This Management’s Discussion and Analysis (MD&A) of Paladin Energy Ltd (Paladin or the Company) and its controlled entities (Group) for the quarter ended 30 September 2025 is dated 13 November 2025. This MD&A updates our annual MD&A and should be read in conjunction with the Group’s audited financial report for the year ended 30 June 2025 (FY2025), and the Group’s unaudited Condensed Interim Financial Report for the three months ended 30 September 2025.
In preparing this MD&A, Paladin considers the materiality of information. Information is considered material if:
(i) it results in, or would reasonably be expected to result in, a significant change in the market price or value of Paladin’s shares; or (ii) there is a substantial likelihood that a reasonable investor would consider it important in making an investment decision; or (iii) it would significantly alter the total mix of information available to investors. Materiality is evaluated with reference to all relevant circumstances, including potential market sensitivity.
All financial information included in this MD&A is presented in United States dollars (US$), unless otherwise noted. Certain dollar amounts have been rounded to the nearest US$0.1 million, and tables may not add due to rounding.
Additional information relating to Paladin and its operations, including the Company’s Annual Report for the year ended 30 June 2025 (the Annual Report) and our most recent Annual Information Form, is available under
Paladin’s profile on SEDAR+ (https://www.sedarplus.ca) and Paladin’s website (https://www.paladinenergy.com.au). Unless otherwise indicated, any technical information contained in this MD&A is based on the information contained in the technical reports and ASX announcements available on the Company’s website, on the ASX website (www.asx.com.au) and under the Company’s profile on SEDAR+.
Source: Paladin Energy