Paladin Energy : Investor Update - October 2020

PALADIN ENERGY LTD

Investor Update

October 2020

Ian Purdy - Chief Executive Officer

Disclaimer and Competent Persons Statement

Disclaimer

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.

The Company does not purport to give financial or investment advice. No account has been taken of the objectives, financial situation or needs of any recipient of this document. Recipients of this document should carefully consider whether the securities issued by the Company are an appropriate investment for them in light of their personal circumstances, including their financial and taxation position.

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, exploration 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 in those 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.

Except for statutory liability which cannot be excluded, the Company, its officers, employees and advisers expressly disclaim any responsibility for the accuracy or completeness of the material contained in this presentation and exclude all liability whatsoever (including in negligence) for any loss or damage which may be suffered by any person as a consequence of any information in this presentation or any error or omission there from. The Company accepts no responsibility to update any person regarding any inaccuracy, omission or change in information in this presentation or any other information made available to a person nor any obligation to furnish the person with any further information.

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 Mineral Resource Table slides in the Appendix of this presentation.

Competent Persons Statement

The information contained in this presentation relating to Exploration, Mineral Resources and Ore Reserves is, except where stated, based on information compiled by David Princep B.Sc P.Geo FAusIMM(CP) who is an independent consultant and who is a member of the AusIMM. Mr Princep has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity that he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Princep consents to the inclusion of this information in the form and context in which it appears.

PALADIN ENERGY LTD

Investor Update - October 2020

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Why Paladin?

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

The Langer Heinrich Mine Restart Plan1 confirms the mine's position alongside other large-scale suspended Uranium operations and confirms restart capital, costs and operational performance

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 approximately US$32.4M2,3 in cash reserves and a FY2021 cash spend forecast of US$9.5M

Recent supply disruptions have exacerbated the structural supply deficit in the global Uranium market. Term contracting activity is expected to ramp-up as utilities look to increase their forward contract coverage

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

1. ASX Announcement "Langer Heinrich Mine Restart Plan" dated 30 June 2020
2. As at 30 September 2020
3. Excluding US$1m of restricted cash

PALADIN ENERGY LTD

Investor Update - October 2020

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Langer Heinrich Mine

A Globally Significant Uranium Operation