Paladin Energy Ltd. — Capital/Financing Update 2021

Mar 23, 2021

Not for release to US wire services or distribution in the United States

ASX Announcement 24 March 2021

Retail Entitlement Offer Open for Acceptance

Paladin Energy Ltd (ASX: PDN) ( Paladin or Company ) refers to its announcement of Wednesday, 17 March 2021, where the Company announced it was conducting a 1 for 8.5 fully underwritten accelerated non-renounceable pro-rata entitlement offer of new fully paid ordinary shares ( New Shares ) to eligible existing shareholders to raise approximately A$90.2 million at a fixed offer price of A$0.37 per New Share ( Entitlement Offer ).

The retail component of the Entitlement Offer ( Retail Entitlement Offer ) opened today (Wednesday, 24 March 2021) and will close at 5.00pm (Sydney time) on Friday, 9 April 2021 (unless extended).

Only eligible retail shareholders of the Company as of 7.00pm (Sydney time) on Friday, 19 March 2021 may participate in the Retail Entitlement Offer. The eligibility criteria are set out in the Retail Offer Booklet, a copy of which was released to ASX today.

The Company now confirms that the following documents will be sent to Paladin retail shareholders today:

• (a) For eligible shareholders who have nominated to receive documents from the Company by electronic means, an email providing access to the Retail Offer Booklet and personalised entitlement and acceptance form by such electronic means.

• (b) For all other eligible retail shareholders, a letter via post notifying them of the Retail Entitlement Offer and providing instructions on how to access and participate in the Retail Entitlement Offer.

• (c) For ineligible retail shareholders, a letter notifying them of the Retail Entitlement Offer and their inability to participate in the Retail Entitlement Offer.

Eligible retail shareholders can access the Retail Offer Booklet and personalised entitlement and acceptance form at www.paladinoffer.com.au.

Eligible shareholders are encouraged to carefully read the Retail Offer Booklet for further information about the Retail Entitlement Offer. If you have questions, you should seek advice from your stockbroker, accountant or other professional adviser or otherwise please call the Paladin Offer

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Information Line on 1300 259 129 (within Australia) or +61 3 9415 4867 (outside Australia) at any time from 8:30am and 5:30pm (Sydney time) Monday to Friday during the Retail Entitlement Offer period.

This announcement has been authorised for release by the Board of Directors of Paladin Energy Ltd.

Not an offer in the United States

This announcement has been prepared for publication in Australia and may not be released to US wire services or distributed in the United States. This announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States or any other jurisdiction. Any securities described in this announcement have not been, and will not be, registered under the US Securities Act of 1933 and may not be offered or sold in the United States except in transactions exempt from, or not subject to, the registration of the US Securities Act and applicable US state securities laws.

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