Summary of Paladin Energy Conference Call - September 15, 2025 Company Overview - **Company**: Paladin Energy Limited - **Industry**: Uranium Mining Key Points Equity Raising - Announced a fully underwritten equity raising of AUD 300 million to enhance balance sheet flexibility for the PLF project and Langerhine Wreck mine operations [1] - Breakdown of the equity raise: - AUD 231 million from ASX institutional placement - AUD 30 million from Canadian bought deal financing on TSX - AUD 36 million from the sale of existing shares from the Fish and Uranium transaction in 2024 - AUD 20 million share purchase plan for eligible retail shareholders [1] Allocation of Funds - AUD 170 million allocated for PLS development, including: - Completion of front-end engineering and design (FEED) in 2026 - Detailed design work ahead of final investment decision (FID) - General and administrative costs for permitting approvals and community engagement [2] - AUD 20 million for infill and exploration drilling at PLS and Langerhine mine during FY 2026 [2] - AUD 100 million for general working capital to support Langerhine mine operations ramp-up to full capacity by FY 2027 [2] Operational Updates - Langerhine mine produced 727,000 pounds at a cost of USD 40.7 per pound, meeting expectations for FY 2026 [3] - The mine is on track to achieve FY 2026 guidance [3] Strategic Focus - The equity raise is primarily aimed at accelerating PLS development and providing liquidity for ongoing operations at Langerhine [19][20] - The PLS project is described as a world-class undeveloped uranium asset, with strong economics supporting its development [2] Exploration and Development Plans - Plans for a winter drilling program at PLS as part of the FY 2026 exploration budget [20] - Detailed design work is crucial for ensuring timely CNSC construction approvals, with a focus on derisking the project [23][43] Market Outlook - Strong demand for uranium driven by the build-out of nuclear capacity, positioning Paladin favorably for future growth [56] Community Engagement - Ongoing discussions with the Maty Nation regarding a mutual benefits agreement, with a commitment to addressing community concerns [50] Financial Guidance - The company is committed to delivering first production from the PLS project by early 2031, with a focus on minimizing project risks and ensuring funding flexibility [56] Additional Insights - The company is exploring opportunities for strategic partnerships to enhance funding options for the PLS project [25][26] - There is a focus on optimizing engineering and operational processes to improve efficiency and reduce costs [52][54] This summary encapsulates the key discussions and strategic directions outlined during the Paladin Energy conference call, highlighting the company's commitment to advancing its projects while maintaining financial flexibility and community engagement.