Pls Project Winter Drilling Delivers Positive Results at Saloon East
ASX Announcement
2 June 2025
PLS PROJECT WINTER DRILLING DELIVERS POSITIVE RESULTS AT SALOON EAST
Paladin Energy Ltd (ASX:PDN, TSX:PDN, OTCQX:PALAF) (“Paladin” or the “ Company”) is pleased to advise it
has successfully completed a winter exploration program at the Patterson Lake South ( PLS) high -grade
uranium project in the Athabasca Basin region of Saskatchewan, Canada. The winter program was carried out
in line with the Company’s strategic objective to identify additional uranium mineralization outside of the
Triple R deposit within the largely underexplored 31,039-hectare PLS project.
The results represent the strongest radioactivity identified outside of the Triple R Deposit at PLS . Twenty
drillholes totalling 7,102.9m were completed between February and May 2025, with eleven drillholes targeting
the Saloon East area, 3.5km southeast of the Triple R deposit (Figure 1 and Table 1).
All eleven drillholes at Saloon East intersected highly elevated radioactivity in multiple zones and over
significant widths with downhole gamma probe peaks up to 51,303 counts per second (cps). Radioactivity
across the Saloon East area has been defined by drilling in two areas separated by 550m (Figure 2), between
200m and 420m vertically from surface within a consistent package of steeply southeast dipping,
hydrothermally altered and structurally deformed basement rocks.
Drilling Highlights
• Twenty exploration drillholes between February and May, totalling 7,102.9m
• Drilling was primarily focused at Saloon East to target elevated radioactivity intersected in 2024
• Saloon East – Eleven drillholes completed, encountering highly elevated radioactivity associated
with strong hydrothermal alteration, including:
o PLS25-688A – 41.2m of total composite radioactivity, including 12.3m of continuous
radioactivity averaging 3,582 cps with a maximum of 13,657 cps
o PLS25-693 – 51.0m of total composite radioactivity, including 37.2m of continuous
radioactivity averaging 4,761 cps with a maximum of 34,636 cps
o PLS25-696 – 56.7m of total composite radioactivity, including 11.5m of continuous
radioactivity averaging 8,957 cps with a maximum of 51,303 cps
o PLS25-698 – 25.2m of total composite radioactivity, including 12.5m of continuous
radioactivity averaging 4,198 cps with a maximum of 27,730 cps
• PLG-3 – one reconnaissance drillhole 100m west of the R1515W orebody intersected intensely
altered basement rocks with anomalous radioactivity:
o PLS25-704 – 53.5m of total composite radioactivity, including 32.6m averaging 2,116.7
cps with a maximum of 5,133.3 cps
Paladin CEO, Ian Purdy said: “Our Canadian team are very encouraged by the initial results we are seeing at
Saloon East. The drilling results at Saloon East represent the strongest radioactivity intersected on the PLS
property to date outside of the Triple R deposit.
All eleven Saloon East drillholes completed to date in 2025 intersected radioactivity and have provided exciting
results over significant core lengths. The widespread presence of elevated radioactivity and hydrothermal
alteration suggests that we are exploring a significant mineralised system.”
Overview of the Saloon Trend
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 Conductive Corridor.
The Saloon Trend has been a major focus of the 2024 and 2025 exploration drilling, with 27 drillholes
completed along 8.8km of its strike length. Drilling in August 2024 in the eastern portion of the Saloon Trend
intersected anomalous radioactivity in three drillholes, PLS24 -680, 682 and 684B, in what was subsequently
termed Saloon East. Drilling in the first half of 2025 followed up on the August 2024 results at Saloon East and
intersected highly elevated radioactivity, with notable intercepts in drillholes PLS25-696 and 698. Drilling along
trend to the northeast intersected a thick zone of elevated radioactivity in PLS25 -693, leaving a highly
prospective 550m long untested zone between the two established zones of radioactivity.
Figure 1: 2025 Regional Drillhole Plan Map
Figure 2: Saloon East drilling to date
Table 1: 2025 Regional Exploration Drill Hole Summary
Collar
Basement
depth (m)
Total
depth
(m)
2PGA-1000 Gamma probe (≥500 cps / ≥0.5 m minimum)
Exploration
Area Hole ID
Easting
(UTM
NAD83)
Northing
(UTM
NAD83)
Elevation
(masl)
Azimuth
(deg)
Dip
(deg) From To Interval Average cps Max cps
Saloon East
PLS25-685 601774.8 6388784.0 498.3 128 -70 44.4 558.0 263.6 272.1 8.5 694 2,009
279.2 289.2 10.0 2,576 14,772
291.7 294.0 2.3 1,140 2,916
299.7 303.2 3.5 641 1,715
319.1 324.5 5.4 1,177 3,346
333.4 333.9 0.5 578 672
342.9 343.7 0.8 1,406 2,422
387.8 390.5 2.7 2,641 7,413
394.2 396.7 2.5 2,566 10,010
428.5 429.1 0.6 3,713 6,165
PLS25-688A 601789.1 6388769.2 498.0 129 -71 51.0 552.0 108.7 109.8 1.1 589 800
204.6 205.1 0.5 598 687
210.2 215.4 5.2 1,115 3,962
223.1 223.8 0.7 576 637
225.8 236.1 10.3 2,474 11,660
289.7 290.8 1.1 1,377 2,152
312.0 312.5 0.5 1,402 2,002
365.4 365.9 0.5 1,151 1,665
370.4 371.7 1.3 6,133 14,862
416.3 419.8 3.5 4,030 11,964
424.0 426.5 2.5 3,443 11,280
433.2 445.5 12.3 3,582 13,657
497.0 498.7 1.7 773 1,046
PLS25-690 602270.6 6389053.9 498.2 321 -75 51.0 387.0 243.0 246.0 3.0 533 1,092
283.6 290.3 6.7 764 2,122
295.8 297.5 1.7 1,403 2,250
PLS25-691 601800.2 6388759.9 498.2 129 -71 50.6 492.1 180.9 184.3 3.4 682 919
227.3 227.9 0.6 778 961
251.4 254.7 3.3 531 802
268.1 272.0 3.9 960 1,951
418.3 424.8 6.5 627 1,847
427.8 431.2 3.4 1,057 2,625
443.0 443.8 0.8 536 647
PLS25-692 602270.4 6389065.4 498.0 305 -73 53.5 330.0 190.8 192.0 1.2 669 793
195.6 199.1 3.5 639 2,849
202.7 212.4 9.7 1,314 5,423
234.0 234.8 0.8 612 803
249.7 252.3 2.6 623 944
256.8 267.5 10.7 1,172 4,988
273.5 277.9 4.4 1,650 4,837
317.0 317.6 0.6 1,360 2,015
PLS25-693 602270.4 6389065.4 498.0 310 -68 60.8 318.0 164.8 166.4 1.6 515 726
180.1 181.1 1.0 782 1,271
204.1 210.1 6.0 923 3,976
213.4 217.9 4.5 634 1,908
220.5 257.7 37.2 4,761 34,636
294.4 295.1 0.7 809 1,373
PLS25-694A 601841.6 6388784.0 498.0 129 -75 46.8 348.0 185.7 190.1 4.4 1,418 3,856
195.9 196.4 0.5 867 1,208
198.5 205.5 7.0 1,548 3,010
222.0 223.3 1.3 831 1,190
226.7 228.1 1.4 1,209 1,752
241.6 246.5 4.9 1,079 1,913
250.5 251.2 0.7 824 1,179
264.0 273.7 9.7 928 2,466
288.4 294.1 5.7 871 1,783
PLS25-695 602270.4 6389065.4 498.0 305 -60 56.4 213.0 Drillhole lost, not gamma probed
PLS25-696 601895.9 6388750.8 498.3 335 -80 64.9 351.0 161.5 164.8 3.3 652 1,185
185.3 218.3 33.0 1,101 6,723
222.9 224.3 1.4 703 896
227.6 232.3 4.7 738 2,057
Collar
Basement
depth (m)
Total
depth
(m)
2PGA-1000 Gamma probe (≥500 cps / ≥0.5 m minimum)
Exploration
Area Hole ID
Easting
(UTM
NAD83)
Northing
(UTM
NAD83)
Elevation
(masl)
Azimuth
(deg)
Dip
(deg) From To Interval Average cps Max cps
241.9 253.4 11.5 8,957 51,303
258.8 260.9 2.1 1,750 4,473
306.5 307.2 0.7 662 943
PLS25-697 602252.2 6389079.1 498.2 304 -66.25 74.4 250.1 120.5 125.8 5.3 563 1,099
138.6 139.5 0.9 604 798
141.0 141.5 0.5 675 793
152.4 161.5 9.1 611 1,960
172.7 173.6 0.9 618 677
177.1 178.1 1.0 608 679
184.2 188.8 4.6 1,377 4,104
193.9 195.7 1.8 925 1,446
PLS25-698 602019.0 6388634.2 510.7 316 -49 92.5 357.0 134.9 135.5 0.6 717 763
259.2 265.7 6.5 1,513 4,702
276.2 281.8 5.6 954 2,999
291.6 304.1 12.5 4,198 27,730
Saloon PLS25-700A 602083.8 6388022.1 527.1 313 -77 83.6 537.0 183.8 187.9 4.1 554 1,258
436.6 437.3 0.7 806 1,107
446.7 447.3 0.6 947 1,232
PLS25-703 598710.0 6386314.0 565.0 320 -75 126.0 198.3 Drillhole lost
South Patterson PLS25-686A 599131.0 6388680.0 498.1 0 -90 51.0 201.0 129.0 131.0 2.0 624 1,038
134.5 135.5 1.0 568 721
142.7 147.3 4.6 536 821
149.3 152.1 2.8 589 1,145
163.9 164.6 0.7 545 643
174.3 179.1 4.8 692 1,041
181.3 182.8 1.5 666 848
Far
East PLS25-687 600112.8 6390497.2 498.3 348 -70 47.8 204.4 No anomalous radioactivity
PLS25-689 600359.3 6390575.5 501.9 158 -79 54.2 372.0 No anomalous radioactivity
PLG Main
PLS25-699 597359.7 6389781.8 536.4 157 -77 95.7 558.0 120.9 124.1 3.2 633 856
128.5 130.5 2.0 501 581
132.6 134.8 2.2 778 1,196
PLS25-701 596345.0 6389136.0 548.3 347 -77 111.0 270.0 104.4 124.5 20.1 1,796 4,076
PLS25-702 596058.2 6389209.5 554.4 155 -60 143.4 288.0 No anomalous radioactivity
PLS25-704 596189.5 6389089.4 552.1 335 -78 110.3 318.0 105.0 137.6 32.6 2,117 5,133
138.3 141.2 2.9 634 866
142.8 152.4 9.6 1,036 6,415
170.8 171.4 0.6 795 980
173.0 174.8 1.8 828 1,476
177.8 183.8 6.0 589 1,505
For 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: +61 438 522 194
Canada
Ian Hamilton, Partner
FGS Longview
T: +1 905-399-6591
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 exp loration results was provided 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 Profession al Geoscientists and Engineers of Alberta (APEGA) and the Association of Professional
Geoscientists and Engineers of Saskatchewan (APEGS). Kanan Sarioglu is the VP Exploration for Paladin
Canada 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 f or 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, has 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. Natural gamma radiation that is reported in this news release was
measured in counts per second every 10cm throughout the length of each drillhole, in the up and down
direction, using a Mount Sopris 2PGA-1000 single gamma probe. Results presented were derived from
the up-hole data only. Prior to drilling, the accuracy of the 2PGA -1000 gamma probe was confirmed
using a historical calibration drillhole on the PLS property. The reader is cautioned that gamma probe
readings are not directly or uniformly related to uranium grades of the rock sample measured and
should be used only as a preliminary indication of the presence of radioactive materials.
All intersections are down-hole depths. All depths reported of core interval measurements including
radioactivity and mineralization intervals widths are not always representative of true thickness.
Forward-looking statements
This announcement 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 announcement 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 f rom 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 advi sers expressly disclaim any responsibility for
the accuracy or completeness of the material contained in this announcement and exclude all liability
whatsoever (including in negligence) for any loss or damage which may be suffered by any person as
a conseq uence of any information in this announcement 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 announcement or any other information made avai lable to a person nor any
obligation to furnish the person with any further information.