exchange announcement titled “Quarterly Activities Report - June 2024” dated 22 July 2024. 2. Refer to Paladin’s exchange announcement titled “Paladin completes acquisition of Fission” dated 24 December 2024.

3. Refer to Paladin’s exchange announcements titled “Buffalo River Dene Nation Agreement signed” dated 3 February 2025 and “Clearwater River Dene Nation Agreement signed opens new window” dated 13 February 2025. 4. Refer to Paladin’s exchange announcement titled “Quarterly Activities Report - June 2025” dated 23 July 2025. 5. Refer to Paladin’s exchange announcement titled “Managing Director & Chief Executive Officer Appointment” dated 25 June 2025.

6. Refer to Paladin’s exchange announcement titled “Quarterly Activities Report - September 2025” dated 14 October 2025. 7. Refer to Paladin’s exchange announcement titled “Paladin successfully completes A$300M equity raising” 4 dated 17 September 2025. 8. Refer to Paladin’s exchange announcement titled “Paladin completes Share Purchase Plan” dated 16 October 2025.

Multi-decade production and growth pipeline

Canada	Exploration portfolio in Australia1 and Canada
Development	Preliminary Economic Assessment	Advanced Exploration	Early-Stage Exploration (Athabasca Basin)

Namibia

Production

Langer Heinrich Patterson Lake South Manyingee & Mount Juliet 11,148 ha Mine Project Michelin Carley Bore Isa Seahawk 6,293 ha

Typhoon 3,867 ha

Corsair 3,613 ha

Caliban 2,296 ha

Cupid 1,519 ha

NAMIBIA CANADA CANADA AUSTRALIA Prospero 1,442 ha

Merlin 808 ha

Trinculo 523 ha

1. The state government of Queensland permits uranium exploration, but bans uranium mining, whilst the current state government of Western Australia currently has no-development uranium mining policy. 5

FY2025 Sustainability Highlights

TRIFR 98% 84%

2.7 of total procurement of the LHM per million costs spent with employees are local hours worked local businesses

No serious Adoption of key Board composition environmental Sustainability reporting

>30%

incidents or breaches frameworks (including gender diversity of environmental IFRS, TCFD, GRI, measurable compliance ASRS, IFC and objective requirements Modern Slavery)

Refer to Paladin’s exchange announcement titled “2025 Annual Report” dated 28 August 2025 6 6

Langer Heinrich Mine (LHM) Namibia

LHM Highlights

3.0Mlb U3O8 US$65.7/lb US$40.2/lb FY2025 production U3O8 average realised price³ U3O8 cost of production⁴

1.06Mlb U3O8 US$67.4/lb US$41.6/lb 1Q FY2026 production U3O8 cost of production⁴ U3O8 average realised price³

1.Refer to Paladin’s exchange announcement titled “Quarterly Activities Report – June 2025” dated 23 July 2025. 2. Refer to Paladin’s exchange announcement titled “Quarterly Activities Report – September 2025” dated 14 October 2025. 3. Average Realised Sales Price (US$/lb U3O8) is a Non-IFRS Measure that represents the average revenue received per pound of uranium sold during a given period. Refer to “Non-IFRS Measures” in the September 2025 Quarterly Activities Report. 4. The Cost of Production per pound is a non-IFRS measure and represents the total production costs divided by pounds of U₃O₈ produced. The Cost of Production is calculated as the total direct production expenditures incurred during the period (including mining, stockpile rehandling, processing, site maintenance, and minelevel administrative costs), excluding costs such as cost of ore stockpiled, capitalised stripping costs, depreciation and amortisation, general and administration costs, royalties, exploration expenses, sustaining capital and the impacts of any inventory impairments or impairment reversals. Refer to “Non-IFRS Measures” in the September 2025 Quarterly Activities Report.

LHM Processing Plant optimisation delivering recovery stability and throughput improvement

Target overall

1400

recovery rate

88% 88% 87% 86% 90%

1,170 1200 1,150 80% 1,066 69% 994 70% 1000 902

60%

800 750 745 50% 640 638

600 40%

30%

20%

10%

0 0% Q1FY2025 Q2FY2025 Q3FY2025 Q4FY2025 Q1FY2026

Tonnes processed (kt) Production (klb) U3O8 Sold (klb) Recovery rate (%)

For further information refer to Paladin’s exchange announcements titled “Quarterly Activities Report - September 2025” and “September 2025 Quarter Presentation” dated 14 October 2025

Industry-leading contract book

Contract pricing mix (2025-30)³

2.7Mlb

of U3O8 sold in FY2025¹ 55% Market-related prices uranium sales agreements with

24.5Mlb

tier-one global customers in the

45%

US, Europe and Asia² Base-escalated & fixed prices

24.5Mlb

of U3O8 contracted to 2030³ Contract pricing mix (Ore Reserve)⁴

85%

of the LHM Ore Reserve⁴

85%

Market-related exposed to market related prices or prices or is uncontracted uncontracted⁵

77.5Mlb 15% Life of

sales agreement with CNNC, Base-escalated one of the largest consumers of

mine

& fixed prices uranium in the world

1. Refer to Paladin’s exchange announcement titled “Quarterly Activities Report – June 2025” dated 23 July 2025. 2. Subject to customary conditions precedent contained in offtake agreements, including the requirement to receive Namibian Government and other regulatory approvals based on LHM contract book as at 30 September 2025. 3. Based on nominal contract volumes from 30 September 2025 to 31 December 2030 under executed uranium sales agreements. Subject to customary conditions precedent contained in uranium sales agreements, including the requirement to receive Namibian Government and other regulatory approvals. 4. Contract coverage and pricing mechanism calculations are based on nominal contract volumes from 1 July 2025 for the life of mine under executed offtake agreements. Subject to customary conditions precedent contained in offtake agreements, including the requirement to receive Namibian Government and other regulatory approvals. Based on Langer Heinrich Uranium Life of Mine Ore Reserve as at 30 June 2025, as detailed in the ASX Announcement “2025 Annual Report to Shareholders & Appendix 4E” dated 28 August 2025. Refer to the Appendices to this presentation for more information and Ore Reserve Table. 5. Includes sold volumes in FY2026.

Patterson Lake South (PLS) Project Canada

Acquisition of Fission successfully completed in late 2024 delivering the world-class PLS Project

Shallow, high-grade Significant growth ~9Mlb p.a. U3O8 Triple R deposit potential

average annual production target over a 10-year 93.7Mlb U3O8 of Probable Mineral Reserve potential for mine life extension through mine life supported by a 1,000tpd mining rate² at 1.41%¹, hosted in basement rock, Mineral Resource conversion as well as the starting just 50m from surface highly prospective Saloon East trend and several underexplored exploration areas

Conventional mining Leveraged to strong Located in the and proven flowsheet uranium outlook Athabasca Basin

traditional hard rock underground mining 100% exposure to market-related pricing world’s premier high-grade uranium mining methods and a proven flow sheet based on district, proposed mine site just 2km from all- existing Athabasca Basin uranium operations season Highway 955

1. Refer to the Appendices to this presentation for more information and Mineral Resources and Reserves Tables. 2. Refer to “Foreign Estimates" section on slide 2 for further information. PLS production and run-of-mine ore feed targets are based on the technical report titled "Feasibility Study, NI 43-101 Technical Report, for PLS Property" with an effective date of 17 January 2023 which was prepared in accordance with NI 43-101. All material assumptions underpinning these targets, or the forecast financial information derived from these targets, continue to apply and have not materially changed.