Paladin Energy (PDN) AGM 2024 summary

Opening remarks and agenda

• Meeting held on 29 November 2024, opened with introductions of board members, executives, auditors, and investor services representatives.

• Acknowledgement of outgoing director Joanne Palmer and thanks for her service.

• Webcast available for remote shareholders, with Q&A to follow CEO's presentation.

Financial performance review

• Langer Heinrich Mine returned to commercial production on 30 March 2024, on time and within forecast costs, with no serious injuries or environmental incidents.

• First customer shipment departed in July 2024; company is eight months into a 21-month ramp-up, targeting full production run rate of 6Mlb p.a. by end of CY2025.

• As of 30 September 2024, $55M in cash and $55M in undrawn debt facilities, with $110M available liquidity; company expects to be cash flow positive for the current quarter.

• Langer Heinrich Mine produced 826,346 lbs U3O8 and sold 823,064 lbs in FY2025 as of 31 October 2024; average realized price was $73.1/lb, with production costs at $44.8/lb.

• Interim production guidance for FY2025 was downgraded to 3.0–3.6 Mlb U3O8 due to ramp-up issues, but positive performance noted in the upgraded processing plant.

Board and executive committee updates

• Board diversity emphasized, with plans to recruit two new directors to replace outgoing members.

• CEO and executive team recognized for dedication and performance during the year.

• Board authorized the release of the AGM presentation and continues to oversee strategic transactions and ESG initiatives.