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FY2026 Results Presentation 26 August 2026
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2 Important Notice This presentation (Presentation) is dated 26 August 2026 and has been prepared by Paladin Energy Ltd (Paladin, the Company) 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 n conjunction with the 2026 Annual Report to Shareholders & Appendix 4E, AIF and MD&A lodged on 26 August 2026 and available on to view at www.paladinenergy.com and on www.sedarplus.ca. Not an Offer This Presentation is for information purposes only and does not constitute an offer, invitation or recommendation to purchase or otherwise deal in securities in the Company or any other financial products. Neither this Presentation nor any of its contents will form the basis of any contract or commitment. This Presentation is not a prospectus, product disclosure statement or other disclosure or offer document under Australian law, Canadian law, or the law of any other jurisdiction. Not Investment or FinancialAdvice This Presentation, and the information in it, does not constitute financial product, legal, tax or other investment advice and is not a recommendation regarding the acquisition or disposal of Paladin’s securities. No account has been taken of the objectives, financial situation or needs of any recipient of this Presentation. Recipients should therefore carefully consider whether Paladin’s securities are an appropriate investment for them in their personal, financial, taxation and other circumstances. Recipients should seek appropriate independent professional advice before taking any action based on the information contained in this Presentation. Past Performance Historical information in this Presentation should not be relied upon as (and is not) an indication of future performance, including share price performance. Forward-Looking Statements This Presentation includes forward-looking information (forward-looking statements) that can generally be identified by words such as “anticipate”, “expect”, “likely”, “propose”, “will”, “intend”, “should”, “could”, “may”, “believe”, “forecast”, “estimate”, “target”, “outlook”, “guidance” and similar expressions. Forward-looking statements involve subjective judgment and are subject to significant uncertainties and contingencies (including risk factors associated with the mining industry), many of which are outside the control of the Company. Although at the date of this Presentation Paladin believes the forward- looking statements contained herein are based on reasonable assumptions, such statements are not guarantees of future performance. Actual results or developments may differ materially from the Company’s expectations due to a range of factors including fluctuations in commodity prices and exchange rates, exploitation and exploration successes, permitting and development issues, political risks, First Nation engagement, climate risk, natural disasters, regulatory concerns, continued availability of capital and financing, general economic and market conditions,general uranium industry factors, and other factors. The Company makes no representation, warranty, guarantee or assurance (express or implied) that any forward-looking statements will prove to be correct. Except for statutory liability, which cannot be excluded, the Company, its officers, employees and advisers expressly disclaim any responsibility for the accuracy or completeness of the material contained in this Presentation and exclude all liability whatsoever (including in negligence) for any loss or damage which may be suffered by any person as a consequence of any information in this Presentation or any error or omission therefrom. The Company accepts no responsibility to update any person regarding any inaccuracy, omission or change in information in this Presentation or any other information made available to a person nor any obligation to furnish the person with any further information. To the extent any forward-looking statement in this Presentation constitutes “future-oriented financial information” or “financial outlooks” within the meaning of Canadian securities laws, such information is provided to demonstrate the Company’s internal projections and to help readers understand Paladin’s expected financial results. Readers are cautioned that this information may not be appropriate for any other purpose and readers should not place undue reliance on such information. Future-oriented financial information and financial outlooks, as with forward-looking statements generally, are, without limitation, based on the assumptions, and subject to the risks and uncertainties, described above. Investment Risk An investment in the Company is subject to a range of known and unknown risks, including the possible loss of income and/or capital invested. The Company does not guarantee any particular rate of return, the performance of the Company, the repayment of capital from the Company or the particular tax treatment of any investment. When making any investment decision, investors should make their own enquiries and investigations, including but not limited to forming their own views regarding the assumptions, uncertainties and contingencies mentioned in this Presentation which may affect the future operations and financial condition of the Company. Non-IFRS FinancialInformation This Presentation includes 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 presentation as Non-IFRS Measures) to supplement analysis of its financial results 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 announcement has been authorised for release by the Board of Directors of Paladin.
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3 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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4 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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5 Langer Heinrich Mine (100%)1 FY2026 FY2025 Change Comments Waste mined Mt 18.32 1.01 nm5 Transitioned to full mining during FY2026Total ore mined2 Mt 6.09 2.22 174% Total mined Mt 24.41 3.23 nm5 Low grade ore to stockpile3 Mt 3.29 1.22 438% Low grade ore stockpiled for future processing aligned with the mine plan Tonnes processed Mt 4.76 3.64 31% Increased mined material and processing improvements Ore feed grade ppm 498 435 14% Increased ore feed grade, reflecting transition to mined material Plant recovery % 90 84 7% Optimised feed blend strategies and plant performance U3O8 produced Mlb 4.82 3.02 60% Upper-end of the guidance range achieved U3O8 sold Mlb 4.35 2.71 61% Upper-end of the guidance range exceeded Closing finished product inventory4 Mlb 1.69 1.19 42% Shipping and logistics and higher sales volumes FY2026 Operational Results LHM ramp-up successfully completed during the year, delivering strong operational performance 1. Paladin has a 75% interest in the LHM. 2. Total ore mined includes high -grade, medium-grade and low-grade ore. 3. Low-grade ore stockpile material to be processed during the later stockpile phase. 4. Includes finished product on site, in -transit and at the converter. 5. The percentage movement is not meaningful.
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6 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 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$7.8M relating to the sale of inventory previously written down. 4. The percentage movement is not meaningful.
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7 FY2026 Cashflow For the twelve-month period ended 30 June 2026 US$ million 1. Includes general and administration, interest income, FX adjustments & other. 89 330 (204) (37) (17) (15) (41) (35) 257 (62) 265 Cash & investments 30 Jun 2025 Customer receipts LHM production costs LHM LG stockpile build LHM stripping Capital expenditure PLS Project & exploration Other¹ Net proceeds from equity raise and SPP Debt Facility repayment interest & financing Cash & investments 30 June 2026 Cash & investments 30 Jun 2025 Customer receipts LHM production costs LHM LG stockpile build LHM stripping LHM capital expenditure PLS Project & exploration Other¹ Net proceeds from equity raise and SPP Debt Facility repayment interest & financing Cash & investments 30 June 2026
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8 FY2026 Income Statement For the twelve-month period ended 30 June 2026 US$ million 1. Includes impairment reversal adjustment, change in inventories & impairment of inventories 2. Includes US$10.9M comprising a loss on debt modification, accretion expense relating to Shareholder Loans and the mine clo sure provision 304 (209) 16 (44) (15) 52 (34) (27) (9) Revenue Cost of production Inventory movements¹ Depreciation & amortisation Selling costs Gross profit General and administration costs Finance costs² Net loss after tax (50) - 50 100 150 200 250 300 350
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9 FY2026 Sustainability Highlights 3.2 Group TRIF1 at 30 June 2026 99% of LHM employees are Namibian Nationals US$550k invested in community programs across Namibia and Canada EIS approval by the Saskatchewan Government for the PLS Project 1. Total recordable injury frequency per million hours worked on a 12 -month basis
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10 LHM FY2027 Guidance1 Guidance (100%) 2,3 FY2027 U3O8 Produced4 Mlb 5.1 – 5.6 U3O8 Sold5 Mlb 4.8 – 5.3 Cost of Production6 US$/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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11 Paladin is well-placed to capture the growing uranium supply deficit Producing uranium for global energy security today Unlocking Patterson Lake South Project for nuclear energy expansion tomorrow Driving growth through sustained exploration Delivering sustainable value
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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 Thank you.
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Appendix.
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14 1.15 1.21 1.21 1.19 1.07 1.23 1.29 1.23 86 91 92 90 40 45 50 55 60 65 70 75 80 85 90 95 1 1 1 1 1 1 1 1 2 2 Q1FY2026 Q2FY2026 Q3FY2026 Q4FY2026 Tonnes processed (Mt) Production (Mlb) Recovery Rate (%) LHM ramp-up safely and successfully completed Processing Production of 4.82Mlb U₃O₈ at an average recovery rate of 90% in FY2026, driven by improved processing plant performance Sales Sales of 4.35Mlb U₃O₈ and Average Realised Price1 at US$70.0/lb driven by the quality of the LHM contract book Mining Total mined material was 24.41Mt in FY2026, with 7.45Mt mined in Q4 reflecting the full mining fleet in operation Mining Processing Sales 1. Average Realised Price is a Non-IFRS Measure. See appendices for more information on Non -IFRS Measures. 5.27 5.53 6.17 7.45 Q1FY2026 Q2FY2026 Q3FY2026 Q4FY2026 Total Mined (Mt) 0.53 1.43 1.03 1.35 67.4 71.8 68.3 70.6 45 50 55 60 65 70 75 0 0 0 1 1 1 1 1 2 2 2 Q1FY2026 Q2FY2026 Q3FY2026 Q4FY2026 U3O8 Sold (Mlb) Average realised price (US$/lb) Target overall recovery rate 85% to 90% U3O8 Sold (Mlb)
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15 Continue to advance the CNSC Construction Licence process Completion of FEED study and readiness for Detailed Engineering Ongoing engagement with Indigenous Peoples and local communities Completion of acquisition of Fission Uranium Corp and listing on the TSX1 Mutual Benefits Agreements signed with the BRDN2 and the CRDN3,4 Exemption granted by the Canadian Government from the NROP5,6 Completion of Engineering Review7 Appointment of Dale Huffman as President, Paladin Canada EIS approval received from Saskatchewan Government8 Execution of a binding term sheet with the Birch Narrows Dene Nation9 ‘Sufficiency’ achieved for the LTPS / LTC application9 New body of high-grade uranium mineralisation, the Atlas discovery10 Protocol signed with the CNSC targeting hearings by the end of 20279 Dec 2024 Feb 2025 Mar 2025 Aug 2025 Oct 2025 Feb 2026 Apr 2026 Jun 2026 Jul 2026 De-risking and unlocking value of the PLS Project Significant milestones achieved on Fission integration and advancement of the PLS Project 1. Refer to Paladin’s exchange announcements titled “Paladin completes acquisition of Fission” dated 24 December 2024 and “Pa ladin commences trading on the TSX” dated 27 December 2024. 2. Buffalo River Dene Nation. 3. Clearwater River Dene Nation. 4. Re fer to Paladin’s exchange announcements titled “Buffalo River Dene Nation Agreement signed” dated 3 February 2025 and “Clearwater River Dene Nation Agr eement signed” dated 13 February 2025. 5. Non -Resident Ownership Policy.6. Refer to Paladin’s exchange announcement titled “Exempti on from Non- Resident Ownership Policy granted” dated 17 March 2025. 7.Refer to Paladin’s exchange announcements titled “Patterson Lake So uth Project Update” and “Patterson Lake South Project Update - Presentation” dated 28 August 2025. 8. Refer to Paladin’s exchange a nnouncement titled “EIS Approval for Patterson Lake South Project” dated 20 February 2026. 9. Refer to Paladin’s exchange announcement titled “Quarte rly Report - June 2026” dated 22 July 2026. 10. Refer to Paladin’s exchange announcement titled “New High -Grade Uranium Discovery Identified at PLS Project” dated 25 June 2026 Next steps
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16 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.