Paladin Energy (PDN) investor relations material

Executive summary

• Langer Heinrich Mine ramp-up completed, achieving or exceeding FY2026 guidance for production, sales, and cost of production, and transforming into a stable uranium producer.

• Patterson Lake South Project advanced with key permitting milestones, CNSC sufficiency, and a significant new high-grade uranium discovery at Atlas.

• Maintained robust financial flexibility with $265 million in cash and investments and an undrawn $70 million credit facility at quarter end.

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

Financial highlights

• FY2026 production: 4.82Mlb U3O8 (upper end of guidance); Q4: 1.23Mlb.

• FY2026 sales: 4.35Mlb (exceeded guidance); Q4: 1.35Mlb.

• Average realised price: $70.0/lb for FY2026; $70.6/lb in Q4.

• FY2026 cost of production: $43.3/lb (below guidance of $44–$48/lb); Q4: $51.6/lb.

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

Outlook and guidance

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

• Production expected to be lower in H1 FY2027 due to planned maintenance and lower grades, improving in H2.

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

• PLS construction licence hearing targeted for end of 2027; first production expected in 2031, with construction starting in 2028.