Paladin Energy (PDN) Investor presentation summary

Market environment and uranium demand

• Global decarbonisation and nuclear pledges are driving strong uranium demand, with 22 countries aiming to triple nuclear capacity by 2050 and China expected to become the largest uranium consumer by 2029.

• Uranium supply remains tight due to under-investment, reduced secondary supplies, and geopolitical disruptions, supporting a robust market outlook.

Langer Heinrich Mine (LHM) restart and operations

• LHM successfully restarted, achieving commercial production and first customer shipment within four months, with a US$120M capital forecast and no serious injuries or environmental incidents.

• FY2025 production guidance is 4.0–4.5Mlb U3O8 at a cost of US$28–31/lb, with nameplate capacity of 6Mlb expected by end of CY2025 and a 17-year mine life.

• Growth priorities include mine and plant optimisation, exploration drilling, and reserve/resource expansion, with new drilling to commence in FY2025.

Global growth strategy and project pipeline

• Over 440Mlb of high-grade mineral resources across Canada and Australia provide a strong growth pathway, with disciplined exploration and development underway.

• Michelin Uranium Project PFS to commence in FY2025, targeting completion in FY2026, with 127.7Mlb resource and potential for 6Mlb annual production.