ASX Listing Rules Appendix 5B (17/07/20) Page 1 + See chapter 19 of the ASX Listing Rules for defined terms. Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report Name of entity
Rule 5.5
ASX Listing Rules Appendix 5B (17/07/20) Page 1
+ See chapter 19 of the ASX Listing Rules for defined terms.
Appendix 5B
Mining exploration entity or oil and gas exploration entity
quarterly cash flow report
Name of entity
PALADIN ENERGY LTD
ABN Quarter ended (“current quarter”)
47 061 681 098 31 March 2025
Consolidated statement of cash flows Current
quarter
US$’000
Year to date
(9 months)
US$’000
1. Cash flows from operating activities
25,057 129,732 1.1 Receipts from customers
1.2 Payments for
- - (a) exploration & evaluation
(b) development - -
(c) production (33,953) (93,458)
(d) staff costs (excludes direct exploration
and Langer Heinrich Mine operations
costs)
(2,238)
(7,533)
(e) administration and corporate costs (1) (2) (5,083) (9,951)
1.3 Dividends received (see note 3) - -
1.4 Interest received 2,186 3,008
1.5 Interest and other costs of finance paid (3) (3,727) (8,728)
1.6 Income taxes paid - (312)
1.7 Government grants and tax incentives - -
1.8 Other (provide details if material) 26 33
1.9 Net cash from / (used in) operating
activities
(17,732) 12,791
(1) Administration and corporate costs include non-production related Langer Heinrich administration costs and corporate
costs for Fission Uranium Corp.
(2) YTD Administration and corporate costs reflect the recategorisation of costs to Exploration Expenditure on the
conclusion of the acquisition of Fission Uranium Corp.
(3) Includes ongoing facility fees related to loans and borrowings
2. Cash flows from investing activities
2.1 Payments to acquire or for:
(a) Entities - -
(b) Tenements - -
Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
ASX Listing Rules Appendix 5B (17/07/20) Page 2
+ See chapter 19 of the ASX Listing Rules for defined terms.
Consolidated statement of cash flows Current
quarter
US$’000
Year to date
(9 months)
US$’000
(c) property, plant and equipment (8,017) (14,859)
(d) exploration & evaluation (3,344) (17,340)
(e) investments/acquisitions (4) (2,424) 29,568
(f) other non-current assets - -
2.2 Proceeds from the disposal of:
- - (a) entities
(b) tenements - -
(c) property, plant and equipment - 1
(d) investments (5) 38,237 38,237
(e) other non-current assets - -
2.3 Cash flows from loans to other entities - -
2.4 Dividends received (see note 3) -
2.5 Other – Langer Heinrich Restart Project (6) (165) (3,177)
2.6 Net cash from / (used in) investing
activities
24,287 32,430
(4) Investments/acquisitions relates to the acquisition of Fission Uranium Corp in Q2, including US$31.8M cash and cash
equivalents. During the quarter withholding tax liabilities assumed on acquisition. were paid.
(5) Proceeds from the disposal of investments relate to the maturation of short-term investments.
(6) Payments for the Restart Project reflect the settlement of amounts previously accrued or the release of retentions held
at 30 June 2024.
3. Cash flows from financing activities
- -
3.1 Proceeds from issues of equity securities to
Paladin Employee Share Trust (excluding
convertible debt securities)
3.2 Proceeds from issue of convertible debt
securities
- -
3.3 Proceeds from exercise of options - -
3.4 Transaction costs related to issues of equity
securities or convertible debt securities
- -
3.5 Proceeds from borrowings - 70,000
3.6 Repayment of borrowings (6,750) (46,750)
3.7 Transaction costs related to loans and
borrowings
- -
3.8 Dividends paid - -
3.9 Other (provide details if material) - -
3.10 Net cash from / (used in) financing
activities
(6,750) 23,250
Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
ASX Listing Rules Appendix 5B (17/07/20) Page 3
+ See chapter 19 of the ASX Listing Rules for defined terms.
Consolidated statement of cash flows Current
quarter
US$’000
Year to date
(9 months)
US$’000
4. Net increase / (decrease) in cash and
cash equivalents for the period
4.1 Cash and cash equivalents at beginning of
period
117,115 48,858
4.2 Net cash from / (used in) operating activities
(item 1.9 above)
(17,732) 12,791
4.3 Net cash from / (used in) investing activities
(item 2.6 above)
24,287 32,430
4.4 Net cash from / (used in) financing activities
(item 3.10 above)
(6,750) 23,250
4.5 Effect of movement in exchange rates on
cash held
411 2
4.6 Cash and cash equivalents at end of
period
117,331 117,331
5. Reconciliation of cash and cash
equivalents
at the end of the quarter (as shown in the
consolidated statement of cash flows) to the
related items in the accounts
Current quarter
US$’000
Previous quarter
US$’000
5.1 Bank balances (7) 81,646 50,273
5.2 Call deposits (8) 35,685 66,842
5.3 Bank overdrafts - -
5.4 Other (provide details) - -
5.5 Cash and cash equivalents at end of
quarter (should equal item 4.6 above)
117,331 117,115
(7) Excludes restricted cash of US$4.4M.
(8) Call deposits are short term investments with a tenor of 3 months or less (and excludes funds held on deposit for a period
greater than 3 months of US$10.5M).
6. Payments to related parties of the entity and their
associates
Current quarter
US$'000
6.1 Aggregate amount of payments to related parties and their
associates included in item 1 (9) (10)
134
6.2 Aggregate amount of payments to related parties and their
associates included in item 2
-
Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an
explanation for, such payments.
(9) Payments relate to Directors’ Fees.
(10) In FY2022, Peter Watson was requested by the Board to provide additional oversight to the Langer Heinrich Mine
Restart Project and a variation to amend his annual directors’ fees from A$100,000 to $200,000, on an arms-length and
commercial basis, was approved by the Board effective 1 April 2022. Subsequent to year end the Board approved an
extension of the agreement beyond 31 August while Mr Watson continued to provide these technical services to the
Company. The Board considers that these services are limited in nature and are in the best interests of shareholders.
Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
ASX Listing Rules Appendix 5B (17/07/20) Page 4
+ See chapter 19 of the ASX Listing Rules for defined terms.
7. Financing facilities
Note: the term “facility’ includes all forms of financing
arrangements available to the entity.
Add notes as necessary for an understanding of the
sources of finance available to the entity.
Total facility
amount at quarter
end
US$’000
Amount drawn at quarter
end
US$’000
7.1 Loan facilities 143,250 93,250
7.2 Credit standby arrangements - -
7.3 Other (CNOL Funding) 82,890 82,801
7.4 Total financing facilities 226,140 176,051
7.5 Unused financing facilities available at quarter end 50,089
7.6 Include in the box below a description of each facility above, including the lender, interest rate,
maturity date and whether it is secured or unsecured. If any additional financing facilities have been
entered into or are proposed to be entered into after quarter end, include a note providing details of
those facilities as well.
External Debt
A secured debt facility has been entered into with Nedbank CIB and Macquarie Bank Limited on 29
February 2024 comprising:
• A US$100 million amortising term loan (Term Facility) with a 5-year term; and
• A US$50 million revolving credit facility (Revolving Facility) with a 3 -year term (with two options to
extend by 12 months).
The first scheduled repayment on the term loan was made in the quarter.
CNOL debt
CNNC Overseas Limited (CNOL) acquired their interest in Langer Heinrich Uranium Pty Ltd (LHU) in
2014 and were assigned 25% of the intercompany loans previously provided by Paladin to LHU as
part of this transaction. CNOL has not provided any funding directly to Paladin, and since 2014 have
provided only US$0.984M in funding directly to LHU.
A total of US$ 659.1M has been provided to LHU by Paladin and its wholly owned subsidiary
companies (US$576.2M) and CNOL (US$82.9M). Repayment of Shareholder Loans is dependent on
LHU generating sufficient free cash flows to repay the relevant loans. The Shareholder Loans are not
guaranteed by Paladin and are unsecured. The undrawn amount of the CNOL facility is US$89,000.
Paladin’s Shareholder Loans to LHU are eliminated on accounting consolidation. Details of the CNOL
unsecured Shareholders Loans to LHU are set out below:
CNOL Shareholder
Loan Amount
Maturity Date Interest Rate
US$63.9M 17 December 2027 No interest payable currently payable
US$18M 17 December 2027 10% + 2% administration fee pa
US$0.98M 1 July 2026 SOFR* + 4% + 2.5% administration fee pa
*Secured Overnight Financing Rate
Under the Shareholders’ Agreement between Paladin and CN OL each shareholder has agreed not
to demand repayment of the Shareholder Loans without the prior written consent of the other
shareholder.
Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
ASX Listing Rules Appendix 5B (17/07/20) Page 5
+ See chapter 19 of the ASX Listing Rules for defined terms.
8. Estimated cash available for future operating activities US$’000
8.1 Net cash from / (used in) operating activities (item 1.9) (17,732)
8.2 (Payments for exploration & evaluation classified as investing
activities) (item 2.1(d))
(3,344)
8.3 Total relevant outgoings (item 8.1 + item 8.2) (21,076)
8.4 Cash and cash equivalents at quarter end (item 4.6) (11) 117,331
8.5 Unused finance facilities available at quarter end (item 7.5) 50,089
8.6 Total available funding (item 8.4 + item 8.5) 167,420
8.7 Estimated quarters of funding available (item 8.6 divided by
item 8.3) N/A
(11) This amount excludes funds held on deposit for a period longer than 3 months of US$10.4M.
Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”.
Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7.
8.8 If item 8.7 is less than 2 quarters, please provide answers to the following questions:
8.8.1 Does the entity expect that it will continue to have the current level of net operating
cash flows for the time being and, if not, why not?
8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further
cash to fund its operations and, if so, what are those steps and how likely does it
believe that they will be successful?
Answer:
8.8.3 Does the entity expect to be able to continue its operations and to meet its business
objectives and, if so, on what basis?
Answer:
Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered.
Compliance statement
1 This statement has been prepared in accordance with accounting standards and policies which
comply with Listing Rule 19.11A.
2 This statement gives a true and fair view of the matters disclosed.
This release has been authorised for release by the Board of Directors of Paladin Energy Ltd.
Notes
1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the
entity’s activities for the past quarter , how they have been financed and the effect this has had on its cash position. An
entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is
encouraged to do so.
2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions
in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash
Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting
standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.
Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
ASX Listing Rules Appendix 5B (17/07/20) Page 6
+ See chapter 19 of the ASX Listing Rules for defined terms.
3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities,
depending on the accounting policy of the entity.
4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”.
If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the
[name of board committee – eg Audit and Risk Committee ]”. If it has been authorised for release to the market by a
disclosure committee, you can insert here: “By the Disclosure Committee”.
5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as
complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and
Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial
records of the entity have been properly maintained, that this report complies with the appropriate accounting standards
and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a
sound system of risk management and internal control which is operating effectively.