PDN.TO · 2025-08-04 12:00:00

Diggers & Dealers Mining Forum

Corporate Updates

Diggers & Dealers

Mining Forum

4 August 2025

This presentation (Presentation) is dated 4 August 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.

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 Presentation includes forward-looking information (forward-looking

statements) that can generally be identified by words such as “anticipate”,

“expect”, “likely”, “propose”, “will”, “intend”, “should”, “could”, “may”, “believe”,

“forecast”, “estimate”, “target”, “outlook”, “guidance” and similar expressions.

Forward-looking statements involve subjective judgment and are subject to

significant uncertainties and contingencies (including risk factors associated with

the mining industry), many of which are outside the control of the Company.

Although at the date of this Presentation Paladin believes the forward-looking

statements contained herein are based on reasonable assumptions, such

statements are not guarantees of future performance. Actual results or

developments may differ materially from the Company’s expectations due to a

range of factors including fluctuations in commodity prices and exchange rates,

exploitation and exploration successes, permitting and development issues,

political risks, First Nation engagement, climate risk, natural disasters, regulatory

concerns, continued availability of capital and financing, general economic and

market conditions, general uranium industry factors, and other factors.

The Company makes no representation, warranty, guarantee or assurance

(express or implied) that any forward-looking statements will prove to be correct.

Except for statutory liability, which cannot be excluded, the Company, its

officers, employees and advisers expressly disclaim any responsibility for the

accuracy or completeness of the material contained in this Presentation and

exclude all liability whatsoever (including in negligence) for any loss or

damage which may be suffered by any person as a consequence of any

information in this Presentation or any error or omission therefrom. The

Company accepts no responsibility to update any person regarding any

inaccuracy, omission or change in information in this Presentation or any

other information made available to a person nor any obligation to furnish the

person with any further information.

To the extent any forward-looking statement in this Presentation constitutes

“future-oriented financial information” or “financial outlooks” within the

meaning of Canadian securities laws, such information is provided to

demonstrate the Company’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

Paterson 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 “2024 Annual Report to Shareholders”

released on 29 August 2024 (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 PLS has 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 Fission Uranium Corp. (a

subsidiary of Paladin), a “qualified person” under NI 43-101.

Foreign Estimates

For the purposes of ASX Listing Rule 5.12, the PLS 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 for additional technical information

relating to such foreign estimate. 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.

Historical Estimates

The information in this Presentation relating to mineral resource and ore

reserves estimates for the Company’s deposits other than the LHM, the PLS,

and the Michelin, Jacques Lake and Manyingee deposits, were prepared and

first disclosed under the JORC Code 2004. Such information has not been

updated to comply with the JORC Code 2012 on the basis that the information

has not materially changed. See the Mineral Resources, Ore Reserve and

Mineral Reserves tables in the Appendices of this Presentation for further

information.

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.

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

A global uranium producer with scale and growth

Foundation elements in place to underpin Paladin’s growth and value creation

Exceptional growth

opportunity at the

Patterson Lake South

(PLS) Project

• High-grade, near surface deposit located

in a premier mining jurisdiction

• Significant progress made since

acquisition with NROP approval4, Mutual

Benefits Agreements5 and acceptance of

final EIS by the Saskatchewan Ministry of

Environment2

• Exceptional exploration upside and

potential to extend PLS resource

Final phase of the

Langer Heinrich Mine1

(LHM) ramp-up

• Record crusher throughput in the history

of the LHM2

• Mining ramp-up under way with ~50% of

the mining fleet in operations3

• 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

• Disconnect between uranium

requirements and sources of supply

• Structural uranium supply-demand deficit

due to under-investment

• Geopolitical issues impacting uranium

supply

Multi-decade production and growth pipeline

Production Development Preliminary Economic

Assessment Advanced Exploration Early-Stage Exploration

(Athabasca Basin)

Langer Heinrich

Mine

Patterson

Lake South Michelin

Juliet

Seahawk

Typhoon

Corsair

Caliban

Cupid

Prospero

Merlin

Manyingee &

Carley Bore

NAMIBIA

CANADA

AUSTRALIA

Namibia Canada Exploration portfolio

in Australia6 and Canada

11,148 ha

6,293 ha

3,867 ha

3,613 ha

2,296 ha

1,519 ha

1,442 ha

808 ha

Mount

Isa

Uranium Market

Outlook

Operable

Under construction

Planned

Proposed

Total

Nuclear energy demand driven by the need for

clean & reliable, baseload power

Worldwide

439

• Current demand for uranium is underpinned by existing reactor fleet, reactors under construction and reactor life extensions & restarts in the US

and elsewhere

• Significant incremental demand for nuclear energy:

 COP28 and COP29: 31 countries, including the US, Canada, the UK and France, pledged to triple nuclear power capacity by 2050

 Trump’s executive orders aimed at boosting the nuclear energy sector in the US with the goal of quadrupling the US nuclear fl eet from

~100GW to 400GW by 2050 - implies an additional ~150Mlbs of annual U3O8 demand out to 2050 (for the US alone)7

 Data centers and AI requiring additional clean & reliable baseload power

In 15

countries

69 In 16

countries

114

In 24

countries

298

Global nuclear reactor rollout is underway8 69 reactors under construction8

Total

potential

920 ~76GW

of power

generation

+20%

of global

installed

capacity

~38Mlb

of additional

annual U

demand9 Operable Under

construction

Planned Proposed Total

China

Russia

India

Egypt

Turkey

South Korea

United Kingdom

Japan

Ukraine

RoW

Disconnect between uranium requirements and supply

North

America

Central

& South

America

Europe

Russia

China

223Africa

& Middle

East

Rest of

Asia &

Pacific

2 – 100 tU 101 – 1000 tU 1001 – 5000 tU 5001 – 10000 tU 10001 – 220000 tUUranium production12

Existing Reactors12

• Largest uranium consuming

countries (US, China and France)

have minimal domestic supplies8

• European utilities currently

source ~50%10 of their

requirements from Kazakhstan,

Russia and Niger. They are

increasingly focused on

diversification of supply

• Chinese utilities have outpaced

their Western counterparts in

contracting uranium to underpin

domestic reactor build program

• Global utilities have ~1Blb of

uncovered uranium

requirements to 203511 and are

increasingly focused on securing

uranium supply from Western

facing jurisdictions

Total number of reactors under construction, planned and proposed8

Langer Heinrich Mine (LHM)

Namibia

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