Paladin Energy Ltd. — Investor Presentation 2025

Feb 11, 2025

Bell Potter Unearthed Conference 2025

12 February 2025

==> picture [239 x 540] intentionally omitted <==

----- Start of picture text -----

Disclaimer and
Competent Persons’
Statement
----- End of picture text -----

Disclaimer

This presentation ( Presentation ) contains summary information about Paladin Energy Ltd.’s (the Company or Paladin ) activities current as at the date of this Presentation . The following disclaimer applies to this Presentation. You are advised to read this disclaimer carefully before reading or making any other use of this Presentation or any information contained in this Presentation. By attending an investor presentation or briefing, or accepting, accessing or reviewing this Presentation, you acknowledge and agree to the terms set out in this disclaimer.

Summary

The information in this Presentation is of a general background nature and does not purport to be complete or contain all the information investors would require to evaluate their investment in the Company, nor does it contain all the information which would be required in a prospectus or product disclosure statement prepared in accordance with the Corporations Act 2001 (Cth). The Company is not responsible for updating, nor undertakes to update, this Presentation. This Presentation has been prepared by the Company with due care but no representation or warranty, express or implied, is provided by the Company in relation to the currency, accuracy, reliability, fairness or completeness of the information, opinions or conclusions in this Presentation. This Presentation should be read in conjunction with the Company’s other periodic and continuous disclosure announcements, available at paladinenergy.com.au.

Not an Offer

This Presentation is for information purposes only and is not, and should not be considered as, an offer or solicitation or an invitation or recommendation to subscribe for, acquire or buy securities in the Company or any other financial products. Neither this Presentation nor any of its contents will form the basis of any contract or commitment. This Presentation is not a prospectus, product disclosure statement or other disclosure document under the Corporations Act, or any other offering document under Australian law, Canadian law or the law of any other jurisdiction.

Not Investment or Financial Advice

This Presentation, and the information in it, does not constitute financial product, legal, tax or investment advice and is not a recommendation to investors or potential investors in relation to holding, purchasing or selling Paladin’s securities. The Company does not purport to give financial, legal, tax or investment advice. No account has been taken of the objectives, financial situation or needs of any recipient of this Presentation. Recipients of this Presentation should carefully consider whether the securities issued by the Company are an appropriate investment for them in light of their personal circumstances, including their financial and taxation position. Before making an investment decision, you should seek independent professional advice that you deem necessary or appropriate before taking any action based on the information contained in this Presentation.

Investment Risk

An investment in any listed company, including the Company, is subject to investment and other known and unknown risks, some of which are beyond the control the Company, including possible loss of income and capital invested. The Company does not guarantee any particular rate of return or the performance of the Company, nor does it guarantee the repayment of capital from the Company or any particular tax treatment. When making any investment decision, investors should make their own enquires and investigations regarding all information in this Presentation, including but not limited to the assumptions, uncertainties and contingencies which may affect future operations of the Company, and the impact that different future outcomes may have on the Company.

Past Performance

Past performance information given in this Presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance, including future share price

performance.

Forward-Looking Statements

This Presentation includes statements that may be deemed “forwardlooking statements” within the meaning of Australian securities laws and “forward-looking information” within the meaning of Canadian securities laws (collectively referred to in this Presentation as forward-looking statements ). Forward-looking statements can generally be identified by the use of forward-looking words such as “anticipate”, “expect”, “likely”, “propose”, “will”, “intend”, “should”, “could”, “may”, “believe”, “forecast”, “estimate”, “target”, “outlook”, “guidance” and other similar expressions. All statements in this Presentation, other than statements of historical facts, that address future production, reserve or resource potential, exploration drilling, exploration activities and events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements involve subjective judgment and analysis and are subject to significant uncertainties, risks and contingencies including those risk factors associated with the mining industry, many of which are outside the control of, change without notice, and may be unknown to the Company. These risks and uncertainties include but are not limited to liabilities inherent in mine development and production, geological, mining and processing technical problems, the inability to obtain any additional mine licences, permits and other regulatory approvals required in connection with mining and third party processing operations, competition for amongst other things, capital, acquisition of reserves, undeveloped lands and skilled personnel, incorrect assessments of the value of acquisitions, changes in commodity prices and exchange rates, currency and interest fluctuations, various events which could disrupt operations and/or the transportation of mineral products, including labour stoppages and severe weather conditions, the demand for and availability of transportation services, the ability to secure adequate financing and management's ability to anticipate and manage the foregoing factors and risks.

Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from the expectations expressed in the forward-looking statements. Factors that could cause actual results to differ materially from the expectations expressed in those forward-looking statements include market prices, exploitation and exploration successes, permitting and development issues, political risks, First Nation engagement, climate risk, natural disasters, regulatory concerns, continued availability of capital and financing and general economic, market or business conditions and risk factors associated with the Uranium industry generally.

There can be no assurance that forward-looking statements will prove to be accurate. Investors are cautioned that any such forward-looking statements are not guarantees of future performance, and actual results or future developments may differ materially from those projected in the forward-looking statements.

Readers should not place undue reliance on forward-looking information, and should rely on their own independent enquiries, investigations and advice regarding information contained in this Presentation. Any reliance by a reader on the information contained in this Presentation is wholly at the reader’s own risk. The forward-looking statements in this Presentation relate only to events or information as of the date on which the statements are made. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise. No representation, warranty, guarantee or assurance (express or implied) is made, or will be made, that any forward-looking statements will be achieved or will prove to be correct.

Except for statutory liability, which cannot be excluded, the Company, its officers, employees and advisers expressly disclaim any responsibility for the accuracy or completeness of the material contained in this Presentation and exclude all liability whatsoever (including in negligence) for any loss or damage which may be suffered by any person as a consequence of any information in this Presentation or any error or omission there from. The Company accepts no responsibility to update any person regarding any inaccuracy, omission or change in information in this Presentation or any other information made available to a person nor any obligation to furnish the person with any further information.

Nothing in this Presentation will, under any circumstances (including by reason of this Presentation remaining available and not being superseded or replaced by any other Presentation or publication with respect to the Company or the subject matter of this Presentation), create an implication that there has been no change in the affairs of the Company since the date of this Presentation.

2

==> picture [239 x 540] intentionally omitted <==

----- Start of picture text -----

Disclaimer and
Competent Persons’
Statement
----- End of picture text -----

Historical Estimates

The information in this Presentation relating to the Mineral Resources and Ore Reserves (as such terms are defined in the Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves (the JORC Code )) for all of the Company’s deposits other than Langer Heinrich Mine ( LHM ), Paterson Lake South ( PLS ), Michelin, Jacques Lake and Manyingee was prepared and first disclosed under the JORC Code 2004. Such information has not been updated since to comply with the JORC Code 2012 on the basis that this information has not materially changed since it was last reported. Refer to the Mineral Resources, Ore Reserve and Mineral Reserves tables in the Appendices of this Presentation for further information.

Market and Industry Data

This Presentation contains market and industry data, information and forecasts that were obtained from government or other industry publications and reports. Government and industry publications and reports generally state that the information contained therein has been obtained from sources to be reliable, but do not guarantee the accuracy and completeness of their information. While Paladin believes this data to be reliable, market and industry data is subject to variations and cannot be verified due to limits on the availability and reliability of data inputs, the voluntary nature of the data gathering process and other limitations and uncertainties inherent in any market or other survey. Accordingly, the accuracy of this information cannot be guaranteed by Paladin and Paladin has not independently verified any of the data. Paladin hereby disclaims any responsibility or liability whatsoever in respect of any third-party sources of market and industry data, information and forecasts.

Rounding

Figures, amounts, percentages, estimates and calculations of value in this Presentation are subject to the effect of rounding. Accordingly, the actual calculation of these figures may differ from the figures set out in this Presentation.

Competent Person’s Statement

Certain information contained within this Presentation is extracted from the “2024 Annual Report to Shareholders” released on 29 August 2024 (the Annual Report) which is available to view on paladinenergy.com.au. The Company confirms that it is not aware of any new information or data that materially affects the information included in the Annual Report and, in the case of Mineral Resources or Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the Annual Report continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not materially modified from the Annual Report.

National Instrument 43-101

The scientific and technical information relating to LHM in this Presentation is based on the technical report titled “NI 43-101 Technical Report on Langer Heinrich Uranium Project, Erongo Region, Republic of Namibia” with an effective date of 31 March 2024 which was prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators (NI 43-101) and is available on www.sedarplus.ca. Scientific and technical information relating to LHM contained in this Presentation was reviewed and approved by Mr David Varcoe, Principal Mining Engineer, for AMC Consultants Pty Ltd, a “qualified person” under NI 43-101, and by Mr David Princep, a full-time employee of Gill Lane Consulting Pty Ltd., a “qualified person” under NI 43-101.

The scientific and technical information relating to PLS in this Presentation is based on the technical report titled “Feasibility Study, NI 43-101 Technical Report, for PLS Property” with an effective date of 17 January 2023 which was prepared in accordance with NI 43101 and is available on www.sedarplus.ca. Scientific and technical information relating to PLS contained in this Presentation was reviewed and approved by Kanan Sarioglu, VP Exploration of Fission Uranium Corp. a subsidiary of Paladin, a “qualified person” under NI 43-101.

Foreign Estimates

For the purposes of ASX Listing Rule 5.12, Paladin cautions that PLS’ Mineral Reserves and Mineral Resources are not reported in accordance with the JORC Code. The PLS Mineral Reserves and Mineral Resource estimates are foreign estimates prepared in accordance with NI 43-101. A competent person has not done sufficient work to classify the foreign estimate as Mineral Resources or Ore Reserves in accordance with the JORC Code, and it is uncertain whether further evaluation and exploration will result in an estimate reportable under the JORC Code. Please refer to Paladin’s ASX announcement entitled ‘Paladin Energy to acquire Fission Uranium creating a clean energy leader’ dated 24 June 2024 for additional technical information relating to such foreign estimate. Paladin confirms that the supporting information provided in the aforementioned announcement continues to apply and has not materially changed. The information in this Presentation and the aforementioned announcement provided under ASX Listing Rules 5.12.2 to 5.12.7 that relates to the PLS foreign estimate is based on information compiled by Henry Kim, P.Geo. and William Bagnell, P.Eng. and is an accurate representation of the available data and studies for the PLS project. Henry Kim is a fulltime employee of Wood Canada Limited and is a member of Engineers and Geoscientists British Columbia. Henry Kim has sufficient experience that is relevant to the style of mineralisation and types of deposits under consideration and to the activity which he has

undertaken to qualify as a Competent Person as defined in the 2012 Edition of the JORC Code. Henry Kim consents to the inclusion in this Presentation of the matters related to PLS’ Mineral Resources based on this information in the form and context in which it appears. William Bagnell, P.Eng. confirms that the information in this Presentation that relates to PLS’ Mineral Reserves provided under ASX Listing Rules 5.12.2 to 5.12.7 is an accurate representation of the available data and studies supplied to Paladin as a foreign estimate. William Bagnell is a full-time employee of Wood Canada Limited and is a Professional Licensee Engineering with Association of Engineers and Geoscientists Saskatchewan. William Bagnell has sufficient experience that is relevant to the style of mineralisation and types of deposits under consideration and to the activity which he has undertaken to qualify as a Competent Person as defined in the 2012 Edition of the JORC Code. William Bagnell consents to the inclusion in this Presentation of the matters related to PLS’ Mineral Reserves based on this information in the form and context in which it appears.

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

3

Restart of the Langer Heinrich Mine

Acquisition of Fission Uranium Corp

A global uranium company with scale and growth

• Restart Project completed on time and within cost forecast

• ~1.8Mlb U3O8 produced in the first nine months since restart[1]

• Uranium delivered to global customers under long term contracts

• Cashflow positive from operations in the first six months of FY2025[2]

==> picture [35 x 36] intentionally omitted <==

• All scrip acquisition completed in December 2024

• High-grade, near surface Patterson Lake South (PLS) project added to Paladin’s growth pipeline

• Exceptional exploration upside and potential to extend PLS resource

• Increased scale and global profile of Paladin with TSX secondary listing

Proven developer and uranium producer

Multi-decade growth pipeline

Industry-leading contract book

Financial strength and capital flexibility

==> picture [960 x 98] intentionally omitted <==

----- Start of picture text -----

1 Refer to the ASX announcements entitled “Quarterly Activities Report - June 2024” released to the ASX on 22 July 2024 and “Quarterly Activities Report - December 2024” released to the ASX on 22 January 2025. 2 Refer to the ASX announcement 4
entitled “Quarterly Cashflow Report - December 2024” released to the ASX on 22 January 2025.
----- End of picture text -----

Production and growth pipeline

Namibia – A leading uranium mining jurisdiction	Namibia – A leading uranium mining jurisdiction		Canadian development hub	Canadian development hub	Canadian development hub		Exploration portfolio in Australia and Canada	Exploration portfolio in Australia and Canada	Exploration portfolio in Australia and Canada	Exploration portfolio in Australia and Canada
	Production		Development	Preliminary Economic Assessment			Advanced Exploration			Early-Stage Exploration (Athabasca Basin)
	Langer Heinrich Mine NAMIBIA		Patterson Lake South CANADA		Michelin CANADA		Manyingee & Carley Bore AUSTRALIA Mount Isa			West Cluff Larocque Seahawk Merlin Corsair Typhoon 11,148 ha 958 ha 6,293 ha 808 ha 3,481 ha 3,867 ha

5

Production: The Lan er Heinrich Mine g

Ramping up production

• Restarted commercial production in March 2024 after an extensive repair & refurbishment program and debottleneck of existing plant

• LHM is in ramp-up delivering commercial production volumes to customers

• Currently processing medium grade stockpiles, transitioning to open pit mining in mid-2025

• Proven low risk, conventional alkaline leach processing circuit

• 83.4Mlb U3O8 of Ore Reserves leading to a 17-year life of mine[1]

==> picture [126 x 117] intentionally omitted <==

----- Start of picture text -----

NAMIBIA
----- End of picture text -----

==> picture [69 x 19] intentionally omitted <==

----- Start of picture text -----

LANGER
HEINRICH MINE
----- End of picture text -----

Priorities

• Progressing mining phase preparation with preferred mining contractor selected

• Completing ramp-up and achieving full production

• Reviewing optimisation opportunities, including advancing mining and ore blending strategies

• Pursuing expansion optionality via mine plan and plant optimisation, and drilling program to expand resource and reserve

==> picture [424 x 381] intentionally omitted <==

1 Refer to ASX Announcement entitled “Langer Heinrich Mine Restart Plan Update, Mineral Resource and Ore Reserve Update” dated 4 November 2021 and the technical report titled “NI 43-101 Technical Report on Langer Heinrich Uranium Project, Erongo Region, Republic of Namibia” with an effective date of 31 March 2024.

6

Development: Patterson Lake South (PLS)

Priorities

One of the world’s largest nearsurface, high-grade uranium projects

• Reviewing 2023 Feasibility Study aiming at identifying areas for further optimisation and de-risking project development

• PLS is one of the Athabasca Basin’s only high-grade undeveloped projects

• 93.7Mlb Mineral Reserves at 1.41% U3O81

• 2023 Feasibility Study highlighted potential for life of mine production of

• Ongoing engagement with Indigenous Nations

• ~9Mlb p.a. U3O8 over a 10-year mine life[2]

• Commencing winter drilling program aimed at resource extension

• Continuing to advance environmental approval process and CNSC Construction Licence process

• ATHABASCA BASIN

==> picture [138 x 138] intentionally omitted <==

----- Start of picture text -----

CANADA
----- End of picture text -----

==> picture [424 x 381] intentionally omitted <==

----- Start of picture text -----

Athabasca basin regional deposits
----- End of picture text -----

1 Refer to the Appendices for more information and Mineral Resource Tables. 2 Refer to “Paterson Lake South foreign estimates" section on slide 3 for further information. PLS production target is based on the technical report titled "Feasibility Study, NI 43-101 Technical Report, for PLS Property" with an effective date of 17 January 2023 which was prepared in accordance with NI 43-101.

7

Preliminary Economic Assessment: Michelin Uranium Project

Large-scale potential project

• US$75M of total historical in-ground exploration including infill drilling

• Total Mineral Resource of 127.7Mlb @ 860ppm[1]

• Preliminary Economic Assessment study (PEA) completed in 2009

• Only 15% of the tenement area has been tested by drilling

• Priorities • Scoping a Pre-Feasibility Study (PFS) focusing on • Updated PEA which outlined a potential conventional open pit Michelin and underground operation Project

• • Evaluate capex-efficient Tenements alternative development options

  • Deliver initial project execution plan and progress Environmental Assessment timeline

• Commencing winter drilling campaign

• MICHELIN preparation aiming at identifying and PROJECT defining additional shallow deposit extensions

==> picture [138 x 138] intentionally omitted <==

----- Start of picture text -----

CANADA
----- End of picture text -----

1 Refer to the Appendices for information and Mineral Resources tables. Refer ASX Announcement dated 31 January 2018 "Correction to 30 June 2017 Annual Report" pp13-15 (reporting standard JORC 2012).

8

Exploration: Australian & Canadian portfolio

Advanced exploration • ~190Mlb of Mineral Resource • Preparation underway for scoping study at Mt Isa to review historical work including resource and metallurgical work to inform the forward work plan	Mount Isa • Mineral Resource: 148.4Mlb at 680ppm1	Manyingee & Carley Bore • Mineral Resource: 41.5Mlb at 510ppm1
Early-stage exploration • Over 26,000ha of prospective exploration tenements in Canada • Untested upside with limited drilling • Commencement of desktop studies to assess exploration priorities • Paladin will continue to be prudent in exploration expenditure	West Cluff • Highly prospective asset with 11,148ha in Western Athabasca Basin, close to infrastructure of past producing Cluff Lake Mine	Larocque • Prospective high grade uranium region with 958ha in Eastern Athabasca Basin
	Seahawk • 6,293ha located ~33km southeast of Athabasca Basin	Merlin • 808ha located ~36km west of Cameco’s Key Lake uranium mill
	Corsair • 3,481ha located ~110km eastsoutheast of PLS and <20km south of Cameco’s Centennial uranium deposit	Typhoon • 3,867ha located ~20km south of PLS

1 Refer to the Appendices for information and Mineral Resources tables.

9

Uranium Market Outlook

Strong demand for nuclear energy driven by global decarbonisation and ener securit gy y

• Nuclear energy is the second largest source of global clean energy with​ almost zero carbon emissions​[1]

• Nuclear energy provides nearly half of clean energy in the US[2]

• COP28 and COP29: 31 countries, including the US, Canada, the UK and France, pledged to triple nuclear power capacity by 2050

• Chinese utilities are expected to become the largest consumers of uranium by 2028[3]

• AI and data centres are competing for clean energy from base-load sources

Emissions intensity by energy source[4] (g/kWh)

Global nuclear reactor rollout is underway[5]

==> picture [400 x 197] intentionally omitted <==

----- Start of picture text -----

820
490
48
24 12 11
Coal Gas Solar Hydro Nuclear Wind
----- End of picture text -----

==> picture [410 x 196] intentionally omitted <==

----- Start of picture text -----

344
In 28 countries
86
In 16 countries
65
In 15 countries
440
Worldwide
Operable Under Construction Planned Proposed
----- End of picture text -----

1 World Nuclear Association (WNA) – “Nuclear Power in the World Today”. 2 U.S. Department of Energy – June 2024. 3 TradeTech Uranium Market Study 2024 Issue 3. 4 World Nuclear Association (WNA) “Carbon Dioxide Emissions From Electricity” – September 2024.[5] WNA - “World Nuclear Power Reactors & Uranium Requirements” – January 2025

11

Nuclear fuel cycle dynamics

Conversion

U O 3 8

Enrichment

Western utilities have been securing enrichment and conversion services and are now shifting to the procurement of U3O83O8O88

  - A structural deficit of ~40Mlb annually is expected to persist over the next decade due to historic underinvestment

• Western conversion capacity is insufficient to meet current demand

• Enrichers have shifted from underfeeding to overfeeding, increasing demand for uranium

• Existing conversion plants are not scalable and new facilities are required, e.g. Westinghouse’s Springfields

the procurement of U3O83O8O88 • Market bifurcation and restrictions on Russian supply have amplified the need for expanded Western Paladin is well placed to enrichment capacity capture the emerging contracting cycle dynamics with existing production at LHM and Term pricing[[1]] , US$/SWU future production at PLS

• Growing demand driven by decarbonisation and energy security considerations

• Utilities, previously focused on conversion and SWU requirements post-market bifurcation, are now addressing uranium procurement gaps

• Global utilities have significant uncovered requirements of ~1Blb over the next decade

==> picture [634 x 136] intentionally omitted <==

----- Start of picture text -----

Term pricing [[1]] , US$/SWU Average of NA & EU spot pricing [1] , US$/kgU UF6 Spot pricing [1] ,US$/lb U3O8
+172%
+500% +70%
$71.75
$166.00
$96.00 $42.10
$61.00
$16.00
Dec-21 Dec-24 Dec-21 Dec-24
Dec-21 Dec-24
----- End of picture text -----

1 Based on UxC historical month end prices (30 December 2021 to 30 December 2024)

12

LHM’s contract book leverages stron uranium market fundamentals g

~50%

11 ~50% offtakes secured of life of mine with tier one industry production counterparties contracted

~88% Life of mine of life of mine production offtake with CNNC, one is exposed to market of the largest consumers related prices of uranium in the world

Pricing mix (% of LOM production)[1]

==> picture [226 x 225] intentionally omitted <==

50% Uncontracted

38% Market related prices

12% Base-escalated and fixed prices

1 Based on Langer Heinrich Uranium Life of Mine production on a 100% basis, as detailed in the ASX Announcement “Langer Heinrich Mine Restart Plan Update, Mineral Resource and Ore Reserve Update” dated 4 November 2021 and the technical report titled “NI 43-101 Technical Report on Langer Heinrich Uranium Project, Erongo Region, Republic of Namibia” with an effective date of 31 March 2024. All material assumptions underpinning the production target continue to apply and have not materially changed. Contract coverage and pricing mechanism calculations are based on nominal contract volumes from 1 January 2025 to end of life of mine production under executed offtake agreements. Assumes CNNC takes 25% of production post 2025 (Life of Mine offtake). Base-escalated contracts include a contract with a fixed price mechanism incorporating a specified escalation rate. Subject to customary conditions precedent contained in offtake agreements, including the requirement to receive Namibian Government and other regulatory approvals.

13

Outlook

04 Ongoing

==> picture [114 x 23] intentionally omitted <==

----- Start of picture text -----

02 Completed
----- End of picture text -----

==> picture [114 x 24] intentionally omitted <==

----- Start of picture text -----

01 Completed
----- End of picture text -----

Appendices

Global Presence

|Research Coverage
Dual listed
ASX:PDN | TSX:PDN
Market Cap1
A$3.4B
Available Cash2
US$166M
Undrawn Debt Facility2
US$50M|CANADA
ATHABASCA BASIN
EXPLORATION
CANADA
PLS PROJECT
DEVELOPMENT|CANADA
MICHELIN
ADVANCED
EXPLORATION
NAMIBIA
LANGER HEINRICH
PRODUCTION||MOUNT ISA,
QUEENSLAND
ADVANCED
EXPLORATION
MANYINGEE &
CARLEY BORE,
WESTERN
AUSTRALIA
ADVANCED
EXPLORATION|MOUNT ISA,
QUEENSLAND
ADVANCED
EXPLORATION
MANYINGEE &
CARLEY BORE,
WESTERN
AUSTRALIA
ADVANCED
EXPLORATION|
|---|---|---|---|---|---|
||||AUSTRALIA|MOUNT ISA,
QUEENSLAND
MANYINGEE &
CARLEY BORE,
WESTERN
AUSTRALIA
ADVANCED
EXPLORATION||
||||||MOUNT ISA,
QUEENSLAND|
||||
HEAD OFFICE|||

1 As at 11 February 2025 2 As at 31 December 2024

17

Langer Heinrich Mine YTD FY2025 Results[1]

The ramp up of LHM continues, with operational gains embed each quarter

• LHM produced 1.3Mlb U3O8 in the first half of FY2025

• The best month of production to date at the LHM was December with 308,604lb U3O8 produced, with an average plant recovery of 88% for the December 2024 quarter

• Planned plant shutdown in November completed within schedule (12 days), and included a number of plant improvements and routine maintenance activities

• Four new offtake contracts signed in the first half of FY2025, totaling 11 contracts with tier-one global customers

• As at 31 December 2024, the Company held US$166M in unrestricted cash and short term investments, along with undrawn debt facilities of US$50M (US$100M in debt drawn)

• LHM remains on track to meet the revised production guidance of 3.0 – 3.6Mlb U O for FY2025[2] 3 8

LHM Summary (100%)1 YTD FY2025 Tonnes Processed DT (million) 1.58 Ore Feed Grade PPM 413 Plant Recovery % 78 U3O8Produced lb 1,278,088 U3O8Sold lb 1,123,207 Average Realised Price US$/lb 68.8 Cost of Production US$/lb 42.1 Sustaining Capital Expenditure US$M 11.6 Cashflow from Operation US$M 30.5	Q1 FY2025 Q2 FY2025
	0.83 0.75
	422 404
	69 88
	639,679 638,409
	623,064 500,143
	70.3 66.9
	41.9 42.3
	2.9 8.7
	(12.8) 43.3

1 Refer to ASX Announcement “Quarterly Activities Report – December 2024” dated 22 January 2025. 2 Refer to ASX Announcement “Langer Heinrich Mine update and revision of FY2025 guidance” dated 12 November 2024.

18

Mineral Resources and Ore Reserves Lan er Heinrich Mine g

Summary Mineral Resources[1]

		Millions of Tonnes	Grade U3O8	**Contained U3O8 **	Grade V2O5	**Contained V2O5 **
Location	Classification	(Mt)	(ppm)	(Mlb)	(ppm)	(Mlb)
In-situ open pit	Measured	79.1	450	78.6	145	25.5
MG2 stockpiles	Measured	5.3	510	6.0	165	1.9
LG3 stockpiles	Measured	20.1	325	14.4	105	4.7
Total Measured		104.5	430	99.0	140	32.1
In-situ open pit	Indicated	23.5	375	19.5	120	6.3
In-situ open pit	Inferred	11.0	345	8.4	115	2.7

Summary Ore Reserves[1]

		Millions of Tonnes	Grade U3O8	**Contained U3O8 **
Location	Classification	(Mt)	(ppm)	(Mlb)
In situ - open pit	Proved	48.3	488	52.0
In situ - open pit	Probable	10.0	464	10.2
Stockpiles	Proved	25.4	364	20.4
Total	All	83.8	448	82.8

Mineral Resources

Notes: 200ppm U3O8 cut-off applied to in-situ Mineral Resources – 250ppm U3O8 cut-off applied to stockpiles at the time of mining. Mineral Resources reported on a 100% ownership basis, of which Paladin has a 75% interest. The Measured and Indicated U3O8 Mineral Resources are inclusive of those Mineral Resources modified to produce the Ore Reserves (as reported above). Depleted for mining. Tonnage information has been rounded and as a result the figures may not add up to the totals quoted.

1 For further information, refer to ASX Announcement “2024 Annual Report to Shareholders” dated 29 August 2024 and the technical report titled “NI 43-101 Technical Report on Langer Heinrich Uranium Project, Erongo Region, Republic of Namibia” with an effective date of 31 March 2024. .[2 ] “MG” refers to medium grade.[3 ] “LG” refers to low grade.

Ore Reserves

Notes: Ore Reserves are reported on a dry basis. Proved Ore Reserves are inclusive of ore stockpiles. 250ppm cut-off applied. Tonnage figures have been rounded and may not add up to the totals quoted. Ore Reserves reported on a 100% ownership basis, of which Paladin has a 75% interest. Vanadium does not report to Ore Reserves.

1 For further information, refer to ASX Announcement “2024 Annual Report to Shareholders” dated 29 August 2024 and the technical report titled “NI 43-101 Technical Report on Langer Heinrich Uranium Project, Erongo Region, Republic of Namibia” with an effective date of 31 March 2024..

19

Mineral Resources and Reserves Patterson Lake South Project

Summary Mineral Resources[1]

Classification	Millions of Tonnes	Grade U3O8	Grade Au	Contained U3O8	Contained Au
	(Mt)	(%)	(g/t Au)	(Mlb)	(koz)
Indicated	2.7	1.94	0.61	114.9	52.7
Inferred	0.6	1.10	0.44	15.4	9.0

Notes:

1. CIM (2014) definitions were followed for Mineral Resources.

2. Mineral Resources are reported at a cut-off grade of 0.25% U3O8, based on a long-term price of US$50/lb U3O8, an exchange rate of C$1.00/US$0.75, and cost estimates derived during the PFS with a metallurgical recovery of 95%.

3. A minimum mining width of 1 m was applied to the resource domain wireframe.

4. Mineral Resources are inclusive of Mineral Reserves.

5. Numbers may not add due to rounding.

Summary Mineral Reserves[1]

Classification	Millions of Tonnes	Grade U3O8	Contained U3O8
	(Mt)	(%)	(Mlb)
Probable	3.0	1.41	93.7

Notes:

1. CIM Definition Standards (2014) were followed for the classification of Mineral Reserves.

2. The Mineral Reserves are reported with an effective date of January 17, 2023.

3. Mineral Reserves were estimated using a long-term metal price of US$65 per pound of U3O8 and a US$/C$ exchange rate of 0.75 (C$1.00 = US$0.75)

4. Underground Mineral Reserves were estimated by creating stope shapes using Datamine’s Mineable Shape Optimizer (MSO). The MSO outputs were evaluated in the context of the mine design, and then a 0.25% U3O8 cut-off was applied. For longhole stoping, a minimum mining width of 4m (including hanging wall and footwall dilution) and stope height of 20m was used. Following MSO, the mineable shapes were further subdivided in Deswik to produce a maximum width of 12m (including hanging wall and footwall dilution). Drift and fill mining is designed at 5m wide by 5m high for development shapes located in the crown pillar areas of the orebodies.

5. Mining recovery of 95% was applied to all stopes, while all development mining assumes 100% extraction.

6. The density varies based on block model values. An estimated waste density of 2.42 t/m3 was used for areas outside the block model boundary.

7. By-product credits were not included in the estimation of Mineral Reserves.

8. Numbers may not add due to rounding.

1 Mineral reserves and mineral resources estimates for PLS is based on the technical report titled "Feasibility Study, NI 43-101 Technical Report, for PLS Property" with an effective date of 17 January 2023 which was prepared in accordance with NI 43-101 and is available on www.sedarplus.ca. Refer to: (1) "National Instrument 43-101" section on slide 3; and (2) “Foreign estimates" section on slide 3, for further information.

20

Mineral Resources Summary Michelin Project

Mineral Resources				Mlb U3O8	Paladin Ownership
Canada		Mt	Grade ppm U3O8	(100% basis)	(%)3
Measured	Michelin1	17.6	965	37.6	100
	Rainbow2	0.2	920	0.4	100
Indicated	Gear2	0.4	770	0.6	100
	Inda2	1.2	690	1.8	100
	Jacques Lake1	13.0	630	18.0	100
	Michelin1	20.6	980	44.6	100
	Nash2	0.7	830	1.2	100
	Rainbow2	0.8	860	1.4	100
Inferred	Gear2	0.3	920	0.6	100
	Inda2	3.3	670	4.8	100
	Jacques Lake1	3.6	550	4.4	100
	Michelin1	4.5	985	9.9	100
	Nash2	0.5	720	0.8	100
	Rainbow2	0.9	810	1.6	100
Total Canada		67.7	860	127.7	100

Note: Values may not add due to rounding.

1 Refer ASX Announcement dated 31 January 2018 "Correction to 30 June 2017 Annual Report" pp13-15 (reporting standard JORC 2012). 2 Refer SEDAR lodgement (TSX:FRG) dated 8 September 2009 “Fronteer Reports Positive Preliminary Economic Assessment for Michelin Uranium Project” (reporting standard JORC 2004).[3 ] ‘Paladin Ownership (%)’ as at 18 October 2023.

21

Mineral Resources Summary Australian exploration portfolio[1]

Mineral Resources	Mt Grade ppm U3O8 Mlb U3O8 (100% basis) Paladin Ownership (%)
Australia
Measured Valhalla1	16.0 820 28.9 100
Indicated Andersons2	1.4 1,450 4.6 100
Bikini3	5.8 495 6.3 100
Duke Batman4	0.5 1,370 1.6 100
Odin5	8.2 555 10.0 100
Skal6	14.3 640 20.2 100
Valhalla1	18.6 840 34.5 100
Carley Bore7	5.4 420 5.0 100
Manyingee8	8.4 850 15.7 100
Inferred Andersons2	0.1 1,640 0.4 100
Bikini3	6.7 490 7.3 100
Duke Batman4	0.3 1,100 0.7 100
Honey Pot9	2.6 700 4.0 100
Mirrioola10	2.0 560 2.5 100
Odin5	5.8 590 7.6 100
Skal6	1.4 520 1.6 100
Valhalla1	9.1 640 12.8 100
Watta11	5.6 400 5.0 100
Warwai11	0.4 360 0.3 100
Carley Bore7	17.4 280 10.6 100
Manyingee8	5.4 850 10.2 100
Total Australia	135.4 635 189.8 100

Note: Values may not add due to rounding.

• 1 Refer Announcement (ASX:SMM) dated 19 October 2010 "Resource Upgrade for the Valhalla Uranium Deposit“ (reporting standard JORC 2004)

• 2 Refer ASX Announcement dated 16 April 2012 "Quarterly Activities Report for period ending 31 March 2012“ (reporting standard JORC 2004)

• 3 Refer ASX Announcement dated 15 April 2011 "Quarterly Activities Report for period ending 31 March 2011 (reporting standard JORC 2004)

• 4 Refer ASX Announcement dated 31 August 2011 “30 June 2011 Annual Report” p29 (reporting standard JORC 2004)

• 5 Refer ASX Announcement dated 17 January 2012 "Quarterly Activities Report for period ending 31 December 2011“ (reporting standard JORC 2004)

• 6 Refer ASX Announcement dated 13 July 2012 "Quarterly Activities Report for period ending 30 June 2012“ (reporting standard JORC 2004)

• 7 Refer ASX Announcement (ASX:EMX) dated 12 February 2014 "Energia Delivers Significant Uranium Resource Upgrade“ (reporting standard JORC 2012)

• 8 Refer ASX Announcement dated 14 January 2014 "Manyingee Minerals Resources - Amendment“ (reporting standard JORC 2012)

• 9 Refer ASX Announcement dated 10 December 2008 “Maiden Uranium Resource at Valhalla North Project” (reporting standard JORC 2004)

• 10 Mirrioola - ASX Announcement dated 15 March 2012 “Half Yearly Financial Report 31 December 2011" (reporting standard JORC 2004

• 11 Watta - ASX Announcement Summit Resources Ltd dated 29 January 2013 “Half Year Financial Report – 31 December 2012, (reporting standard JORC 2004); Warwai - ASX Announcement Summit Resources Ltd dated 29 January 2013 “Half Year Financial Report – 31 December 2012 (reporting standard JORC 2004).

1 The state government of Queensland permits uranium exploration, but bans uranium mining, whilst the current state government of Western Australia currently has no-development uranium mining policy. Refer to ASX Announcement “Fission Files Management Information Circular” dated 31 July 2024.

22

Clean Energy. Clear Future.

23

PALADIN INVESTOR RELATIONS

Head Office

Canada

MEDIA

Head Office

Canada