A global uranium producer with scale and growth Annual General Meeting 2025
A global uranium producer
with scale and growth
Annual General Meeting 2025
18 November 2025
2
Not an Offer
This Presentation is for information purposes only and does not constitute an
offer, invitation or recommendation to purchase or otherwise deal in securities in
the Company or any other financial products. Neither this Presentation nor any
of its contents will form the basis of any contract or commitment. This
Presentation is not a prospectus, product disclosure statement or other
disclosure or offer document under Australian law, Canadian law, or the law of
any other jurisdiction.
Not Investment or Financial Advice
This Presentation, and the information in it, does not constitute financial product,
legal, tax or other investment advice and is not a recommendation regarding the
acquisition or disposal of Paladin’s securities. No account has been taken of the
objectives, financial situation or needs of any recipient of this Presentation.
Recipients should therefore carefully consider whether Paladin’s securities are
an appropriate investment for them in their personal, financial, taxation and other
circumstances. Recipients should seek appropriate independent professional
advice before taking any action based on the information contained in this
Presentation.
Past Performance
Historical information in this Presentation should not be relied upon as (and is
not) an indication of future performance, including share price performance.
Forward-Looking Statements
This document contains certain “forward-looking statements” within the meaning
of Australian securities laws and “forward-looking information” within the
meaning of Canadian securities laws (collectively referred to in this document as
forward-looking statements). All statements in this document, other than
statements of historical or present facts, are forward-looking statements and
generally may be identified by the use of forward-looking words such as
“anticipate”, “expect”, “likely”, “propose”, “will”, “intend”, “should”, “could”, “may”,
“believe”, “forecast”, “estimate”, “target”, “outlook”, “guidance” and other similar
expressions.
Forward-looking statements involve subjective judgment and analysis and are
subject to significant uncertainties, risks and contingencies including those risk
factors associated with the mining industry, many of which are outside the
control of, change without notice, and may be unknown to Paladin. These risks
and uncertainties include but are not limited to liabilities inherent in mine
development and production, geological, mining and processing technical
problems, the inability to obtain any additional mine licenses, permits and other
regulatory approvals required in connection with mining and third party
processing operations, competition for amongst other things, capital, acquisition
of reserves, undeveloped lands and skilled personnel, incorrect assessments of
the value of acquisitions, changes in commodity prices and exchange rates,
currency and interest fluctuations, various events which could disrupt operations
and/or the transportation of mineral products, including labour stoppages and
severe weather conditions, the demand for and availability of transportation
services, the ability to secure adequate financing and management's ability to
anticipate and manage the foregoing factors and risks. Readers are also
referred to the risks and uncertainties referred to in the Company’s “2025
Annual Report” (Annual Report) and in Paladin’s Management’s Discussion
and Analysis for the year ended 30 June 2025 (MD&A), each released on 28
August 2025 and in the Company’s Annual Information Form for the year
ended 30 June 2025 released on 15 September 2025 and available to view at
paladinenergy.com.au and on www.sedarplus.ca.
Although at the date of this document, Paladin believes the expectations
expressed in such forward-looking statements are based on reasonable
assumptions, such statements are not guarantees of future performance and
actual results or developments may differ materially from the expectations
expressed in such forward-looking statements due to a range of factors including
(without limitation) fluctuations in commodity prices and exchange rates,
exploitation and exploration successes, permitting and development issues,
political risks including the impact of political instability on economic activity and
uranium supply and demand, Indigenous Nations engagement, climate risk,
operating hazards, natural disasters, severe storms and other adverse weather
conditions, shortages of skilled labour and construction materials, equipment
and supplies, regulatory concerns, continued availability of capital and financing
and general economic, market or business conditions and risk factors
associated with the uranium industry generally. There can be no assurance that
forward-looking statements will prove to be accurate.
Readers should not place undue reliance on forward-looking statements, and
should rely on their own independent enquiries, investigations and advice
regarding information contained in this document. Any reliance by a reader on
the information contained in this document is wholly at the reader’s own risk. The
forward-looking statements in this document relate only to events or information
as of the date on which the statements are made. Paladin does not assume any
obligation to update or revise its forward-looking statements, whether as a result
of new information, future events or otherwise. No representation, warranty,
guarantee or assurance (express or implied) is made, or will be made, that any
forward-looking statements will be achieved or will prove to be correct. Except
for statutory liability which cannot be excluded, Paladin, its officers, employees
and advisers expressly disclaim any responsibility for the accuracy or
completeness of the material contained in this document and exclude all liability
whatsoever (including negligence) for any loss or damage which may be
suffered by any person as a consequence of any information in this document or
any error or omission therefrom. Except as required by law or regulation, Paladin
accepts no responsibility to update any person regarding any inaccuracy,
omission or change in information in this document or any other information
made available to a person, nor any obligation to furnish the person with any
further information. Nothing in this document will, under any circumstances,
create an implication that there has been no change in the affairs of Paladin
since the date of this document.
To the extent any forward-looking statement in this document constitutes “future-
oriented financial information” or “financial outlooks” within the meaning of
Canadian securities laws, such information is provided to demonstrate Paladin’s
internal projections and to help readers understand Paladin’s expected financial
results. Readers are cautioned that this information may not be appropriate for
any other purpose and readers should not place undue reliance on such
information. Future-oriented financial information and financial outlooks, as with
forward-looking statements generally, are, without limitation, based on the
assumptions, and subject to the risks and uncertainties, described above.
Investment Risk
An investment in the Company is subject to a range of known and unknown
risks, including the possible loss of income and/or capital invested. The
Company does not guarantee any particular rate of return, the performance of
the Company, the repayment of capital from the Company or the particular tax
treatment of any investment. When making any investment decision, investors
should make their own enquiries and investigations, including but not limited to
forming their own views regarding the assumptions, uncertainties and
contingencies mentioned in this Presentation which may affect the future
operations and financial condition of the Company.
Geological Information
Unless otherwise stated, information in this Presentation relating to the
Company’s mineral resource and ore reserve estimates (other than the
Patterson Lake South project (PLS)) has been prepared in accordance with the
Australasian Code for Reporting Exploration Results, Mineral Resources and
Ore Reserves (the JORC Code). Unless otherwise stated, such information has
been extracted from the Company’s “2025 Annual Report to Shareholders”
released on 28 August 2025 (Annual Report) and available to view at
paladinenergy.com.au. Paladin confirms that it is not aware of any new
information or data that materially affects the information extracted from the
Annual Report and, in the case of mineral resources or ore reserve information,
that all material assumptions and technical parameters underpinning those
estimates continue to apply and have not materially changed.
Mineral resource and mineral reserve estimates relating to the PLS Project have
been prepared in accordance with National Instrument 43-101 - Standards of
Disclosure for Mineral Projects of the Canadian Securities Administrators (NI 43-
101).
National Instrument 43-101
The scientific and technical information relating to the Langer Heinrich Mine
(LHM) in this Presentation is based on the technical report titled “NI 43-101
Technical Report on Langer Heinrich Uranium Project, Erongo Region, Republic
of Namibia” (effective date 31 March 2024), prepared in accordance with NI 43-
101 and available on www.sedarplus.ca. Scientific and technical information
relating to the LHM in this Presentation was reviewed and approved by David
Varcoe, Principal Mining Engineer for AMC Consultants Pty Ltd, and David
Princep, a full-time employee of Gill Lane Consulting Pty Ltd, each a “qualified
person” under NI 43-101.
The scientific and technical information relating to PLS in this Presentation is
based on the technical report titled “Feasibility Study, NI 43-101 Technical
Report, for PLS Property” (effective date 17 January 2023), prepared in
accordance with NI 43-101 and available on www.sedarplus.ca. Scientific and
technical information relating to PLS in this Presentation was reviewed and
approved by Kanan Sarioglu, VP Exploration of Paladin Canada Inc. (a
subsidiary of Paladin), a “qualified person” under NI 43-101.
Foreign Estimates
For the purposes of ASX Listing Rule 5.12, the PLS Project mineral reserve and
mineral resource estimates are foreign estimates prepared in accordance with
NI 43- 101. Such estimates have not been reported in accordance with the
JORC Code. Accordingly, a competent person has not done sufficient work to
classify the foreign estimate as mineral resources or ore reserves in accordance
with the JORC Code, and it is uncertain whether further evaluation and
exploration will result in an estimate reportable under the JORC Code. See
Paladin’s ASX announcement titled ‘Paladin Energy to acquire Fission Uranium
creating a clean energy leader’ dated 24 June 2024 and the Company’s 2025
Annual Report for additional technical information relating to such foreign
estimates. Paladin confirms that the supporting information provided in that
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
these foreign estimates that materially impacts their reliability or Paladin’s ability
to verify the foreign estimates as a mineral resource or ore reserve estimate in
accordance with the JORC Code.
Market and Industry Data
Certain information in this Presentation may have been obtained from market
and industry data and forecasts obtained from government or industry
publications and reports. Such market and industry data is subject to variations
and cannot be verified due to limits on the availability and reliability of the
relevant data inputs, the voluntary nature of the data gathering process and
other limitations and uncertainties inherent in any market or other survey.
While Paladin believes any such data contained in this Presentation to be
reliable, neither Paladin nor its representatives have independently verified any
such information sourced from third parties and accordingly disclaimers all
responsibility and liability whatsoever in respect to any such information.
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-IFRS Measures) to supplement
analysis of its financial and operating performance. These Non-IFRS Measures
do not have a standardised meaning prescribed by International Financial
Reporting Standards (IFRS) and therefore may not be comparable to similar
measures presented by other issuers. For an explanation of how Paladin uses
non-IFRS measures and definitions of individual non-IFRS measures used by
Paladin, see Paladin’s MD&A released to the exchanges on 28 August 2025
available to view at paladinenergy.com.au and on www.sedarplus.ca.
The Company believes these measures provide additional insight into its
financial results and operational performance and are useful to investors,
securities analysts, and other interested parties in understanding and evaluating
the Company’s historical and future operating performance. However, they
should not be viewed in isolation or as a substitute for information prepared in
accordance with IFRS. Accordingly, readers are cautioned not to place undue
reliance on any Non-IFRS Measures.
Rounding
Figures, amounts, percentages, estimates and calculations of value in this
Presentation are subject to rounding. Accordingly, the actual calculation of such
figures may differ from figures in this Presentation.
Authorisation
This announcement has been authorised for release by the Board of Directors of
Paladin.
Important Notice
This presentation (Presentation) is dated 18 November 2025 and has been
prepared by Paladin Energy Ltd (the Company or Paladin) based on
information available to it at that time. You should read this disclaimer
carefully before making any use of this Presentation or the information
contained herein. By accessing or reviewing this Presentation you
acknowledge and agree to the terms set out in this disclaimer.
Summary Information
The information in this Presentation is of a general background nature only
and does not purport to be complete or contain all of the information investors
would require to evaluate an investment in the Company. The information in
the Presentation is current as at the date of the Presentation and the
Company accepts no responsibility for updating its content. This Presentation
has been prepared with due care, but the Company gives no representation
or warranty (express or implied) in relation to the currency, accuracy,
reliability, fairness or completeness of the information, opinions or
conclusions herein. This Presentation should be read together with Paladin’s
periodic and continuous disclosure, available at www.paladinenergy.com.au
and www.sedarplus.ca.
3
A global uranium producer with scale and growth
Foundations in place to underpin Paladin’s growth and value creation
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.
Growth via
Patterson Lake
South Project
• High-grade, conventional
near surface project located
in the premier Athabasca
Basin
• Engineering review confirmed
robustness of the Patterson
Lake South (PLS) project and
de-risks its development and
operation4
• Strong adjacent exploration
upside and potential to
extend the PLS resource
Langer Heinrich
Mine1 ramp-up to
full mining and
operations underway
• First full year of production at
the Langer Heinrich Mine
(LHM) in FY20252
• LHM mining operations
commenced in April 20252
• Full mining and processing
operations planned for
FY20273
Strong uranium
market outlook
driven by nuclear
energy demand
• Increasing nuclear energy
demand led by global energy
security and electrification
• Global utilities increasingly
securing uranium supply from
Western facing jurisdictions
• Structural uranium supply-
demand deficit due to under-
investment
Balance sheet
flexibility
• Completion of A$300M fully
underwritten equity raising5
and A$100M SPP6
• US$269M in cash and
investments as at 30
September 2025 (excluding
SPP funds)7
• US$50M undrawn Revolving
Credit Facility7
• US$177.7M in sales revenue
for FY20252
FY2025 was a transformative year for Paladin
Dec 2024
Successful
acquisition of
Fission Uranium
Corp. and listing
on the TSX2
Apr 2025
Transition to
mining
commenced at
LHM4
Feb 2025
Two Mutual
Benefits
Agreements
signed with
Canadian
Indigenous
Nations3
Sep 2025
Paul Hemburrow
appointed MD &
CEO effective
September 20255
Jul 2024
LHM first
customer
shipment from
production of
ore stockpile1
Jun 2025
Acceptance of
final PLS EIS for
public review by
the Saskatchewan
Ministry of
Environment4
Sep/Oct 2025
A$400M
equity raising
completed7,8
Jun 2025
3.0Mlb U3O8
produced at LHM
in FY20254
Record quarterly
production at
LHM6
Sep 2025
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”
dated 17 September 2025. 8. Refer to Paladin’s exchange announcement titled “Paladin completes Share Purchase Plan” dated 16 October 2025.
4
Multi-decade production and growth pipeline
Production Development Preliminary Economic
Assessment Advanced Exploration Early-Stage Exploration
(Athabasca Basin)
Langer Heinrich
Mine
Patterson Lake South
Project Michelin
Manyingee &
Carley Bore
NAMIBIA
CANADA
CANADA
AUSTRALIA
Namibia Canada Exploration portfolio
in Australia1 and Canada
Mount
Isa
Juliet
Seahawk
Typhoon
Corsair
Caliban
Cupid
Prospero
Merlin
Trinculo
11,148 ha
6,293 ha
3,867 ha
3,613 ha
2,296 ha
1,519 ha
1,442 ha
808 ha
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
Refer to Paladin’s exchange announcement titled “2025 Annual Report” dated 28 August 2025 6
FY2025 Sustainability Highlights
TRIFR
2.7
per million
hours worked
84%
of total procurement
costs spent with
local businesses
Adoption of key
Sustainability reporting
frameworks (including
IFRS, TCFD, GRI,
ASRS, IFC and
Modern Slavery)
No serious
environmental
incidents or breaches
of environmental
compliance
requirements
Board composition
>30%
gender diversity
measurable
objective
98%
of the LHM
employees are local
6
Langer Heinrich Mine (LHM)
Namibia
LHM Highlights
US$40.2/lb
U3O8 cost of production4
3.0Mlb U3O8
production
US$65.7/lb
U3O8 average realised price3
US$41.6/lb
U3O8 cost of production4
1.06Mlb U3O8
production
US$67.4/lb
U3O8 average realised price3
FY2025
1
1Q
FY2026
2
1.Refer to Paladin’s exchange announcement titled “Quarterly Activities Report – June 2025” dated 23 July 2025. 2. Refer to Paladin’s exchange announcement titled “Quarterly Activities Report – September 2025” dated 14 October 2025. 3. Average Realised Sales Price
(US$/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 U ₃O₈ produced. The Cost of Production is calculated as the total direct production expenditures incurred during the period (includ ing mining, stockpile rehandling, processing, site maintenance, and mine -
level 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 impa irments or
impairment reversals. Refer to “Non-IFRS Measures” in the September 2025 Quarterly Activities Report.
8