Slides
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Investor Day 2 September 2026
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2 This presentation (Presentation) is dated 2 September 2026 and has been prepared by Paladin Energy Ltd (the Company or Paladin) based on information available to it at that time. References to the Group are to Paladin and its controlled entities. 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 and www.sedarplus.ca. Not an Offer This Presentation is for information purposes only and does not constitute an offer, invitation or recommendationto purchase or otherwise deal in securities in the Company or any other financial products. Neither this Presentationnor 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 Investmentor Financial Advice This Presentation,and the information in it, does not constitute financial product, legal, tax or other investment advice and is not a recommendationregarding 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 appropriateinvestmentfor 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 indicationof 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 uncertaintiesand 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. InvestmentRisk 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 operationsand 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 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 “2026 Annual Report to Shareholders & appendix 4E” released on 26 August 2026 (Annual Report) and available to view at paladinenergy.com.au. Paladin confirms that it is not aware of any new informationor 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. Technical information As at 30 June 2026, mineral resource and ore reserve estimates for the Patterson Lake South Project (PLS) were reported in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators (NI 43-101), being a foreign estimate for the purposes of the ASX Listing Rules. On 20 August 2026, the Company announced that those estimates have been re-reported to comply with the JORC Code, with no material change being made to those estimates. Scientific and technical information relating to the PLS Project in this Presentation was reviewed and approved by Kanan Sarioglu, VP Exploration of Paladin Canada Inc. (a subsidiary of Paladin), and Gary Haywood, Principal, High Grade Mining Ltd, each a Competent Person as defined in the JORC (2012) and Qualified Person as defined by NI 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. HistoricalEstimates The informationin this Presentationrelating to mineral resourceand 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 Presentationfor furtherinformation. Market and IndustryData 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 responsibilityand liability whatsoeverin respect to any such information. Non-IFRS Financial Information Paladin uses certain financial measures that are considered “non-IFRS financial information” within the meaning of Australian securities laws and/or “non-GAAP financial measures” within the meaning of Canadian securities laws (collectively referred to in this announcement as Non-IFRS Measures) to supplement analysis of its financial and operating performance. These Non- IFRS Measures do not have a standardised meaning prescribed by International Financial Reporting Standards (IFRS) and therefore may not be comparable to similar measures presented by other issuers. The Company believes these measures provide additional insight into its financial results and operational performance and are useful to investors, securities analysts, and other interested parties in understanding and evaluating the Company’s historical and future operating performance. However, they should not be viewed in isolation or as a substitute for information prepared in accordance with IFRS. Accordingly, readers are cautioned not to place undue reliance on any Non-IFRS Measures. See the appendices for an explanation of individual Non-IFRS Measures used by the Company in this Presentation. 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 announcementhas been authorisedfor release by the Board of Directors of Paladin. Important Notice
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Agenda Introduction & Business strategy Paul Hemburrow, MD and CEO FY2026 in review & Capital management Anna Sudlow, CFO Uranium market Alex Rybak, CCO Langer Heinrich Mine Scott Barber, COO Q&A Break Patterson Lake South Project Scott Barber, COO | Dale Huffman, President Paladin Canada Exploration and growth strategy Scott Barber, COO | Andrew Fitzpatrick, GM Exploration Closing remarks Paul Hemburrow, MD and CEO Q&A
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4 Presenters Paul Hemburrow Managing Director and Chief Executive Officer Anna Sudlow Chief Financial Officer Scott Barber Chief Operating Officer Alex Rybak Chief Commercial Officer Dale Huffman President Paladin Canada Andrew Fitzpatrick General Manager Exploration
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Business strategy Paul Hemburrow, MD and CEO
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6 A global uranium producer with scale and growth potential Leveraging market strength Delivering sequenced production growth Focusing on long-term operational and financial performance Advancing a multi-decade production, development and exploration pipeline across Namibia, Canada and Australia Capitalising on growing demand for nuclear energy, a secure and reliable source of baseload power essential for meeting the world’s growing energy requirements Reliable production, cost discipline and industry-leading contract book underpin financial performance and balance sheet strength
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7 COP28 pledge to triple nuclear capacity by 2050 endorsed by 38 nations World Bank policy now permits support for nuclear energy, expanding potential financing and advisory pathways for eligible projects India plans to grow nuclear capacity from ~9GW to 100GW by 20472 China hosts the fastest- growing fleet of nuclear power plants with 37 reactors (39GW) currently under construction1 US federal policy and funding support underpinning the goal of quadrupling nuclear generation from ~100GW to 400GW by 20503 Structural growth in electricity demand driven by electrification, AI and data centre expansion Focus on energy security is accelerating policy support for nuclear power expansion, underpinning long- term growth in uranium demand 1. World Nuclear Association (WNA) - “World Nuclear Power Reactors & Uranium Requirements”. 2. WNA. 3. The White House, Presidential Actions, Executive Orders, 23 May 2025
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8 Multi-decade production and growth pipeline to capitalise on the growing uranium supply deficit Namibia Production Canada Development and exploration Advanced exploration portfolio in Canada and Australia Preliminary Economic Assessment Advanced exploration1 Early-stage exploration (Athabasca Basin region) Juliet 11,148 ha Seahawk 6,293 ha Typhoon 3,867 ha Corsair 3,613 ha Caliban 2,296 ha Cupid 1,519 ha Prospero 1,442 ha Merlin 808 ha Trinculo 523 ha 1. The State Government of Queensland permits uranium exploration, but bans uranium mining, whilst the current State Governme nt of Western Australia currently has a no-development uranium mining policy. Langer Heinrich Mine (LHM) Patterson Lake South (PLS) Project Michelin Mount Isa Manyingee and Carley Bore Namibia Canada Canada Australia
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9 A successful year of delivery, growth and strategic progress Aug 2025 Completion of the PLS Project’s Engineering Review1 Sep 2025 Paul Hemburrow appointed as MD and CEO2 Sep/Oct 2025 A$400M equity raising completed3,4 Oct 2025 Dale Huffman appointed President, Paladin Canada Dec 2025 Restructure of Debt Facility5 Jan 2026 Scott Barber appointed COO Feb 2026 EIS approval received from Saskatchewan Government for the PLS Project6 Aug 2026 Mutual Benefits Agreement with Birch Narrows Dene Nation9 Jun 2026 New body of high-grade uranium mineralisation, the Atlas discovery7 Jun 2026 LHM ramp-up successfully completed with 4.82Mlb U3O8 produced in FY20268 Jul 2026 Protocol signed with the CNSC targeting hearings for the PLS construction licence application by the end of 20278 1. Refer to Paladin’s exchange announcements titled “Patterson Lake South Project Update” and “Patterson Lake South Project U pdate - Presentation” dated 28 August 2025. 2. Refer to Paladin’s exchange announcement titled “Managing Director & Chief Executive Officer Appointment” dated 25 June 2025. 3. Refer to Paladin’s exchange announcement titled “Paladin successfully completes A$300M equity raising” dated 17 September 2025. 4. Refer to Paladin’s exchange announcement titled “Paladin completes Share Purchase Plan” dated 16 Oc tober 2025.5. Refer to Paladin’s exchange announcement titled “Debt Restructure Leverages Enhanced Liquidity” dated 18 December 2025. 6. Refer to Pa ladin’s exchange announcement titled “EIS Approval for Patterson Lake South Project” dated 20 February 2026. 7. Refer to Paladin ’s exchange announcement titled “New High-Grade Uranium Discovery Identified at PLS Project” dated 25 June 2026. Paladin confirms that it is not aware of any new information or data that materially affects the information included in that announcement. 8. Refer to Paladin’s exch ange announcement titled “Quarterly Report - June 2026” dated 22 July 2026. 9. Refer to Paladin’s exchange announcement titled “Birch Narrows Dene Nation Agreement signed” dated 31 August 2026. Jun 2026 ‘Sufficiency’ achieved for the LTPS / LTC application8 Jun 2026 Paladin added to the S&P/ASX100 index
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10 Reliable supplier Multi-decade asset portfolio Financial discipline Operational excellence Project delivery Paladin’s core strengths underpin long-term growth and value creation Located in premier uranium mining jurisdictions with exploration upside Demonstrated capability in large scale project execution Track record of safe and consistent performance Over a decade of reliable uranium supply to Tier-1 customers operating the global reactor fleet Investing in growth while maintaining a strong balance sheet and a cost focus
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11 Key drivers of Paladin’s near-term growth strategy Maximise the value from LHM Unlock the value of the PLS Project Advance exploration assets Deliver safe, consistent operational and financial performance Progress the project through key permitting and regulatory milestones towards development Focus on both near mine and regional opportunities to grow the resource base and support future mine life extensions
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FY2026 in review & Capital management Anna Sudlow, CFO
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13 4.82Mlb U3O8 produced US$70.0/lb U3O8 Average Realised Price1 US$304.3M Sales revenue from the sale of 4.35Mlb U3O8 US$52.2M Gross profit US$265.0M Cash and investments at 30 June 2026 FY2026 Highlights Refer to Stock Exchange Announcement titled “2026 Annual Report to Shareholders & Appendix 4E” dated 26 August 2026 for furth er information. 1.Average Realised Price and Cost of Production are Non-IFRS Measures. See appendices for more information on Non -IFRS Measures US$43.3/lb U3O8 Cost of Production1
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14 FY2026 FY2025 Change Comments Average Realised Price1 US$/lb 70.0 65.7 7% Higher sales contract pricing and strengthening uranium spot market Cost of Production1 US$/lb 43.3 40.23 8% Lower end of the guidance range achieved Sales revenue US$M 304.3 177.7 71% Higher production, sales volumes and Average Realised Price Cost of production US$M 208.9 129.1 62% Transitioned to mining during FY2026 Cost of sales US$M 250.0 191.7 30% Higher sales volumes Gross profit / (loss) US$M 52.2 (26.1) nm4 Successful completion of LHM ramp-up Net loss after tax US$M (9.1) (76.5) nm4 Stronger earnings contribution from LHM Cash flows from operating activities US$M 37.7 (3.8) nm4 Improved operating performance of LHM Total unrestricted cash and investments US$M 265.0 89.0 198% Improved cash flows from LHM and proceeds from equity raising Debt Facility (drawn)2 US$M (32.0) (86.5) nm4 Debt Facility restructure and repayments Net Cash/(Debt)1 US$M 233.0 2.5 nm4 Strengthened liquidity position FY2026 Financial Results Financial performance reflects the successful ramp-up of LHM with higher uranium production and sales volumes driving a significant increase in revenue and gross profit Refer to Stock Exchange Announcement titled “2026 Annual Report to Shareholders & Appendix 4E” dated 26 August 2026 for furth er information. 1. Average Realised Price, Cost of Production and Net Cash/(Debt) are Non -IFRS Measures. See appendices for more information on Non -IFRS Measures. 2. Excludes Shareholder Loans from CNOL and capitalised transaction costs. 3. FY2025 Cost of Production of $40.2US$/ lb excludes US$7.8M relating to the sale of inventory previously written down. 4. The percentage movement is not meaningful.
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15 FY2026 Sustainability Highlights 3.2 Group TRIF1 at 30 June 2026 99% of LHM employees are Namibian Nationals 55 community programs across Namibia and Canada EIS approval by the Saskatchewan Government for the PLS Project Refer to Stock Exchange Announcement titled “2026 Annual Report to Shareholders & Appendix 4E” dated 26 August 2026 for furth er information. 1. Total Recordable Injury Frequency per million hours worked on a 12 -month basis
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Investing for long-term growth while maintaining financial discipline Strong balance sheet • US$265M cash and investments1 • US$70M undrawn Revolving Credit Facility1 • Strong Lender relationships Shareholder returns • Maximise cashflows from operations • S&P/ASX100: the only uranium mining company in the index • TSX listing provides opportunity for broader access to North American uranium investors Capital allocation • Sustain and grow operating asset • PLS Project development • Exploration opportunities • PLS Project: Triple R resource extension, new resources and delineation drilling and regional exploration opportunities • Michelin Project • Mount Isa, Manyingee and Carley Bore 16 As at 30 June 2026.
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17 Proven operational experience, global capital markets access and balance sheet strength provides flexibility in funding the PLS Project Strong PLS Project economics along with a strong balance sheet, credibility as an operator, dual listing and existing debt relationships provide flexibility in considering PLS funding Capital Markets Strong government support globally for nuclear due to the drive for decarbonisation, along with our operating capability and community engagement provide potential opportunities for PLS Government Support Offtake Strategic Partners World class uranium development asset at PLS and proven operating capability provide an attractive value proposition for potential strategic partners Ability to build on existing customer relationships to de-risk the commencement of PLS production with strong offtake outcomes
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Uranium market Alex Rybak, CCO
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19 Paladin’s assets are strategically placed to supply uranium globally Disconnect between uranium requirements and supply 1. Subject to receiving construction and operation licences from CNSC and other regulatory requirements. 2. WNA – World Nuclear Fuel Report. Global Scenarios for Demand and Supply Availability 2025 -2040. 3. UxC – Uranium Market Outlook Q2 2026. 4. International Atomic Agency and Nuclear Energy Agency – Uranium 2024 Resources, Production and Demand. REACTOR REQUIREMENTS (Mlb p.a., 2028F)2 U3O8 PRODUCTION (Mlb p.a., 2028F)3 LHM provides utilities with diversification vis-a-vis production from Kazakhstan, Canada and Uzbekistan PLS is well positioned to supply utilities in all Western jurisdictions1 14 Tier-1 industry counterparties based in the US, Europe and Asia 3 40 CANADA 49 5 UNITED STATES 22 0 FRANCE 0 24 NAMIBIA 0 15 AUSTRALIA 10 0 JAPAN 51 5 CHINA 0 78 KAZAKHSTAN 17 7 RUSSIA URANIUM PRODUCTION4 Mlb U3O8 p.a. 0.01-0.3 0.3-2.6 2.6-13 13-26 26-57
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20 Growth in electrification and supportive policy driving nuclear energy outlook Nuclear is the second largest source of low carbon electricity, contributing ~10% of global electricity production1 World total electricity production (TWh)1 Geopolitics and AI growth are strengthening the case for nuclear as a secure, reliable baseload power source Nuclear energy demand driven by population growth, electrification, energy security, decarbonisation and AI / data centres By 2050 global electricity generation is projected to double from 2024 levels1 30,529 36,602 46,302 62,944 2024 2030 2040 2050 9% 9% 10% 10% Nuclear as % of electricity production2 1. Energy, Electricity and Nuclear Power Estimates for the period up to 2050. Reference Data Series No. 1. 2025 Edition, International Atomic Energy Agency. 2. Mid-point of low and high scenarios estimates,
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21 Global nuclear reactor fleet underpins existing demand for uranium Global nuclear reactor rollout is underway1 79 reactors under construction1 ~86GW OF POWER GENERATION +21% OF GLOBAL INSTALLED CAPACITY ~43Mlb OF ADDITIONAL ANNUAL U DEMAND2 OPERABLE UNDER CONSTRUCTION PLANNED PROPOSED TOTAL 441 OPERABLE REACTORS WORLDWIDE 79 REACTORS UNDER CONSTRUCTION IN 17 COUNTRIES 124 PLANNED NEW REACTORS IN 18 COUNTRIES 331 PROPOSED NEW REACTORS IN 26 COUNTRIES 975 TOTAL POTENTIAL REACTORS Multi-decade reactor rollout drives uranium demand growth 1. World Nuclear Association (WNA) – “World Nuclear Power Reactors & Uranium Requirements” – 25 August 2026. 2. Assumes annual uranium requirements of 500klb per GW of reactor operating capacity. 37 8 7 4 4 4 2 2 11 China India Russia Egypt Turkey South Korea United Kingdom Japan RoW
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22 Structural uranium supply-demand deficit is expected to widen Global uranium supply and demand1 (Mlb) - 50 100 150 200 250 300 350 400 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 U3O8 Mlb Unspecified supply Existing Mines Restarted idled mines Under development Planned mines Prospective mines Secondary supply World Demand New supply required annually 50Mlb 181Mlb 315Mlb Global utility uncovered uranium requirements2 126Mlb 792Mlb 1,874Mlb 1. Data from the World Nuclear Fuel Report 2025, World Nuclear Association. Data originally presented in tU; converted to mlb for illustrative purposes, WNA. 2. UxC Uranium Market Outlook – Q2 2026. Visible new supply is insufficient to meet growing uranium demand
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23 LHM’s industry leading contract book leveraging strong uranium market fundamentals U3O8 sold in FY2026 4.35Mlb average realised price1 in FY2026 US$70/lb of U3O8 contracted to 20302,3 21Mlb of the LHM Ore Reserve exposed to market-related prices or is uncontracted3,4 85% LHM contract pricing mix (2026-30)2,3 LHM contract pricing mix (Ore Reserve)3,4 56% MARKET-RELATED PRICES 44% BASE-ESCALATED & FIXED PRICES 85% MARKET-RELATED PRICES OR UNCONTRACTED 15% BASE-ESCALATED & FIXED PRICES 1. Average Realised Price is a Non-IFRS Measure. See appendices for more information on Non -IFRS Measures. 2. Based on LHM contract book as at 30 J une 2026. Based on nominal contract volumes from 1 July 2026 to 31 December 2030 under executed uranium sales agreements. 3. Subject to customary conditions precedent contained in offtake agreements, including the requirement to receive Namibian G overnment and other regulatory approvals. 4. Contract coverage and pricing mechanism calculations are based on nominal contract volumes from 1 July 2026 for the life of mine under executed offtake agreements. Based on Langer Heinrich Uranium Life of Mine Ore Reserve on a 100% basis as at 30 June 2026, as detailed in Paladin’s exchange announcement titled “2026 Annual Report to Shareholders & Appendix 4E” dated 26 Au gust 2026. Refer to the Appendices to this presentation for more information and Ore Reserve Table. 21Mlb U3O8 contracted 70Mlb Ore Reserve
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24 Delivering uranium to Tier-1 customers globally Cameco Port Hope Facility Canada Orano Malvesi Facility France Port of Shanghai China Converdyn-Solstice Metropolis Facility USA Langer Heinrich Uranium Namibia North America ~5 weeks Europe ~5 weeks China ~6 weeks 3 4 U3O8 drums packed in container according to specifications Container transport from LHM to Walvis Bay Port Dedicated Class 7 (dangerous goods) storage area at Walvis Bay Port Loading of containers onto vessel for shipment to destination port Typical transit routes and transit times from Walvis Bay to destination ports 5 2 1
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25 In-house uranium marketing expertise and proven customer relationships drive commercial advantage • Long-standing relationships with global nuclear utilities, converters, enrichers, shipping providers and intermediaries • Deep understanding of utility procurement requirements and contracting cycles • Marketing team with decades of contracting experience across cycles • Demonstrated ability to build uranium contract portfolios to secure funding and underpin operations • Track record in meeting customer delivery obligations at LHM • Established foundation for PLS contracting activities • Ability to leverage existing customer relationships and market intelligence to contract with end consumers of uranium • Reduced commercialisation risk relative to development-stage peers Deep industry relationships Proven contract execution Commercialisation platform in place for the PLS Project
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26 - 50 100 150 200 250 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Uranium Spot price, adjusted 2026 dollars (US$/lb) Uranium prices have recovered significantly, yet remain below historic highs Uranium prices (inflation adjusted, in 2026 dollars) 1,2,3 1. Data from U.S. Bureau of Labor Statistics (BLS) Consumer Price Index for All Urban Consumers (CPI -U), 2. Data from UxC historical month end spot price 3. Inflation-adjusted uranium and crude oil prices calculated using U.S. CPI -U data, with historical prices restated in August 2026 dollars. Oil price shock Three Mile Island accident Uranium bull market triggered by oil price shocks Chernobyl accident Megaton to megawatts program Nuclear renaissance GFC Fukushima accident Uranium bear market, triggered by Fukushima Decarbonisation reframes nuclear Physical uranium funds become more active Russia/Ukraine war US/Iran War Israel/Hamas Conflict China, India and Russia Nuclear Expansion Cigar Lake floods
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Langer Heinrich Mine Namibia Scott Barber, COO
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28 LHM: A strategic uranium producing asset 28 Located in Namibia, the third largest global uranium producing country accounting for ∼13% of global production1 Strong Government and community support for uranium mining in Namibia with excellent local infrastructure and proximity to the Walvis Bay industrial hub LHM located ~85km northeast of Walvis Bay in Namibia's Erongo Region To date LHM has produced over 51Mlb of U3O8 and has a significant Ore Reserve supporting a long-life operation 1. UxC Uranium Market Outlook Q2 2026.
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29 Making an impact in our communities We are committed to playing a meaningful role in Namibia, through prioritising local employment and supporting initiatives that positively impact youth education and development, health, wellbeing and community engagement. At LHM 99% of our 420 employees are Namibian nationals1. 1. Refer to Paladin’s exchange announcement titled “2026 Annual Report to Shareholders & Appendix 4E” dated 26 August 2026.
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30 0.83 0.75 0.9 1.17 1.15 1.21 1.21 1.19 0.64 0.64 0.75 0.99 1.07 1.23 1.29 1.2369 88 88 87 86 91 92 90 0 5 10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 85 90 95 0.4 0.6 0.8 1 1.2 1.4 Q1FY2025 Q2FY2025 Q3FY2025 Q4FY2025 Q1FY2026 Q2FY2026 Q3FY2026 Q4FY2026 Tonnes processed (Mt) Production (Mlb) Recovery Rate Target overall recovery rate 85% to 90% LHM ramp-up completed safely and successfully 100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000 1 2 3 4 5 6 7 Q4FY2024Q1FY2025Q2FY2025Q3FY2025Q4FY2025Q1FY2026Q2FY2026Q3FY2026Q4FY2026 TRIF per million hours worked on a 12-month moving average Quarterly hours worked (including contractors) LHM TRIF vs quarterly hours worked LHM quarterly operational performance TRIF Hours Worked
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Ramp-up of mining activities completed H Pits Current Tailings (TSF6) Processing Plant ROM Pad F Pits Stockpile G Pits J Pits Simple open pit mining operation Standard drill and blast mining process Conventional contracted load and haul fleet Mining to be conducted across four pits during the mining phase 31
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32 Proven processing plant 10 years of successful operations history Standard crushing and classification Alkaline leach process similar to standard alumina refining process (Bayer Process) CCD solids separation and ion exchange Final product recovery to U3O8
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33 Significant upgrades to infrastructure since restart • Industrial water (blended supply) from NamWater • Groundwater (Swakop river abstraction) • Site water storage via two bladders and open pond • LHM supplied through a 66kV line from Kuiseb (local) substation • Emergency power at site consists of six emergency generators, able to carry full load of the plant • Boiler burner (steam generation plant) upgrade Power Water Bladder B Bladder A Evap Pond C
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34 LHM FY2027 Guidance1 Guidance (100%) 2,3 FY2027 U3O8 Produced4 Mlb 5.1 – 5.6 U3O8 Sold5 Mlb 4.8 – 5.3 Cost of Production6 US$/lb 44 – 48 Capital Expenditure7 US$ 29 – 35 1. Refer to Paladin’s exchange announcement titled “Langer Heinrich Mine FY2027 Guidance” dated 22 July 2026. 2. Paladin has a 75% interest in the LHM. 3. USD/NAD FX assumption: 16.5. 4. Production is based on considered plant availability and utilisation assumptions and includes allowances for expected normal operational disruptions , estimated planned and unplanned maintenance activities, and general plant disruptions based on historical performance. 5. The current uranium product loan arrangements allow Paladin to borrow up to 450,000lb U3O8 with repayment in kind upon delivery. As at 30 June 2026, the Company had outstanding loans of 400,000lb U3O8, with 200,000lb U3O8 scheduled for repayment in Q1 FY2027, and the remaining 200,000lb U3O8 due in Q3 FY2027. Under the loan facilities, certain standby and loan fees are payable. These loan facilities are expected to either be renewed, replaced or repaid within the next twelve months. 6. Cost of Production is a Non -IFRS Measure. See “Non-IFRS financial information” for more information. 7. Capital Expenditure does not include capitalised stripping costs or costs associated with building low grade stockpiles. • Higher production is expected in the second half of FY2027 as higher-grade ore feed to the processing plant increases • Planned maintenance shutdowns in the September and December 2026 quarters are expected to impact production in the first half • Mining and plant optimisation will continue throughout FY2027 • Cost of production is expected to trend towards the upper end of the guidance range in the first half of FY2027 due to lower anticipated production and additional costs associated with planned maintenance during the period • Key expenditure items include tailings storage facilities’ design and construction, process improvement studies and infill drilling
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Break
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Patterson Lake South Project Canada Scott Barber, COO | Dale Huffman, President Paladin Canada
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37 PLS: A standout asset in a premier mining jurisdiction Premier location Located in the Athabasca Basin region, the world’s premier high-grade uranium mining district with access to established infrastructure Significant growth potential Large unexplored tenement area, including highly prospective Saloon trend, with potential to support future resource growth and additional discoveries Shallow & high grade Conventional mining, via decline access. Shallow nature of the Triple R deposit supports a simple development approach Globally material project ~9Mlb p.a. U3O8 average annual production target over an initial 10-year mine life1 Strong economics Update dated 28 August 20252 US$1.3B NPV8 (post-tax), 28.2% IRR (post-tax) at US$90/lb uranium price3 1. PLS Project production and run-of-mine ore feed targets are based on the technical report titled "Feasibility Study, NI 43-101 Technical Report, for PLS Property" with an effective date of 17 January 2023 which was prepared in accordance with NI 43 -101. All material assumptions underpinning these targets, or the forecast financial information derived from these targets, continue to apply and have not materially changed. 2. Refer to Paladin’s stock exchange announcem ents titled “Patterson Lake South Project Update” and “Patterson Lake South Project Update – Presentation” dated 28 August 2025 for further information. 3. Financial model cash flows are real, NPV and IRR are calculated from the commencement of construction activities, inclusive of all pre-production capital costs. Cash flows are modelled in Canadian Dollars (C$) and converted to United States Dollars (US$) at C$1:US$ 0.75. Corporate tax rate of 27%. The average long-term Q2 2025 forecast by TradeTech / UxC spot and term price during forecast production period is US$90.9/lb (real). Refer to the Appendices to this presentation for more information and Mineral Resources and Reserves Tables.
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38 PLS Project PLS Project is one of the leading low cost, high-grade uranium advanced development projects globally Advanced development stage uranium projects’ grade and C1 cash cost benchmarking1 For further information refer to resource estimates on slide 82. Total mineral resources are comprised of 1) measured, indicated and inferred mineral resources and 2) inclusive of mineral reserves/ore reserves. 1. Advanced development stage uranium projects that have not reached production. Includes projects at the Feasibility, Definitive Feasibility and Pre- Feasibility study level. LEGEND Athabasca Basin region projects Wheeler River (Gryphon) Tumas 0.01% 0.10% 1.00% 10.00%Mineral Resource grade (%, log scale) Rook 1 Wheeler River (Phoenix) Dasa Muntanga Tiris Dewey Burdock Etango-8 Mulga Rock -1020304050 C1 cash cost (US$/lb U3O8 )
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39 US$15.2/lb US$11.7/lb US$1,325M US$1,226M US$3,023M Strong economics at the PLS Project Update dated 28 August 20251 Operating Cash Cost (Life of mine (LOM))2 Pre-production capital cost exclusive of pre-FID capital expenditure3 LOM cash flows (post-tax)4,5 at US$90/lb uranium price6 All-in Sustaining Cost (LOM)7 NPV8 (post-tax)4,5 at US$90/lb uranium price6 28.2% IRR (post-tax) 4,5 at US$90/lb uranium price6 1. Refer to Paladin’s exchange announcements titled “Patterson Lake South Project Update” and “Patterson Lake South Project U pdate – Presentation” dated 28 August 2025 for further information. Paladin confirms that all the material assumptions underpinning the forecast financial information that is derived from the p roduction target for the PLS Project continue to apply and have not materially changed. 2. Operating cash cost (C1 Cash Cost) is inclusive of mining, processing and site -based G&A and services, exclusive of netsmelter return payments. 3. Pre-production Capital Cost inclusive of contingency and exclusive of pre -FID capital expenditure. 4. Corporate tax rate of 27%. 5. Financial model cash flows are real, NPV and IRR are calculated from the commencement of construction activities, inclusiv e of all pre-production capital costs. Cash flows are modelled in Canadian Dollars (C$) and converted to United States Dollars (US$ ) at C$1:US$ 0.75. Refer to the Appendices to this presentation for more information and Mineral Resources and Reserves Tables. 6. The average long-term Q2 2025 forecast by TradeTech / UxC spot and term price during forecast production period is US$90.9/lb (real). 7. AISC is equal to operating cash costs plus life of mine sustaining capital costs.
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40 Canada’s Athabasca Basin region The world’s premier high-grade uranium mining jurisdiction 40 Top-rated: Saskatchewan is a top 3 most attractive jurisdiction in the world for mining investment1 Global supplier: Canada is the world’s second largest producer of uranium, accounting for ~20% of total global production2 PALADIN CANADA PROPERTIES MILL SHOWINGS DEPOSITS PAST PRODUCERS CURRENT OPERATIONS DEVELOPMENT PROJECTS CLEARWATER DOMAIN PATTERSON LAKE SOUTH 955 905 JULIET PROJECT Hurricane Zone J- Zone RoughriderATHABASCA BASIN Carswell Structure Maybelle River Cluff Lake Mine Shea Creek JR Zone Arrow Spitfire Centennial Midwest Eagle Point Collins Bay McClean Lake West Bear Cigar Lake McClean Lake Mill Key Lake Mill Millennium McArthur River Phoenix/Gryphon Uranium City Beaverlodge District Key Lake TRIPLE R MERLIN PROJECT CUPID PROJECT CALIBAN PROJECT PROSPERO PROJECT TYPHOON PROJECT SEAHAWK PROJECT CORSAIR PROJECT Jurisdiction: stable, supportive government and communities with access to a skilled workforce and established infrastructure CANADA SASKATCHEWAN 1. Fraser Institute – Annual Survey of Mining Companies 2025. 2. UxC Uranium Market Outlook, Q2 2026.
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41 Building respectful, long lasting and mutually beneficial relationships with local communities and Indigenous peoples where we operate Paladin respects and upholds Indigenous rights throughout the lifecycle of our operations that take place on the lands of Indigenous peoples and seek to develop partnerships that promote ongoing communication, relationship building, engagement, and socio-economic benefits for Indigenous communities January 2023 ✓ Capacity Funding Agreement signed with Métis Nation – Saskatchewan1 August 2026 ✓ MBA signed with the Birch Narrows Dene Nation4 February 2025 ✓ MBA signed with the Clearwater River Dene Nation3 February 2025 ✓ Mutual Benefits Agreements (MBA) signed with the Buffalo River Dene Nation2 1. Refer to former Fission Uranium Corp. news release titled “Fission Signs Capacity Funding Agreement with Métis Nation - Saskatchewan” dated 12 January 2023. 2. Refer to Paladin’s exchange announcement titled “Buffalo River Dene Nation Agreement signe d” dated 3 February 2025. 3. Refer to Paladin’s exchange announcement titled “Clearwater River Dene Nation Agreement signed” dated 13 February 2025. 4. Refer to Paladin’s exchange announcement titled “Birch Narrows Dene Nation Agreement signed” dated 31 August 2026.
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42 Making an impact in our communities We are committed to building long lasting and valued relationships in Saskatoon and throughout Northern Saskatchewan.
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43 De-risking permitting pathway Mar 2025 Exemption granted by the Canadian Government from the Non- Resident Ownership Policy2 Dec 2024 Acquisition of Fission Uranium1 Aug 2025 Completion of Engineering Review3 Feb 2026 Environmental Impact Statement approval4 Provincial Permitting • Provincial Permits for Early Works • Permits for construction Federal CNSC Licensing • CNSC Construction Licensing Review & Licence Issue • CNSC Operating Licensing Review Engineering & Construction • FEED and Detailed Design • Early site works • Construction (~36 months) 2031 Production6 Pathway to production Next milestonesJun 2026 Sufficiency status achieved for the CNSC construction licence application5 Jul 2026 Administrative Protocol signed with CNSC targeting completion of Construction Licence hearings by end of CY20275 1. Refer to Paladin’s exchange announcements titled “Paladin completes acquisition of Fission” dated 24 December 2024. 2. Ref er to Paladin’s exchange announcement titled “Exemption from Non-Resident Ownership Policy granted” dated 17 March 2025. 3. Refer to Paladin’s exchange announcements titled “Patterson Lake South Project Update” and “Patterson Lake South Project Update – Presentation” dated 28 August 2025. 4. Refer to Paladin’s exchange announcement titled “EIS Approval for Patterson Lake South Project” dated 20 February 2026. 5. Refer to Paladin’s exchange announcement titled “Quarterly Report – June 2026” dated 22 July 2026. 6. Subject to seasonal limitations / weather windows (i.e. Saskatchewan winters), unforeseen provincial and federal regulatory permitting outcomes a nd investment approvals.
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44 Shallow, high-grade orebody with significant extension potential Decline access Shallow deposit allows decline access – delivering material operating efficiencies vs. production shafts access Conventional mining Mining is entirely in basement rock, via conventional mining methods supporting 1,000 tonnes per day (tpd) rate Load and haul Efficient trucking to surface via the decline using 30-tonne trucks and scooptram loaders Bulk freezing Athabasca Basin’s standard artificial ground freezing process enhances ground stability Indicated Resource Inferred Resource Triple R deposit remains open along strike and at depth Open along strike and at depth
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45 Traditional approach to underground mining reduces risk Shallow orebody enables decline access, reducing development complexity and capital requirements On-site backfill plant returns cemented waste rock underground for geotechnical support in stoping areas Cut & fill and long-hole stoping combined to optimise selectivity, productivity and cost No underground processing or tailings Dedicated underground drill platforms for resource extension and infill drilling Waste rock sourced from the underground development in the host rock or a planned borrow area on surface Long section3D underground mine model – sequenced year-by-year 1 R840W R00E R780E Vent Raise Vent Raise Portal 1. Mine layout shown is illustrative and reflects ongoing detailed engineering and mine planning. The image does not constitu te an updated Mineral Reserve estimate, Mineral Resource estimate or economic study.
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46 Mine portal and decline access Illustrative decline access Short ~350m decline through the overburden (plus ~65m transition into bedrock)1 Tunnel boring machine (TBM) construction, established in civil works (widely used beneath cities for roads, rail, rivers and buildings) Sealed concrete lining installed as the machine advances, holds back groundwater and avoids large-scale dewatering or freezing Conventional hard-rock mining and standard underground infrastructure once into bedrock Efficient, year-round access for people, ore and materials Decline access reduces development complexity relative to shaft-based mining Illustrative Tunnel Boring Machine* * Illustrative EPB TBM schematic. Final machine configuration subject to supplier selection and contract award.1. Subject to detailed engineering and final design.
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47 Established bulk freezing process Bulk freezing process used across the Athabasca Basin and globally to improve ground stability and reduce water inflows, including at Cigar Lake, McArthur River, Jansen A surface refrigeration plant circulates chilled brine to a series of freeze pipes installed in a fan pattern along the strike of the target zone Applied selectively at PLS to the R780E and R00E crown-pillar zones, primarily for ground stability Current mine plan schedules freeze plant installed in year 4 with mining from freeze zones from ~year 61 FREEZE PIPES SURFACE FREEZE PLANT FREEZE PIPING CORRIDOR FREEZE ZONE R840W R00E R780E Bulk Freeze Illustrative bulk freezing process 3D view of bulk freezing at the PLS Project2 1. Subject to ongoing detailed engineering and mine planning 2. Mine layout shown is illustrative and reflects ongoing detailed engineering and mine planning
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48 30t Haul Trucks • Conventional equipment sourced from established global mining suppliers • Fleet size reflects the high grades and low mining rate (1,000tpd) • Well within the capability of experienced underground mining contractors and operators Loaders Development Jumbos Longhole Drills Standard underground mining fleet
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49 Proven process plant • Proven flowsheet designed for 1,000tpd (350,000tpa) at an average mill feed grade of 1.41% U₃O₈, to produce on average ~9Mlb U₃O₈ pa1 • Conventional acid-leach uranium plant, based on successful Athabasca operations including Rabbit Lake, Key Lake and McClean Lake • Low-impurity ore supports efficient processing and an expected average LOM recovery of 97% • Plan is for tailings to be processed before placement in a conventional TMF 1. PLS Project production and run-of-mine ore feed targets are 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. All material assumptions underpinning these targets, or the forecast financial information derived from these targets, continue to apply and have not materially changed. High-level process plant flow diagram
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50 Process plant layout Project site designed for efficient operations and reduced surface disturbance Compact processing infrastructure, enabled by the high-grade orebody and low 1,000tpd rate (~350,000tpa which is less than 10% of total ore processed at LHM in FY2026) Underground mining limits surface disturbance TMF sized for modest tailings volumes, with approximately 47ha of engineered liner coverage On-site camp improves workforce efficiency, with appropriate separation from mining and processing activities Site located near to the provincial highway Tailings Management Facility Site Camp Processing Plant Highway 955 Exhaust Air Shaft Fresh Air Shaft Decline Portal Stockpile Backfill Plant ROM Feed Monitoring Ponds Power Plant Ore Stockpiles Water Treatment Grinding Solvent Extraction Acid Plant Mine AdminLeach, Precip, & Drying CCDs
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51 Best practice tailings management facility design Compact footprint Comparatively low tailings volumes from the planned 1,000tpd operation Multi-barrier containment system Multiple liners, leak detection, monitoring wells and dewatering designed for environment protection and for long-term stability Proven, industry-standard approach Surface disposal is the prevailing tailings-management method at operating uranium mines worldwide Operating flexibility 7.2Mm³ of capacity for tailings disposal and long- term water management Built-in expansion capacity Provision for an additional cell supports future growth Illustrative tailings management facility Water cover Tailings storage Composite liner Compacted base Groundwater
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52 Non-Process Infrastructure Access & Logistics Mine site located 2km from all- season Highway 955 for inbound and outbound freight Power To be provided by LPG or LNG onsite power plant, with future flexibility to connect to grid infrastructure if available Water Fresh water requirements will be met by groundwater wells at the site Permanent camp 230-person camp to be constructed to accommodate Fly-In-Fly-Out workforce largely comprising in- house staff
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53 Utilise established uranium marketing expertise and customer relationships to secure PLS offtake agreements Unlocking the value of PLS, one of the leading low cost, high-grade uranium projects globally Key regulatory, permitting, engineering and Indigenous engagement milestones achieved since Fission acquisition Focus on securing development permitting and advancing project funding ahead of FID Targeting commissioning, ramp-up and first production in 20311 1. Subject to seasonal limitations / weather windows (i.e. Saskatchewan winters), unforeseen provincial and federal regulator y permitting outcomes and investment approvals
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Exploration and growth strategy Scott Barber, COO | Andrew Fitzpatrick, GM Exploration
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55 Globally significant uranium resource Paladin asset portfolio Attributable Mineral Resources¹ 85.0Mlb Langer Heinrich Mine¹ 41.5Mlb Manyingee & Carley Bore Project2 129.7Mlb PLS Project 127.7Mlb Michelin Project Early exploration success demonstrating upside potential of the PLS Project 532Mlb1 of uranium mineral resources providing a strong growth pathway Canadian assets located in a richly endowed mineralisation province with extensive opportunity to grow the resource Early exploration success demonstrating upside potential of the PLS tenement package Australian assets provide exposure to ISR development at Manyingee and large, established resources at Mt Isa2 Paladin will continue to pursue a disciplined approach to exploration activity whilst assessing global opportunities 148.4Mlb Mount Isa Project2 1. Refer to the Appendices for information and Mineral Resources tables. Paladin has a 75% interest in the LHM. Paladin’s min eral resources estimates have been prepared in accordance with the JORC Code. 2. The State Government of Queensland permits uranium exploration, but bans uranium mining, whilst the current State Government of Western Australia currently has a no -development uranium mining policy. 532Mlb Mineral Resources
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56 Significant, diversified resource platform in key uranium mining jurisdictions 1. PLS Project • Resource extension drilling • New resources and delineation drilling • Regional exploration opportunities • Further early-stage exploration across the Athabasca (31,509 ha) 2. Michelin Project • Exploration focused around 10km radius of Michelin deposit • FY2027: Summer drilling program (target 5,000m) and drone surveys • Review of Mt Isa Project process workflow • Assessment underway to determine work programs to upgrade portions of the resource to Measured classification • Optimise mining and processing through geoscience • FY2027: target 13,000m RC drilling for exploration Langer Heinrich Mine3. Mt Isa, Manyingee and Carley Bore1 PLS Michelin Mt IsaManyingee and Carley Bore Canada Canada Australia LHM Namibia • Assessment underway to determine work programs to upgrade portions of the resource to Measured classification 127.7Mlb U3O8 Mineral Resources 129.7Mlb U3O8 Mineral Resources 148.4Mlb U3O8 Mineral Resources 41.5Mlb U3O8 Mineral Resources 85.0Mlb U3O8 Mineral Resources2 Refer to Mineral Resources and Ore Reserves tables for more information. Paladin’s mineral resources estimates have been prep ared in accordance with the JORC Code.1. The State Government of Queensland permits uranium exploration, but bans uranium mining , whilst the current State Government of Western Australia currently has a no -development uranium mining policy. 2. Attributable. Paladin has a 75% interest in the LHM
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57 Canada’s Athabasca Basin region Triple R is the Athabasca’s only shallow high-grade, undeveloped uranium deposit PAST PRODUCERS DEPOSITS CURRENT OPERATIONS 100 0 -100 -200 -300 -400 -500 -600 -700 -800 -900 -1,000 VERTICAL DEPTH (m)
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58 Uranium exploration in Canada Diamond drilling Continuous core preserves lithology, structures, alteration and mineralised contacts. Preferred where saturated, heterogeneous glacial till can compromise rotary/RC sample quality. Fast downhole decision Gamma tools provide immediate calibrated U₃O₈ estimates. Use results to prioritise step-outs while chemical assays provide laboratory confirmation. Seasonal access strategy Winter: frozen lakes and wetlands open access to otherwise difficult drilling locations Summer: shift rigs to land-based targets Winter – Frozen lake access Summer – Land-based targets
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59 Unlocking growth at PLS through exploration Summer Program 2x Diamond rigs | 1x sonic rig Winter Program 3x Diamond rigs | 1x sonic rig Total target 30,000m Timeline FY2027 1. By May 2022, Triple R was supported by 696 drill holes for 213,969m. 2012 Nov 2012 Triple R discovered Jan 2015 Maiden Resource Sep 2019 Underground PFS Jan 2023 FS 213,969m1 FY2025 H1 Aug 2024 Saloon East Discovery Dec 2024 Paladin acquires Fission FY2025 H2 Paladin’s first PLS Winter drill program 9,160.6m Jun 2025 Saloon East Discovery Expands FY2026 Paladin’s second Winter drill program 24,705m 3x Diamond rigs 1x sonic rig Jun 2026 Atlas Discovery • Post the 2012 Triple R discovery, Fission focused on resource growth • Following the acquisition, Paladin expanded exploration across the broader tenement package • Saloon East and Atlas discoveries highlight the district-scale potential of PLS
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60 A strategic path to unlocking PLS upside 1. Resource extension drilling Targeted extension drilling aims to increase resource inventory within the existing Triple R uranium zones 2. Prospect delineation drilling Delineation drilling converts promising discoveries like Atlas and Saloon East into future development targets 3. Regional exploration opportunities Exploration targets underexplored structural corridors to identify new mineral deposits beyond current footprint Triple R Saloon East Atlas
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61 1. Resource extension drilling Targeted extension drilling aims to increase resource inventory within the existing Triple R uranium zones Open along strike and at depth De-risk early production (R780E) • Increase geological confidence in the first 2–3 years of production to support Probable → Proven Reserve conversion • Reduces early production and recovery risk • Improves confidence in grades and metallurgical outcomes Extend Mine Life at Triple R deposit • Grow reserves through conversion, brownfields exploration and along trend extensions • Extends mine life using existing infrastructure Indicated Resource Inferred Resource
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62 Triple R remains open at depth and along strike, offering significant brownfield upside 1. Triple R stylised and illustrative cross-section. Mineralisation, geological boundaries and surface features have been simplified for presentation purposes and may not represent their precise geometry or scale. Refer to the underlying technical data and relevant market announcement. 2. Eagle Point section modified from Bashir, R. & Hatley, J.F. (2010), Inflows in Uranium Mines of Northern Saskatchewan: Risks and Mitigation. Proceedings of the 3rd International Conference on Uranium / 40th Annual Hydrometallurgy Meeting, Saskatoon, Canada, 15–18 August 2010, pp. 207–226. Triple R1 Eagle Point2 Historically PLS drilling has been limited to 500m depth Shear hosted uranium deposits typically extend to depth (i.e. 800m+ Eagle Point deposits) There are multiple brownfield opportunities at Triple R: • between known mineralised zones along shear zone • mineralisation at depth • mineralisation along parallel structures to the main shear zone as observed at Eagle Point Illustrative projected cross section from NNE perspective
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63 All Triple R zones remain open, supporting further resource growth potential Cross sectionLong section 1. Between known mineralised zones along shear zone 2. Mineralisation at depth 3. Mineralisation along parallel structures to the main shear zone as observed at Eagle Point Projected cross section of Triple R from ENE Triple R stylised and illustrative long and cross-section. Mineralisation, geological boundaries and surface features have been simplified for presentation purposes and may not represent their precise geometry or scale. Refer to the underlying technical data and relevant market announcement.
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64 Supporting future Resource and Reserve growth R1515W extension1 Plan view map at R1515W showing 2026 drilling Twenty drillholes totaling 6,250.5m were completed at the Triple R R1515W zone in 2026, aiming to extend mineralization along strike and at depth outside of the current resource Significant intercepts include: ▪ PLS26-751: 19.3m of total composite mineralisation including 12.6m of 0.5% eU3O8 ▪ PLS26-756: 21.5m of total composite mineralisation including 11.4m of 0.5% eU3O8 ▪ PLS26-771: 21.2m of total composite mineralisation including 19.4 m of 0.1%eU3O8 New, open, high-grade intercept 100m east of R1515W: ▪ PLS26-779: 12.7m of total composite mineralisation including 3.4m of 0.7% eU3O8 with 0.6m of 2.9% eU3O8 1. Refer to Paladin’s exchange announcement titled “PLS Exploration delivers New High-Grade Results” dated 2 September 2026. Paladin confirms that it is not aware of any new information or data that materially affects the information included in this slide.
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65 1515W Long Section showing intercepts >0.1% eU308 Twenty drillholes totaling 6,250.5m were completed at the Triple R R1515W zone in 2026, aiming to extend mineralization along strike and at depth outside of the current resource Significant intercepts include: ▪ PLS26-751: 19.3m of total composite mineralisation including 12.6m of 0.5% eU3O8 ▪ PLS26-756: 21.5m of total composite mineralisation including 11.4m of 0.5% eU3O8 ▪ PLS26-771: 21.2m of total composite mineralisation including 19.4 m of 0.1%eU3O8 New, open, high-grade intercept 100m east of R1515W: ▪ PLS26-779: 12.7m of total composite mineralisation including 3.4m of 0.7% eU3O8 with 0.6m of 2.9% eU3O8 Supporting future Resource and Reserve growth 1. Refer to Paladin’s exchange announcement titled “PLS Exploration delivers New High-Grade Results” dated 2 September 2026. Paladin confirms that it is not aware of any new information or data that materially affects the information included in this slide. R1515W extension1
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66 2. Prospect delineation drilling Deliver step-change growth through new discoveries within infrastructure/haulage distance Saloon East & Atlas delineation • Organic resource growth • Potential for higher life-of-mine production and cumulative cash flow • Strong leverage of existing infrastructure • Enhances expansion optionality Patterson Lake South 2026 Winter Drilling Program
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67 Atlas Discovery 1. Refer to Paladin’s exchange announcement titled “PLS Exploration delivers New High -Grade Results” dated 2 September 2026. 2. Refer to Paladin’s exchange announcement titled “New High -Grade Uranium Discovery Identified at PLS Project” dated 25 June 2026 Paladin confirms that it is not aware of any new information or data that materially affects the information included in this slide. Highest Grade Hole to date1 Atlas was discovered in 20262 and is located 3.5km south of Triple R Twenty-five drillholes have been completed at Atlas, totaling 8,755.4m Recent significant intercepts include: ▪ PLS26-762A: 13.0m of total composite mineralisation including 4.1m of 3.0% eU3O8 ▪ PLS26-773: 21.6m of total composite mineralisation including 3.3m of 1.2% eU3O8 and 4.5m of 1.1% eU3O8 ▪ PLS26-782: 42.1m of total composite mineralisation including 26.4m of 0.7% eU3O8 and 12.5m of 1.8% eU3O8 New, open, high-grade mineralisation intersected 270m northeast along trend of Atlas: ▪ PLS26-757: 2.3m of 1.2% eU3O8 Plan view map at Atlas showing drilling to date
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68 Atlas Discovery Highest Grade Hole to date1 Atlas was discovered in 20262 and is located 3.5km south of Triple R Twenty-five drillholes have been completed at Atlas, totaling 8,755.4m Recent significant intercepts include: ▪ PLS26-762A: 13.0m of total composite mineralisation including 4.1m of 3.0% eU3O8 ▪ PLS26-773: 21.6m of total composite mineralisation including 3.3m of 1.2% eU3O8 and 4.5m of 1.1% eU3O8 ▪ PLS26-782: 42.1m of total composite mineralisation including 26.4m of 0.7% eU3O8 and 12.5m of 1.8% eU3O8 New, open, high-grade mineralisation intersected 270m northeast along trend of Atlas: ▪ PLS26-757: 2.3m of 1.2% eU3O8 Longitudinal cross section at Atlas showing grade-thickness results 1. Refer to Paladin’s exchange announcement titled “PLS Exploration delivers New High -Grade Results” dated 2 September 2026. 2. Refer to Paladin’s exchange announcement titled “New High -Grade Uranium Discovery Identified at PLS Project” dated 25 June 2026 Paladin confirms that it is not aware of any new information or data that materially affects the information included in this slide.
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69 Plan view at Saloon East showing winter 2025 drill results Continues to grow1 Saloon East was discovered in August 2024 and is located 3.5km southeast of Triple R Twenty-eight drillholes have now been completed at Saloon East totaling 8,595.4m, with mineralisation continuing to be intersected Best holes to date include: ▪ PLS25-693: 23.0m of total composite uranium mineralisation, including 22.5m of 0.1% U 3O8 ▪ PLS26-729: 19.7m of total composite uranium mineralisation, including 8.7m of 0.1% eU3O8 ▪ PLS26-719: 14.0m of total composite uranium mineralisation, including 5.5m of 0.1% eU3O8 ▪ PLS26-727: 8.1m of total composite uranium mineralisation, including 5.4m of 0.1% eU3O8 The Saloon discovery remains open along strike and at depth. Plan view map at Saloon East showing 2026 drilling1. Refer to Paladin’s exchange announcement titled “PLS Exploration delivers New High -Grade Results” dated 2 September 2026. Paladin confirms that it is not aware of any new information or data that materially affects the information included in this slide. Saloon East Discovery
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70 3. Regional exploration opportunities Exploration targets underexplored structural corridors to identify new mineral deposits beyond current footprint
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71 Driving growth through sustained exploration 532Mlb Global footprint across three continents with 129.7Mlb U3O8 at the PLS Project GLOBAL URANIUM RESOURCES1,2 30,000m Every Triple R zone still open and barely tested below 500m TARGETED DRILLING AT PLS IN FY2027 2 Saloon East and Atlas located 3.5km from the PLS Project and both remain open along strike and at depth NEW DISCOVERIES Refer to Mineral Resources and Ore Reserves tables for more information. Paladin’s mineral resources estimates have been prep ared in accordance with the JORC Code. 1. The State Government of Queensland permits uranium exploration, but bans uranium minin g, whilst the current State Government of Western Australia currently has a no -development uranium mining policy. 2. Attributable. Paladin has a 75% interest in the LHM .
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Closing remarks
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73 Delivering PLS Project for nuclear energy expansion tomorrow Producing uranium for global energy security today Exploration Driving growth through sustained exploration Paladin’s goal is to be a leading independent, upstream-focused uranium producer globally Value creation Langer Heinrich Mine Patterson Lake South Project
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Q&A
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MEDIA Anthony Hasluck T: +61 438 522 194 E: anthony.hasluck@paladinenergy.com.au INVESTOR RELATIONS Paula Raffo T: +61 8 9423 8100 E: paula.raffo@paladinenergy.com.au 2026 Investor Day Paladin Energy
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76 Appendix
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77 LHM FY2027 Guidance1 Guidance (100%) 2,3 FY2027 U3O8 Produced4 Mlb 5.1 – 5.6 U3O8 Sold5 Mlb 4.8 – 5.3 Cost of Production6 US$/lb 44 – 48 Capital Expenditure7 US$ 29 – 35 Average Realised Price Sensitivity FY2027 Uranium Spot Price Assumption (US$/lb) Forecast Average Realised Price (US$/lb)8,9 40 51 60 61 80 72 100 83 120 93 140 103 1. Refer to Paladin’s exchange announcement titled “Langer Heinrich Mine FY2027 Guidance” dated 22 July 2026. 2. Paladin has a 75% interest in the LHM. 3. USD/NAD FX assumption: 16.5. 4. Production is based on considered plant availability and utilisation assumptions and includes allowances for expected normal operational disruptions, estimated planned and unplanned maintenance activities, and general plant disruptions based on historical performance. 5. The current uranium product loan arrangements allow Paladin to borrow up to 450,000lb U3O8 with repayment in kind upon delivery. As at 30 June 2026, the Company had outstanding loans of 400,000lb U3O8, with 200,000lb U3O8 scheduled for repayment in Q1 FY2027, and the remaining 200,000lb U3O8 due in Q3 FY2027. Under the loan facilities, certain standby and loan fees are payable. These loan facilities are expected to either be renewed, replaced or repaid within the next twelve months. 6. Cost of Production is a Non -IFRS Measure. See “Non-IFRS financial information” for more information. 7. Capital Expenditure does not include capitalised stripping costs or costs associated with building low grade stockpiles. 8. Average Realised Price is a Non-IFRS Measure. See “Non-IFRS financial information” for more information. 9. Key assumptions can be found on Paladin’s exchange announcement titled “Langer Heinrich Mine FY2027 Guidance” dated 22 July 2026.
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78 LHM Mineral Resources and Ore Reserves Summary Mineral Resources1 As at 30 June 2026 Mt Grade ppm U3O8 Mlb U3O8 Grade ppm V2O5 Mlb V2O5 Measured In-situ 67.6 449 66.9 145 21.7 ROM stockpiles 0.1 485 0.1 157 0.0 LG stockpiles 2 27.3 314 18.9 102 6.1 Total Measured 95.0 410 85.9 133 27.8 Indicated In-situ 23.1 375 19.1 122 6.2 Inferred In-situ 11.0 347 8.4 112 2.7 Summary Ore Reserves1 As at 30 June 2026 Mt Grade ppm U3O8 Mlb U3O8 Proved In-situ 39.2 490 42.4 Probable In-situ 10.4 451 10.3 Stockpiles Stockpiles 24.7 326 17.7 Total 74.3 430 70.4 Mineral Resources Notes: Figures may not add due to rounding. Mineral Resources and Ore Reserves quoted on a 100% basis. Mineral Resources are reported inclusive of Ore Reserves. Changes in Mineral Resources and Ore Reserves for LHM are as a result of ongoing mining and processing activities. JORC Code (2012) compliant. Cut-off grade for reporting of Mineral Resources is 200ppm U3O8 except LG stockpiles, which incorporate sub-grade material expected to be processed at the end of mine life and have a cut-off grade of 180ppm. 1. For further information, refer to Paladin’s exchange announcement “2026 Annual Report to Shareholders & Appendix 4E” dated 26 August 2026. Paladin confirms that it is not aware of any new information or data that materially affects the information included in that announcement, and that all material assumptions and technical parameters underpinning the estimates in that announcement continue to apply and have not materially changed. 2. “LG” refers to low grade. Ore Reserves Notes: Figures may not add due to rounding. Mineral Resources and Ore Reserves quoted on a 100% basis. Mineral Resources are reported inclusive of Ore Reserves. Changes in Mineral Resources (Uranium) and Ore Reserves (Uranium) for LHM are as a result of ongoing mining and processing activities. JORC Code (2012) compliant. Ore Reserves reported at a 250ppm U3O8 cut-off grade. 1. For further information, refer to Paladin’s exchange announcement “2026 Annual Report to Shareholders & Appendix 4E” dated 26 August 2026. Paladin confirms that it is not aware of any new information or data that materially affects the information included in that announcement, and that all material assumptions and technical parameters underpinning the estimates in that announcement continue to apply and have not materially changed
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79 PLS Project Mineral Resources and Reserves Mineral Resources1 Deposit Mt Grade % U3O8 Mlb U3O8 Grade g/t Au Koz Au Indicated Triple R 2.9 1.88 118.8 0.59 54.4 Inferred Triple R 0.4 1.19 10.9 0.46 6.1 Total 3.3 1.80 129.7 0.57 60.5 Ore Reserves1 Mt Grade % U3O8 Mlb U3O8 Probable R780E Zone 2.6 1.46 84.8 R00E Zone 0.1 1.24 1.5 R840W Zone 0.3 1.04 7.4 Total 3.0 1.41 93.7 1. Figures may not add due to rounding. Mineral Resources are reported inclusive of Ore Reserves. As at 30 June 2026, the Min eral Resource and Ore Reserve estimates for the Triple R Deposit were reported in accordance with NI43 -101, being a foreign estimate for the purposes of the ASX Listing Rules. On 20 August 2026, the Group announced that those estimates have been re -reported to comply with JORC (2012), wit h no material change being made to those estimates. Cut -off grade of 0.25% U 3O8 applied. For further information, refer to Paladin’s stock exchange announcements titled “PLS Resources and Reserves Re -reported to JORC Code” dated 20 August 2026 and “2026 Annual Report to Shareholders & Appendix 4E” dated 26 August 2026. Paladin confirms that it is not aware of any new inf ormation or data that materially affects the information included in that announcement, and that all material assumptions and technical parameters underpinning the estimates in that announcement continue to apply and have not materially changed.
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80 Michelin Project Mineral Resources Figures may not add due to rounding. Mineral Resources are reported inclusive of Ore Reserves. 1. JORC Code (2012) compliant. Cut-off grade 200ppm U3O8 applied to open pit portion, with a cut-off grade of 500ppm U3O8 for the underground portion. For Jacques Lake, there was insufficient Mineral Resources remaining after pit optimisation studies to warrant any portion being considered for underground mining. The remainder comply with JORC Code (2004). For further information, refer to Paladin’s exchange announcement “2026 Annual Report to Shareholders & Appendix 4E” dated 26 August 2026. Paladin confirms that it is not aware of any new information or data that materially affects the information included in that announcement, and that all material assu mptions and technical parameters underpinning the estimates in that announcement continue to apply and have not materially chang ed. Deposit Mt Grade ppm U3O8 Mlb U3O8 Measured Michelin1 17.6 965 37.6 Rainbow 0.2 920 0.4 Indicated Gear 0.4 770 0.6 Inda 1.2 690 1.8 Jacques Lake1 13.0 630 18.0 Michelin1 20.6 980 44.6 Nash 0.7 830 1.2 Rainbow 0.8 860 1.4 Inferred Gear 0.3 920 0.6 Inda 3.3 670 4.8 Jacques Lake1 3.6 550 4.4 Michelin1 4.5 985 9.9 Nash 0.5 720 0.8 Rainbow 0.9 810 1.6 Summary Mineral Resources
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81 Australian exploration portfolio Mineral Resources Summary Mineral Resources Figures may not add due to rounding. Mineral Resources are reported inclusive of Ore Reserves. Cut -off grades for all deposits are 250ppm U3O8 except for Valhalla which utilised a cut-off grade of 230ppm U 3O8 and Carley Bore which utilised a cut-off grade of 150ppm U 3O8. 1. JORC Code (2012) compliant. The remainder comply with JORC Code (2004). For further information, refer to Paladin’s exchange announcement “2026 Annual Report to Shareholders & Appendix 4E” dated 26 August 2026. Paladin confirms that it is not aware of any new information or data that materially affects the information included in that announcement, and that all material assumptions and technical parame ters underpinning the estimates in that announcement continue to apply and have not materially changed. Deposit Mt Grade ppm U3O8 Mlb U3O8 Measured Valhalla 16.0 820 28.9 Indicated Andersons 1.4 1,450 4.6 Bikini 5.8 495 6.3 Duke Batman 0.5 1,370 1.6 Odin 8.2 555 10.0 Skal 14.3 640 20.2 Valhalla 18.6 840 34.5 Carley Bore1 5.4 420 5.0 Manyingee1 8.4 850 15.7 Inferred Andersons 0.1 1,640 0.4 Bikini 6.7 490 7.3 Duke Batman 0.3 1,100 0.7 Honey Pot 2.6 700 4.0 Mirrioola 2.0 560 2.5 Odin 5.8 590 7.6 Skal 1.4 520 1.6 Valhalla 9.1 640 12.8 Watta 5.6 400 5.0 Warwai 0.4 360 0.3 Carley Bore1 17.4 280 10.6 Manyingee1 5.4 850 10.2
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82 Peer Comparison – Advanced development stage uranium projects’ grade and C1 cash cost benchmarking 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 100.0% – 93.7 1.41% 93.7 93.7 – 118.8 10.9 1.79% 129.7 129.7 US$11.7/lb Resource and Reserves re-reported to JORC code 20-Aug-26 PLS Project Engineering Review 28-Aug-25 Feasibility JORC (2012) 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%1 224.91 213.71 US$35.8/lb Investor Presentation 01-Jul-25 Etango-8 FEED and Updated Costs 11-Jun-24 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%2 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 01-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 01-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 01-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 01-Aug-25 Dasa Uranium Project Feasibility Study 28-Feb-24 Feasibility NI 43-101 Muntanga Atomic Eagle Zambia 100% – 28.0 0.03% 28.0 28.0 2.6 37.4 18.8 0.03% 58.8 58.8 US$32.2/lb Muntanga Feasibility Study - Amendment 04-Mar-26 Corporate announcement 10-Mar-26 Feasibility JORC (2012) 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 Source: Company information, websites and presentations; public feasibility studies. Excludes historical resources. Values may not add due to rounding. Historical resource estimates are excluded. Resources are sourced as at 25 August 2026. Notes: 1. Bannerman Mineral Resource Estimate reported at a cut -off grade of 55ppm U 3O8. 2. 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. 82
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83 Non-IFRS Measures The Non-IFRS Measures used in this Presentation are described below. Average Realised Price Average Realised Price is a Non-IFRS Measure that represents the average revenue received per pound of U3O8 sold during a given period. It is calculated by dividing total revenue from U3O8 sales (before royalties and after any applicable discounts) during the period, by the total volume of U3O8 pounds sold in the same period. This measure provides insight into the actual pricing achieved under the Group’s uranium sales contracts and spot sales during the reporting period, taking into account the mix of base-escalated, fixed-price and market-related pricing mechanisms within contracts. The Group uses Average Realised Price to assess revenue performance relative to market prices, contractual pricing structures, and production costs. It is also a key measure used by investors and analysts to evaluate price exposure, contract performance, and profitability potential. It is important to note that Average Realised Price is distinct from both the spot price and the term price for uranium, and it may vary significantly from period to period based on timing of deliveries, customer contract structures, and the prevailing market conditions. Revenue from the sale of U3O8 is reported in the Company’s financial statements under IFRS. The Average Realised Price is derived directly from statutory revenue figures and disclosed sales volumes. Cost of Production The cost of production, as disclosed in Note 7 to the Consolidated Financial Statements, is calculated as the total direct production expenditures incurred to produce U3O8 during the period (including mining, stockpile rehandling, processing, site maintenance, and mine-level administrative costs), excluding costs such as cost of ore stockpiled, deferred stripping costs, depreciation and amortisation, general and administration costs, royalties, exploration expenses, sustaining capital and the impacts of any inventory impairments or impairment reversals. This measure helps users assess Paladin’s operating efficiency. Cost of Production per pound = Cost of production ÷ U3O8 pounds produced The Cost of Production per pound is a unit cost measure that indicates the average production cost per pound of U3O8 produced. The Cost of Production per pound is a Non-IFRS Measure that is widely used in the mining industry as a benchmark of operational efficiency and cost competitiveness. Paladin’s Cost of Production per pound metric is calculated using the cost of production as defined above (in US dollars) incurred during the period, divided by the total volume of U3O8 pounds produced in the same period. Management uses Cost of Production per pound to track progress of operational performance, to assess profitability at various uranium price points, and to identify trends in operating costs. It is also a key metric for investors and analysts to evaluate how efficiently the Company is producing uranium, independent of depreciation and accounting adjustments. This measure allows stakeholders to monitor trends in direct production costs and to assess the Company’s operating breakeven threshold relative to uranium market prices. Investors are cautioned that our Cost of Production per pound metric may not be comparable with similarly titled “C1 cash cost” metrics of other uranium producers, as there can be differences in methodology (e.g. treatment of royalties or certain site costs). Paladin’s Cost of Production figure as defined above, focuses strictly on the on-site cost to produce U3O8 in the reporting period. All figures are in US$/lb U3O8. We provide this information in good faith to enhance understanding of our operations; however, the IFRS financial statements (particularly the Cost of Sales line in the Consolidated Income Statement) should be considered alongside this metric for a complete picture of our cost structure. Net Cash/(Debt) Net Cash/(Debt) is a non-IFRS liquidity measure that represents the excess of cash and cash equivalents over Debt Facility balances. It is calculated as unrestricted cash and cash equivalents and short-term investments less the face value of Debt Facility balances (excluding capitalised transaction costs). The Company uses Net Cash/(Debt) as an indicator of its net liquidity position at a point in time, providing a simple measure of financial flexibility after accounting for existing Debt Facility obligations. This measure is useful to investors and analysts because it isolates the Company's net cash or net debt balance, enabling better assessment of balance sheet strength and funding capacity, particularly as it relates to capital allocation decisions and ability to finance operations and growth. Net Cash/(Debt) is distinct from individual IFRS line items as it combines and offsets Debt Facility and cash balances into a single figure. As such, it is classified as a Non-IFRS Measure.