Paladin Energy (PDN) investor relations material

Market overview and strategic positioning

• Global nuclear reactor expansion is driving significant growth in uranium demand, with 438 operable reactors, 79 under construction, and 311 proposed worldwide as of April 2026.

• A widening structural uranium supply-demand deficit is projected, with visible new supply insufficient to meet future requirements, necessitating an additional 50Mlb of new supply annually by 2040.

• Assets are strategically located in Namibia and Canada, providing diversification and access to Tier-1 industry counterparties in the US, Europe, and Asia.

Langer Heinrich Mine (LHM) performance

• Namibia accounts for ~12% of global uranium production, with LHM producing and selling 49Mlb U3O8 since 2007.

• A US$120M restart project was completed in 2024, focusing on repair, refurbishment, and debottlenecking to maximize plant availability.

• Ramp-up is on track for completion by end of FY2026, with upgraded production guidance of 4.5–4.8Mlb U3O8 for FY2026.

• In the first nine months of FY2026, 3Mlb U3O8 was sold at an average realized price of US$69.8/lb, with 22Mlb contracted through 2030.

• 86% of LHM ore reserves are exposed to market-related prices or remain uncontracted, providing leverage to uranium market dynamics.

Patterson Lake South (PLS) Project highlights

• Located in Canada’s Athabasca Basin, the PLS Project targets ~9Mlb U3O8 average annual production over a 10-year mine life, with significant exploration upside.

• The project boasts a high-grade, shallow orebody, supporting efficient conventional mining and reduced development time and costs.

• Strong project economics include a post-tax NPV of US$1.3B and a 28.2% IRR at a US$90/lb uranium price, with a 2.4-year payback period.

• PLS is highly cash flow generative across a range of uranium price scenarios, with average annual free cash flow of US$430M at US$90/lb.

• Ongoing exploration and resource conversion efforts aim to extend mine life and unlock further value, focusing on the Triple R deposit and Saloon East trend.