Ms. Paula Raffo reports

PALADIN SUCCESSFULLY COMPLETES A$300 MILLION EQUITY RAISING

Paladin Energy Ltd. has completed its fully underwritten equity raising, comprising: (i) an approximately $231-million (Australian) Australian Securities Exchange institutional placement of new Paladin fully paid ordinary shares; (ii) a Canadian bought deal private placement to raise $30-million (Canadian) (approximately $33-million (Australian)) pursuant to the listed issuer financing exemption (as defined herein); and (iii) a fully underwritten sale of approximately $36-million (Australian) of existing shares issued and subsequently acquired as a result of the acquisition of Fission Uranium Corp. (treasury share sale), to raise a total amount of $300-million (Australian) (1).

As announced on Sept. 16, 2025, the company also intends to undertake a non-underwritten share purchase plan at the same price as the ASX placement and treasury share sale to raise up to a further $20-million (Australian) (before costs).

Highlights:

• Successful bookbuild for a fully underwritten equity raising to raise $300-million (Australian) (before costs), comprising:
  • ASX placement of approximately 31.9 million new shares priced at $7.25 (Australian) per share to raise approximately $231-million (Australian) (before costs);
  • TSX bought deal of approximately 4.5 million new shares priced at $6.66 (Canadian) per share to raise $30-million (Canadian) (approximately $33-million (Australian)) (before costs) (1);
  • Treasury share sale of approximately 5.0 million shares priced at $7.25 (Australian) per share to raise approximately $36-million (Australian) (before costs);
• Strong demand received from new and existing investors, both domestically and internationally;
• Opportunity for eligible shareholders (as defined herein) with registered addresses in Australia and New Zealand to participate through a non-underwritten SPP to raise up to a further $20-million (Australian);
• Proceeds from the equity raising will primarily be used to advance the development of the Patterson Lake South project toward a final investment decision;
• The equity raising positions Paladin with the balance sheet flexibility to progress the PLS project alongside the continuing ramp-up of the Langer Heinrich mine, which is on track to be completed by the end of fiscal 2026 with full mining and processing plant operations planned for fiscal 2027.

Paul Hemburrow, Paladin managing director and chief executive officer, commented: "We are delighted with the support we have received for the equity raising from high-quality existing and new institutional investors located in Australia, Canada and internationally, and I would like to thank them for their support. The funds secured will provide us with the balance sheet flexibility to advance the PLS project towards a FID while simultaneously completing the ramp-up of operations at the LHM."

Details of the ASX placement

Settlement of the ASX placement is expected to occur on Sept. 22, 2025, with new shares to be allotted on Sept. 23, 2025.

New shares issued under the ASX placement will rank equally with existing fully paid ordinary shares of the company and will be issued within the company's capacity under listing Rule 7.1.

Details of the TSX bought deal

Settlement of the TSX bought deal is expected to occur on Sept. 22, 2025, with new shares to be allotted on Sept. 23, 2025. New shares issued under the TSX bought deal will rank equally with existing fully paid ordinary shares of the company and will be issued within the company's capacity under listing Rule 7.1.

Details of the treasury share sale

Settlement of the treasury share sale is expected to occur on Sept. 22, 2025. Shares sold under the treasury share sale will rank equally with existing fully paid ordinary shares of the company.

Details of the share purchase plan

Paladin shareholders, with a registered address in Australia or New Zealand, who are outside of the United States and who are otherwise eligible to participate in the SPP under the terms of the SPP offer, who held Paladin shares as at 7 p.m. Sydney time on Sept. 15, 2025 (eligible shareholders), will be eligible to participate in the SPP. Eligible shareholders will have the opportunity to apply for up to $30,000 (Australian) worth of new shares without incurring any brokerage or transaction costs. The SPP will be conducted at the offer price of $7.25 (Australian). The SPP is targeted to raise up to $20-million (Australian) (before costs) and is not underwritten.

Paladin reserves the right (in its absolute discretion) to scale back applications under the SPP if demand exceeds $20-million (Australian), raise a higher amount or close the SPP at an earlier date. New shares issued under the SPP will rank equally with existing fully paid ordinary shares in Paladin from the date of issue. The SPP offer booklet, containing further details on the SPP, is expected to be released on the ASX and made available to eligible shareholders on or around Sept. 25, 2025. The SPP is subject to the terms and conditions set out in the SPP offer booklet.

Indicative equity raising timetable

An indicative timetable of the key dates in relation to the equity raising is detailed below.

The above timetable is indicative only and subject to variation. The company reserves the right to alter the timetable at its discretion and without notice, subject to the ASX listing rules, the Corporations Act, the requirements of the Toronto Stock Exchange and other applicable laws. All times reference to Sydney, Australia, time unless denoted otherwise.

Note (1): assumes an exchange rate of 0.9186 Australian cents to $1 (Canadian).

We seek Safe Harbor.