Slides
Page 1
Quarterly Results Presentation June 2026 22 July 2026
Page 2
2 Important Notice This presentation (Presentation) is dated 22 July 2026 and has been prepared by Paladin Energy Ltd (the Company or Paladin) based on information available to it at that time. You should read this disclaimer carefully before making any use of this Presentation or the information contained herein. By accessing or reviewing this Presentationyou 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 informationin the Presentationis 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 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 Australianlaw, 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 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 informationcontained 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 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,permittingand developmentissues, 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 operations and financial condition of the Company. GeologicalInformation Unless otherwise stated, information in this Presentation relating to the Company’s mineral resource and ore reserve estimates (other than the Paterson Lake South project (PLS)) 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 “2025 Annual Report to Shareholders & Appendix 4E” released on 28 August 2025 (Annual Report) and available to view at paladinenergy.com.au. Paladin confirms that it is not aware of any new information or 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 underpinningthose estimatescontinue to apply and have not materiallychanged. Mineral resource and mineral reserve estimates relating to PLS has been prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators (NI 43-101). National Instrument 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. The scientific and technical information relating to PLS in this Presentation is based on the technical report titled “Feasibility Study, NI 43-101 Technical Report, for PLS Property” (effective date 17 January 2023), prepared in accordance with NI 43-101 and available on www.sedarplus.ca. Scientific and technical information relating to PLS in this Presentation was reviewed and approved by Kanan Sarioglu, VP Exploration of Fission Uranium Corp. (a subsidiary of Paladin), a “qualified person” under NI 43-101. Foreign Estimates For the purposes of ASX Listing Rule 5.12, the PLS mineral reserve and mineral resource estimates are foreign estimates prepared in accordance with NI 43-101. Such estimates have not been reported in accordance with the JORC Code. Accordingly, a competent person has not done sufficient work to classify the foreign estimate as mineral resources or ore reserves in accordance with the JORC Code, and it is uncertain whether further evaluationand exploration will result in an estimatereportable under the JORC Code. See Paladin’s stock exchange titled ‘Paladin Energy to acquire Fission Uranium creating a clean energy leader’ dated 24 June 2024 for additional technical information relating to such foreign estimate. Paladin confirms that the supporting information provided in that announcement continues to apply and has not materially changed. Paladin also confirms that it is not in possession of any new information or data relating to these foreign estimates that materially impacts their reliability or Paladin’s ability to verify the foreign estimates as a mineral resource or ore reserve estimatein accordancewith the JORC Code. HistoricalEstimates The information in this Presentation relating to mineral resource and 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 Reservestables in the Appendicesof this Presentationfor furtherinformation. Market and Industry Data 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 Presentationto 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 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,estimatesand calculationsof 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.
Page 3
3 A global uranium producer with scale and growth Market strength Strategic opportunity Delivering real value Established uranium producer with assets in leading uranium mining jurisdictions and a globally significant resource base Increasing nuclear demand – secure, stable, predictable baseload power for global energy expansion Sustainable production, balance sheet flexibility and quality customer contract book leveraging uranium market dynamics
Page 4
4 Multi-decade production and growth pipeline to capture 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) 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
Page 5
5 June 2026 Quarterly Highlights1 Execution of a binding term sheet with the Birch Narrows Dene Nation in relation to a Mutual Benefits Agreement for the PLS Project Cash and investments of US$265M and an undrawn US$70M Revolving Credit Facility at quarter end A new high-grade body of uranium mineralisation, the Atlas discovery, was identified 3.5km south of the PLS Project’s Triple R deposit and 4.5km southwest of Saloon East3 Total Recordable Injury Frequency (TRIF) of 3.2 per million hours worked on a 12-month basis LHM SUMMARY (100%)4 Q4 FY2026 Q3 FY2026 Q2 FY2026 Q1 FY2026 YTD FY2026 Guidance FY2026 U3O8 Produced Mlb 1.23 1.29 1.23 1.07 4.82 4.5 – 4.8 U3O8 Sold5 Mlb 1.35 1.03 1.43 0.53 4.35 3.8 – 4.2 Average Realised Price6 US$/lb 70.6 68.3 71.8 67.4 70.0 n.a. Cost of Production7 US$/lb 51.6 40.3 39.7 41.6 43.4 44 – 48 Capital & Exploration Expenditure8,9 US$M 5.1 3.4 2.4 1.1 12.1 15 – 17 1. Refer to Paladin’s exchange announcement titled “Quarterly Report - June 2026” dated 22 July 2026. 2. Canadian Nuclear Safety Commission. 3. Refer to Paladin’s exchange announcement titled “New high-grade uranium discovery identified at PLS Project” dated 25 June 2026. 4. Paladin has a 75% interest in the LHM. 5. September quarter sales include 85,000lb loan material delivered under existing contracts. March quarter sales include a further 130,00 0lb U3O8 sourced through a purchase & sale back arrangement and 155,000lb U3O8 through a product swap. These arrangements were entered to meet customer deliveries during the March quarter due to a shippin g delay and were closed out in the June quarter. 6. Average Realised Price is a Non -IFRS Measure. See appendices for more information on Non-IFRS Measures. 7. Cost of Production is a Non-IFRS Measure. See appendices for more information on Non-IFRS Measures. 8. Capital and Exploration Expenditure does not include capitalised stripping costs or costs associated with building low grade stockpiles . 9. Exploration expenditure for resource definition drilling previously reported for the six -month period ended on 31 December 2025 (refer to exchange announcement “Quarterly Report – December 2025” dated 21 January 2026) has subsequently been reclassified to Capital Expenditure. LHM ramp-up successfully completed delivering strong operational performance, achieving or exceeding FY2026 guidance on production, sales and cost of production PLS Project advanced towards development following the CNSC2 determination that the Construction Licence application was sufficient to undergo the regulatory review process Subsequent to the quarter end, Paladin signed an Administrative Protocol with CNSC targeting completion of hearings for the PLS Project Construction Licence application at end of calendar year 2027
Page 6
6 June 2026 Quarterly Cash Flow For the three-month period ended 30 June 2026 US$ million 1. Quarterly sales and average realised prices are dependent on the mix of contract pricing mechanisms, payment terms and the timing of deliveries, which vary based on customer nominations from quarter to quarter as well as shipping schedules. 2. Includes G&A, FX adjustments & other. 220 158 -60 -9 -11 -16 -12 -5 265 Cash & Investments 31 Mar 2026 Customer Receipts¹ LHM Production Costs LHM LG Stockpile Build LHM Stripping & Sustaining Capital PLS Project & Exploration Other² Debt Facility Repayment Interest & Financing Cash & Investments 30 Jun 2026
Page 7
7 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.
Page 8
Langer Heinrich Mine Namibia.
Page 9
9 1.35Mlb U3O8 1.23Mlb U3O8 US$70.6/lb U3O8 488ppm 90% LHM June 2026 Quarter Results produced ore feed grade plant recovery rate sold to our global customers average realised price1 US$51.6/lb U3O8 cost of production2 1. Average Realised Price is a Non-IFRS Measure. See appendices for more information on Non-IFRS Measures. 2. Cost of Production is a Non-IFRS Measure. See appendices for more information on Non-IFRS Measures.
Page 10
10 Strong operational performance in FY2026 4.82Mlb U3O8 produced FY2026 guidance range 4.5Mlb to 4.8Mlb U3O8 US$43.3/lb cost of production1 FY2026 guidance range US$44/lb to US$48/lb US$12M in capital expenditure FY2026 guidance range US$15M to US$17M 4.35Mlb U3O8 sold FY2026 guidance range 3.8Mlb to 4.2Mlb U3O8 1. Cost of Production is a Non-IFRS Measure. See appendices for more information on Non-IFRS Measures.
Page 11
11 1.15 1.21 1.21 1.19 1.07 1.23 1.29 1.23 86 91 92 90 40 45 50 55 60 65 70 75 80 85 90 95 1 1 1 1 1 1 1 1 2 2 Q1FY2026 Q2FY2026 Q3FY2026 Q4FY2026 Tonnes processed (Mt) Production (Mlb) Recovery Rate (%) LHM ramp-up safely and successfully completed Processing Production of 1.23Mlb U₃O₈ at an average recovery rate of 90% for the quarter, driven by consistent processing plant performance Sales Sales and average realised price1 driven by the quality of the LHM contract book and strengthening uranium pricing environment Mining Total mined material was 7.45Mt for the quarter, the highest quarterly mining rate achieved since the restart, reflecting the full mining fleet in operation Mining Processing Sales 1. Average Realised Price is a Non-IFRS Measure. See appendices for more information on Non -IFRS Measures. 5.27 5.53 6.17 7.45 Q1FY2026 Q2FY2026 Q3FY2026 Q4FY2026 Total Mined (Mt) 0.53 1.43 1.03 1.35 67.4 71.8 68.3 70.6 45 50 55 60 65 70 75 0 0 0 1 1 1 1 1 2 2 2 Q1FY2026 Q2FY2026 Q3FY2026 Q4FY2026 U3O8 Sold (Mlb) Average realised price (US$/lb) Target overall recovery rate 85% to 90% U3O8 Sold (Mlb)
Page 12
12 LHM delivering uranium to Tier-1 customer base U3O8 sold in FY2026 4.35Mlb average realised price1 in FY2026 US$70.0/lb of U3O8 contracted to 20302,3 21Mlb of the LHM Ore Reserve exposed to market-related prices or is uncontracted3,4 86% Contract pricing mix (2026-30)2,3 Contract pricing mix (Ore Reserve)3,4 55% MARKET-RELATED PRICES 45% BASE-ESCALATED & FIXED PRICES 86% MARKET-RELATED PRICES OR UNCONTRACTED 5 14% BASE-ESCALATED & FIXED PRICES Industry leading contract book leveraging strong uranium market fundamentals 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 June 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 as at 30 June 2025, as detailed in Paladin’s exchange announcement titled “2025 Annual Report to Shareholders & Appendix 4E” dated 28 August 2025. Refer to the Appendices to this presentation for more information and Ore Reserve Table. 5. Includes sold volumes in FY2026. 21Mlb U3O8 contracted 77Mlb Ore Reserve
Page 13
Patterson Lake South Project Canada.
Page 14
14 Protocol in place with CNSC CNSC sufficiency achieved FEED advancement Atlas Discovery2 Binding term sheet executed with BNDN PLS June 2026 Quarter Highlights1 PLS Project advanced permitting process with CNSC determination of ‘sufficiency’ status for the Construction Licence application High-grade body of uranium mineralisation identified at Atlas, demonstrating that there are significant opportunities to increase the development potential at the PLS Project Execution of a binding term sheet with the Birch Narrows Dene Nation (BNDN) in relation to the Mutual Benefits Agreement Administrative Protocol signed with the CNSC subsequent to the quarter end, targeting completion of hearings for the Construction Licence application at the end of 2027 The Paladin Canada team continued to de- risk the PLS Project through ongoing update of the Front-End Engineering Design (FEED) study during the quarter 1. Refer to Paladin’s exchange announcement titled “Quarterly Report - June 2026” dated 22 July 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 that announcement. 14
Page 15
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 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 South Project Update” and “Patterson Lake South Project Upda te - Presentation” dated 28 August 2025. 8. Refer to Paladin’s exchange announcement titled “EIS Approval for Patterson Lake South Project” dated 20 February 2026. 9. Refer to Paladin’s exchange announcement titled “Quarterly Report - June 2026” dated 22 July 2026. Next steps
Page 16
16 PLS Project and Saloon trend exploration map2 Unlocking growth at the PLS Project through exploration 1. Refer to “Foreign estimates” section on slide 2 for further information. 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. Refer to the Appendices to this presentation for more information and Mineral Resources and Reserves Tables. 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 that announcement. Paladin has identified a clear strategy to extend the PLS Project beyond its existing 10-year mine life1 with focus on resource conversion and extension drilling at the Triple R deposit, complemented by further drilling on the Saloon trend and regional exploration designed to unlock further upside • Completion of 2026 winter drilling program at the PLS Project during the quarter • A new high-grade body of uranium mineralisation, called Atlas discovery, was intersected 3.5km south of the Triple R deposit and 4.5km southwest of Saloon East • This prospective area is within the Saloon Trend which runs broadly parallel to the structural trend that hosts the Triple R deposit
Page 17
17 Atlas Discovery1 New high-grade uranium discovery identified at PLS Project Longitudinal section looking northwest at Atlas showing total uranium grade (% U3O8) x thickness (m) per drillhole 1. 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. 2. Intercept interval for the 5.0m averaging 2.94% U 3O8 has been amended to 194.5m to 199.5m reflecting the correct interval as per “Table 1: 2026 Atlas Drillhole Summary” provided in the Paladin’s exchange announcement titled “New high-grade uranium discovery identified at PLS Project” dated 25 June 2026. High-grade body of uranium mineralisation has been intersected 3.5km south of Paladin’s Triple R deposit and 4.5km southwest of Saloon East, named the Atlas discovery. Eight (8) exploration drillholes were collared, with seven intersecting significant uranium mineralisation at the new Atlas discovery, totalling 2,408m. Key winter 2026 intercepts at Atlas include: • PLS26-708B (discovery drillhole): 17.5m of total composite uranium mineralisation across three intervals, the largest being 8.0m averaging 1.75% U3O8, including 3.0m averaging 4.25% U3O8 from 190.0m to 193.0m • PLS26-718: 21.5m of total composite uranium mineralisation across two intervals, the largest being 14.5m averaging 1.70% U3O8, including 5.5m averaging 2.86% U3O8 from 194.5m to 200.0m • PLS26-722: 30.0m of total composite uranium mineralisation across seven intervals, the largest being 11.0m averaging 1.79% U3O8, including 5.0m averaging 2.94% U3O8 from 194.5m to 199.5m 2 The Atlas discovery remains open along strike and at depth.
Page 18
Uranium Market.
Page 19
19 Operable Under Construction Planned Proposed Total Global nuclear reactor fleet underpins existing demand for uranium Global nuclear reactor rollout is underway1 Multi-decade reactor rollout drives uranium demand growth 1. World Nuclear Association (WNA) – “World Nuclear Power Reactors & Uranium Requirements” – 20 July 2026. 440 OPERABLE REACTORS WORLDWIDE 79 REACTORS UNDER CONSTRUCTION IN 16 COUNTRIES 120 PLANNED NEW REACTORS IN 17 COUNTRIES 326 PROPOSED NEW REACTORS IN 26 COUNTRIES 965 TOTAL POTENTIAL REACTORS
Page 20
20 Structural uranium supply-demand deficit is expected to widen Global uranium supply and demand1 (Mlb) Visible new supply is insufficient to meet growing uranium demand - 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.
Page 21
21 Disconnect between uranium requirements and supply CANADA 3 40 UNITED STATES 49 5 FRANCE 22 0 RUSSIA 17 7 KAZAKHSTAN 0 78 CHINA 60 5 JAPAN 10 0 AUSTRALIA 0 15 NAMIBIA 0 25 EXISTING REACTORS2 REACTOR REQUIREMENTS (Mlb p.a., 2028F)3 U308 PRODUCTION (Mlb p.a., 2028F)4 URANIUM PRODUCTION5 Mlb U3O8 p.a. 0.01-0.3 0.3-2.6 2.6-13 13-26 26-57 Paladin’s assets are strategically placed to supply uranium globally LHM uranium provides utilities with diversification vis-a-vis production from Kazakhstan, Canada and Uzbekistan PLS uranium is well positioned to supply utilities in all Western jurisdictions1 14 Tier-1 industry counterparties based in the US, Europe and Asia 1. Subject to receiving construction and operation licences from CNSC and other regulatory requirements. 2. WNA - “Nuclear Power in the World Today” – 3 October 2025. 3. WNA - World Nuclear Fuel Report. Global Scenarios for Demand and Supply Availability 2025-2040. 4. UxC – Uranium Market Outlook Q2 2026. 5. International Atomic Agency and Nuclear Energy Agency – Uranium 2024 Resources, Production and Demand.
Page 22
Delivering Sustainable Value.
Page 23
23 Making an impact in our communities • Ministry of Health and Social Services – Strengthening healthcare access across Namibia’s Erongo region by donating a fully equipped ambulance to support emergency services • Baseball Sask – Proudly supporting grassroots baseball across Saskatchewan by sponsoring the 2026 Provincial Championships • Saskatoon Minor Hockey Association – Investing in the next generation of athletes across Saskatoon by supporting grassroots hockey development, participation and mentorship programs • TD Sask Jazz Festival – Supporting arts, culture and community connection through a multi-year partnership with one of Saskatchewan's premier annual festivals • Women in Mining & Women in Nuclear SK – Supporting efforts to create opportunities for women across the mining and nuclear sectors in Saskatchewan. This commitment is reflected at Langer Heinrich Mine through our membership with the Women in Mining Association of Namibia. Paladin is committed to playing a meaningful role in its host communities in Namibia and Canada. Our focus is on supporting initiatives that positively impact youth education, health, wellbeing and community engagement
Page 24
24 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
Page 25
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.
Page 26
Appendix.
Page 27
27 LHM June 2026 Quarter Results1 LHM (100%)2 Q4 FY2026 Q3 FY2026 Q2 FY2026 Q1 FY2026 YTD FY2026 MINING Waste Mined Mt 5.57 4.45 3.93 4.37 18.32 Total Ore Mined3 Mt 1.87 1.72 1.59 0.90 6.09 Total Mined Mt 7.45 6.17 5.53 5.27 24.41 Low Grade Ore to Stockpile4 Mt 0.92 0.86 1.04 0.47 3.29 PROCESSING Tonnes Processed Mt 1.19 1.21 1.21 1.15 4.76 Ore Feed Grade ppm 488 503 524 477 498 Plant Recovery % 90 92 91 86 90 U3O8 Produced Mlb 1.23 1.29 1.23 1.07 4.82 SALES U3O8 Sold5 Mlb 1.35 1.03 1.43 0.53 4.35 Closing Uranium Product Loan Balance6 Mlb 0.40 0.45 0.45 0.45 0.40 Closing Finished Product Inventory7 Mlb 1.698 2.16 1.61 1.819 1.69 FINANCIALS Average Realised Price10 US$/lb 70.6 68.3 71.8 67.4 70.0 Cost of Production11 US$/lb 51.6 40.3 39.7 41.6 43.3 Non-Cash Reversal of Previous Stockpile Impairment12 US$/lb 0.3 3.5 6.8 7.0 4.3 Capital Expenditure13,14 US$M 5.1 3.4 2.4 1.1 12.1 Low Grade Ore to Stockpile15 US$M 9.4 9.4 10.9 5.3 35.0 Capitalised Stripping Costs16 US$M 7.3 5.0 1.3 6.9 20.5 1. Refer to Paladin’s exchange announcement titled “Quarterly Report – June 2026” dated 22 July 2026 2. Paladin has a 75% interest in the LHM 3. Total Ore Mined includes high-grade, medium-grade and low-grade ore 4. Low-grade ore stockpile material to be processed during the later stockpile phase 5. September quarter sales include 85,000lb U 3O8 loan material delivered under existing contracts. March quarter sales include a further 130,000lb U3O8 sourced through a purchase & sale back arrangement and 155,000lb U3O8 through a product swap. These arrangements were entered to meet customer deliveries during the March quarter due to a shipping delay and were closed out in the June quarter 6. 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 7. Includes finished product on site, in-transit and at converter 8. Includes 397,993lb U3O8 related to a sale to be recognised in the September 2026 quarter for which advance payment was received in the June 2026 quarter 9. Includes 425,012lb U3O8 related to a sale recognised in the December 2025 quarter for which advance payment was received in the September 2025 quarter 10. Average Realised Price is a Non-IFRS Measure. See appendices for more information on Non-IFRS Measures 11. Cost of Production is a Non-IFRS Measure. See appendices for more information on Non-IFRS Measures 12. Reversals of Previous Stockpile Impairment is an accounting transaction included in the IFRS financial statements in the cost of sales line and is calculated as average cost per pound, based on the 31 December 2023 impairment reversal on existing stockpiles of US$92M, offset by an impairment in March 2025 of US$20M. The cost per pound varies based on grade, recovery and contained uranium realised for the period 13. Exploration expenditure for resource definition drilling previously reported for the six-month period ended on 31 December 2025 (refer to exchange announcement “Quarterly Report – December 2025” dated 21 January 2026) has subsequently been reclassified to Capital Expenditure 14. Capital Expenditure does not include capitalised stripping costs or costs associated with building low grade stockpiles 15.Low-grade ore stockpiled represents the cost of mining and stockpiling low grade material to be processed during the later stockpile phase and is capitalised into inventory under IFRS. This is expected to be classified as non-current inventory until that phase. These costs are not included in the Cost of Production 16. During mining, stripping costs may be incurred removing overburden or waste to provide access to future mining areas. As this improves access to future ore, costs are capitalised and amortised on a units-of production basis.
Page 28
28 LHM Mineral Resources and Ore Reserves Summary Mineral Resources1 As at 30 June 2025 Classification Location Millions of Tonnes (Mt) Grade U3O8 (ppm) Contained U3O8 (Mlb) Grade V2O5 (ppm) Contained V2O5 (Mlb) Measured In-situ 76.9 450 76.3 145 24.7 MG ROM stockpiles 2 2.6 460 2.6 155 0.9 LG ROM stockpiles 3 21.3 325 15.2 105 4.9 Total Measured 100.8 425 94.2 135 30.5 Indicated In-situ 23.5 375 19.5 120 6.3 Inferred In-situ 11.0 345 8.4 115 2.7 Summary Ore Reserves1 As at 30 June 2025 Classification Location Millions of Tonnes (Mt) Grade U3O8 (ppm) Contained U3O8 (Mlb) Proved In-situ 47.1 491 51.0 Probable In-situ 9.4 421 8.8 Stockpiles Stockpiles 23.9 336 17.7 Total Total 80.4 437 77.5 Mineral Resources Notes: 200ppm U3O8 cut-off applied to in-situ Mineral Resources – 250ppm U3O8 cut-off applied to stockpiles at the time of mining. Mineral Resources reported on a 100% ownership basis, of which Paladin has a 75% interest. The Measured and Indicated U3O8 Mineral Resources are inclusive of those Mineral Resources modified to produce the Ore Reserves (as reported above). Depleted for mining. Tonnage information has been rounded and as a result the figures may not add up to the totals quoted. 1. For further information, refer to Paladin’s exchange announcement “2025 Annual Report to Shareholders & Appendix 4E” dated 28 August 2025. 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.“MG” refers to medium grade. 3.“LG” refers to low grade. Ore Reserves Notes: Ore Reserves are reported on a dry basis. Proved Ore Reserves are inclusive of ore stockpiles. 250ppm cut-off applied. Tonnage figures have been rounded and may not add up to the totals quoted. Ore Reserves reported on a 100% ownership basis, of which Paladin has a 75% interest. Vanadium does not report to Ore Reserves. 1. For further information, refer to Paladin’s exchange announcement “2025 Annual Report to Shareholders & Appendix 4E” dated 28 August 2025. 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
Page 29
29 1. Refer to Paladin’s exchange announcements titled “Patterson Lake South Project Update” and “Patterson Lake South Project Update – Presentation” dated 28 August 2025 for further information. 2. Corporate tax rate of 27%. 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. Refer to the Appendices to this presentation for more information and Mineral Resources and Reserves Tables. 4. The average long-term Q2 2025 forecast by TradeTech / UxC spot and term price during forecast production period is US$90.9/lb (real). 5. Refer to “Patterson Lake South foreign estimates" section on slide 2 for further information. PLS Project production and run-of-mine ore feed targets are based on the technical report titled "Feasibility Study, NI 43-101 Technical Report, for PLS Property" with an effective date of 17 January 2023 which was prepared in accordance with NI 43-101. All material assumptions underpinning these targets, or the forecast financial information derived from these targets, continue to apply and have not materially changed. 6. Operating cash cost is inclusive of mining, processing and site-based G&A and services, exclusive of net- smelter return payments. 7. AISC is equal to operating cash costs plus life of mine sustaining capital costs. 8. Pre-production Capital Cost inclusive of contingency. 9. Sustaining Capital Cost exclusive of contingency. 10. Payback from commencement of operations, inclusive of ramp-up years. Strong economics at the PLS Project Update dated 28 August 20251 Key Economics Initial Mine Life5 Years 10 Construction Period5 Years 3 Grade5 % U3O8 (ppm) 1.41 (14,100) Recovery5 % 97.0 Production (LOM)5 Mlb U3O8 90.9 Production (Avg. p.a.)5 Mlb U3O8 9.1 Operating Cash Cost (LOM)6 US$/lb 11.7 All-in Sustaining Cost (LOM)7 US$/lb 15.2 Pre-production Capital Cost8 US$M 1,226 Sustaining Capital Cost (LOM)9 US$M 325 Payback (Post-Tax)10 Years 2.4 US$3,023M LOM CASH FLOWS (POST-TAX)2,3 AT US$90/lb URANIUM PRICE4 US$1,325M NPV8 (POST-TAX) 2,3 AT US$90/lb URANIUM PRICE4 28.2% IRR (POST-TAX)2,3 AT US$90/lb URANIUM PRICE4 NPV = Net Present Value | IRR = Internal Rate of Return | FCF = Free Cash Flow
Page 30
30 PLS Project is highly cash flow generative in a range of price environments1 Uranium Price2 US$/lb NPV8 (post-tax)3,4 US$M NPV8 (post-tax)3,4 C$M IRR (post-tax)3,4 % Avg. FCF p.a. 3,5 US$M Avg. FCF p.a.3,5 C$M $120/lb 2,172 2,896 37.5% 586 781 $110/lb 1,891 2,521 34.6% 534 712 $100/lb 1,609 2,146 31.5% 482 643 $90/lb6 1,325 1,767 28.2% 430 574 $80/lb 1,043 1,391 24.7% 379 505 $70/lb 759 1,012 20.8% 327 436 $65/lb7 617 822 18.7% 302 402 $60/lb 472 629 16.4% 275 367 NPV = Net Present Value | IRR = Internal Rate of Return | FCF = Free Cash Flow 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. 2. Current average uranium spot price is US$84.53/lb published by TradeTech and UxC on 13 July 2026 and average uranium long-term price is US$95.50/lb published by Trade Tech and UxC on 13 July 2026. 3. Financial model cash flows are real, NPV and IRR are calculated from the commencement of construction activities, inclusive of all pre -production capital costs. Cash flows are modelled in Canadian Dollars (C$) and converted to United States Dollars (US$) at C$1:US$ 0.75. 4. Corporate tax rate of 27%. 5. Average free cash flow during operating life. 6. The average long -term Q2 2025 forecast by Trade Tech / UxC spot and term price during forecast production period is US$90.9/lb (real). 7. Uranium price of US$65/lb U 3O8 assumed in the Fission Uranium Corp.’s technical report titled "Feasibility Study, NI 43 -101 Technical Report, for PLS Property" with an effective date of 17 January 2023 which was prepared in accordance with NI 43 -101.
Page 31
31 PLS Project is one of the leading undeveloped uranium projects globally Advanced development stage uranium projects’ grade and C1 cash cost benchmarking1 For further information refer to resource estimates on slide 32. Total mineral resources are comprised of 1) measured, indicated and inferred mineral resources and 2) inclusive of mineral reserves/ore reserves. 1. Advanced development stage uranium projects that have not reached production. Includes projects at the Feasibility, Definitive Feasibility and Pre- Feasibility study level. LEGEND 0.01% 0.10% 1.00% 10.00%Mineral Resource grade (%, log scale) Rook 1 Phoenix Dasa Muntanga Tiris Dewey-Burdock Etango-8 Mulga Rock Salamanca PLS Project -1020304050 C1 cash cost (US$/lb U3O8) Athabasca Basin Projects Gryphon Tumas
Page 32
32 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% – 93.7 1.41% 93.7 93.7 – 118.8 10.9 1.79% 129.7 129.7 US$11.7/lb Corporate Presentation 28-Aug-25 PLS Project Engineering Review 28-Aug-25 Feasibility NI 43-101 Tiris Aura Energy Mauritania 85% 15.3 18.4 0.02% 33.6 28.6 17.3 22.6 51.4 0.02% 91.3 77.6 US$31.4/lb Aura Energy Indaba Investor Presentation 03-Feb-25 Tiris Production Target Update 11-Sep-24 Definitive Feasibility JORC (2012) Etango-8 Bannerman Energy Namibia 95% 8.2 51.8 0.02% 59.9 57.0 14.3 148.5 62.0 0.02%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) Salamanca Berkerley Energia Spain 100% 11.3 43.4 0.04% 54.6 54.6 12.3 47.5 29.6 0.05% 89.3 89.3 US$15.4/lb Quarterly Report June 2025 31-Jul-25 Salamana Definitive Feasibility Study 14-Jul-16 Definitive Feasibility JORC (2012) Mulga Rock Deep Yellow Australia 100% 12.3 30.0 0.08% 42.3 42.3 14.6 49.7 40.5 0.04% 104.8 104.8 US$26.0/lb Corporate Update Presentation 20-May-25 Definitive Feasibility Study Refresh 26-Aug-20 Definitive Feasibility JORC (2012) Tumas Deep Yellow Namibia 100%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 30 April 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 acquir e 5% of the project. Shown on a 100% basis. 32
Page 33
33 PLS Project Mineral Resources and Reserves Summary Mineral Resources1 Notes: 1. CIM Definition Standards were followed for the classification of mineral resources. 2. The mineral resources are reported with an effective date of 30 June 2025. 3. Mineral resources are reported at a cut-off grade of 0.25% U 3O8, based on a long- term price of US$50/lb U3O8, an exchange rate of C$1.00/US$0.75, and cost estimates derived during the PFS with a metallurgical recovery of 95%. 4. A minimum mining width of 1m was applied to the resource domain wireframe. 5. Mineral resources are inclusive of mineral reserves. 6. Numbers may not add due to rounding. Classification Millions of Tonnes (Mt) Grade U3O8 (%) Grade Au (g/t Au) Contained U3O8 (Mlb) Contained Au (koz) Indicated 2.9 1.88 0.59 118.8 54.4 Inferred 0.4 1.19 0.46 10.9 6.1 Summary Mineral Reserves1 Notes: 1. CIM Definition Standards were followed for the classification of mineral reserves. 2. The mineral reserves are reported with an effective date of 17 January 2023. 3. Mineral reserves were estimated using a long-term metal price of US$65 per pound of U3O8 and a US$/C$ exchange rate of 0.75 (C$1.00 = US$0.75) 4. Underground mineral reserves were estimated by creating stope shapes using Datamine’s Mineable Shape Optimizer (MSO). The MSO outputs were evaluated in the context of the mine design, and then a 0.20% U3O8 cut-off was applied. For longhole stoping, a minimum mining width of 4m (including hanging wall and footwall dilution) and stope height of 20m was used. Following MSO, the mineable shapes were further subdivided in Deswik to produce a maximum width of 12m (including hanging wall and footwall dilution). Drift and fill mining is designed at 5m wide by 5m high for development shapes located in the crown pillar areas of the orebodies. 5. Mining recovery of 95% was applied to all stopes, while all development mining assumes 100% extraction. 6. The density varies based on block model values. An estimated waste density of 2.42 t/m3 was used for areas outside the block model boundary. 7. By-product credits were not included in the estimation of mineral reserves. 8. Numbers may not add due to rounding. Classification Millions of Tonnes (Mt) Grade U3O8 (%) Contained U3O8 (Mlb) Probable 3.0 1.41 93.7 1. Mineral reserves and mineral resources estimates for the PLS Project 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 and is available on www.sedarplus.ca. Refer to: (1) "National Instrument 43-101" section on slide 2; and (2) “Foreign estimates" section on slide 2, for further information. Indicated and inferred mineral resource totals presented in this docu ment differ from the aforementioned technical report due to an updated resource estimates at the R840W zone in May 2023 and the R1515W zone in June 2025, which are considered non -material. Please note that the estimates of mineral resources and mineral reserves for the PLS Project are foreign estimates and are no t reported in accordance with the JORC Code. A competent person has not done sufficient work to classify the foreign estimates as Mineral Resources or Ore Reserves in accordance with the JO RC Code and it is uncertain that following evaluation and/or further exploration work that the foreign estimates will be able to be reported as mineral resources or ore reserves in accordance wi th the JORC Code. Paladin is not in possession of any new information or data relating to those foreign estimates that materially impacts on the reliability of the estimate or Paladin ’s ability to verify the foreign estimate as a mineral resource or ore reserve in accordance with the JORC Code. The supporting information in relation to the foreign estimate provided in Paladin’s exchan ge announcement titled “Paladin Energy to acquire Fission Uranium” dated 24 June 2024 continues to apply and has not materially changed.
Page 34
34 Non-IFRS Measures The Non-IFRS Measures used in this Presentation are described below. Average Realised Price Average Realised Price (US$/lb U3O8) is a Non-IFRS Measure that represents the average revenue received per pound of uranium sold during a given period. It is calculated by dividing total revenue from U3O8 sales (before royalties and after any applicable discounts) by the total volume of U3O8 pounds sold. This measure provides insight into the actual pricing achieved under the Company’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 Company 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 market price and the term market price for uranium, and it may vary significantly from period to period based on timing of deliveries, customer contract structures, and the prevailing market environment. 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 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 as the total direct production expenditures 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 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.