Paladin Energy (PDN) Energy & Precious Metals Virtual Investor Summit summary

Market Overview and Strategic Positioning

• Global uranium demand is rising, driven by electrification, energy security, and AI/data center growth, with 438 reactors operating and 78 under construction worldwide.

• Uranium supply deficit is expected to widen beyond 2035, with visible new supply insufficient to meet growing demand through 2040.

• Utilities face significant uncovered uranium requirements, with 0.8Blb required by 2030 and 1.9Blb by 2040.

• Major uranium consumers often lack domestic supply, creating opportunities for diversified suppliers like Namibia and Canada.

• Current contract book includes 14 Tier 1 counterparties, supplying utilities in Europe, North America, and Asia, with contracted sales reaching 22 million lb through 2030.

Operational Performance and Asset Updates

• Langer Heinrich Mine in Namibia is fully operational after a US$120 million refurbishment, achieving 100% mining and processing capacity.

• FY2026 production guidance is 4.5–4.8 million lb, with 3 million lb sold in the first nine months at an average realised price of US$69.8/lb.

• Recovery rates have exceeded targets, and quarter-on-quarter output has improved for four consecutive quarters.

• 86% of Langer Heinrich's ore reserve is exposed to market-related prices or remains uncontracted, providing price upside.

• Operational volatility has decreased, with local workforce stability and infrastructure improvements, including water and power reliability.

Growth Projects and Future Outlook

• Patterson Lake South (PLS) project in Canada targets ~9 million lb U3O8 average annual production over a 10-year mine life, with high-grade, shallow ore.

• PLS project economics: US$1.3 billion NPV (pre- and post-tax), 28.2% IRR, and all-in sustaining cost as low as US$11.7/lb at US$90/lb uranium price.

• Exploration at PLS targets resource upgrades, extensions, and new mineralization along the Saloon Trend and Triple R deposit.

• Regulatory milestones include NRCan exemption, First Nations agreements, provincial environmental assessment, and EIS approval; FID targeted for end of 2027, with production by 2031.

• Multi-decade production and growth pipeline spans Namibia, Canada, and Australia, with advanced and early-stage exploration projects.