Paladin Energy (PDN) Investor Update summary

Equity raising and funding strategy

• A fully underwritten equity raising of A$300 million is being conducted through ASX and TSX placements, a Treasury Share Sale, and a Share Purchase Plan for eligible shareholders at A$7.25 per share, representing an 8% discount to the last close.

• Proceeds will fund PLS Project FEED completion, detailed design, early site works, permitting, Indigenous and community engagement, and exploration at PLS and Langer Heinrich, as well as provide working capital for LHM's ramp-up.

• The raise is intended to accelerate PLS development, provide schedule protection, and offer strategic options for growth and drilling while maintaining liquidity during LHM's ramp-up.

• Funding covers pre-FID needs and is incremental to previously outlined pre-production capital; future funding options include strategic partnerships, project debt, off-take prepay, or additional equity.

• Settlement and allotment of new shares under the main placements are scheduled for 22–23 September 2025, with SPP closing 9 October 2025 and shares allotted by 16 October 2025.

Project development and operational updates

• PLS Project is advancing through FEED and detailed design, targeting first production by 2031, with ongoing optimization and engineering enhancements identified.

• Langer Heinrich Mine's ramp-up is on track, with 727,356lb U3O8 produced YTD at US$40.7/lb cash cost, and FY2026 guidance reaffirmed at 4.0–4.4Mlb U3O8 production.

• Mining at Langer Heinrich is progressing as planned, with stockpile grades performing as expected and a ramp-up phase drawing from medium-grade stockpiles.

• Recoveries at Langer Heinrich are within the 85%-90% target range, and full production is expected in FY27, with guidance for that year to be provided in July 2026.

• No significant shutdowns or seasonal issues are anticipated at Langer Heinrich due to improved water supply and efficiency.

Exploration, permitting, and stakeholder engagement

• Exploration drilling at both PLS and Langer Heinrich is planned for FY2026, with actuals to be reported quarterly.

• Detailed design and FEED work at PLS are structured to de-risk the CNSC construction approval process, aiming for permit certainty by end of 2027.

• Ongoing commercial discussions with Indigenous Nations, including the Métis Nation, are progressing toward mutual benefits agreements, with stakeholder concerns being addressed.

• The company is not pursuing national significant status for PLS but remains committed to delivering the project on its own merits.

• Strong market outlook for uranium, with increased customer interest in long-term supply, particularly for PLS capacity in the early 2030s.