Paladin Energy Ltd - New high-grade uranium discovery identified at PLS Project
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Paladin Energy Ltd - New high-grade uranium discovery identified at PLS Project
25 June 2026
ASX Announcement
24 June 2026
NEW HIGH-GRADE URANIUM DISCOVERY IDENTIFIED AT PLS PROJECT
Perth, Australia - Paladin Energy Ltd (ASX:PDN, TSX:PDN, OTCQX:PALAF) (“ Paladin” or the “ Company”)
announces it has successfully completed its 2026 winter drilling program at the Patterson Lake South ( PLS) high-
grade uranium project, located in the Athabasca Basin region of Saskatchewan, Canada, with the discovery of a new
body of high-grade uranium mineralisation, the Atlas discovery.
Highlights
High-grade uranium mineralisation has been intersected 3.5km south of Paladin’s Triple R deposit and 4.5km
southwest of Saloon East.
Eight (8) exploration drillholes were collared, with seven intersecting significant uranium mineralisation at the
new Atlas discovery, totalling 2,408m.
Key winter 2026 intercepts at Atlas include:
o PLS26-708B (discovery drillhole): 17.5m of total composite uranium mineralisation across three
intervals, the largest being 8.0m averaging 1.75% U 3O8, including 3.0m averaging 4.25% U 3O8 from
190.0m to 193.0m
o PLS26-718: 21.5m of total composite uranium mineralisation across two intervals, the largest being
14.5m averaging 1.70% U3O8, including 5.5m averaging 2.86% U3O8 from 194.5m to 200.0m
o PLS26-722: 30.0m of total composite uranium mineralisation across seven intervals, the largest being
11.0m averaging 1.79% U3O8, including 5.0m averaging 2.94% U3O8 from 189.0m to 200.0m
The Atlas discovery remains open along strike and at depth.
After a large-scale ground geophysical survey at the PLS project from February to June 2025, a highly prospective
anomaly was identified within the broader Saloon Trend, 4.5km southwest of anomalous uranium concentrations
identified at Saloon East. Drill testing of this geophysical anomaly intersected new high-grade basement-hosted
uranium mineralisation commencing approximately 160m downhole in what was subsequently named the Atlas
discovery. A total of 2,408m of drilling has been completed at Atlas, and the discovery remains open along strike and
at depth.
The 2026 winter drilling program also targeted resource conversion and extension drilling at the Triple R deposit and
further drilling on the Saloon Trend, along with regional exploration. Following a short seasonal break, drills and field
crews were re-mobilised to the PLS project in May to continue work at Atlas as well as other priority target areas. All
currently identified trend targets (including Atlas) are land-based, allowing drilling activities to continue uninterrupted
throughout the summer months.
Paladin CEO Paul Hemburrow said: “ The Atlas discovery is a significant and very positive result for Paladin’s
exploration strategy and builds on our success in 2025 with the Saloon East discovery. The initial Atlas results
reinforce the potential of the PLS project across multiple prospective mineral corridors and demonstrates the
effectiveness of the Company’s systematic targeting approac h that is now focused on the land-based trends
surrounding Patterson Lake. We also continue drilling the Triple R deposit to upgrade confidence in that resource,
focusing on resource to reserve conversion to add value to the life of the mine.”
Level 11, 197 St Georges Terrace, Perth WA 6000 | PO Box 8062, Cloisters Square PO WA 6850
Tel: +61 8 9423 8100 | ABN: 47061681098
paladinenergy.com
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Paladin Energy Ltd - New high-grade uranium discovery identified at PLS Project
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Overview of Atlas Drill Program
The Saloon Trend is a linear, multi-kilometre long, southwest-northeast trending structural zone up to 1km in width,
that is parallel to and located 3.5km south of the shear zones that host the Triple R deposit within the Patterson Lake
corridor (Figure 1).
Since 2024, the Saloon Trend has represented a principal exploration focus for the Company, with anomalous
uranium geochemistry and associated structural disruption defined over an approximately 8km strike extent. Drill
targeting for the 2026 campaign was further refined following completion of a large-scale ground geophysical survey
from February to June 2025, which identified high priority geophysical anomalies along the trend.
Although the second drillhole of the 2026 program, PLS26-708, was discontinued at a depth of 152.0m due to
challenging ground conditions, a follow-up drillhole, PLS26-708A, successfully intersected three zones of uranium
mineralisation before also being discontinued at a depth of 206.0m due to similar ground conditions. The final re-
collar, PLS26-708B, was completed as planned and intersected 17.5m of composite uranium mineralisation across
three discrete intervals, including 8.0m grading 1.75% U 3O8 from 188.0m to 196.0m. This result underpinned the
Atlas discovery.
Prior to a seasonal break of drilling activities in May, five additional drillholes were completed at Atlas, bringing the
total to 2,408m drilled (Figure 2 and Table 1). Uranium mineralisation was intersected in seven of eight Atlas drillholes,
hosted within steeply southeast-dipping stacked shear zones, currently defined over approximately 60m of strike
length and at vertical depths ranging from 120m to 260m below surface (Figure 3). The Atlas discovery remains open
along strike and at depth, representing one of the main targets for the summer drill program.
In addition to Atlas, eight drillholes were completed at Saloon East, 3.5km southeast of Triple R, totalling 2,759m.
Samples for uranium assay from the Saloon East drillholes are currently being processed at the Saskatchewan
Research Council Geoanalytical Laboratory.
Table 1: 2026 Atlas Drillhole Summary
Collar
Basement
depth
(m)
Total
depth
(m) Uranium Assay Results
Hole ID
Easting
(UTM
NAD83)
Northing
(UTM
NAD83)
Elevation
(masl)
Azimuth
(deg)
Dip
(deg)
From (m) To (m)
Interval
(m)
U3O8
(%)
Total grade
x thickness
(GxT)
PLS26-708 598495 6386372 556 341 -70 112.9 152.0* No anomalous uranium mineralisation N/A
PLS26-708A 598496 6386371 556 331 -70 115.9 206.0* 167.0 176.0 9.0 0.88 14.6
inc. 168.5 169.5 1.0 2.14
and 173.5 175.5 2.0 1.95
190.5 196.5 6.0 1.10
inc. 191.0 192.5 1.5 3.51
203.0 205.0 2.0 0.06
PLS26-708B 598496 6386371 556 333 -69 137.0 350.0 166.5 175.0 8.5 0.53 18.6
inc. 167.5 168.5 1.0 1.48
188.0 196.0 8.0 1.75
inc. 190.0 193.0 3.0 4.25
202.5 203.5 1.0 0.11
PLS26-711 598481 6386366 555 329 -72 109.0 383.0 192.0 192.5 0.5 0.66 0.33
PLS26-716 598492 6386375 556 345 -72 112.1 345.4 165.0 170.5 5.5 0.59 17.8
inc. 165.5 166.5 1.0 2.11
174.0 175.0 1.0 0.08
186.0 187.5 1.5 0.32
191.0 206.0 15.0 0.93
inc. 192.0 195.5 3.5 3.17
225.5 226.0 0.5 0.08
PLS26-718 598506 6386380 556 337 -70 121.9 368.0 173.5 180.5 7.0 0.07 25.1
190.5 205.0 14.5 1.70
inc. 194.5 200.0 5.5 2.86
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Collar
Basement
depth
(m)
Total
depth
(m) Uranium Assay Results
Hole ID
Easting
(UTM
NAD83)
Northing
(UTM
NAD83)
Elevation
(masl)
Azimuth
(deg)
Dip
(deg)
From (m) To (m)
Interval
(m)
U3O8
(%)
Total grade
x thickness
(GxT)
PLS26-720 598491 6386376 556 333 -68 111.0 245.0 121.5 122.0 0.5 0.09 4.2
150.5 153.5 3.0 0.38
162.0 163.5 1.5 0.32
167.5 174.0 6.5 0.39
inc. 169.5 170.5 1.0 1.45
PLS26-722 598522 6386387 557 348 -77 111.3 359.0 189.0 200.0 11.0 1.79 30.8
inc. 194.5 199.5 5.0 2.94
205.0 206.0 1.0 2.38
209.0 209.5 0.5 0.05
212.0 217.0 5.0 0.17
230.0 236.0 6.0 0.87
inc. 230.0 233.0 3.0 1.28
239.0 244.5 5.5 0.43
inc. 239.5 241.0 1.5 1.24
261.0 262.0 1.0 0.27
*Drillhole terminated due to challenging ground conditions
Figure 1: Location of the Atlas discovery
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Paladin Energy Ltd - New high-grade uranium discovery identified at PLS Project
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Figure 2: Inset map of Atlas drilling
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Paladin Energy Ltd - New high-grade uranium discovery identified at PLS Project
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Figure 3: Longitudinal section looking northwest at Atlas showing
total uranium grade (%U3O8) x thickness (m) per drillhole
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This announcement has been authorised for release by the Board of Directors of Paladin Energy Ltd.
Contacts
Investor Relations
Paula Raffo
T: +61 8 9423 8100
Media
Anthony Hasluck
T: +61 438 522 194
About Paladin
Paladin Energy Ltd (ASX:PDN TSX: PDN OTCQX:PALAF) is a globally significant independent uranium producer
with a 75% ownership in Namibia of the world-class long-life Langer Heinrich Mine. In Canada, Paladin is progressing
development of the Tier-1, high grade and shallow Patterson Lake South (PLS) Project in northern Saskatchewan
and has an extensive portfolio of exploration assets within the province’s highly prospective Athabasca Basin and
also at the Michelin project in Newfoundland and Labrador. In Australia, Paladin owns uranium exploration assets in
Queensland and Western Australia. Paladin is committed to a sustainability framework that ensures responsible,
accountable and transparent management of uranium resources - now and in the future. The Langer Heinrich Mine
is delivering reliable uranium supplies to major nuclear utilities around the world, positioning Paladin as a meaningful
contributor to baseload energy provision in multiple countries and global decarbonisation, whilst unlocking the PLS
Project to support future global nuclear energy expansion.
Competent Person’s Statement / Qualified Person and Technical Information
The drilling and exploration results contained in this document have been prepared in accordance with National
Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"). The information in this document as
it relates to drilling and exploration results is based on, and fairly represents, information and supporting documents
prepared by Kanan Sarioglu, a Competent Person and “qualified person” under NI 43-101, who is a registered
Professional Geoscientist (P.Geo) with the Engineers and Geoscientists of British Columbia (EGBC), the Association
of Professional Engineers and Geoscientists of Alberta (APEGA) and the Association of Professional Engineers and
Geoscientists of Saskatachewan (APEGS). Kanan Sarioglu is the VP Exploration for Paladin Canada Inc. and has
sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to
the activity which he is undertaking, to qualify as a Competent Person as defined in the 2012 Edition of the
‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr. Sarioglu
consents to the inclusion in this document of the matters based on the information in the form and context in which
it appears.
The drilling and exploration results including verification of the data disclosed, have been completed by Kanan
Sarioglu following NI 43-101. Mr. Sarioglu has reviewed and approved the contents of this news release.
The design of the drilling programs and interpretation of results is under the control of Paladin Canada’s geological
staff, including qualified persons employing strict protocols consistent with NI 43-101 and industry best practices.
Drill core samples are analysed at the Saskatchewan Research Council (SRC) Geoanalytical Laboratories (an SCC
ISO/IEC 17025: 2005 Accredited Facility) in Saskatoon, Saskatchewan, which includes U 3O8 (wt %) and fire assay
for gold.
All intersections are down-hole depths. All depths reported of core interval measurements including radioactivity
and mineralisation intervals widths are not always representative of true thickness.
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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 licences, 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, rising energy costs, inflationary pressures, 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.
Although at the date of this announcement Paladin believes the expectations expressed in such forward-looking
statements are based on reasonable assumptions, such statements are not guarantees of future performance. 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, environmental, permitting and development issues, geopolitical events and
political risks (including armed conflict or escalation of hostilities in the Middle East), and the impact of such events
on global security conditions, economic activity, trade flows, energy markets, sanctions regimes, and uranium supply
and demand, First Nation engagement, climate risk, operating hazards, natural disasters, severe storms and other
adverse weather conditions, shortages of skilled labour and construction materials, equipment and supplies, energy
costs, inflation, regulatory concerns, continued availability of capital and financing and general economic, market or
business conditions and risk factors associated with the uranium industry generally, and other factors. 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. Recipients are cautioned against placing
undue reliance on such projections without conducting their own due diligence with appropriate professional support.
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.
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JORC Code, 2012 Edition – Table 1
Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections.)
Criteria JORC Code explanation Commentary
Sampling
techniques
Nature and quality of sampling (e.g. cut channels, random chips, or
specific specialised industry standard measurement tools appropriate
to the minerals under investigation, such as down hole gamma
sondes, or handheld XRF instruments, etc). These examples should
not be taken as limiting the broad meaning of sampling.
Include reference to measures taken to ensure sample representivity
and the appropriate calibration of any measurement tools or systems
used.
Aspects of the determination of mineralisation that are Material to the
Public Report.
In cases where ‘industry standard’ work has been done this would be
relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1
m samples from which 3 kg was pulverised to produce a 30 g charge
for fire assay’). In other cases, more explanation may be required,
such as where there is coarse gold that has inherent sampling
problems. Unusual commodities or mineralisation types (e.g.
submarine nodules) may warrant disclosure of detailed information.
Drilling related to this release was carried out using a conventional
coring drill rig.
Drill core that returned handheld RS-121 scintillometer readings equal
to or greater than 300 counts per second (cps) relative to a
background of 100 counts per second was marked for sampling and
split in half along the core axis into 50-centimetre core-length
samples.
One half of the core was placed into a labelled sample bag and sent
for geochemical analysis and weight percent (wt%) U₃O₈ assay, while
the other half remained in the core box as a permanent record.
Core samples for geochemistry and U ₃O₈ assay were crushed to 60%
passing −2 mm, and a 100 g to 200 g sub-sample was split using a
riffle splitter. The sub-sample was then pulverized to 90% passing
106 μm using a standard puck-and-ring grinding mill. An aliquot of the
pulp was digested in a concentrated mixture of HNO₃:HCl in a hot
water bath for one hour and was then diluted with de-ionized water.
The samples were analysed using a Perkin Elmer ICP-OES
instrument.
Drilling
techniques
Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air
blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple
or standard tube, depth of diamond tails, face-sampling bit or other
type, whether core is oriented and if so, by what method, etc).
All drilling reported in this release was completed using a Zinex A5
core drill.
Drillholes PLS26-708 and 708A were drilled entirely as NQ diameter
core (47.6mm).
Drillholes PLS26-708B and 711 began as NQ diameter core which
was reduced to BQ diameter (36.4 mm) coring during drilling due to
poor ground conditions.
PLS26-716, 718, 720 and 722 began as HQ diameter (63.5 mm) core
at the top of bedrock which was reduced to NQ diameter core once
ground conditions improved.
Drill core is orientated by the logging geologist, with orientation marks
provided by an IMDEX ACTIII.
Drill sample
recovery
Method of recording and assessing core and chip sample recoveries
and results assessed.
Measures taken to maximise sample recovery and ensure
representative nature of the samples.
Drill core was logged geotechnically on a run-by-run or ISRM rock
strength basis and included the number of naturally occurring
fractures, mechanical fractures, intact core recovery, rock quality
designation (RQD), ISRM rock strength, longest stick, and
radioactivity measured in cps.