Jefferies 6th Asia Forum
Jefferies 6th Asia Forum
18 to 20 March 2025
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This presentation (Presentation) is dated 17 March 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
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Clean Energy. Clear Future.
Proven developer and
uranium producer
Multi-decade growth pipeline
Industry-leading contract book
Financial strength and capital flexibility
2024 was a defining year for Paladin Energy…
Acquisition of
Fission Uranium Corp
• All scrip acquisition completed in
December 2024
• High-grade, near surface Patterson
Lake South (PLS) project added to
Paladin’s growth pipeline
• Exceptional exploration upside and
potential to extend PLS resource
• Increased scale and global profile
of Paladin with TSX secondary
listing
A global uranium company
with scale and growth
Restart of the
Langer Heinrich Mine
• Restart Project completed on time
and within cost forecast
• ~1.8Mlb U3O8 produced in the first
nine months since restart1
• Uranium delivered to global
customers under long term contracts
• Cashflow positive from operations in
the first six months of FY20252
1 Refer to the ASX announcements entitled “Quarterly Activities Report - June 2024” released to the ASX on 22 July 2024 and “Quarterly Activities Report - December 2024” released to the ASX on 22 January 2025. 2 Refer to the ASX announcement
entitled “Quarterly Cashflow Report - December 2024” released to the ASX on 22 January 2025.
Production and growth pipeline
4
Production Development Preliminary Economic
Assessment Advanced Exploration Early-Stage Exploration
(Athabasca Basin)
Langer Heinrich
Mine
Patterson
Lake South Michelin
West Cluff
Larocque
Seahawk
Merlin
Corsair
Typhoon
Manyingee &
Carley Bore
NAMIBIA
CANADA
CANADA
AUSTRALIA
Namibia – A leading
uranium mining jurisdiction
Canadian
development hub
Exploration portfolio
in Australia and Canada
11,148 ha
958 ha
6,293 ha
808 ha
3,481 ha
3,867 ha
Mount
Isa
5
Production:
The Langer Heinrich Mine
• Restarted commercial production in March
2024 after an extensive repair &
refurbishment program and debottleneck of
existing plant
• LHM is in ramp-up delivering commercial
production volumes to customers
• Currently processing medium grade
stockpiles, transitioning to open pit mining in
mid-2025
• Proven low risk, conventional alkaline leach
processing circuit
• 83.4Mlb U3O8 of Ore Reserves leading to a
17-year life of mine1
• Advancing early commencement of
mining phase with preferred mining
contractor selected
• Completing ramp-up and achieving
full production
• Reviewing optimisation
opportunities, including advancing
mining and ore blending strategies
• Pursuing expansion optionality via
mine plan and plant optimisation,
and drilling program to expand
resource and reserve
1 Refer to ASX Announcement entitled “Langer Heinrich Mine Restart Plan Update, Mineral Resource and Ore Reserve Update” dated 4 November 2021 and the technical report titled “NI 43-101 Technical Report on Langer Heinrich Uranium Project, Erongo Region,
Republic of Namibia” with an effective date of 31 March 2024.
Ramping up production Priorities
NAMIBIA
LANGER
HEINRICH MINE
CANADA
6
Development:
Patterson Lake South (PLS)
• PLS is one of the Athabasca Basin’s only
high-grade undeveloped projects
• 93.7Mlb Mineral Reserves at 1.41% U3O8
1
• 2023 Feasibility Study highlighted
potential for life of mine production of
~9Mlb p.a. U3O8 over a 10-year mine life2
• Reviewing 2023 Feasibility Study
aiming at identifying areas for
further optimisation and de-risking
project development
• Ongoing engagement with
Indigenous Nations
• Commencing winter drilling
program aimed at resource
extension
• Continuing to advance
environmental approval process
and CNSC Construction Licence
process
1 Refer to the Appendices for more information and Mineral Resource Tables. 2 Refer to “Paterson Lake South foreign estimates" section on slide 3 for further information. PLS production target is 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.
One of the world’s largest near-
surface, high-grade uranium
projects
Priorities Athabasca basin regional deposits
ATHABASCA
BASIN
Michelin
Project
Tenements
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Preliminary Economic Assessment:
Michelin Uranium Project
• US$75M of total historical in-ground
exploration including infill drilling
• Total Mineral Resource of 127.7Mlb at
860ppm1
• Preliminary Economic Assessment study
(PEA) completed in 2009
• Only 15% of the tenement area has been
tested by drilling
1 Refer to the Appendices for information and Mineral Resources tables. Refer ASX Announcement dated 31 January 2018 "Correction to 30 June 2017 Annual Report" pp13-15 (reporting standard JORC 2012).
• Scoping a Pre-Feasibility Study
(PFS) focusing on
• Updated PEA which outlined a
potential conventional open pit
and underground operation
• Evaluate capex-efficient
alternative development options
• Deliver initial project execution
plan and progress Environmental
Assessment timeline
• Commencing winter drilling campaign
preparation aiming at identifying and
defining additional shallow deposit
extensions
CANADA
MICHELIN
PROJECT
PrioritiesLarge-scale potential
project
1 Refer to the Appendices for information and Mineral Resources tables. 8
Exploration:
Australian & Canadian portfolio
Mount Isa
• Mineral Resource: 148.4Mlb at 680ppm1
Manyingee & Carley Bore
• Mineral Resource: 41.5Mlb at 510ppm1
West Cluff
• Highly prospective asset with 11,148ha
in Western Athabasca Basin, close to
infrastructure of past producing Cluff
Lake Mine
Larocque
• Prospective high grade uranium region
with 958ha in Eastern Athabasca Basin
Seahawk
• 6,293ha located ~33km southeast of
Athabasca Basin
Merlin
• 808ha located ~36km west of Cameco’s Key
Lake uranium mill
Corsair
• 3,481ha located ~110km eastsoutheast of
PLS and <20km south of Cameco’s
Centennial uranium deposit
Typhoon
• 3,867ha located ~20km south of PLS
Advanced
exploration
Early-stage
exploration
• ~190Mlb of Mineral Resource
• Preparation underway for scoping study at
Mt Isa to review historical work including
resource and metallurgical work to inform
the forward work plan
• Over 26,000ha of prospective exploration
tenements in Canada
• Untested upside with limited drilling
• Commencement of desktop studies to
assess exploration priorities
• Paladin will continue to be prudent in
exploration expenditure