Paladin Energy (PDN) investor relations material

Executive summary

• Quarterly U3O8 production at Langer Heinrich Mine reached 1.29Mlb, up 5% sequentially, with a 92% recovery rate and strong plant performance.

• Sales volumes were 1.03Mlb at an average realized price of US$68.3/lb, with cost of production at US$40.3/lb, benefiting from stockpile utilization.

• FY2026 production guidance for Langer Heinrich Mine was raised to 4.5–4.8Mlb, reflecting operational improvements and ramp-up progress.

• Approval received for the Environmental Impact Statement for the Patterson Lake South (PLS) Project in Canada, advancing regulatory progress despite a judicial review challenge.

• Cash and investments stood at US$219.5M at quarter end, with an undrawn US$70M revolving credit facility.

Financial highlights

• Quarterly sales revenue totaled US$47.3M, with cash receipts expected in the following quarter.

• Cost of production for Q3 was US$40.3/lb, aided by processing previously mined stockpiles.

• Net cash at quarter end was US$183.5M after scheduled debt repayments.

• Scheduled US$4M term loan repayment reduced the facility balance to US$36M.

• Total recordable injury frequency (TRIF) was 3.0 per million hours worked on a 12-month basis.

Outlook and guidance

• FY2026 production guidance for Langer Heinrich Mine increased to 4.5–4.8Mlb U3O8, up from 4.0–4.4Mlb.

• Cost of production guidance remains at US$44–48/lb.

• Capital and exploration expenditure guidance revised down to US$15–17M from US$26–32M, reflecting reprioritization and deferral.

• Ramp-up to full mining and processing operations at Langer Heinrich expected by end of FY2026.

• Guidance may be impacted by geopolitical disruptions, particularly in the Middle East.