Paladin Energy Quarterly Activities Report – June 2025

Highlights

⦁ 33% increase in quarter-on-quarter production at the Langer Heinrich Mine (LHM)

⦁ Highest quarterly crusher circuit throughput in the history of the LHM operations

⦁ Patterson Lake South Project (PLS) Final Environmental Impact Statement formally accepted by the Saskatchewan Ministry of Environment

⦁ Successful PLS winter drilling program delivered the most significant radioactivity results ever recorded on the Company’s tenements outside of the Triple R deposit

⦁ Paul Hemburrow appointed Managing Director and Chief Executive Officer of Paladin Energy, effective 1 September 2025

⦁ Cash and cash equivalents of US$89.0M and an undrawn US$50M revolving debt facility at quarter end

“The Langer Heinrich team continued to deliver exceptional progress during the quarter as we recorded the highest production result since our restart in March 2024. The production result and all-time record crusher performance have been achieved off the back of a successful restart of mining operations, with mining now well established in the G pit area.

At the Patterson Lake South project, the Final Environmental Impact Statement (EIS) was formally accepted by the Saskatchewan Ministry of Environment and we have delivered exceptional winter drilling results, which enhanced our understanding of the Saloon Trend and reinforced the long-term strategic value of the project.”

Paladin recorded an average Total Recordable Injury Frequency Rate (TRIFR) of 2.7 per million hours and exceeded FY2025 safety targets (TRIFR of 3.8 per million hours worked in FY2024). The Company continued its drive to improve safety performance, with a focus on embedding critical risk management processes and safety leadership development.

Paladin recorded no serious environmental or radiation incidents or breaches of environmental compliance requirements during the quarter.

During the quarter, the Company continued its investment in local communities, supporting the establishment of a Breast Cancer Clinic in Swakopmund State Hospital in collaboration with the Namibian Ministry of Health. The LHM also partnered with Cricket Namibia to develop the Mondesa Cricket Hub at Hanganeni Primary School.

In Namibia, employment opportunities for local residents increased significantly with the ramp-up of mining activities at the LHM, including through contractor engagement.

Paladin’s climate risk and resilience program progressed, with scenario analysis and risk and opportunity assessments advancing in preparation for reporting against the Australian Sustainability Reporting Standards (AASB S2) from FY2026.

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