COR Rection to Investor Presentation Slide
Level 11, 197 St Georges Terrace
PERTH WA 6000
PO Box 8062
Cloisters Square PO WA 6850
+61 8 9423 8100
paladinenergy.com.au
PALADIN ENERGY LTD
ABN 47 061 681 098
ASX:PDN TSX:PDN
OTCQX: PALAF
Announcement
18 September 2025
COR
RECTION TO INVESTOR PRESENTATION SLIDE
Paladin Energy Ltd ( ASX:PDN TSX:PDN , OT CQX:PALAF) (“ Paladin” or the “Company”) provides a
correction to the supporting table “Peer comparison – Mineral Resources and Ore Reserves, grade and
C1 cash costs” included in the appendix of the exchange announcements:
• “PLS Project Update – Presentation”, dated 28 August 2025 (page 35); and
• “A$300M Fully Underwritten Equity Raising – Presentation”, dated 16 September 2025 (page 52).
Th
e correction is related to a transposition error in the information related to the Ore Reserves
columns of the peer projects listed in the table. The error does not impact the information presented
in the main body of the above-mentioned presentations. The corrected slide is attached.
T
his announcement has been authorised for release by the Company Secretary.
F
or further information contact:
Investor Relations
Head Office
Paula Raffo
Paladin Investor Relations
T: +61 8 9423 8100
Canada
Bob Hemmerling
Paladin Investor Relations
T: +1 250-868-8140
Media
Head Office
Anthony Hasluck
Paladin Corporate Affairs
T: +61 409 448 288
Canada
Ian Hamilton, Partner
FGS Longview
T: +1 905-399-6591
Peer comparison – Mineral Resources and Ore Reserves,
grade and C1 cash costs
Asset Company Location Ownership Ore Reserves Mineral Resources C1 Cash
Cost Source 1 Date Source 2 Date Study Type Reporting
Framework
Proven
(Mlb U3O8)
Probable
(Mlb U3O8)
Grade
(%)
Total
(Mlb U3O8)
Attributable
(Mlb U3O8)1
Measured
(Mlb U3O8)
Indicated
(Mlb U3O8)
Inferred
(Mlb U3O8)
Grade
(%)
Total
(Mlb U3O8)
Attributable
(Mlb U3O8)1 (US$/lb)
PLS
Project Paladin Canada 100% - 93.7 1.41% 93.7 93.7 - 118.8 10.9 1.79% 129.7 129.7 US$11.7/lb Corporate
Presentation 28-Aug-25 PLS Project
Engineering Review 28-Aug-25 Feasibility NI 43-101
Tiris Aura Energy Mauritania 85% 15.3 18.4 0.02% 33.6 28.6 17.3 22.6 51.4 0.02% 91.3 77.6 US$31.4/lb Aura Energy Indaba
Investor Presentation 03-Feb-25 Tiris Production Target
Update 11-Sep-24 Definitive
Feasibility JORC (2012)
Etango-8 Bannerman
Energy Namibia 95% 8.2 51.8 0.02% 59.9 57.0 14.3 148.5 62.0 0.02%2 224.92 213.72 US$35.8/lb Investor Presentation Jul-25 Etango-8 FEED and
Updated Costs 11-Jun-24 Definitive
Feasibility JORC (2012)
Salamanca Berkerley
Energia Spain 100% 11.3 43.4 0.04% 54.6 54.6 12.3 47.5 29.6 0.05% 89.3 89.3 US$15.4/lb Quarterly Report
June 2025 31-Jul-25 Salamanca Definitive
Feasibility Study 14-Jul-16 Definitive
Feasibility JORC (2012)
Mulga
Rock Deep Yellow Australia 100% 12.3 30.0 0.08% 42.3 42.3 14.6 49.7 40.5 0.04% 104.8 104.8 US$26.0/lb Corporate Update
Presentation 20-May-25 Definitive Feasibility
Study Refresh 26-Aug-20 Definitive
Feasibility JORC (2012)
Tumas Deep Yellow Namibia 100%3 28.5 51.0 0.03% 79.5 79.5 38.5 63.6 16.1 0.03% 118.2 118.2 US$38.6/lb Corporate Update
Presentation 20-May-25
Tumas DFS Capex and
Opex Re-Costing
Report
12-Dec-23 Definitive
Feasibility JORC (2012)
Gryphon Denison Canada 95% - 49.7 1.79% 49.7 47.2 - 61.9 1.9 1.69% 63.8 60.6 US$12.8/lb Corporate Update
Presentation Aug-25
Wheeler Technical
Report, Phoenix
Feasibility Study and
Gryphon PFS Update
23-Jun-23 Pre-
Feasibility NI 43-101
Phoenix Denison Canada 95% 3.4 53.3 11.74% 56.7 53.8 30.9 39.7 0.3 11.25% 70.9 67.4 US$6.3/lb Corporate Update
Presentation Aug-25
Wheeler Technical
Report, Phoenix
Feasibility Study and
Gryphon PFS Update
23-Jun-23 Feasibility NI 43-101
Dewey
Burdock
enCore
Energy
United
States 100% - - - - - 14.3 2.8 0.7 0.11% 17.8 17.8 US$23.8/lb Corporate
Presentation Aug-25
Dewey Burdock Project
Technical Report
Summary
06-Jan-25 Pre-
Feasibility
NI 43-101 &
S-K 1300
Dasa Global Atomic Niger 80% - 73.0 0.41% 73.0 58.4 - 109.6 51.4 0.50% 161.0 128.8 US$30.7/lb Corporate
Presentation Aug-25 Dasa Uranium Project
Feasibility Study 28-Feb-24 Feasibility NI 43-101
Muntanga GoviEx Zambia 100% - 28.0 0.03% 28.0 28.0 2.6 37.4 7.4 0.03% 47.4 47.4 US$32.2/lb Corporate
Presentation Jul-25 Muntanga Feasibility
Study 07-Mar-25 Feasibility NI 43-101
Rook I NexGen Canada 100% - 239.6 2.37% 239.6 239.6 209.6 47.1 80.7 1.88% 337.4 337.4 US$10.0/lb Corporate
Presentation Aug-25 Updated Economics for
the Rook I Project 01-Aug-24 Feasibility NI 43-101
Notes:
1. Values may not add due to rounding. Historical resource estimates are excluded. Resources are sourced as at 27 August 2025.
2. Bannerman Mineral Resource Estimate reported at a cut -off grade of 55ppm U 3O8.
3. Deep Yellow currently owns 100% of Tumas. Oponona Investments (Pty) Ltd (local Namibian partner) has the right to acquire 5% of the project. Shown on a 100% basis.
Source: Company information, websites and presentations; public feasibility studies. Excludes historical resources .