Ms. Paula Raffo reports

LANGER HEINRICH MINE FY2026 GUIDANCE

Paladin Energy Ltd. has provided its fiscal year (FY) 2026 guidance for the Langer Heinrich mine (LHM), along with realized uranium price sensitivities based on the company's uranium sales contract portfolio.

The LHM will continue its operational ramp-up during FY 2026 with the ramp-up of mining operations over the course of the year, as the LHM continues the transition from the processing of stockpiled medium grade ore to the processing of primary mined ore.

The operational ramp-up of the LHM is expected to be completed by the end of FY 2026, with full mining and processing plant operations planned for FY 2027. The company intends to provide annual guidance for FY 2027 in July, 2026.

Mining

The LHM commenced FY 2026 with an estimated 2.2 million tonnes (t) of stockpiled medium-grade ore and approximately 49 per cent of its planned mining fleet capacity in operations. The remaining mining fleet is scheduled for delivery in late 2025, and is expected to be commissioned and in service during the second half of FY 2026.

Mining operations for FY 2026 are expected to be concentrated in the G-pit area, with minor mining activity planned for the F and J pits late in the financial year.

The company is expecting lower levels of primary mined ore feed during the first half of the financial year, as the mining operations focus on waste removal across the G-pit area to allow for higher levels of mined ore production during the second half of the financial year. The LHM mine plan has been optimized to deliver medium-grade and high-grade ore to the processing plant, with lower-grade ore to be stockpiled for future processing.

Processing

Quarterly production volumes are expected to vary during FY 2026, primarily due to access to primary mined ore feed to the processing plant in the first half of FY 2026. Production is expected to be higher in the second half of FY 2026, with a higher level of primary ore feed available to blend with the medium-grade stockpiled material.

The improvements in processing plant performance achieved during FY 2025 are expected to be sustained in FY 2026. The production guidance provided is based on considered plant availability and utilization assumptions, and includes allowances for expected water supply disruptions, estimated planned and unplanned maintenance activities, and general plant disruptions based on historical performance.

Sales

During FY 2026, Paladin is expecting to continue to deliver uranium to its global customers in the United States, Europe and Asia, and will continue to look for opportunities to layer in new contracts with high-quality counterparties.

Sales volumes, cash receipts and realized pricing are expected to vary quarter on quarter due to the timing of shipments, individual contract terms and prevailing spot prices.

Based on Paladin's contract book as at July 1, 2025, the forecast realized uranium price sensitivities for FY 2026 under a range of spot price assumptions are detailed in an attached table.

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