Paladin Energy (PDN) Investor presentation summary

Strategic positioning and market outlook

• Positioned as a global uranium producer with a focus on scale and growth, supported by a strong uranium market outlook driven by rising nuclear energy demand and global energy security needs.

• Global utilities are increasingly seeking uranium supply from Western jurisdictions due to a structural supply-demand deficit caused by under-investment.

• The uranium market is experiencing a return to fundamentals, with term contracting activity increasing but still below replacement levels, and significant uncovered uranium requirements for utilities over the next decade.

• Major policy initiatives and international pledges, such as COP28/29 and US executive orders, are expected to drive substantial incremental uranium demand through 2050.

Operational performance and project development

• Langer Heinrich Mine (LHM) achieved record quarterly production of 1.1Mlb U3O8 in September 2025, with a 63% increase in mined material and an 86% average plant recovery rate.

• Full mining and processing operations at LHM are planned for FY2027, with the remaining mining fleet expected to be in service in the second half of FY2026.

• Infrastructure upgrades, including a new tailings storage facility and refurbished power and water systems, support the transition to full operations.

• A $300 million fully underwritten equity raising was completed, and Paul Hemburrow was appointed as MD & CEO effective 1 September 2025.

Sales, contracts, and financials

• 14 uranium sales agreements are in place with tier-one global customers, covering 24.5Mlb of U3O8 contracted to 2030, with 85% of the LHM Ore Reserve exposed to market-related prices or uncontracted.

• Average realised price for uranium sold in the September 2025 quarter was US$67.4/lb, with a cost of production at US$41.6/lb.

• Cash and investments stood at US$269.4 million at the end of the September 2025 quarter.