Paladin Energy (PDN) investor relations material

Equity raise and funding

• Fully underwritten A$525m raise: A$474m ASX placement and C$50m (~A$51m) TSX bought deal; ASX price A$7.80, 10.3% below the 11 Nov close; non-underwritten SPP targets up to A$50m.

• Proceeds target US$252m for PLS CY2027–28 development, US$30m for Triple R resource growth and mine-life extension, US$40m for Athabasca exploration, US$28m for balance-sheet flexibility and US$11m for offer costs.

• PLS allocation of A$367m includes ~A$300m in the stated $1.36bn project capital estimate; half to two-thirds of the raise is expected to be spent before FID.

• Funds support early procurement of long-lead equipment, infrastructure and production slots, early works, detailed engineering, site readiness and project execution ahead of FID.

• Project-finance discussions are progressing; lenders will assess debt sizing and minimum revenue requirements next year. Contracted revenue is expected by FID; corporate debt and a strategic partner remain options, alongside debt repayment.

PLS development and permitting

• PLS targets ~9Mlb U3O8 annual production over an initial 10-year mine life, with first production targeted for 2031, subject to seasonal, regulatory and investment approvals.

• CNSC hearing and decision are targeted by end-CY2027 or very early 2028; FID is expected in early CY2028.

• FEED is refining engineering detail without changing scope; a refreshed capital estimate is expected by Q1 2027, with increases anticipated mainly from inflation and refined detail.

• Provincial EIS and NROC permitting advanced; three of four mutual benefit agreements are concluded, with the Métis Nation–Saskatchewan agreement outstanding. A judicial review of Saskatchewan’s approval could delay development, add costs or restrict activities.

• The 28 Aug 2025 study reported post-tax NPV of US$1,325m and IRR of 28.2% at US$90/lb uranium, with 9.1Mlb average annual production over the initial 10-year mine life.

Langer Heinrich operations

• October 2026 performance improved against the September quarter as mining advanced through J Pit and higher-grade ore reached the plant; operations showed annualized total movement of 8.5Mt, recovery in the high 80s and grades above 500.

• FY2027 guidance remains unchanged: production 5.1–5.6Mlb U3O8, sales 4.8–5.3Mlb, cost of production US$44–48/lb and capital expenditure US$29–35m. Q2 was expected to meet or slightly exceed Q1, with a second-half production uplift targeted; kiln shutdown timing shifted due to shipping delays, with no guidance impact.