Paladin Energy (PDN) investor relations material

Executive summary

• Langer Heinrich Mine completed ramp-up in FY2026, achieving or exceeding guidance for production, sales, and cost of production, and transitioned to stable uranium producer status.

• Patterson Lake South (PLS) Project advanced through key permitting milestones, including CNSC sufficiency status, Administrative Protocol, and a binding term sheet with Birch Narrows Dene Nation.

• Atlas discovery at PLS confirmed a new high-grade uranium ore body, reinforcing exploration and development potential.

• Maintained robust liquidity with $265M in cash and investments and an undrawn $70M credit facility at quarter end.

• Completed Fission Uranium acquisition, integrating assets into the PLS Project.

Financial highlights

• FY2026 production: 4.82M lbs U3O8 (guidance: 4.5–4.8M lbs); sales: 4.35M lbs (guidance: 3.8–4.2M lbs); average realized price: $70.0/lb; cost of production: $43.3/lb (guidance: $44–$48/lb).

• Q4 production: 1.23M lbs U3O8; sales: 1.35M lbs at $70.6/lb; cost of production: $51.6/lb.

• FY2026 capital and exploration expenditure: $12.1M (guidance: $15–17M).

• Cash and investments at quarter end: $265M; undrawn $70M credit facility.

• Outstanding uranium product loan balance: 400,000 lbs at June 2026.

Outlook and guidance

• FY2027 Langer Heinrich production guidance: 5.1–5.6M lbs U3O8; sales: 4.8–5.3M lbs; cost of production: $44–$48/lb; capex: $29M–$35M.

• Production weighted to H2 due to planned maintenance and lower grades in H1; higher grades expected in H2.

• All FY2027 ore processed will be mined (no stockpile feed), with longer haul distances and ongoing overburden removal.

• PLS construction license hearing targeted for end of 2027; first production expected in 2031, with construction starting in 2028 if milestones are met.

• Ongoing access to uranium product loans and swap facilities for operational flexibility.