Paladin Announces A$300 Million Fully Underwritten Equity Raising to Advance the PLS Project

PERTH, Australia, Sept. 15, 2025 Paladin Energy Ltd (ASX:PDN, TSX:PDN, OTCQX:PALAF) (Paladin or the Company) announces it has launched a fully underwritten equity raising, comprising (i) an A$231 million ASX institutional placement of new Paladin fully paid ordinary shares (Shares) (ASX Placement), (ii) a Canadian “bought deal” private placement to raise C$30 million (~A$33 million) pursuant to the Listed Issuer Financing Exemption (as defined herein) (TSX Bought Deal), and (iii) a fully underwritten sale of ~A$36 million of existing Shares issued and subsequently acquired as a result of the acquisition of Fission Uranium Corp. (Fission) (Treasury Share Sale), to raise a total amount of A$300 million (together, the Offer).¹

Additionally, Paladin intends to invite Eligible Shareholders (as defined herein) to participate in a non-underwritten Share Purchase Plan to acquire Shares at the same price as the ASX Placement and Treasury Share Sale to raise up to a further A$20 million (before costs) (SPP).

Proceeds from the equity raising will primarily be used to advance the development of the Patterson Lake South project (PLS Project) towards a Final Investment Decision (FID).

Highlights

• A fully underwritten equity raising to raise A$300 million (before costs), comprising:
  • A fully underwritten ASX Placement to raise A$231 million (before costs)
  • A fully underwritten TSX Bought Deal to raise ~A$33 million (C$30 million) (before costs)
  • A fully underwritten Treasury Share Sale at the Offer Price (as defined herein) to raise a further ~A$36 million (before costs)
• Opportunity for Eligible Shareholders with registered addresses in Australia and New Zealand to participate via a non-underwritten SPP to raise up to a further A$20 million (before costs)
• All Shares under the ASX Placement and SPP will be issued at a fixed price of A$7.25 per new Share (Offer Price) and the Shares the subject of the Treasury Share Sale will be sold at the Offer Price
• Shares issued under the TSX Bought Deal will be issued at a fixed price of C$6.66 per new Share, being the approximate C$ equivalent of the Offer Price based on current exchange rates.¹
• The Offer Price of A$7.25 per Share represents an 8.0% discount to the last close of A$7.88 on the ASX on 15 September 2025 and an 8.1% discount to the 5-day volume weighted average price (VWAP) of A$7.89 on the ASX as at 15 September 2025
• Equity raising proceeds will be used to advance the following near-term priorities:
  • Completion of the PLS Project Front-End Engineering and Design (FEED) work during 2026
  • Important detailed design work ahead of PLS Project FID and construction. Detailed design drawings and materials are required for the Canadian Nuclear Safety Commission (CNSC) approvals
  • Early site works and ordering of long-lead items required pre-construction
  • General and administration costs to support permitting approvals, Indigenous Nations and community engagement and expansion of the Paladin Canada team
  • Infill and exploration drilling planned during FY2026 at the PLS Project and the Langer Heinrich Mine (LHM)
  • Provide balance sheet flexibility to conduct further exploration at the PLS Project
  • General working capital while ramping up the LHM into full mining and processing plant operations by FY2027

• The equity raising positions Paladin with the balance sheet flexibility to progress the PLS Project alongside the ongoing ramp up of the LHM, which is on track to be completed by the end of FY2026 with full mining and processing plant operations planned for FY2027

Paul Hemburrow, Paladin Managing Director and Chief Executive Officer, commented:

“Today’s equity raising will allow Paladin to swiftly progress our strategy for delivering long-term value from our asset portfolio to shareholders. The funds secured give us balance sheet flexibility to advance the PLS Project through to FID while simultaneously completing the ramp-up of operations at the LHM.

With the PLS Project recently reconfirmed as a world-class uranium development asset that is underpinned by robust technical fundamentals and compelling economics, I believe we are well-positioned to capitalise on the strong outlook for the uranium market in the next decade and beyond.

The equity raising allows our team to steadily progress work in a range of critical areas, including engineering, permitting, early site works and long lead item procurement, in order to keep on track for our targeted first uranium production at the PLS Project by 2031.”

Details of the ASX Placement

The fully underwritten ASX Placement seeks to raise approximately A$231 million (before costs) at the Offer Price of A$7.25 per Share, which represents a:

• 8.0% discount to the last closing price of Paladin Shares on the ASX of A$7.88 per Share on 15 September 2025 (being the last day on which Paladin Shares traded prior to announcing the equity raising); and
• 8.1% discount to the 5-day VWAP on the ASX of A$7.89, as at 15 September 2025.

Approximately 31.9 million Shares will be issued under the ASX Placement pursuant to the Company’s available placement capacity under ASX Listing Rule 7.1. Accordingly, no shareholder approval is required for the ASX Placement. New Shares will rank pari passu with existing fully paid ordinary shares in Paladin.

Details of the TSX Bought Deal

Paladin has entered into an agreement with Canaccord Genuity Corp. (Canaccord Genuity), pursuant to which Canaccord Genuity has agreed to purchase, on a “bought deal” private placement basis, 4,504,505 Shares at a price of C$6.66 per Share for gross proceeds of C$30 million (~A$33 million).¹

The Shares under the TSX Bought Deal are being offered in Canada by way of the Listed Issuer Financing Exemption in all of the provinces of Canada (excluding Quebec) and by way of private placement in the United States and offshore jurisdictions in accordance with applicable laws. The Shares issued pursuant to the Listed Issuer Financing Exemption will not be subject to a statutory hold period in Canada. For further information please see below under “Notes – Canada – TSX Bought Deal”.

The new Shares the subject of the TSX Bought Deal will be issued under the Company’s existing placement capacity under ASX Listing Rule 7.1. Accordingly, no shareholder approval is required for the TSX Bought Deal. New Shares will rank pari passu with existing fully paid ordinary shares in Paladin.

Details of the Treasury Share Sale

The Company also announces in conjunction with the ASX Placement and TSX Bought Deal, the fully underwritten sale of 4,959,416 Shares held by Paladin’s wholly-owned subsidiary Paladin Canada Inc. (formerly Fission Uranium Corp.) (Treasury Shares) at the Offer Price to raise a further ~A$36 million (before costs).

Paladin acquired 100% of Fission pursuant to a court-approved plan of arrangement under the Canada Business Corporations Act in late 2024 (Fission Acquisition). The Treasury Shares were originally issued to Fission pursuant to orders made by the Supreme Court of British Columbia to facilitate the vesting and exercise of outstanding Fission options in connection with the Fission Acquisition. In accordance with section 259D of the Corporations Act 2001 (Cth) (Corporations Act), Paladin is required to sell the Treasury Shares within 12 months of completing the Fission Acquisition. Treasury Shares sold pursuant to the Treasury Share Sale rank pari passu with existing fully paid ordinary Shares in Paladin.

Details of the Share Purchase Plan (SPP)

Eligible shareholders, being those Paladin shareholders with a registered address in Australia or New Zealand and who are outside the United States, that held Paladin Shares as at 7.00pm (Sydney time) on 15 September 2025 (Eligible Shareholders) will be invited to participate in the SPP. Eligible Shareholders will have the opportunity to apply for up to A$30,000 worth of new Shares without incurring any brokerage or transaction costs. The SPP will be conducted at the Offer Price of A$7.25. The SPP is targeted to raise up to A$20 million (before costs) and is not underwritten.

Paladin reserves the right (in its absolute discretion) to scale back applications under the SPP if demand exceeds A$20 million, 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 25 September 2025. The SPP is subject to the terms and conditions set out in the SPP offer booklet.

Advisers

Macquarie Capital (Australia) Limited and Canaccord Genuity (Australia) Limited are acting as Joint Lead Managers, Joint Underwriters and Joint Bookrunners to the ASX Placement and Treasury Share Sale. Canaccord Genuity Corp. is acting as sole Underwriter and Bookrunner to the TSX Bought Deal. Corrs Chambers Westgarth is acting as Australian legal adviser and Fasken Martineau DuMoullin LLP is acting as Canadian legal adviser to Paladin in connection with the equity raising.

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 (TSX) and other applicable laws. All times reference to Sydney, Australia time unless denoted otherwise.

Additional Information

Additional information in relation to the ASX Placement, the Treasury Share Sale, the SPP and Paladin can be found in the investor presentation (Investor Presentation) released to the ASX simultaneously with this announcement, which contains important information, including sources and uses of funds, key risks and foreign selling restrictions with respect to the Offer. The Investor Presentation can also be accessed on the Company’s website at www.paladinenergy.com.au.

Investor Conference Call

The Company will hold a conference call on 16 September 2025, at 11:00am AEST (15 September 2025, at 9pm EDT). To participate in the live teleconference, please register at the link below:

https://s1.c-conf.com/diamondpass/10050229-hg6t5w.html

Please note it is recommended to log on at least five minutes before the scheduled commencement of 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.

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

NT4