Paladin Energy Ltd.: Patterson Lake South Project Update

Press Release

28 August 2025

Paladin Energy Ltd (ASX:PDN, TSX:PDN, OTCQX:PALAF) (“Paladin” or the “Company”) provides an update on the Patterson Lake South (PLS) Project following a detailed technical review, including capital and operating costs, as part of the ongoing Front-End Engineering and Design (FEED) work (the “Engineering Review”).

The PLS Project hosts Triple R, a shallow, undeveloped high- quality uranium deposit located in the Athabasca Basin Region, in Saskatchewan, Canada. Paladin acquired the PLS Project through its acquisition of Fission Uranium Corp. in December 20241.

Highlights

• Unchanged life of mine (LOM) production 90.9Mlb U3O8 2
• Unchanged average annual production 9.1Mlb U3O8 2
• Updated average LOM cash operating costs estimated at US$11.7/lb U3O8 3,4
• Updated average LOM all-in sustaining costs (AISC) estimated at US$15.2/lb U3O8 4,5
• Updated FEED stage pre-production capital costs estimated at US$1,226 million4,6
• Updated Net Present Value (NPV) (8% real discount rate, post-tax) of US$1,325 million4 (at US$90/lb U3O8)7
• Updated first uranium production at the PLS Project targeted to occur in 20318

The Engineering Review was conducted as part of the Company’s ongoing FEED work and builds on the technical report titled “Feasibility Study, NI 43-101 Technical Report, for PLS Property” dated 17 January 2023 (2023 Feasibility Study)9.

Paul Hemburrow, incoming Paladin MD & CEO, commented:

“Completing our comprehensive review of the 2023 Feasibility Study, together with our recent First Nations agreements and NROP exemption, represents a significant advance in the derisking and delivery of the PLS Project. The review confirms the technical robustness of the PLS Project, providing a strong foundation for its successful development, and it also highlights for investors the significant progress that has been achieved since Paladin acquired this important asset.”

The review demonstrates our unwavering commitment to bringing the PLS Project into production by early next decade, while continuing to de-risk the development through FEED, and conducting further exploration to identify future expansion opportunities. We are confident that this project will deliver long-term value for all stakeholders, while upholding the highest standards of safety, operational efficiency and sustainability.”

Tetra Tech Canada Inc. (Tetra Tech) was engaged to develop an updated FEED stage cost estimate, including a review focused on all mining, process and surface infrastructure. Tetra Tech was supported by Mining Plus Canada Consulting Inc. on underground development and mining and Clifton Engineering Group Ltd on civil design and Tailing Management Facility (TMF) design.

The Engineering Review has identified design improvements and enhancements including changes to the process plant layout and footprint, improved site logistics and access and upgrades to offices, workshops and camp infrastructure.

The findings of the Engineering Review include updated estimates for the capital, operating and sustaining costs for the PLS Project, as well as the corresponding impact on NPV, Internal Rate of Return (IRR), annual post-tax, free-cash-flow (FCF) and expected payback period.

The economics incorporate FEED stage pre-production capital costs estimated at US$1,226 million, average LOM cash operating costs estimated at US$11.7/lb U3O82 and LOM sustaining capital costs estimated at US$325 million4,10, inclusive of contingency. The updated capital and operating costs reflect the advancement of engineering, procurement, operability and optimised safety, as well as escalation and inflationary impacts. There was no change to the mineral reserve or mineral resource estimates, or any other material scientific or technical information, disclosed in the 2023 Feasibility Study as a result of the Engineering Review11,12.

The overall economics remain strongly positive with the PLS Project having an estimated NPV (8% real discount rate, post-tax) of US$1,325 million, IRR of 28.2% (post-tax)13 and payback period of 2.4 years14 using a US$90/lb (real) long-term uranium price assumption2,7. Average FCF is estimated to be US$430 million per annum over the LOM4. The sensitivity of NPV, IRR and FCF to changes in uranium price is presented below.

Sensitivity of the PLS Project’s Economics to Uranium Price

The Engineering Review has also resulted in an update to the anticipated project schedule, with first uranium production at the PLS Project targeted to occur in 2031. The schedule reflects anticipated engineering, procurement, construction and regulatory approval timelines and assumptions reviewed during the Engineering Review8.

Further detail is contained in the presentation accompanying this announcement, which is available on the Company’s website.

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