Ms. Paula Raffo reports

UPDATE ON THE LANGER HEINRICH MINE AND PRODUCTION GUIDANCE

Operations have resumed at Paladin Energy Ltd.'s Langer Heinrich mine following the temporary suspension due to a significant weather event (1).

Unseasonal heavy rainfall has occurred in Namibia, with the LHM experiencing a one-in-50-year rainfall event. This impacted the company's plans to accelerate the commencement of mining and resulted in short-term disruptions to operations. These included the transport of people to site, restricted feed to the crushers due to the saturation of stockpiled ore and excess surface water restricting safe access to the processing plant.

Whilst there appears to be no significant damage to the processing plant and its people are safe, there was damage to the access roads and minor civil infrastructure on the LHM site and to the haul roads to the mine. Access to the LHM has been re-established, and processing plant operations have resumed. Paladin expects the processing plant to return to normal operation as the in-circuit inventory and chemistry stabilize and stockpiled ore saturation levels decrease.

The company was advancing the early commencement of mining to access higher-grade ore. The rain across Namibia has delayed the mobilization of key mining equipment and personnel to site, and has resulted in water ingress into the open mining pits. Whilst on-site pumping infrastructure is adequate to dewater the pits, access to the pits to commence mining is likely to be delayed.

The disruption to early commencement of mining, together with the short-term impact of the suspension of operations, and the difficulties associated with processing saturated stockpiled ore, has resulted in Paladin withdrawing production guidance for fiscal 2025.

Paladin still expects to improve production levels in the second half of calendar year 2025 with the blending of ore from the open-pit mines. However, the disruption to the anticipated start of mining means that the company does not expect the LHM to achieve nameplate run-rate guidance of six million pounds by the end of calendar year 2025. The acceleration of mining was a key initiative in offsetting the underperformance of stockpile ore and achieving nameplate production.

The LHM team continues to drive operational improvements and progress the advancement of mining. Improved water supply outcomes and strong levels of plant recoveries have provided a platform for improving plant production. Despite the delays and disruptions, the preferred mining contractor, Trollope Mining, has commenced mining equipment mobilization and the recruitment and training of operators. All mining permits are in place, and the blasting contractor has completed mobilization.

(1) Refer to Paladin's Australian Securities Exchange announcement titled "Unseasonal rains impact the Langer Heinrich mine" dated March 21, 2025, available at the Paladin website.

The company will provide further details of production and mining in the March, 2025, quarterly activities report in April, 2025, and looks forward to providing guidance for fiscal year 2026 with the release of its fiscal year 2025 financial results in August, 2025.

Paladin will hold a conference call today, Wednesday, March 26, 2025, at 9:30 a.m. AEDT (2) (Tuesday, March 25, 2025, at 6:30 p.m. EDT (3)). To participate in the live teleconference, please register.

Please note it is recommended to log on at least five minutes before the scheduled commencement time to ensure you are registered in time for the start of the call.

A recording of the call will be available on Paladin's website shortly after its conclusion.

(2) AEDT: Australian Eastern Daylight Time (Sydney time).

(3) EST: Eastern Daylight Time (Toronto time).

We seek Safe Harbor.