Thank you very much, and good morning, and thank you for joining us, everyone. This quarter was about steady execution at Langer Heinrich and continued progress across our Canadian portfolio.

At Langer Heinrich, full mining capability is now in place, and at Patterson Lake South, our focus remains on derisking the project and advancing its growth potential. At Langer, we produced 1 million lb of uranium and sold 1.16 million lb at an average realized price of US$79.40 per pound.

The stronger realized price reflects the structure of our contract book, and of course, the rising uranium market. As we've previously indicated, the first-half production is expected to be below the second half, reflecting the work to open up the J-Pit and the planned shutdown activities.

Operationally, the plant shutdown was completed successfully, and throughput following the shutdown has been strong. Mining also had a solid quarter, with more tonnes moved than the prior quarter as we continue to develop the J-Pit.

Ore delivered to the plant came largely from the upper benches, where the ore characteristics contributed to reduced recovery. We also rebuilt in-process inventory after starting the quarter with relatively low inventories, which will support consistent production throughout the remainder of the year.

These factors drove the high cost of production of US$61.60 per pound. The team continues implementing improvement actions in the plant, while mining pushes towards the lower southern benches and better-quality ore.

We saw improvement through September as mining advanced and plant throughput strengthened. This supports our expectation of higher production and lower unit costs in the second half, and we reaffirm FY 2027 guidance of 5.1 to 5.6 million lb at a cost of production of $44 to $48 per pound.

In Canada, we continued to advance and derisk Patterson Lake South across a number of fronts. We signed a mutual benefits agreement with Birch Narrows Dene Nation, our third agreement of this kind with Indigenous Nations, and established an administrative protocol with the Canadian Nuclear Safety Commission.

Together, these steps provide a targeted regulatory pathway aimed at completing construction license hearings by the end of calendar year 2027. Exploration drilling also delivered encouraging results at Atlas and Saloon East, as well as extensions beyond the current R1515W mineral resource.

We closed the quarter with $209 million in cash and investments, with customer receipts during the period impacted by working capital cycle and the timing of deliveries. We also maintain an undrawn $70 million revolving credit facility.

Overall, we remain well-positioned to execute the Langer Heinrich operating plan and progress our Canadian growth portfolio. Thank you very much, and I'll now hand over to you for questions.

Oh, hi. Good morning, team.

Thanks for the call. Just wanted to touch upon the production result, mainly because that's the talking point, I guess.

Previously, in terms of the J-Pit grades, you talked about reconciliations going fairly well. I just wanted to touch on that a bit, perhaps.

Is that still the case? Or are you having any sort of grade misses there?

When do you start to hit the southern benches as well?

Thanks for that. Scott here.

The grade reconciliation is still in line with the block model, there's no issue there. The upper benches do have some ore handling characteristics, the feed going into the mill, we have mixed a little bit of low grade from stockpiles, which has put the feed grade down a little bit.

That's to get crunchier, harder rock into the scrubbers to help liberate some of the finer material. The upper benches in the J-Pit are a little bit more weathered.

The material's a bit finer, and even as we get a little bit deeper, it's continuing. However, as we go more to the south and even deeper into the ore body—I was there last week—they're starting to mine that material.

It's a lot more competent, looks a lot more like the G-Pit, and as that comes in in Q2 and into H2, we should see the grades increase and the recoveries bounce back.

Got it. Okay.

I guess the recovery performance, etc., has kind of all been driven by the fact that there's a bit of oxidation there. Makes sense.

Thanks for that, Scott. Look, the second one's really about the uplift that you have in the second half that you've got planned.

I guess can you highlight some of the risks there, just given it's a big uplift? What type of assumptions have you made around the uplift in throughput and recovery to be able to get there, and where do you think the biggest risk lies in being able to achieve that?

The plan is we should be back into the upper range of the recoveries for H2. The grade will increase as well from the 486 that we saw last quarter, we'll be above the 500 ppm mark, which is on plan.

The other thing is without having those shutdowns, we had a week-long shutdown in July. That's a full week of zero production.

Not having any shutdowns or any big long shutdowns in H2 gives us full rate for the entire six months. As you've seen, even with that shutdown in Q1, we were almost on par with the tonnes processed in Q4 of FY '26.

The team have done a really good job on getting throughput through the mill. With that and the upper grades and the recovery bouncing back, that's how H2 is going to play out.

That's good. That's clear.

Thank you very much. I'll pass it on.

Morning, guys. Just first question on PLS, please.

I'm just wondering if you can update us on the timing for the FEED study. I know it's ongoing at the moment, but if I look at the original timeline, it seems to suggest it was going to be finished by mid-calendar year '26.

Branko, thanks for the question. The FEED study is expected to be complete by the end of calendar year, somewhere around sort of November-December.

What we expect after that is some final updated capital numbers probably around March.

That makes sense. The other question I had sticking on PLS was just any progress around a funding solution?

I know that was a big focus of the Investor Day a couple of months ago, but just any updates you can share there, please.

Yeah. Hi, Branko.

It's Anna. I'm just sort of reiterating our narrative at the Investor Day.

As you're aware, the economics at PLS are really robust, and I think one of the things that differentiates us is our operational experience at Langer and our relationships with existing lenders and offtakers. We're running the initial phase of the project finance at the moment, really seeking to understand appetite, offtake, and debt sizing, and which lenders we want to move forward into a Phase 2.

That's the longest-lead transaction for us on a financing. That's our focus at the current time.

I would say that our existing lenders are very keen to continue to participate not only at Langer, but also at PLS, and I think that that really goes to our credibility as an operator. I think we're in a good position with lots of options.

Can I just reconfirm that a project sell-down's probably lower down your order of preferences you see it at the moment? It's more so a debt-equity mix is the way you guys are thinking about the project?

Oh, Branko, I think that's still an option for us. I think we've got the capacity to fund this and operate this ourselves, but Paul, maybe you want to jump in and comment on that?

Look, I think as I said at the Investor Day, somebody would have to bring something to the table that we couldn't bring ourselves. Look, we're still open to the possibility.

It could be someone who brings alternative and low-cost financing options. We're open to it, but as Anna said, we went into this project on the basis that we would fund and operate it ourselves, but we're open to that possibility.

All right. That's great.

That's all for me. Appreciate it.

Thank you.

Hey, team. Just the first one on recoveries.

I know it dipped down to 85% versus 90% last quarter. How much of that was the ore type versus the maintenance shutdowns and low circuit inventory?

Should we expect it to return up to about that 90% level in the December quarter, or that won't come through until the second half?

Do you want to take that, Scott?

Yeah. The shutdown didn't have anything to do with the recoveries.

That would just be throughput because the plant was shut down for that week where we did the maintenance. Recovery is completely around the ore characteristics, the finer size, we're seeing a difficulty in liberating some of the finer particles in the classification circuit, and so our beneficiation recovery is what's causing that drop in recovery.

Blending in some low grade to bulk up or get some harder rock into the circuit is helping. We're also doing a lot of work on the water sprays and making sure that the classification circuit is running really, really well.

That is being seen. We saw it at the end of September, and it's a bit early in October to talk about this quarter, but we are seeing the recovery start to bounce back.

Okay. Then also just any updates on your discussions with the Métis Nation?

Any progress here?

Look,

Métis— Sorry, carry on.

I was just going to say, the team in Canada continuing really positive conversations and back and forths and engagements with the Métis Nation. Dale and the team did a community day a few weeks ago, which went really well.

It's still ongoing. There's nothing definitive to say other than it is really positive and moving forward.

Okay. Thank you.

good morning, team. Just sticking on PLS for a second here.

I know you signed the CNSC administrative protocol this quarter. Just wondering if there's been any sort of further discussions around this, any color on how they're approaching that end of year end of 2027 hearings target at the moment, if there's just been any more discussions that you've had with them?

Alistair, what I would say is that both the Saskatchewan provincial government and the Office of the Prime Minister and Mining Minister have been incredibly supportive, and I'm aware that the Mining Minister recently wrote a letter to the CNSC reiterating their desire to make sure that projects progress in a timely manner and that they look at ways of reducing the timeline on approval process. I've met with the President of CNSC.

Incredibly positive and supportive. The administrative protocol is really an important document for us.

I know that some of our peers who've gone before us didn't have that sort of document in place, but it does reiterate CNSC's intention to work towards approvals on our timeline, which is really encouraging. We're continuing to see evidence of the way they're working between sort of Dale, his team, and CNSC.

I'm feeling quite encouraged about CNSC's performance. Oh,

that's really helpful color. Then maybe just going back to Langer Heinrich quickly.

Just wondering about the December quarter shutdown. Could you just give us a little bit more detail maybe around the timing, when that's going to happen during the quarter, the duration, sounds like it's going to be about a week, but then, I guess, what sort of parts of the plant are involved?

You mentioned that throughput was really the only thing impacted in this most recent shutdown, but are there any other sort of considerations we should be thinking about for our models for this upcoming shutdown in the December quarter?

Alistair, the shutdown is scheduled for the back half of November. It's mainly around the kiln, which is used to dry the product before we can drum it.

That's the big bit of maintenance that's being done. The rest of the plant will still be operational, we'll be building inventory during that time.

The kiln is in WA, and it's going to get shipped either later this week or early next week. The plan is to get it on-site, inspect it, make sure nothing has changed during the transport, do all the testing that we need to do to make sure that it's ready to go, and then install it in November.

Awesome. Very helpful.

Thank you.

Morning, guys. Thanks for the update.

Look, first one, just Langer and sort of the cost piece. If I look at your indicative cash outflows at Langer, just combining those reported unit costs and CapEx, that's actually softened a little bit quarter-on-quarter, about $80 million cash outflow versus $85 million last quarter on a nominal basis.

Can you just walk us through what the cash waterfall is there in terms of the moving pieces? Is that purely just around the lower processing with the lower production?

Then, on a go-forward sort of basis, is there a pathway to get back to the $60 to $70 million a quarter nominal spend that you had six to nine months ago, or is this $80 million-plus sort of the going run rate on a forward basis here?

Hugo. Scott and I will probably take that together.

As far as the unit cost of production outcome, that's pretty much solely a function of the production outcome for the quarter, right? The total costs are pretty in line with the previous quarter.

I guess if you look at our cash flow quarter-on-quarter, what you see is is pretty high shifts around the customer receipts. That that's the principal movement in the quarter quarter-on-quarter.

We had a relatively, I guess, low cash receipt outcome from customers vis-à-vis June, where we had like circa $160 million. I think if you look back, this time last year, we were also processing the medium-grade stockpile, we were in a lower-cost environment.

We're now mining, it is going to be a higher cost environment than it was 12 months ago.

Right. That's clear.

Then if I can ask one on PLS. With your license hearings not completing until the end of calendar '27 implies that probably getting fully permitted and then making an FID decision in calendar '27 maybe looks increasingly unlikely.

I guess what sort of timelines are you now looking to in terms of being able to make an FID decision here just on sort of that permitting piece? In your view, does that potentially extended timeline maybe provide a little bit of a positive and more time to potentially get more offtake, more favorable offtake and funding agreements in place?

I think what I will say is the project economics remain incredibly strong and they do so under a range of scenarios. With respect to the hearings, my expectation is at the back end of calendar year '27, those hearings should be complete, and typically what we're seeing is a decision within a month.

I think taking FID late '27, early '28 is probably likely, but more importantly, maintaining a 2031 first production, I think, is absolutely possible at this point in time. Alex, do you want to comment on offtakes?

Sure. Look, we are actually already receiving a lot of interest in PLS offtake.

Our customers are seeing what we're doing on PLS and really, that supply-demand deficit doesn't go unnoticed on the customer side, they're approaching credible producers like ourselves to secure production. We, I guess, we're not in a hurry to enter into offtakes too early, and it will be largely driven by our financing structure that we put in place and our FID timing.

It's encouraging to see that the market is there. Hugo, as you say, it does give us plenty of time to put those offtakes in place, and we'll continue to leverage our relationships with the customers that we've built and put the offtakes at the right time.

Thanks. If I could just squeeze one more in, just on the PLS CapEx, you noted you're updating those estimates by March '27, I guess, to feed into the updated study at the end of '27.

You don't need to revise them again then if the FID slips into early 2028, that's still all fine?

I'm not seeing any issues.

Yeah. Fantastic.

Thanks, guys. I'll pass it on.

Thanks, Hugo.

Yeah. Good day, guys.

Thanks for taking my question. Just one from me, just on I guess realized pricing and around the contract structure.

Are you able to tell us how much of your sales book was, I guess, the spot-linked versus the fixed-price contract sales in the quarter? Probably just noting that FY '25, your first half was more spot-linked contract sales versus second half, which was more, I guess, contract sales.

Are you expecting a similar outcome for FY '27 as well?

Sorry, Daniel, you were cutting out there, but I gather you were asking about the contract mix. Yes, we did have a higher market-related contract mix in the quarter and also higher uranium prices, which allowed us to realize a strong price in the quarter.

I think, going forward, we running largely in line with our realized price sensitivity matrix that we published in July, and I think people should be looking at it on an annual basis rather than on a quarterly basis. There will always be, there was always going to be movements quarter-to-quarter as we deliver material and realize sales, which are quite lumpy on our side.

We're very happy with the way the book has performed this quarter. It shows the leverage to the uranium price.

It shows that we've delivering our material to our customers, meeting our obligations on time and on schedule.

Thanks and sorry about that call on. Hopefully, that's better.

I was just after if you could clarify out of that 1.16 million lb, how much of that was sold into the, I guess, the fixed-price, escalated contracts? Was that a material composition?

I guess, I was kind of mentioning in FY '26, half one was more weighted towards the spot-linked CNSC contracts versus half two. Are you expecting a similar outcome for FY '27?

Daniel, we don't really sort of provide that detailed breakdown on a quarter-by-quarter basis. We publish our contract metrics and I think we running tracking largely in line with that.

As I said, the two metrics that you've got there is the realized price sensitivity tables and our guidance, which we're very satisfied with the way we're tracking.

Okay. Cool.

Thanks, guys. I'll hand it over.

Thanks.

Good morning, guys. Thank you all for your time this morning.

This one might be best for you, Scott, and just a quick one on cash costs. You had some headwinds this quarter with the unexpected lower production.

How sensitive are your costs to the diesel price? We can see the global diesel price at the moment is somewhat volatile and pretty high.

I'm just trying to understand what the sensitivity for your costs is to diesel.

The mining costs is about half of the overall spend, and diesel is about 10% of the mining cost. It's not overly sensitive on the total.

In Namibia, the diesel price is actually set by the government, we're not as affected by the overall market in Namibia, and we haven't seen major swings in the diesel price locally, both at the pumps and what's supplied to the mine.

No worries. Thank you so much.

Hi, guys. Thanks for the follow-up.

Just one on your uranium loans, noting you rolled the 2,000 200,000 lb due this quarter. Should we expect a similar sort of outcome for the volumes due in the March and September '27 quarters now, or will that be a little bit governed by sort of where your production ramp-up is sitting, whether you repay those when due or roll them?

Hugo, that's exactly right. We retain flexibility to either repay or roll that loan.

We haven't made that decision. We'll see how we go.

We use loans and swaps to meet our delivery obligations, to make the most efficient use of our material and locations where we're delivering. It's always going to be an ongoing part of our toolbox kit that we utilize, and we'll make that decision closer to time.

Got it. Thanks.

Then, if I could just extrapolate that comment then. I think your original sales guidance factored in the intention to repay part of those loans.

How would your sales guidance sort of shift then if those loans aren't getting repaid? Should we see that sort of more in line with production then for the year?

That's exactly right. We've assumed partial repayment of those loans, but as I said, we haven't made that decision.

We'll look at that closer to time.

Great. Thanks, Alex.

Pass it on.

thank you very much, and thank you, everyone, for your questions, and of course, your continued interest in Paladin. We'll continue to make steady progress at both Langer and Patterson Lake South.

At Langer, our focus is clearly on safely executing the operating plan, improving recovery, and delivering a stronger second-half production profile. Guidance metrics for FY 2027 remain unchanged.

At PLS, we'll maintain the same disciplined approach as we advance the engineering program, the regulatory pathway, the remaining Indigenous partnership and our exploration program. We believe Paladin is well-positioned to deliver long-term value for shareholders as a producer in today's rising U market, and as a developer of one of the world's best uranium projects.

Thanks once again for joining us.