Paladin Energy (PDN) investor relations material

Executive summary

• Langer Heinrich produced 1.00 Mlb U₃O₈ as planned maintenance and ore characteristics constrained processing; FY2027 guidance was reaffirmed.

• PLS advanced permitting, FEED and exploration, with drilling extending mineralisation at Triple R, Atlas and Saloon East.

Financial highlights

• Langer Heinrich sold 1.16 Mlb at an average realised price of US$79.40/lb, versus 1.35 Mlb at US$70.6/lb in Q4 FY2026.

• Cost of Production was US$61.60/lb versus US$51.6/lb in Q4; capital expenditure was US$6.9M versus US$5.1M.

• Quarter-end cash and investments were US$209M, with a US$70M undrawn revolving credit facility and US$28M term loan outstanding.

• PLS development and permitting expenditure was US$7.4M and exploration expenditure US$5.0M; Michelin exploration expenditure was US$2.4M.

Outlook and guidance

• FY2027 Langer Heinrich guidance remains production of 5.1–5.6 Mlb, sales of 4.8–5.3 Mlb, Cost of Production of US$44–48/lb and capital expenditure of US$29–35M, on a 100% basis.

• Higher production and lower unit costs are expected in H2 as mining reaches higher-grade southern J Pit ore and recoveries improve; guidance assumes sustained operations without extended shutdowns.

• PLS FEED is expected to finish by year-end 2026, with updated capital estimates expected around March 2027; first production in 2031 remains targeted, subject to approvals.

• PLS Construction Licence hearings are targeted to conclude by the end of calendar 2027; FID is expected in late 2027 or early 2028.