Paladin Energy Limited (ASX: PDN) ('Paladin' or 'the Company') is pleased to announce the results of the Langer Heinrich Mine Restart Plan ('The Restart Plan').

The Restart Plan marks the completion of an extensive work package aimed at delivering a reliable mine restart to bring the globally significant Langer Heinrich Mine back into production under the right Uranium pricing environment.

HIGHLIGHTS

The Restart Plan is now complete confirming restart capital, costs and operational performance; Langer Heinrich can be brought back into production for US$81M of pre-production cash expenditure, allocated as follows: operational readiness (US$34M) required to mobilise the work force, undertake maintenance and provide the working capital requirements to commence production and discretionary capital (US$47M) specifically aimed at improving process plant availability and reliability to lift production capacity by more than 10%.

Low restart capital intensity (US$14/lb) and competitive C1 Cost of Production (US$27/lb) confirms Langer Heinrich is well positioned alongside other Tier 1 operations to deliver product into a recovering Uranium market; The Restart Plan has confirmed a 17-year mine life for Langer Heinrich with peak production of 5.9Mlb U3O8 per annum for 7 years; The Life of Mine Plan outlines three distinct operational phases being Ramp-up (year 1), Mining (year 2-8) and Stockpile (year 9-17). The utilisation of stockpile material in the Ramp-up phase greatly reduces operational start up risk and provides a strong platform for the operation to move toward nameplate capacity within a 12-month period; Langer Heinrich remains fully permitted to resume mining and Uranium exports and Paladin's cash position of US$35M provides financial flexibility and the Company will only consider a restart when it secures an appropriate term-price contract with sufficient tenor and value to deliver an appropriate return to all stakeholders.

Paladin CEO, Ian Purdy said 'The completion of the Langer Heinrich Mine Restart Plan is a significant step forward for the Company and completes the vast amount of study work undertaken over the past 18 months. The operational and economic parameters identified in the chosen restart plan show the strategic significance of the Langer Heinrich asset and highlight the potential economic returns that can be delivered under the right Uranium price environment. Paladin will continue to refine and progress work packages under The Restart Plan and I look forward to updating the market on our ongoing activities'.

Contact:

Ian Purdy

Tel: +61 8 9423 8117

Email: paladin@paladinenergy.com.au

About Paladin

Paladin Energy Limited (ASX: PDN) is an Australian listed uranium company focussed on maximising the value of its 75% stake in the Langer Heinrich Uranium mine in Namibia. Langer Heinrich is a globally significant, long-life operation, having already produced over 43Mlb U3O8 to date. Operations at Langer Heinrich were suspended in 2018 due to low uranium prices. Beyond Langer Heinrich, the Company also owns a large global portfolio of uranium exploration and development assets. Nuclear power remains a cost-effective, low carbon option for electricity generation.

Forward-looking Statement

This announcement includes certain forward-looking statements, such as statements that provide expectations regarding future production, reserve or resource potential, exploration drilling, exploration activities and other events or developments that the Company expects to occur. Although the Company believes that such expectations are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from the expectations expressed in the forward-looking statements. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise. No representation is made or will be made that any forward-looking statements will be achieved or will prove to be correct.

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