Paladin Energy : Broker Roadshow Presentation

PALADIN ENERGY LTD

Broker Roadshow

April 2020

Ian Purdy - Chief Executive Officer

Disclaimer and notes

JORC and NI 43-101 Mineral resources and ore reserves

This presentation contains summary information about the Company's activities current as at the date of this presentation. The information in this presentation is of a general background nature and does not purport to be complete or contain all the information investors would require to evaluate their investment in the Company, nor does it contain all the information which would be required in a prospectus or product disclosure statement prepared in accordance with the Corporations Act 2001 (Cth). The Company is not responsible for updating, nor undertakes to update, this presentation. This presentation should be read in conjunction with the Company's other periodic and continuous disclosure announcements, available at http://www.paladinenergy.com.au.

This presentation includes statements that may be deemed "forward-looking statements". All statements in this presentation, other than statements of historical facts, that address future production, reserve or resource potential, exploration drilling, exploitation activities and events or developments that the Company expects to occur, are forward-looking statements.

Although the Company believes the expectations expressed in such forward-looking statements 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. Factors that could cause actual results to differ materially from the expectations expressed those in forward looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing and general economic, market or business conditions and risk factors associated with the Uranium industry generally.

Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Readers should not place undue reliance on forward-looking information. 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.

In this presentation, for those deposits that are reported as conforming to the Joint Ore Reserves Committee (JORC) 2004 or 2012 code, the terms Inferred Mineral Resources, Indicated Mineral Resources, Measured Mineral Resources, Ore Reserves, Proved Ore Reserves, Probable Ore Reserves and Competent Person are equivalent to the terms Inferred Mineral Resources, Indicated Mineral Resources, Measured Mineral Resources, Mineral Reserves, Proven Mineral Reserves, Probable Mineral Reserves and Qualified Person, respectively, used in Canadian National Instrument 43-101 (NI 43- 101).

The information in this presentation relating to the Mineral Resources and Ore Reserves for all of the Company's deposits other than Langer Heinrich, Michelin, Jacques Lake and Manyingee was prepared and first disclosed under the JORC Code 2004. It has not been updated since to comply with the JORC Code 2012 on the basis that this information has not materially changed since it was last reported. Refer to the Resource and Reserve Tables slide in the Appendix of this presentation.

Competent Persons Statement

The information contained within this presentation is extracted from the reports titled '30 June 2019 Annual Report' dated 27.08.2019 and 'Prefeasibility Study Delivers Improved Financials and Production Capacity for Langer Heinrich' dated 14.10.2019 and both are available to view on www.paladinenergy.com.au. The Company confirms that it is not aware of any new information or data that materially affect the information included in the original announcement and, in the case of Mineral Resources or Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The company confirms that the form and context in which the Competent Person's findings are presented have not materially modified from the original market announcement.

PALADIN ENERGY LTD

Broker Roadshow - April 2020

2

Why Paladin?

Paladin has streamlined the company with the sole focus on the restart of the globally significant Langer Heinrich operation in mining friendly Namibia

Our existing infrastructure, historic mine development and 10-year operations track record provides Paladin an early mover option in an improving uranium price market

Paladin has a strong financial position with US$35.8M in cash reserves and a FY2021 cash spend forecast of <>

There is a growing structural U3O8 supply deficit in the global uranium market which is being exacerbated by COVID 19 production disruptions

The company has completed an extensive Restart Pre-Feasibility Study that confirms Langer Heinrich's competitiveness with other large-scale suspended uranium operations

We have the right team to deliver & execute the Company's strategy

PALADIN ENERGY LTD

Broker Roadshow - April 2020

3

Strong financial position

• US$35.8M of Unrestricted Cash1,2 provides extended runway for Paladin to execute its strategy
• Significantly reduced cash burn with FY2021 forecast < US$10M (FY2020 guidance US$17M) delivered by:
• • Sale of Kayelekera mine
  • Optimised care & maintenance costs at Langer Heinrich
  • Reduced levels of feasibility work
• US$6M cash due from the sale of Kayelekera mine over the next 3 years (repayment of environmental bond)
• US$142.2M of senior debt1 including accrued interest, repayment due January 2023
• Paladin will only consider a restart of the Langer Heinrich operation when it secures uranium term-price contracts with sufficient tenure and value to deliver an appropriate level of return to stakeholders

1. As at 31 March 2020

2. Restricted Cash US$1M

PALADIN ENERGY LTD

Broker Roadshow - April 2020

4

Langer Heinrich

A Globally Significant Uranium Operation

Langer Heinrich operation overview

• A strategic, tier one mine with a historical production capacity of 5.2Mlb pa U3O8

• Paladin suspended operations in May 2018 due to low

• Paladin owns 75% (25% owned by CNNC Overseas Uranium Holding Limited)
• Fully permitted and licensed with a 17-year production life remaining
• Our relationships and uranium product are market proven with the company having produced and marketed 43Mlb of U3O8 equivalent over 10 years
• Proven top 10 Uranium mine by volume when in production1
• To build Langer Heinrich today would require a capital investment of over US $600M (plus working capital) and take approximately five years to secure approvals, plan, design, construct and commissionuranium prices

1. UxC Uranium Production Cost Study - August 2017

PALADIN ENERGY LTD

Broker Roadshow - April 2020

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Namibia is a premier uranium jurisdiction

Three globally significant Uranium mines (Husab, Rossing and Langer Heinrich) when at full capacity supply ~15% of the world's Uranium (~25Mlb pa U3O8)

Uranium has been continually produced in Namibia since 1976 under a stable mining and Uranium regulation regime

Mining contributes ~25% to the country's GDP

Excellent local infrastructure (port, road, rail, water & power) with proximity to the Walvis Bay industrial hub

Strong community and government support for the uranium industry

PALADIN ENERGY LTD

Broker Roadshow - April 2020

7

Restart Pre-Feasibility Study complete

Paladin completed a Restart Pre-Feasibility Study in October 2019:

• RC drilling programme provided assurance on high grade mineral resources and stockpiled ore
• Geo-metallurgicaltestwork programme
• Detailed production restart plan including costs and ramp up schedule
• Processing bottlenecks and growth options identified
• Management systems assessed and optimised
• Process control automation program defined

Externally reviewed and verified by AMC Consultants and PQ Partners

Substantial body of work:

• Six-monthprogramme
• 99,000 labour hours
• Over 100 contributors
• US$4.8M cost

PALADIN ENERGY LTD

Broker Roadshow - April 2020

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Restart Pre-Feasibility Study economics

12-month lead time to first production after a restart decision is made

Cost to Restart	Production	All in	Mine	Restart Capital
Operations		Sustaining Cost	Life	Intensity1
US$80M	5.2Mlbs pa	US$33/lb	19 years	US$15/lb

US$110M

6.5Mlbs pa2

US$30/lb

17 years

US$17/lb

• Production restart costs (restock reagents, workforce recruitment, recommissioning, mobilisation of equipment, tailings dam and other operational readiness) - US$42M
• Repairs and asset integrity improvements - US$38M
• Growth capital improvements to increase production rate - up to US$30M

1. Capital restart costs divided by annual production volume

2. Average for first five years restarted production

PALADIN ENERGY LTD

Broker Roadshow - April 2020

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Langer Heinrich restart & debottlenecking plan underway

Restart & Debottlenecking Plan is currently underway and focused on:

• Pre-Feasibility Study (PFS) outcomes being stress tested to maximise financial returns

•	Plant reliability and de-risking restart activities
•	Future operational and financial projections being reconciled to historical operational performance

• "Base Case" restart plan to be defined and will fall within the range of economic parameters detailed in the
  PFS

Detailed ASX market update to be released in Q4 FY2020 with key economic parameters

PALADIN ENERGY LTD

Broker Roadshow - April 2020

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Why Uranium?

Positive Structural Dynamics

Structural supply deficit

World Nuclear Association Supply Shortage Graph

Tonnes U

125,000
100,000
75,000
50,000
25,000
0	2018	2020	2022	2024	2026	2028	2030	2032	2034	2036	2038	2040

Current Capacity		Secondary Supplies (Group 1)
Mines Under Development		Planned Mines
Prospective Mines		Restarted Idled Capacity
Unspecified Supply		Reactor Requirements, Reference Scenario

Source: World Nuclear Association

• Current uranium supply unable to meet current demand
• Net increase in new nuclear reactors forecast to be built by 2040, after allowing for projected reactor closures (+135)
• Re-startof idled mine capacity and the development of planned & prospective mines requires incentive prices of US$40-80/lb

Stockpile Drawdown
Mlb
250
200
150				"Under buying"
100
50
0
2011	2012	2013	2014	2015	2016	2017	2018	2019

Utility Term Contracting		Utility Spot Contracting
Russian Demand		TradeTech 1Q20 UMS Requirements
UxC 1Q20 UMO Base Demand
		Source: Paladin Research/UxC/TradeTech

• Since 2012, utilities have been "under buying" at an average rate of
  90Mlb per year relative to consumption
• US and European utilities have largely rundown stockpiles and contract positions put in place pre-Fukushima
• Asian utilities have higher stockpiles than their Western counterparts, but these are also decreasing

PALADIN ENERGY LTD

Broker Roadshow - April 2020

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Current pricing unsustainable

COVID19 Disruptions

Uranium Market Prices 2011-20

$30

$29

US$/lb

Spot U

(US$/lb)

$28

$27

TradeTech Spot Price

TradeTech Long-Term Price

$100

$26

January 2011

$25

$24

$90

Spot market peaks,

$23

Ranger tailings overflow risk

December

January

February

March

$80

3Mlb lost production

November 2017

2019

2020

2020

2020

Cameco suspends

$70

McArthur River

April 2016

(production loss of

$60

Cameco reduces

18Mlb)

July 2018

production by

January 2017

May 2018

Yellow Cake purchases

$50

6.8Mlb

Kazatomprom cuts

Langer

of 8.1Mlb from

July 2019

March 2011

production by 10%

`

Heinrich C&M

Kazatomprom

$40

S232 resolved

Fukushima Daiichi

3.4Mlb

causes demand to

$30

drop by 27Mlb

$20

November 2018

$10

January 2018

Kazatomprom

IPO

S232 petition filed

$0

December-10

December-11

December-12

December-13

December-14

December-15

December-16

December-17

December-18

December-19

				Source: TradeTechNuclear Market Review
Uranium Prices	COVID 19 Disruptions
• Spot uranium prices have declined approx. 60% since the Fukushima	• Mining operation		have been disrupted at Cigar Lake, Kazatomprom
nuclear accident		operations
• Term prices have been below US$40/lb since mid-2016	and Namibian		s
• Suspensions are exacerbating the structural supply deficit
• Current pricing is sub-economic for existing producers and below	• Upward movement in the spot market price may be a precursor to
incentive pricing for suspended operations	term market activity

PALADIN ENERGY LTD

Broker Roadshow - April 2020

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Impact of sub-economic pricing

Cumulative Primary Supply Cuts
Mlb pa
0
-5
-10
-15
-20
-25
-30
-35
-40			`
-45
-50
2016	2017	2018	2019	2020	2021	2022

	Compound Reduction (no COV-19)	Rabbit Lake
	Kazakh-Production	McArthur River
	Langer Heinrich	US ISR
	Ranger	Cominak

Source: TradeTech Nuclear Market Review

• Primary uranium production cut-backs announced since 2016 total 45Mlb pa (excluding COVID disruptions)

Future Contracted Coverage Rates of US & European Utilities Contract coverage (% of total requirements)

120%
100%
80%
60%
40%
20%
					`
0%
2019	2020	2021	2022	2023	2024	2025	2026	2027	2028
			Euratom Utilities Coverage 2018			EIA US Utilities Coverage 2018
			UxC US Utilities Coverage 2020

Sources: Euratom Supply Agency Annual Report 2018/US EIA 2018 Uranium

Marketing Annual Report/UxC UMO Q1 2020

Note: Euratom - European Atomic Energy Community

• US contract coverage reaching critical lows
• Minimal change in contract coverage since 2018

PALADIN ENERGY LTD

Broker Roadshow - April 2020

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Paladin Investment Conclusion

Paladin investment conclusion

1

Paladin is poised to take advantage of improving Uranium market

• Growing structural supply deficit
• Primary production cuts continuing
• US utility contract coverage reaching critical lows
• COVID19-relateddisruptions further tightening supply

2

Langer Heinrich is competitively positioned versus other suspended mines

• 12-monthsto recommence production from decision to restart
• Modest restart costs and competitive operating costs
• Proven product quality
• Globally significant operation
• Lower incentive price than green- fields projects

3

Strong Financial

Position

• Significant runway to execute strategy
• Greatly reduced cash burn rate and significant cash on hand
• Disciplined and patient approach
• Flexibility to respond to market conditions

PALADIN ENERGY LTD

Broker Roadshow - April 2020

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Appendix

Paladin corporate snapshot

Market Snapshot ASX: PDN
Shares on issue	2.027B
Share price (as at 14 April 2020) A$	0.093c
Market capitalisation A$	188.6M
Market capitalisation US$1	116.9M
Unrestricted cash US$2	35.8M
Debt US$3	142.2M

Major Shareholders3
Tembo Capital Management Ltd	12.90%
Paradice Investment Management Pty Ltd	9.52%
Value Partners Ltd4	6.86%
Hopu Clean Energy (Singapore) Pte. Ltd.	5.94%

A Supportive Shareholder Base5

Geographic split	Top 50 holders own 90% of shares
7%		9%
	28%	16%
25%
		56%
		18%
15%	24%
Australia Asia North America UK/EU RoW	Top 10 Top 20 Top 50 Remaing Holders
Specialist Uranium Funds3
Sachem Cove Partners, LLC	3.77%
Segra Capital Management, LLC	3.41%

1. A$/US$ exchange rate 0.62
2. As at 31 March 2020. Restricted Cash US$1M
3. As at 31 March 2020
4. As at 8 April 2020
5. As at 29 February 2020

PALADIN ENERGY LTD

Broker Roadshow - April 2020

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Meet the new Board and CEO

Cliff Lawrenson

Non-Executive Chairman

Mining executive with deep expertise in the minerals and energy sectors derived from global experience having worked extensively in project development and investment banking. A successful track record of leading strategic direction in companies and executing corporate transactions.

Peter Main

Non-Executive Director

Mining and finance professional with extensive experience of the financial markets with a wealth of industry experience, having spent almost 15 years in a variety of roles in the mining industry from operations through to CEO of a TSX-V listed mining company.

Peter Watson

Non-Executive Director

Chemical engineer with extensive experience in the global resources sector across senior technical, project, and management roles as well as running ASX-listed companies. His experience includes project development, project delivery, asset optimization and mining facilities operations across multiple commodities and global jurisdictions.

Ian Purdy

Chief Executive Officer

Highly-respected executive with over three decades' experience within Australian and international resources companies. He has delivered significant shareholder value through managing and optimizing operations, delivering large projects and executing on business improvements and asset sales. He also has extensive capital markets experience and a proven track record of delivering company funding requirements.

PALADIN ENERGY LTD

Broker Roadshow - April 2020

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Meet the new management team

Anna Sudlow

Chief Financial Officer

Highly qualified CFO with 25 years of experience across the energy and resources sectors specialising in corporate finance and funding, commercial management and investor relations. Her experience includes roles at ASX listed companies in senior leadership positions with a focus on finance and commercial.

Michael Drake

Chief Operating Officer

Mining Professional with 25 years of experience in diversified studies, projects and operational leadership roles which included executive leadership roles in Australia, South America, Papua New Guinea and Indonesia with a range of large Australian companies and in diversified operations.

Gary Stoker

Principal Uranium Marketing

Consultant

Uranium marketing professional with

over 30 years' experience in the nuclear

fuels industry, working with Paladin in various capacities since 2008. Previously, co-founded a Uranium asset management company with prime responsibility for the management of nuclear fuels trading portfolios. Has worked as an investment advisor to a Uranium fund.

Andrea Betti Company Secretary (Consultant)

Accounting and corporate governance

professional with over 20 years'

experience in accounting, corporate governance, corporate advisory, finance and corporate banking, and has acted as Chief Financial Officer and Company Secretary for companies in the private and publicly listed sectors.

PALADIN ENERGY LTD

Broker Roadshow - April 2020

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A quality global suite of exploration assets

Manyingee

41.5Mlb

127.7Mlb

148.4Mlb

Mount

Isa

Global Exploration Project

Resource1

Michelin

Canada

Michelin (55%)

• 52,250ha mineral licence in Labrador

Australia

Carley Bore (100%)

• Two exploration licences covering 6,346

Mt Isa (100%)

• Six Mineral Development Licenses covering 14,011 ha and three Exploration Permits
• Largest Uranium deposit in Queensland
• Potential for future development of uranium mine

Status: Pre-development exploration

Manyingee (100%)

• Three mining licences covering

1,307ha

• Over US$17.9M of exploration and

testing to date including 55,298m

of cumulative drilling and a field

leach trial completed

203Mt at 710ppm U3O8 for 317.6Mlb

• 256,771m of cumulative linear drilling

• US$62M of total historical in ground

exploration to-date

• Among largest deposits in North America

• Potential development 2022-2025

timeframe

Status: Pre-development exploration

ha with retention status 100km south of

Manyingee

• US$7.0M of total historical in ground

exploration to date

• Acquired in 2015 for US$13M

• Potential for "stand alone" or satellite ISR to

Manyingee ISR project

Status: Advanced exploration

• Potential for 1-2Mlb pa ISR mine

Status: Advanced exploration

1 Measured, indicated and inferred resources for the Michelin, Mount Isa and Manyingee Projects (including Carley Bore) on a 100% Project basis as at June 2018. Source: Paladin Research

PALADIN ENERGY LTD

Broker Roadshow - April 2020

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Resource & reserve tables

30 June 2019

			Grade ppm	Mlb	Paladin Ownership
Ore Reserves		Mt	U3O8	U3O8	(%)
Namibia	Langer Heinrich
Proven16		42	525	48.5	75
Probable16		13.1	485	14	75
Stockpiles16		30.8	355	24	75
Total Namibia		85.9	455	86.5	75
				Mlb V2O5	Paladin Ownership
Vanadium Mineral Resources	Mt	Grade ppm V2O5	(100% basis)	(%)
Namibia	Langer Heinrich
Measured1		66.2	160	23.3	75
Indicated1		18.8	140	5.8	75
Inferred1		6.3	135	1.9	75
Stockpiles1		30.8	115	7.8	75
Total Namibia		122.1	145	38.8	75

1Refer ASX Announcement dated 14.10.2019 "Prefeasibility Study Delivers Improved Financials and Production Capacity For Langer Heinrich" p6; 2Refer ASX Announcement dated 21.11.08 "Significant Resource Upgrade for Kayelekera"; 3Refer ASX Announcement dated 31.01.2018 "Correction to 30 June 2017 Annual Report" pp13-15;4Refer SEDAR lodgment (TSX:FRG) dated 8.9.2009 "Fronteer Reports Positive Preliminary Economic Assessment for Michelin Uranium Project"; 5Refer Announcement (ASX:SMM) dated 19.10.2010 "Resource Upgrade for the Valhalla Uranium Deposit"; 6Refer ASX Announcement dated 16.04.2012 "Quarterly Activities Report for period ending 31 March 2012"; 7Refer ASX Announcement dated 15.04.2011 "Quarterly Activities Report for period ending 31 March 2011; 8Refer ASX Announcement dated 31.08.2011 "30 June 2011 Annual Report" p29; 9Refer ASX Announcement dated 17.01.2012 "Quarterly Activities Report for period ending 31 December 2011"; 10Refer ASX Announcement dated 13.07.2012 "Quarterly Activities Report for period ending 30 June 2012" ; 11Refer ASX Announcement (ASX:EMX) dated 12.02.2014 "Energia Delivers Significant Uranium Resource Upgrade"; 12Refer ASX Announcement dated 14.01.2014 "Manyingee Minerals Resources - Amendment"; 13Refer ASX Announcement dated 10.12.2008 "Maiden Uranium Resource at Valhalla North Project"; 14Refer ASX Announcement dated 30.08.12 "30 June 2012 Annual Report" p27 and 129; 15Refer ASX Announcement dated 29.08.2013 "30 June 2013 Annual Report" p24; 16Refer ASX Announcement dated 27.08.2019 "30 June 2019 Annual Report" p. 14.

The Group is not aware of any new information or data that materially affects the information in the relevant market announcements all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed.

	Mineral Resources		Mt	Grade ppm U3O8	Mlb U3O8	Paladin Ownership
		(100% basis)		(%)
	Namibia	Langer Heinrich
	Measured1		66.2	490	71.9	75
	Indicated1		18.8	435	18.0	75
	Inferred1		6.3	420	5.8	75
	Stockpiles1		30.8	355	24.0	75
	Total Namibia		122.1	445	119.7	75
	Canada
	Measured	Michelin3	17.6	965	37.6	55
		Rainbow4	0.2	920	0.4	55
	Indicated	Gear4	0.4	770	0.6	55
		Inda4	1.2	690	1.8	55
		Jacques Lake3	13.0	630	18.0	55
		Michelin3	20.6	980	44.6	55
		Nash4	0.7	830	1.2	55
		Rainbow4	0.8	860	1.4	55
	Inferred	Gear4	0.3	920	0.6	55
		Inda4	3.3	670	4.8	55
		Jacques Lake 3	3.6	550	4.4	55
		Michelin3	4.5	985	9.9	55
		Nash4	0.5	720	0.8	55
		Rainbow4	0.9	810	1.6	55
	Total Canada		67.6	860	127.7	55
	Australia
	Measured	Valhalla5	16.0	820	28.9	100
	Indicated	Andersons6	1.4	1,450	4.6	100
		Bikini7	5.8	495	6.3	100
		Duke Batman8	0.5	1,370	1.6	100
		Odin9	8.2	555	10.0	100
		Skal10	14.3	640	20.2	100
		Valhalla5	18.6	840	34.5	100
		Carley Bore11	5.4	420	5.0	100
		Manyingee12	8.4	850	15.7	100
	Inferred	Andersons6	0.1	1,640	0.4	100
		Bikini7	6.7	490	7.3	100
		Duke Batman8	0.3	1,100	0.7	100
		Honey Pot13	2.6	700	4.0	100
		Mirrioola14	2.0	560	2.5	100
		Odin9	5.8	590	7.6	100
		Skal10	1.4	520	1.6	100
		Valhalla5	9.1	640	12.8	100
		Watta15	5.6	400	5.0	100
		Warwai15	0.4	360	0.3	100
		Carley Bore11	17.4	280	10.6	100
		Manyingee12	5.4	850	10.2	100
	Total Australia		135.4	635	189.9	100
	Total Mineral Resources		325.1	610	349.8

PALADIN ENERGY LTD

Broker Roadshow - April 2020

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CONTACT US

HEAD OFFICE	T: [phone]
Level 4, 502 Hay Street	E: [e-mail]
Subiaco Western Australia 6008	www.paladinenergy.com.au

This presentation has been authorised for lodgement by Ian Purdy, CEO, Paladin Energy Limited