Slides
Page 1
Quarterly Results Presentation September 2026
Page 2
2 This presentation (Presentation) is dated 14 October 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. Mineral Resource and Ore/MineralReserves Estimates 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 Since Paladin is listed on both the ASX and TSX, and is a reporting issuer in Canada, it is subject to the reporting regimes under both the JORC Code and National Instrument 43-101 – Standards of Disclosure for Mineral Projects (NI 43-101). The JORC Code and NI 43-101 use different terminology and classification categories. The JORC Code is an acceptable foreign code under NI 43-101. The term “Ore Reserve” defined by the JORC Code is equivalent to the term “Mineral Reserve” under NI 43-101. “Inferred Mineral Resources”, “Indicated Mineral Resources” and “Measured Mineral Resources” have the same meaning under both the JORC Code and NI 43-101. “Proved Mineral Reserves” under the JORC Code has the same meaning as “Proven Mineral Reserves” under NI 43-101, and “Probable Mineral Reserves” under the JORC Code As at 30 June 2026, Mineral Resource and Ore Reserve estimates for the Patterson Lake South Project (PLS) were reported in accordance with 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 Andrew Fitzpatrick, GM Exploration of Paladin Energy Ltd, each a “qualified person” under NI 43-101. 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 Reserves tables in the Appendices of this Presentation for further information. 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. Currency and rounding Unless otherwise stated,all dollar values are in United States dollars (US$). Figures, amounts, percentages, estimates and calculations of value in this Presentation are subject to rounding. Accordingly, the actual calculation of such figuresmay differfrom figuresin this Presentation. Authorisation This announcementhas been authorisedfor release by the Board of Directors of Paladin. Important Notice
Page 3
3 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)2 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. 2. As at 30 September 2026. Langer Heinrich Mine (LHM) Patterson Lake South (PLS) Project Michelin Mount Isa Manyingee and Carley Bore Namibia Canada Canada Australia
Page 4
4 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
Page 5
5 September 2026 Quarterly Highlights1 LHM production reflected the planned maintenance shutdown and processing plant recovery at the bottom- end of the target range due to ore characteristics associated with the mining sequence Strong Average Realised Price reflected increasing uranium prices and a higher proportion of market-related sales during the quarter LHM guidance metrics remain unchanged for FY20273 Mutual Benefits Agreement signed with Birch Narrows Dene Nation in respect of the PLS Project Administrative Protocol signed with the CNSC2 targeting completion of hearings for the PLS Project’s Construction Licence application at the end of calendar year 2027 Exploration drilling completed at PLS successfully extended mineralisation at the emerging Atlas and Saloon East discoveries and beyond the current R1515W Mineral Resource at the Triple R deposit4 LHM SUMMARY (100%)5 Q1 FY2027 Q4 FY2026 U3O8 Produced Mlb 1.00 1.23 U3O8 Sold Mlb 1.16 1.35 Average Realised Price6 US$/lb 79.4 70.6 Cost of Production7 US$/lb 61.6 51.6 Capital Expenditure8 US$M 6.9 5.1 1. Refer to Paladin’s exchange announcement titled “Quarterly Report - September 2026” dated 14 October 2026 2. Canadian Nuclear Safety Commission 3. Refer to Paladin’s exchange announcement titled “Langer Heinrich Mine FY2027 Guidance” dated 22 July 2026 4. 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 in that announcement 5. Paladin has a 75% interest in the LHM 6. Average Realised Price is a Non-IFRS Measure. See “Non-IFRS Measures” for more information 7. Cost of Production is a Non-IFRS Measure. See “Non-IFRS Measures” for more information 8. Capital Expenditure does not include capitalised stripping costs or costs associated with building low grade stockpiles Cash and investments of US$209M and an undrawn US$70M Revolving Credit Facility at quarter end Total Recordable Injury Frequency (TRIF) of 4.7 per million hours worked on a 12-month basis
Page 6
6 September 2026 Quarterly Cash Flow For the three-month period ended 30 September 2026 US$ million 1. September 2026 quarterly sales included US$32.6M with cash receipt in the June quarter. This was partially offset by US$6.8M of June 2026 quarterly sales with cash receipt in the September quarter. Quarterly sales and Average Realised Price are dependent on the mix of contract pricing mechanisms, payment terms and the timing of deliverables, which vary based on customer nominations from quarter to qu arter as well as shipping schedules 2. Includes Cost of production and Selling costs 3. Includes Capitalised Stripping Costs and Capital Expenditure 4. Other includes G&A, FX adjustments, and rounding adjustments. 265 71 -67 -11 -15 -19 -10 -5 209 Cash & Investments 30 Jun 2026 Customer receipts¹ LHM production costs² LHM Low Grade Ore to Stockpile Build LHM stripping & sustaining capital³ PLS Project & group exploration Other⁴ Debt Facility repayment interest & financing Cash & Investments 30 Sep 2026
Page 7
Langer Heinrich Mine Namibia
Page 8
8 1.15 1.21 1.21 1.19 1.17 1.07 1.23 1.29 1.23 1.00 86 91 92 90 85 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 Q1FY2027 Tonnes processed (Mt) Production (Mlb) Recovery Rate (%) Processing The planned maintenance shutdown and ore characteristics associated with the mining sequence impacted processing performance, resulting in lower production with recovery at the bottom-end of the target range Sales Strong Average Realised Price1 reflected increasing uranium prices and a higher proportion of market-related sales during the quarter Mining Mining activities continued to progress to plan, focused on the J pit as development advanced towards the main orebody whilst stripping topsoil and waste to open up access to primary ore 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 7.73 477 524 503 488 486 250 300 350 400 450 500 550 0 2 4 6 8 10 12 Q1FY2026 Q2FY2026 Q3FY2026 Q4FY2026 Q1FY2027 Total Mined (Mt) Processed Ore Feed Grade 0.53 1.43 1.03 1.35 1.16 67.4 71.8 68.3 70.6 79.4 35 40 45 50 55 60 65 70 75 80 0 0 0 1 1 1 1 1 2 2 2 Q1FY2026 Q2FY2026 Q3FY2026 Q4FY2026 Q1FY2027 U3O8 Sold (Mlb) Average realised price (US$/lb) Target overall recovery rate 85% to 90% U3O8 Sold (Mlb) LHM September 2026 Quarter Results
Page 9
FY2027 mining activity focused on the J pit H Pits Current Tailings (TSF6) Processing Plant ROM Pad F Pits Stockpile G Pits Q1 mining activity focused on progressing development towards the main orebody whilst stripping topsoil and waste to open up access to primary ore Ore characteristics of the material mined from the higher benches of the J pit impacted recovery in the processing plant in Q1 As mining advances into the lower southern benches of the J Pit, improvements in grade and metallurgical recovery are expected to drive higher production and reduce Cost of Production per pound over FY2027 9 J Pits Mining activities continued to progress to plan, with 7.73Mt of total material mined during the quarter, exceeding prior quarter volumes
Page 10
10 LHM delivering uranium to Tier-1 customer base U3O8 sold in the first three months of FY2027 1.16Mlb average realised price1 in the first three months of FY2027 US$79.4/lb of U3O8 contracted to 20302,3 20Mlb of the LHM Ore Reserve exposed to market-related prices or is uncontracted3,4 84% Contract pricing mix (2026-30)2,3 Contract pricing mix (Ore Reserve)3,4 54% MARKET-RELATED PRICES 46% BASE-ESCALATED & FIXED PRICES 84% MARKET-RELATED PRICES OR UNCONTRACTED 5 16% BASE-ESCALATED & FIXED PRICES Industry leading contract book leveraging strong uranium market fundamentals 1. Average Realised Price is a Non-IFRS Measure. See appendices for more information on Non -IFRS Measures. 2. Based on LHM contract book as at 30 September 2026. Based on nominal contract volumes from 1 October 2026 to 31 December 2030 under executed uranium sales agreements. 3. Subject to customary conditions precedent contained in offtake agreements, including the requirement to receiv e Namibian Government and other regulatory approvals. 4. Contract coverage and pricing mechanism calculations are based on nomin al contract volumes from 1 July 2026 for the life of mine under executed offtake agreements. Based on Langer Heinrich Uranium Life of Mine Ore Reserve as at 30 June 2026, as detailed in Paladin’s exchange announcement titled “2026 Annual Report to Shareholders & Appendix 4E” dated 26 August 2026. Refer to the Appendices to this presentation for more information and Ore Reserve Table. 5. Includes sold volumes in FY2027. 20Mlb U3O8 contracted 70Mlb Ore Reserve
Page 11
11 LHM FY2027 Guidance1 Guidance (100%) 2,3 FY2027 U3O8 Produced4 Mlb 5.1 – 5.6 U3O8 Sold5 Mlb 4.8 – 5.3 Cost of Production6 US$/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. 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. During the September quarter, the Company repaid 200,000lb U3O8 product loan and replaced it with a new product loan of 200,000lb U3O8 due within 12 months. As at 30 September 2026, the Company had outstanding loans of 400,000lb U3O8, with 200,000lb U3O8 scheduled for repayment in Q3 FY2027, and the remaining 200,000lb U3O8 due in Q1 FY2028. 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. LHM guidance metrics remain unchanged for FY2027
Page 12
Patterson Lake South Canada
Page 13
13 PLS Project: 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.
Page 14
14 Canada’s Athabasca Basin region The world’s premier high-grade uranium mining jurisdiction 14 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 production in 20252 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 Roughrider ATHABASCA 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, Q3 2026. TRINCULO PROJECT
Page 15
15 FEED advancementMBA signed with BNDN2 PLS team strengthened New high-grade results Protocol in place with CNSC PLS September 2026 Quarter Highlights1 Paladin Canada Inc., and Birch Narrows Dene Nation (BNDN) signed a Mutual Benefits Agreement (MBA) in respect of the PLS Project Recent drilling extended mineralisation at the Atlas and Saloon East discoveries and beyond the current R1515W Mineral Resource at Triple R Administrative Protocol signed with the CNSC, targeting completion of hearings for the Construction Licence application at the end of 2027 The team continues to advance and de- risk the PLS Project through the ongoing update to the Front-End Engineering Design (FEED) study Continued to strengthen the team supporting delivery of the PLS Project, with key appointments in Health, Safety & Environment, Finance and Community Engagement 1. Refer to Paladin’s exchange announcement titled “Quarterly Report - September 2026” dated 14 October 2026. 2. Refer to Paladin’s exchange announcement titled “Mutual Benefits Agreement with Birch Narrows Dene Nation ” dated 31 August 2026.. 15
Page 16
16 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 approvals for Advanced Exploration activities • Provincial approvals for construction • Provincial approvals for operation Federal CNSC Licensing • CNSC Site Preparation & Construction Licence • CNSC Operating Licence Engineering & Construction • FEED and Detailed Design • Early site works • Construction (~3 years) 2031 Production Pathway to production Next milestones6Jun 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 p ermitting outcomes and investment approvals.
Page 17
17 Unlocking growth at PLS through exploration Resource extension drilling Targeted extension drilling aims to increase resource inventory within the existing Triple R uranium zones Prospect delineation drilling Delineation drilling converts promising discoveries like Atlas and Saloon East into future development targets Regional exploration opportunities Exploration targets underexplored structural corridors to identify new mineral deposits beyond current footprint Triple R Saloon East Atlas Recent drilling extended mineralisation at the Atlas and Saloon East discoveries and beyond the current R1515W Mineral Resource at Triple R
Page 18
18 Supporting future Resource and Reserve growth PLS Project: Triple R deposit 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 mineralisation 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.
Page 19
19 PLS: Atlas Discovery 1. Refer to Paladin’s exchange announcement titled “PLS Exploration delivers New High -Grade Results” dated 2 September 2026 and 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 20261 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
Page 20
20 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. PLS: Saloon East Discovery
Page 21
Uranium Market
Page 22
22 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 ~8GW to 100GW by 20472 China hosts the fastest- growing fleet of nuclear power plants with 38 reactors (43GW) 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
Page 23
23 - 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
Page 24
24 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 Q3 2026. 4. International Atomic Energy 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 15 Tier-1 industry counterparties based in the US, Europe and Asia 3 40 CANADA 49 5 UNITED STATES 22 0 FRANCE 0 25 NAMIBIA 0 14 AUSTRALIA 10 0 JAPAN 51 5 CHINA 0 78 KAZAKHSTAN 17 7 RUSSIA URANIUM PRODUCTION4 Mlb U3O8 p.a. 0.01-0.3 0.3-5 5-15 15-40 40-60
Page 25
Delivering Sustainable Value
Page 26
26 Making an impact in our communities • Upgrade of six science laboratories at Tutaleni High School and De Duine Secondary School both in Walvis Bay to support access to quality STEM education • Donation of more than 3,400 mathematics, physical science and chemistry textbooks to schools in Walvis Bay and Swakopmund to increase access to essential resources • Community engagement activities across Northern Saskatchewan including the Northern Horizons Summit and the Northwest Economic Development Summit 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 27
27 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
Page 28
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 29
Appendix.
Page 30
30 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 114Mlb 768Mlb 1,851Mlb 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 – Q3 2026. Visible new supply is insufficient to meet growing uranium demand
Page 31
31 Global nuclear reactor fleet underpins existing demand for uranium Global nuclear reactor rollout is underway1 80 reactors under construction1 ~87GW OF POWER GENERATION +21% OF GLOBAL INSTALLED CAPACITY ~44Mlb OF ADDITIONAL ANNUAL U DEMAND2 OPERABLE UNDER CONSTRUCTION PLANNED PROPOSED TOTAL 442 OPERABLE REACTORS WORLDWIDE 80 REACTORS UNDER CONSTRUCTION IN 17 COUNTRIES 122 PLANNED NEW REACTORS IN 18 COUNTRIES 336 PROPOSED NEW REACTORS IN 27 COUNTRIES 980 TOTAL POTENTIAL REACTORS Multi-decade reactor rollout drives uranium demand growth 1. World Nuclear Association (WNA) – “World Nuclear Power Reactors & Uranium Requirements” – 9 October 2026. 2. Assumes annual uranium requirements of 500klb per GW of reactor operating capacity. 38 8 7 4 4 4 2 2 11 China India Russia Egypt Turkey South Korea United Kingdom Japan RoW
Page 32
32 LHM September 2026 Quarter Results1 LHM (100%)2 Q1 FY2027 Q4 FY2026 MINING Waste Mined Mt 5.89 5.57 Total Ore Mined3 Mt 1.84 1.87 Total Mined Mt 7.73 7.45 Low Grade Ore to Stockpile4 Mt 0.48 0.92 PROCESSING Tonnes Processed Mt 1.17 1.19 Ore Feed Grade ppm 486 488 Plant Recovery % 85 90 U3O8 Produced Mlb 1.00 1.23 SALES U3O8 Sold Mlb 1.16 1.35 Closing Uranium Product Loan Balance5 Mlb 0.40 0.40 Closing Finished Product Inventory6 Mlb 1.98 1.697 FINANCIALS Average Realised Price8 US$/lb 79.4 70.6 Cost of Production9 US$/lb 61.6 51.6 Capital Expenditure10 US$M 6.9 5.1 Low Grade Ore to Stockpile11 US$M 6.2 9.4 Capitalised Stripping Costs12 US$M 6.3 7.3 1. Refer to Paladin’s exchange announcement titled “Quarterly Report – September 2026” dated 14 October 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. During the quarter the Company repaid 200,000lb U3O8 product loan and replaced it with a new product loan of 200,000lb U 3O8 due within 12 months. As at 30 September 2026, the Company had outstanding loans of 400,000lb U3O8, with 200,000lb U3O8 scheduled for repayment in Q3 FY2027, and the remaining 200,000lb U 3O8 due in Q1 FY2028. 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. Closing finished product on site, in-transit and at converter. The Q1 FY2027 balance includes 450,000lbs in product location swaps. The product location swaps were entered into during the quarter to meet customer deliveries and are expected to be closed out in October 2026 7. Includes 397,993lb U3O8 related to a sale recognised in the September 2026 quarter for which advance payment was received in the June 2026 quarter 8. Average Realised Price is a Non-IFRS Measure. See “Non-IFRS Measures” for more information 9.Cost of Production is a Non-IFRS Measure. See “Non-IFRS Measures” for more information 10. Capital Expenditure does not include capitalised stripping costs or costs associated with building low grade stockpiles 11. Low-grade Ore to Stockpile 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 12. 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 33
33 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 Proved 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
Page 34
34 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 1.79 129.7 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 Mineral 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 Share holders & Appendix 4E” dated 26 August 2026. Paladin confirms that it is not aware of any new information or data that materi ally 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 35
35 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. For a full calculation and detailed reconciliation between Average Realised Price and statutory IFRS results for the year ended 30 June 2026, refer to page 216 of the Company’s FY2026 Annual Report, released to the ASX on 26 August 2026. Cost of Production 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, sustaining capital, exploration expenditure, and general and administration costs. Cost of Production also excludes depreciation and amortisation, royalties and other costs associated with the sale and distribution of U3O8, and does not reflect the impact of inventory movements, impairments, or impairment reversals recognised in Cost of Sales. 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. Cost of Production is based on pounds produced during the period, whereas Cost of Sales reflects the carrying value and other associated costs of pounds sold during the period, which may include inventory produced in prior periods. 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. For a full calculation and detailed reconciliation between Cost of Production and statutory IFRS results for the year ended 30 June 2026, refer to page 216 of the Company’s FY2026 Annual Report, released to the ASX on 26 August 2026.