Exemption from Non-Resident Ownership Policy granted

Press Release

17 March 2025

Paladin Energy Ltd (ASX:PDN, TSX:PDN, OTCQX:PALAF) (“Paladin” or the “Company”) is pleased to advise that the Canadian Minister for Energy and Natural Resources of Canada has granted the Company an exemption (the “ Exemption”) from the Non-Resident Ownership Policy in the Uranium Mining Sector (“NROP”) for its 100% owned Patterson Lake South Project (“PLS”) in Canada.

The application for the Exemption was submitted in connection with Paladin’s acquisition of Fission Uranium Corp. (“Fission”), through a court approved plan of arrangement under the Canada Business Corporation Act (“Arrangement”), which closed on 24 December 20241.

Under NROP, mining companies which are not resident in Canada require an exemption to own a controlling interest in a commercially producing uranium project. The Exemption allows Paladin to maintain its 100% controlling interest in PLS throughout its commercial production.

The Exemption does not constitute any other form of regulatory approval for PLS. Paladin received a similar but separate NROP exemption for its 100% owned Michelin Project in Labrador, Canada on 22 June 2015.

On 18 December 2024, Paladin received final clearance in respect of the Arrangement under the Investment Canada Act from the Minister of Innovation, Science and Industry, with Paladin providing undertakings favourable to Canada’s national interests and the long-term implementation of its critical minerals strategy. The undertakings outlined in the announcement of 19 December 2024 2 have the effect of supporting the Government’s strategic objectives for the sector through Paladin’s appointment of a Canadian citizen-resident as an independent director to further strengthen the existing 100% independent Paladin board; and preservation and continuance of a 100% independent3 senior executive team.

1 Refer to Paladin’s ASX Announcement titled “Paladin completes acquisition of Fission” dated 24 December 2024, available at https://www.paladinenergy.com.au/investors/asx-announcements/.

1 Refer to Paladin’s ASX Announcement titled “Clearance under Investment Canada Act received” dated 19 December 2024, available at https://www.paladinenergy.com.au/investors/asx-announcements/.

1 Meaning that each Paladin senior executive does not have current or prior contractual, financial or fiduciary relationships with any state-owned enterprise of the People’s Republic of China.

The Paladin acquisition of Fission further resulted in the immediate cessation of all outside ownership of Fission and its assets and concluded the governance rights and board seats held by other parties. Furthermore, Paladin agreed not to raise finance from PRC sources or sell any uranium produced from PLS to any customers in the PRC, with the exception of sales to China General Nuclear Power Group (“CGN”) pursuant to CGN’s rights under the existing offtake agreement. CGN’s offtake agreement contains dilution provisions which are now operative, following CGN ceasing to hold a significant shareholding in Fission as a result of the transaction.

Paladin CEO Ian Purdy commented:

“We are delighted to receive the decision of the Minister for Energy and Natural Resources of Canada as it takes us another step forward towards developing major uranium production assets in Canada, with NROP exemptions now granted for both the PLS and Michelin projects. We thank the Minister and Canadian officials for their timely and thorough approach in granting this exemption, which is testament to the strong relationships developing between Paladin and the Government of Canada.

“We are in lock-step with the Canadian and Provincial Governments on progressing the development of PLS for the benefit of the Company, the nation and the communities for whom it can deliver a range of economic and social benefits. Our team in Canada is now firmly focused on undertaking and securing the full range of approvals required for the PLS project.

“Our goal is to develop PLS so that it supports Paladin’s multi-decade production strategy and makes a strategic contribution to meeting global demand in North America, Europe and Japan for the uranium needed to produce baseload nuclear power.”

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

For further information contact:

Investor Relations
Head Office
Paula Raffo
Paladin Investor Relations
T: +61 8 9423 8100
E: paula.raffo@paladinenergy.com.au

Canada
Bob Hemmerling
Paladin Investor Relations
T: +1 250-868-8140
E: Bob.Hemmerling@paladinenergy.ca

Media
Head Office
Anthony Hasluck
Paladin Corporate Affairs
T: +61 438 522 194
E: anthony.hasluck@paladinenergy.com.au

Canada
Ian Hamilton, Partner
FGS Longview
T: +1 905-399-6591
E: ian.hamilton@fgslongview.com

IBF4