ASX Announcement
20 August 2026
PLS RESOURCES AND RESERVES RE-REPORTED TO JORC CODE
Paladin Energy Ltd (ASX:PDN, TSX:PDN, OTCQX:PALAF) (“Paladin” or the “Company”) is pleased to present its
Mineral Resource and Ore Reserve estimates for the Patterson Lake South (“PLS”) project in accordance with the
JORC Code (2012), offering an alternative from prior and on-going disclosure under NI 43-101.
The estimates were previously reported in the Company’s 2025 Annual Report as a foreign estimate under NI 43-
101. This announcement re-reports those estimates in accordance with JORC to align with ASX Listing Rules and
establish a consistent basis for future reporting.
Key Points
• There is no material change to the previously disclosed PLS mineral resource and mineral/ore reserve estimates
as a result of re-reporting those estimates in accordance with the JORC Code. The Mineral Resource
incorporates subsequent non-material updates to the R840W and R1515W zones, while the Mineral/Ore Reserve
remains unchanged.
• The estimates have been re-reported using the same underlying data, geological interpretation, mine design and
modifying factors that support the previously disclosed foreign estimates using Canadian Institute of Mining,
Metallurgy and Petroleum (CIM) standards applicable under NI 43-101, with subsequent non-material Mineral
Resource updates incorporated where applicable.
• Establishes a clear JORC baseline for all future ASX disclosures
As a dual-listed entity, the Company has previously reported Mineral Resource and Mineral/Ore Reserve estimates
for the PLS Project in accordance with NI 43-101 for Canadian regulatory purposes. The Company will continue to
report using JORC and CIM standards in compliance with NI 43-101. JORC code is an acceptable reporting code
under NI 43-101 and is consistent with CIM. The confidence categories between CIM and JORC are the same, and
therefore there is no requirement for modification of the confidence categories. The Mineral Resource and Ore
Reserve estimates have now been:
• reviewed against JORC Code (2012) requirements
• confirmed as appropriate in classification and supporting assumptions
• re-reported in JORC format without material modification
The Company considers the methodologies underpinning the Mineral Resource and Ore Reserve estimates for the
PLS Project, including geological interpretation, estimation methodology, mining assumptions and modifying factors,
to be substantially equivalent to those previously reported under NI 43-101.
The Mineral Resource estimate is based on the same drilling, sampling, QA/QC and geological interpretation
previously disclosed and has not been re-estimated. Figure 1 shows drillhole collar locations and Figure 2 shows a
long section across the Triple R deposit. The Mineral Resource estimate reported in this announcement includes
subsequent non-material Mineral Resource updates for the R840W and R1515W zones.
The Ore Reserve estimate is based on the 17 May 2022 NI 43-101 mineral resource estimate and the Feasibility
Study mine design and modifying factors for the PLS Project with an effective date of 17 January 2023. The nonmaterial R1515W Mineral Resource update from 30 June 2025 is not included in the reported Ore Reserve. The Ore
Reserve estimate is derived from the Mineral Resource and incorporates the same mining, metallurgical, economic
and other modifying factors, including mine design and production assumptions, as previously reported.
Level 11, 197 St Georges Terrace, Perth WA 6000 | PO Box 8062, Cloisters Square PO WA 6850
Tel: +61 8 9423 8100 | ABN: 47061681098
paladinenergy.com
Paladin Energy Ltd – PLS Resources and Reserves re-reported under the JORC Code 2 of 47
20 August 2026
Future Reporting
This release establishes a JORC-compliant reference point for both Mineral Resources and Ore Reserves for the
PLS Project.
Going forward, the Company will:
• report in accordance with the JORC Code (2012) for ASX disclosures; and
• reduce the need for cross-referencing between NI 43-101 and JORC in future ASX reporting, including the
upcoming Annual Report. NI 43-101 disclosure will continue to be maintained for Canadian filings as required.
Mineral Resources
Mt Grade % U3O8 Grade g/t Au Mlb U3O8 Koz Au
Indicated Triple R 2.9 1.88 0.59 118.8 54.4
Inferred Triple R 0.4 1.19 0.46 10.9 6.1
Total 3.3 1.80 0.57 129.7 60.5
Mineral Resources are reported as at 30 June 2025, reflecting the inclusion of the non-material R1515W Mineral Resource update,
and are reported inclusive of Ore Reserves. Mineral Resources are reported above an underground cut-off grade of 0.25% U3O8,
based on a long-term uranium price assumption of US$50/lb U3O8, cost estimates derived during the PLS Pre-Feasibility Study,
a metallurgical recovery assumption of 95%. Gold is reported as a by-product Mineral Resource associated with the Triple R
uranium mineralisation. The Mineral Resource assumes potential extraction by conventional underground mining methods; no
mining dilution has been applied to the Mineral Resource estimate. Tonnages are estimated on a dry basis. Figures are rounded
to reflect appropriate precision and totals may not add due to rounding.
Ore Reserves
Mt Grade % U3O8 Mlb U3O8
Probable R780E Zone 2.6 1.46 84.8
R00E Zone 0.1 1.24 1.5
R840W Zone 0.3 1.04 7.4
Total 3.0 1.41 93.7
Ore Reserves are derived from the Triple R Mineral Resource estimate with an effective date of 17 May 2022 and are based on
the PLS Feasibility Study, which has an effective date of 17 January 2023. Ore Reserves are reported above a 0.25% U3O8 cutoff grade and are based on a uranium price assumption of US$65/lb U3O8. Metallurgical assumptions include high uranium
recovery supported by Feasibility-level test work, including 98.4% average uranium extraction in leach testing, with the cut-off
grade based on a 97% metallurgical recovery assumption. Mining assumptions include longhole stoping and drift-and-fill mining,
with net dilution of 24%, 95% mining recovery applied to stopes and 100% extraction assumed for development mining. No gold
Ore Reserve is reported in this announcement. Figures are rounded to reflect appropriate precision and totals may not add due
to rounding.
Paladin Energy Ltd – PLS Resources and Reserves re-reported under the JORC Code 3 of 47
20 August 2026
Mineral Resource Summary
The Triple R deposit is a basement-hosted, unconformity-related uranium deposit located on the southwest margin
of the Athabasca Basin in Saskatchewan, Canada. Mineralisation occurs principally within structurally controlled
zones hosted in metamorphic basement rocks underlying Patterson Lake and remains open in several areas along
the broader mineralised corridor.
The Mineral Resource estimate has been prepared using drilling, geological interpretation, density and assay data
collected by Fission Uranium Corp. (prior to its acquisition by Paladin in 2024) and subsequently reviewed by Paladin.
The estimate includes the R1515W, R840W, R00E, R780E and R1620E mineralised zones that collectively comprise
the Triple R deposit.
The estimate is based on 542 drillholes comprising geological, geotechnical and geochemical information supported
by a comprehensive quality assurance and quality control program including the routine insertion of certified
reference materials, blanks and duplicate samples. Independent check assaying and database validation were
undertaken and no material issues were identified that would adversely affect the integrity of the Mineral Resource
estimate.
Geological wireframes were constructed to constrain mineralised domains and uranium grades were estimated using
inverse distance cubed interpolation within constrained estimation domains. Resource blocks were classified as
Indicated or Inferred based primarily on drill spacing, geological continuity and estimation confidence.
Mineral Resources are reported above a cut-off grade of 0.25% U3O8. The cut-off grade was derived using a longterm uranium price assumption of US$50/lb U3O8, estimated underground mining costs, metallurgical recovery
assumptions of 95% and other operating cost and revenue parameters appropriate for a potential underground
mining operation.
Bulk density was estimated using more than 15,000 density measurements collected throughout the deposit and
interpolated independently from uranium grades.
The Competent Person considers that the Mineral Resource has reasonable prospects for eventual economic
extraction through conventional underground mining methods. Mineral Resources are reported inclusive of Ore
Reserves.
The Mineral Resource has been classified as Indicated and Inferred Mineral Resources based on drill spacing,
geological continuity, grade continuity and estimation confidence. No Measured Mineral Resources are reported.
Given the planned underground mining method and the compact, high-grade nature of the deposit, the Company
considers it more appropriate to complete additional close-spaced underground drilling from development workings
to support future Measured Mineral Resource classification. This approach is expected to provide a more costeffective means of achieving the higher confidence levels required for Measured Mineral Resources than would be
obtained through additional surface drilling alone. The Competent Person considers the reported classification
appropriately reflects the available data and the confidence in the estimate.
The Mineral Resource estimate reported in this announcement incorporates subsequent non-material updates to the
R840W and R1515W zones completed after the effective date of the May 2022 Mineral Resource estimate. These
updates do not materially alter the overall geological interpretation, classification or economic outlook of the deposit.
Paladin Energy Ltd – PLS Resources and Reserves re-reported under the JORC Code 4 of 47
20 August 2026
Ore Reserve Summary
The Ore Reserve estimate is based on the Triple R Mineral Resource estimate with an effective date of 17 May 2022
and is supported by the Feasibility Study for the PLS project with an effective date of 17 January 2023. Subsequent
updates to the R840W and R1515W Mineral Resources have not yet been incorporated into mine design or reserve
conversion studies and therefore are not reflected in the reported Ore Reserve.
Ore Reserves have been derived from Indicated Mineral Resources through detailed mine design, mine scheduling
and application of modifying factors consistent with JORC Code requirements. Approximately 84% of the Indicated
Mineral Resource within the mining areas was converted to Probable Ore Reserves following application of modifying
factors.
Mining is proposed as an underground operation using a combination of longitudinal longhole stoping and drift-andfill mining. Longhole stoping represents the primary mining method, while drift-and-fill mining is applied in crown pillar
areas where geotechnical conditions require a more selective mining approach.
Mineable stope shapes were generated using Datamine Mineable Shape Optimiser and subsequently refined through
detailed engineering design and scheduling. Mining assumptions include:
• 95% mining recovery for longhole stopes;
• Average net dilution of approximately 24%;
• Minimum mining width of 4 metres for longhole stoping;
• Additional dilution allowances for backfill exposure and proximity to geological contacts; and
• Exclusion of Inferred Mineral Resources from Ore Reserve estimation.
The Ore Reserve is reported above a cut-off grade of 0.25% U3O8 and is based on a long-term uranium price
assumption of US$65/lb U3O8.
Metallurgical assumptions are supported by extensive laboratory testing completed as part of the Feasibility Study.
Test-work demonstrated high uranium recoveries across representative lithologies and grades, including average
uranium extraction of approximately 98.4% during feasibility-level test-work. The process flowsheet comprises
conventional grinding, acid leaching, solvent extraction and yellowcake production technology consistent with
established Athabasca Basin uranium operations.
The Feasibility Study outlines a 1,000 t/d underground mining and processing operation producing marketable
uranium concentrate. Life-of-mine average mill feed grade is estimated at approximately 1.41% U3O8 with forecast
overall uranium recovery of approximately 97%.
Material risks to the Ore Reserve include permitting timelines, uranium price assumptions, geotechnical performance,
groundwater management and execution of the planned underground mining method; however, these risks were
considered in the Feasibility Study and are not considered sufficient to materially undermine the Ore Reserve
estimate.
Infrastructure, Environmental and Economic Considerations
The Ore Reserve is supported by a completed Feasibility Study demonstrating the technical and economic viability
of the PLS project.
The study incorporates:
• Initial capital cost estimate of approximately C$1.16 billion;
• Life-of-mine sustaining capital of approximately C$384 million;
• Average operating costs of approximately C$13.02/lb U3O8 produced;
• Post-tax NPV8 of approximately C$1.2 billion; and
• Post-tax IRR of approximately 27%.
Paladin Energy Ltd – PLS Resources and Reserves re-reported under the JORC Code 5 of 47
20 August 2026
The PLS project benefits from access via Saskatchewan Highway 955 and sufficient land tenure to support planned
mine, process plant, tailings management and supporting infrastructure.
Environmental assessment studies have been completed and Saskatchewan Ministerial Approval for the
Environmental Impact Statement was received in February 2026. Ongoing permitting activities are progressing in
accordance with regulatory requirements.
The Company considers there are reasonable grounds to expect that all material permits, approvals and licences
required for Project development can be obtained within the timeframes contemplated by the Feasibility Study. No
material unresolved environmental, social, tenure or other matters have been identified that are expected to materially
impact extraction of the reported Ore Reserve.
This announcement has been authorised for release by the Board of Directors.
Contacts
Investor Relations
Paula Raffo
T: +61 8 9423 8100
E: paula.raffo@paladinenergy.com.au
Media
Anthony Hasluck
T: +61 438 522 194
E: anthony.hasluck@paladinenergy.com.au
Competent Person’s Statement
The Mineral Resources contained in this document is based on, and fairly represents, information and supporting
documentation prepared by Mr Kanan Sarioglu, VP Exploration of Paladin Canada Inc. (formerly Fission Uranium
Corp.) a wholly-owned subsidiary of Paladin, who is a registered Professional Geoscientist (P.Geo) with the
Engineers and Geoscientists of British Columbia (EGBC), the Association of Professional Engineers and
Geoscientists of Alberta (APEGA) and the Association of Professional Engineers and Geoscientists of Saskatchewan
(APEGS). Mr Sarioglu has sufficient experience which is relevant to the style of mineralisation and type of deposit
under consideration and to the activity undertaken, 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 and is a
Qualified Person as defined by Canadian National Instrument NI 43-101. Uranium Ore Reserves for the PLS project
included in this document were derived from the Technical report titled “Feasibility Study, NI 43-101 Technical Report,
for PLS Property” (effective date 17 January 2023), prepared in accordance with NI 43-101 and available on
www.sedarplus.ca. Indicated and Inferred Mineral Resource totals presented in this document differ from the
aforementioned technical report due to an updated Mineral Resource estimates at the R840W zone in May 2023 and
the R1515W zone in June 2025, which are considered non-material. Mr Sarioglu consents to the inclusion of the
estimates of Mineral Resources and Ore Reserves, and the relevant supporting information, in the form and context
in which it appears.
Paladin Energy Ltd – PLS Resources and Reserves re-reported under the JORC Code 6 of 47
20 August 2026
The Ore Reserves contained in this document has been reviewed and approved by Lewis Kitchen, Principal Mining
Consultant, Mining Plus Canada Consulting Ltd, who is a registered Professional Engineer (P.Eng.) with Engineers
and Geoscientists of BC (Registration #50164). Mr Kitchen has sufficient experience which is relevant to the style of
mineralisation and type of deposit under consideration and to the activity undertaken, 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 and is a Qualified Person as defined by Canadian National Instrument NI 43-101.
Uranium Ore Reserves for the PLS project included in this document were derived from the Technical report titled
“Feasibility Study, NI 43-101 Technical Report, for PLS Property” (effective date 17 January 2023), prepared in
accordance with NI 43-101 and available on www.sedarplus.ca. Mr Kitchen consents to the inclusion of the estimates
of Mineral Resources and Ore Reserves, and the relevant supporting information, in the form and context in which it
appears.
Paladin Energy Ltd – PLS Resources and Reserves re-reported under the JORC Code 7 of 47
20 August 2026
Figure 1: Plan Map of Patterson Lake South Project: Triple R Resources
Paladin Energy Ltd – PLS Resources and Reserves re-reported under the JORC Code 8 of 47
20 August 2026
Figure 2: Long Section of Patterson Lake South Project: Triple R Resources
Paladin Energy Ltd – PLS Resources and Reserves re-reported under the JORC Code 9 of 47
20 August 2026
JORC Code, 2012 Edition – Table 1
Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections.)
Criteria JORC Code explanation Commentary
Sampling
techniques
• Nature and quality of sampling (e.g. cut channels, random chips, or
specific specialised industry standard measurement tools appropriate
to the minerals under investigation, such as down hole gamma
sondes, or handheld XRF instruments, etc). These examples should
not be taken as limiting the broad meaning of sampling.
• Include reference to measures taken to ensure sample representivity
and the appropriate calibration of any measurement tools or systems
used.
• Aspects of the determination of mineralisation that are Material to the
Public Report.
• In cases where ‘industry standard’ work has been done this would be
relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1
m samples from which 3 kg was pulverised to produce a 30 g charge
for fire assay’). In other cases, more explanation may be required,
such as where there is coarse gold that has inherent sampling
problems. Unusual commodities or mineralisation types (e.g.
submarine nodules) may warrant disclosure of detailed information.
• Drilling related to the PLS project / Triple R deposit was carried out
using a coring rig. Drill core that returned handheld RS-121
scintillometer readings equal to or greater than 300 counts per
second (cps) was marked for sampling and split in half along the
core axis into 50 cm core-length samples. One half of the core was
placed into a labelled sample bag and sent for geochemical analysis
and weight percent (wt%) U₃O₈ assay, while the other half remained
in the core box as a permanent record. Core samples for
geochemistry and U₃O₈ assay were crushed to 60% passing −2 mm,
and a 100 g to 200 g sub-sample was split using a riffle splitter. The
sub-sample was then pulverized to 90% passing 106 μm using a
standard puck-and-ring grinding mill. An aliquot of the pulp was
digested in a concentrated mixture of HNO₃:HCl in a hot water bath
for one hour and was then diluted with de-ionized water. The
samples were analysed using a Perkin Elmer ICP-OES instrument.
Drilling
techniques
• Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air
blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple
or standard tube, depth of diamond tails, face-sampling bit or other
type, whether core is oriented and if so, by what method, etc).
• The type of drill used at Triple R was a Zinex Mining Corp. A5 coring
rig or equivalent. All drillholes were NQ diameter (47.6 mm),
standard tube. A limited number of drillholes with poor ground
conditions near the top of bedrock utilized HQ (63.5 mm) diameter
coring until competent rock was cored, after which NQ coring
continued to the end of the hole. In rare occasions where the NQ drill
rods became stuck due to ground conditions, BQ diameter (36.4
mm) coring was performed to continue the drillhole. Beginning in
January 2013, a reverse circulation or sonic drill was used to set 4 ¾
inch casing through the overburden and into shallow bedrock at
Triple R prior to diamond drilling.
Paladin Energy Ltd – PLS Resources and Reserves re-reported under the JORC Code 10 of 47
20 August 2026
Criteria JORC Code explanation Commentary
• From October to November 2012, 12 4.5 inch (11.43 cm) diameter
dual rotary drill holes totalling 1,548 m were completed by J.R.
Drilling Ltd. of Cranbrook, British Columbia, using a Foremost DR-12
drill.
• Drill core was oriented using a REFLEX ACTIII from 2014 onwards.
• Select drillholes across Triple R also had downhole acoustic
televiewer (ATV) coverage.
Drill sample
recovery
• Method of recording and assessing core and chip sample recoveries
and results assessed.
• Measures taken to maximise sample recovery and ensure
representative nature of the samples.
• Whether a relationship exists between sample recovery and grade
and whether sample bias may have occurred due to preferential
loss/gain of fine/coarse material.
• Drill core from Triple R was logged geotechnically on a run-by-run or
ISRM rock strength basis and included the number of naturally
occurring fractures, mechanical fractures, intact core recovery, rock
quality designation (RQD), ISRM rock strength, longest stick, and
radioactivity measured in cps.
• Core recovery at Triple R was generally very good, which allowed
representative samples to be taken and accurate analyses to be
performed.
• Radioactivity was confirmed in areas of poor core recovery using a
downhole gamma probe.
• No sampling bias was observed due to preferential loss or gain of
drill core
Logging • Whether core and chip samples have been geologically and
geotechnically logged to a level of detail to support appropriate
Mineral Resource estimation, mining studies and metallurgical
studies.
• Whether logging is qualitative or quantitative in nature. Core (or
costean, channel, etc) photography.
• The total length and percentage of the relevant intersections logged.
• All drill core was descriptively logged by a Paladin Canada Inc.
geologist, with particular attention given to major and minor
lithologies, alteration, structure, and uranium mineralization.
• Paladin Canada Inc. geotechnicians recorded drill core recovery,
rock RQD, rock strength, longest stick, natural breaks, joint
condition, weathering grade, discontinuity features, and radioactivity.
• Logging and sampling information was entered into a spreadsheetbased template, which was reviewed at the end of the program and
was then integrated into the project’s digital database.
• All drill core was photographed while wet using a digital camera
before sampling.
Paladin Energy Ltd – PLS Resources and Reserves re-reported under the JORC Code 11 of 47
20 August 2026
Criteria JORC Code explanation Commentary
• Drill core was logged geologically and geotechnically in sufficient
detail to support mining studies, metallurgical studies, and the
Mineral Resource estimate.
Sub-sampling
techniques
and sample
preparation
• If core, whether cut or sawn and whether quarter, half or all core
taken.
• If non-core, whether riffled, tube sampled, rotary split, etc and
whether sampled wet or dry.
• For all sample types, the nature, quality and appropriateness of the
sample preparation technique.
• Quality control procedures adopted for all sub-sampling stages to
maximise representivity of samples.
• Measures taken to ensure that the sampling is representative of the in
situ material collected, including for instance results for field
duplicate/second-half sampling.
• Whether sample sizes are appropriate to the grain size of the material
being sampled.
• All core samples were standardized to half-meter lengths, except in
zones of poor recovery (<25%) where the interval length was
adjusted.
• All core samples consisted of half-split NQ-sized drill core that was
split parallel to the core axis, except in limited cases where BQ or
HQ-sized coring was used. Half of the drill core from each sample
interval was placed into a marked and tagged sample bag, while the
remaining half was left in the core box as a permanent record. No
subsampling was carried out.
• Drill core was half-split using a manual core splitter, with efforts
made to ensure consistent representativity.
• At least two duplicate samples were collected from each mineralized
drillhole, and in thicker zones of mineralization a duplicate was taken
every 10 m throughout the zone.
• Because drill core samples covered the full half-meter interval, they
were considered appropriate in size relative to the material being
sampled.
Quality of
assay data
and
laboratory
tests
• The nature, quality and appropriateness of the assaying and
laboratory procedures used and whether the technique is considered
partial or total.
• For geophysical tools, spectrometers, handheld XRF instruments, etc,
the parameters used in determining the analysis including instrument
make and model, reading times, calibrations factors applied and their
derivation, etc.
• Nature of quality control procedures adopted (e.g. standards, blanks,
duplicates, external laboratory checks) and whether acceptable levels
of accuracy (i.e. lack of bias) and precision have been established.
• Drill core samples were sent to the Saskatchewan Research Council
(SRC) Geoanalytical Laboratory in Saskatoon, Saskatchewan, an
SCC ISO/IEC 17025:2005 accredited facility. Uranium assay
samples were analysed using the U₃O₈ wt% package, which was an
ISO/IEC 17025 accredited method for determining U₃O₈ wt% in
geological samples. For this package, an aliquot of sample pulp was
digested in a concentrated HCl:HNO₃ mixture, the digest was diluted
with deionized water, and the solution was analysed by ICP-OES.
• The SRC Geoanalytical Laboratory inserted Certified Reference
Material (CRM) samples for every 20 samples analysed and
Paladin Energy Ltd – PLS Resources and Reserves re-reported under the JORC Code 12 of 47
20 August 2026
Criteria JORC Code explanation Commentary
performed duplicate analyses every 40 samples. SRC CRM and
duplicate results were monitored by Paladin upon receipt.
• Paladin’s internal quality assurance–quality control program included
the following components:
• Determination of precision — was achieved through regular insertion
of duplicate samples at each stage of the process where a sample
was taken or split.
• Determination of accuracy — was achieved through regular insertion
of CRM samples.
• Checks for contamination — were carried out through the insertion of
blanks.
• CRM were sourced from the Canadian Certified Reference Materials
Project. UTS-3 (0.051% U₃O₈), RL-1 (0.201% U₃O₈), BL-5 (8.36%
U₃O₈), and CUP-2 (88.92% U₃O₈), representing low-, medium-, highand ultra-high-grade uranium references, respectively, along with a
gold (CH-4) CRM, were inserted into the sample sequence for each
drillhole that intersected >300 cps radioactivity on a handheld
scintillometer. Blanks were also inserted into the sample sequence
for these drillholes and were sourced from barren quartz veins
intersected on the PLS property in historical drillholes.
• Duplicate samples were taken at least twice per mineralized drillhole,
or every 20 mineralized samples in thicker zones of mineralization
and consisted of the remaining half-split core from the sample
interval.
• CRM, blanks, and duplicates made up approximately 5% of the total
samples sent to the laboratory.
• Uranium results for CRM and blanks were reviewed upon receipt
from the laboratory. CRM failure criteria were triggered when a
sample fell outside three standard deviations of the expected value,
or when two consecutive samples fell outside two standard
Paladin Energy Ltd – PLS Resources and Reserves re-reported under the JORC Code 13 of 47
20 August 2026
Criteria JORC Code explanation Commentary
deviations on the same side. Blank failure criteria were triggered
when a sample returned a uranium concentration greater than five
times the U₃O₈ assay detection limit.
• In the event of a CRM or blank failure, the entire batch containing the
failed CRM was reanalysed, and if the reanalysed batch passed,
those sample values were used.
• Coarse crushed or pulped reject material from 1,180 uranium assay
samples was also sent to SGS Lakefield in Ontario, Canada, which
acted as an umpire laboratory.
• Umpire samples at SGS Lakefield were analysed using the
GC_ICP14C package, which included leaching an aliquot of the
sample pulp with an aqua regia mixture (3:1 HCl:HNO₃), followed by
heating before the sample was analysed by ICP-OES/MS.
• No significant discrepancies were identified between the SGS and
SRC uranium assay results.
Verification of
sampling and
assaying
• The verification of significant intersections by either independent or
alternative company personnel.
• The use of twinned holes.
• Documentation of primary data, data entry procedures, data
verification, data storage (physical and electronic) protocols.
• Discuss any adjustment to assay data.
• No drillholes were purposely twinned; however, scissor drillholes
were completed to confirm uranium grades at the R780E and
R840W zones.
• All drillhole data was compiled and reviewed upon completion and
was then imported and validated in Seequent MX Deposit and
Bentley GEMS by Paladin staff.
• Drillhole data was also reviewed by SLR personnel.
• No uranium assay data was adjusted.
Location of
data points
• Accuracy and quality of surveys used to locate drill holes (collar and
down-hole surveys), trenches, mine workings and other locations
used in Mineral Resource estimation.
• Specification of the grid system used.
• Quality and adequacy of topographic control.
• All drillhole collars were positioned using a Trimble Real Time
Kinematic (RTK) Global Positioning System (GPS), and all
coordinates were recorded in UTM NAD83. A final collar position
was collected using the Trimble RTK GPS once the drill had moved
off the site.
• Drillholes were aligned to the planned azimuth and dip using a TN-14
Paladin Energy Ltd – PLS Resources and Reserves re-reported under the JORC Code 14 of 47
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Criteria JORC Code explanation Commentary
azimuth aligner.
• Drillhole azimuth and dip information was measured every 50 m
during drilling using a REFLEX EZ-Trac. Upon completion, drillholes
were surveyed using a north-seeking gyro or equivalent tool, with
readings taken every 10 to 25 m.
• The PLS property had a detailed digital terrain model that provided
topographic control.
Data spacing
and
distribution
• Data spacing for reporting of Exploration Results.
• Whether the data spacing and distribution is sufficient to establish the
degree of geological and grade continuity appropriate for the Mineral
Resource and Ore Reserve estimation procedure(s) and
classifications applied.
• Whether sample compositing has been applied.
• Not applicable as exploration results are not reported.
• The sample spacing achieved is considered sufficient for the
purposes Mineral Resource estimation and Ore Reserve reporting
with the application of appropriate material classifications.
Orientation of
data in
relation to
geological
structure
• Whether the orientation of sampling achieves unbiased sampling of
possible structures and the extent to which this is known, considering
the deposit type.
• If the relationship between the drilling orientation and the orientation
of key mineralised structures is considered to have introduced a
sampling bias, this should be assessed and reported if material.
• Drillholes completed between 2012 and 2014 were predominantly
drilled vertically due to two primary factors: 1) targeting anticipated
sub-horizontal uranium mineralization near the top of metamorphic
basement rock, and 2) operational constraints associated with drilling
on Patterson Lake through thick overburden. Vertical orientations
introduced a sampling bias, as these holes were subparallel to the
basement lithology, which hosts the majority of the Triple R uranium
mineralization, with the host rock dipping approximately 80° to the
southeast.
• Drilling conducted post-2014 adopted inclined drilling techniques with
shallower dip angles. Drillholes were generally oriented
perpendicular to the interpreted dip and dip direction of the
basement rock, typically at 60–70° towards an azimuth of 333°, or as
closely perpendicular to the basement rock as conditions allowed.
• On selected drill lines, scissor holes were completed, oriented
perpendicular to the typical southeast–northwest drilling trend, to
validate the spatial orientation and continuity of the uranium
mineralization.
Paladin Energy Ltd – PLS Resources and Reserves re-reported under the JORC Code 15 of 47
20 August 2026
Criteria JORC Code explanation Commentary
Sample
security
• The measures taken to ensure sample security. • Drill core samples were stored in tamper-proof pails with locking lids
at the PLS core logging facility until shipment. Sample pails were
counted and loaded onto a transport truck for shipment,
accompanied by Dangerous Goods paperwork that outlined the
number of pails and the total radioactivity of the shipment. Pail
numbers and samples were verified by the SRC upon arrival. A strict
chain of custody was maintained for transporting radioactive sample
pails from PLS to the SRC.
Audits or
reviews
• The results of any audits or reviews of sampling techniques and data. • Sampling methods, chain of custody procedures, analytical
techniques were reviewed and determined to be appropriate and
meet acceptable industry standards.
Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)
Criteria JORC Code explanation Commentary
Mineral
tenement and
land tenure
status
• Type, reference name/number, location and ownership including
agreements or material issues with third parties such as joint
ventures, partnerships, overriding royalties, native title interests,
historical sites, wilderness or national park and environmental
settings.
• The security of the tenure held at the time of reporting along with any
known impediments to obtaining a licence to operate in the area.
• The PLS project consists of 17 contiguous mineral dispositions (or
mineral claims) outlined in the table below, covering an area of
31,039 ha which are located 630 km northwest of Saskatoon,
Saskatchewan. The Triple R deposit is located on disposition S111376.
Disposition ID Good Standing Date
S-110707 25-Jun-2041
S-110955 28-Aug-2041
S-111375 10-Sep-2041
S-111376 10-Sep-2046
S-111377 10-Sep-2046
S-111783 28-Jul-2044
S-112217 11-Mar-2040
S-112218 11-Mar-2046
S-112219 11-Mar-2046
Paladin Energy Ltd – PLS Resources and Reserves re-reported under the JORC Code 16 of 47
20 August 2026
Criteria JORC Code explanation Commentary
S-112220 11-Mar-2046
S-112221 11-Mar-2046
S-112222 11-Mar-2046
S-112282 19-Sep-2046
S-112283 19-Sep-2040
S-112284 19-Sep-2046
S-112285 19-Sep-2046
S-112370 20-Feb-2040
All mineral claims are 100% owned by Paladin Canada Inc. and are
in good standing until the dates indicated above.
• There are no material agreements on the PLS mineral claims.
Exploration
done by other
parties
• Acknowledgment and appraisal of exploration by other parties. • The PLS project had been explored intermittently from the mid-tolate 1970s through to the present. The majority of historical drilling
and relevant exploration work was carried out between 2011 and
2024 by Fission Uranium Corp. (prior to its acquisition by Paladin),
and most recently, from 2025 onwards, by Paladin. All exploration
work undertaken by Fission Uranium Corp. prior to its acquisition by
Paladin was considered to have been completed to a very high
standard.
Geology • Deposit type, geological setting and style of mineralisation. • Triple R is considered a basement hosted, high-grade, unconformityrelated style uranium deposit.
Drill hole
Information
• A summary of all information material to the understanding of the
exploration results including a tabulation of the following information
for all Material drill holes:
o easting and northing of the drill hole collar
o elevation or RL (Reduced Level – elevation above sea level in
metres) of the drill hole collar
o dip and azimuth of the hole
o down hole length and interception depth
o hole length.
• If the exclusion of this information is justified on the basis that the
• Material drillhole information is provided in Appendix I.
Paladin Energy Ltd – PLS Resources and Reserves re-reported under the JORC Code 17 of 47
20 August 2026
Criteria JORC Code explanation Commentary
information is not Material and this exclusion does not detract from
the understanding of the report, the Competent Person should clearly
explain why this is the case.
Data
aggregation
methods
• In reporting Exploration Results, weighting averaging techniques,
maximum and/or minimum grade truncations (e.g. cutting of high
grades) and cut-off grades are usually Material and should be stated.
• Where aggregate intercepts incorporate short lengths of high-grade
results and longer lengths of low-grade results, the procedure used
for such aggregation should be stated and some typical examples of
such aggregations should be shown in detail.
• The assumptions used for any reporting of metal equivalent values
should be clearly stated.
• Not applicable as exploration results are not reported.
Relationship
between
mineralisation
widths and
intercept
lengths
• These relationships are particularly important in the reporting of
Exploration Results.
• If the geometry of the mineralisation with respect to the drill hole
angle is known, its nature should be reported.
• If it is not known and only the down hole lengths are reported, there
should be a clear statement to this effect (e.g. ‘down hole length, true
width not known’).
• Not applicable as exploration results are not reported.
Diagrams • Appropriate maps and sections (with scales) and tabulations of
intercepts should be included for any significant discovery being
reported These should include but not be limited to a plan view of drill
hole collar locations and appropriate sectional views.
• Relevant plans, sections and supporting figures are included in the
report.
Balanced
reporting
• Where comprehensive reporting of all Exploration Results is not
practicable, representative reporting of both low and high grades
and/or widths should be practiced to avoid misleading reporting of
Exploration Results.
• Not applicable as exploration results are not reported.
Other
substantive
exploration
data
• Other exploration data, if meaningful and material, should be reported
including (but not limited to): geological observations; geophysical
survey results; geochemical survey results; bulk samples – size and
method of treatment; metallurgical test results; bulk density,
groundwater, geotechnical and rock characteristics; potential
deleterious or contaminating substances.
• Not applicable as exploration results are not reported.
Further work • The nature and scale of planned further work (e.g. tests for lateral
extensions or depth extensions or large-scale step-out drilling).
• Additional drilling is planned to occur at the PLS project including
geophysical surveys, exploration drilling and resource-focused
Paladin Energy Ltd – PLS Resources and Reserves re-reported under the JORC Code 18 of 47
20 August 2026
Criteria JORC Code explanation Commentary
• Diagrams clearly highlighting the areas of possible extensions,
including the main geological interpretations and future drilling areas,
provided this information is not commercially sensitive.
drilling.
Section 3 Estimation and Reporting of Mineral Resources
(Criteria listed in section 1, and where relevant in section 2, also apply to this section.)
Criteria JORC Code explanation Commentary
Database
integrity
• Measures taken to ensure that data has not
been corrupted by, for example, transcription or
keying errors, between its initial collection and its
use for Mineral Resource estimation purposes.
• Data validation procedures used.
• The following digital checks were performed on the drillhole database as part of the
Mineral Resource estimate, and no significant issues were identified:
o Header table: Searched for incorrect or duplicate collar coordinates and
duplicate hole IDs.
o Survey table: Searched for duplicate entries, survey points beyond the
maximum depth specified in the collar table, and abnormal dips and
azimuths.
o Core recovery table: Searched for core recoveries greater than 100% or
less than 80%, overlapping intervals, missing collar data, negative lengths,
and data points beyond the maximum depth in the collar table.
o Lithology table: Searched for duplicate entries, intervals beyond the
maximum depth in the collar table, overlapping intervals, negative lengths,
missing collar data, missing intervals, and incorrect logging codes.
o Geochemical and assay table: Searched for duplicate entries, sample
intervals beyond the maximum depth, negative lengths, overlapping
intervals, sampling lengths exceeding tolerance levels, missing collar data,
missing intervals, and duplicate sample IDs.
Site visits • Comment on any site visits undertaken by the
Competent Person and the outcome of those
visits.
• If no site visits have been undertaken indicate
why this is the case.
• The project has been repeatedly visited by the Competent Person since 2012 with the
most recent being for a three-week period in February – March 2026.
Geological
interpretation
• Confidence in (or conversely, the uncertainty of)
the geological interpretation of the mineral
• The geological setting of the Triple R deposit was considered well understood,
having been the focus of extensive drill programs from 2012 through 2025, totalling
Paladin Energy Ltd – PLS Resources and Reserves re-reported under the JORC Code 19 of 47
20 August 2026
Criteria JORC Code explanation Commentary
deposit.
• Nature of the data used and of any assumptions
made.
• The effect, if any, of alternative interpretations on
Mineral Resource estimation.
• The use of geology in guiding and controlling
Mineral Resource estimation.
• The factors affecting continuity both of grade and
geology.
542 drillholes with downhole orientation surveys and detailed geological and
geotechnical logging.
• The Triple R mineralization models largely followed the orientation of the regional
basement geology, which dips steeply to the southeast, while also reflecting localscale sub-horizontal structural controls that resulted from reverse kinematics along
the primary fault zone hosting the uranium mineralization.
Dimensions • The extent and variability of the Mineral
Resource expressed as length (along strike or
otherwise), plan width, and depth below surface
to the upper and lower limits of the Mineral
Resource.
Zone
Strike
length (m)
Maximum Plan
Width (m)
Top
(masl)
Bottom
(masl)
R1515W 104 143 450 258
R840W 433 60 447 174
R00E 121 46 447 408
R780E 956 109 453 156
R1620E 188 28 436 348
Estimation and
modelling
techniques
• The nature and appropriateness of the
estimation technique(s) applied and key
assumptions, including treatment of extreme
grade values, domaining, interpolation
parameters and maximum distance of
extrapolation from data points. If a computer
assisted estimation method was chosen include
a description of computer software and
parameters used.
• The availability of check estimates, previous
estimates and/or mine production records and
whether the Mineral Resource estimate takes
appropriate account of such data.
• The assumptions made regarding recovery of
by-products.
• Estimation of deleterious elements or other non-
• Wireframe models of mineralized zones were used to constrain block model uranium
grade interpolations. Low-grade wireframe models were drafted using polylines
snapped to mineralized intervals based on a cut-off grade of 0.05% U₃O₈ and a
minimum core length of 1 m. The cut-off grade and minimum thickness were
considered appropriate for Athabasca Basin uranium projects. High-grade domain
wireframes used a cut-off grade of 5% U₃O₈, although lower grades were
incorporated to maintain model continuity and meet the 1 m thickness requirement.
• The Triple R deposit resource models comprised 80 sub-vertically stacked
wireframes (domains) covering the R1515W, R840W, R00E, R780E, and R1620E
mineralized zones.
• Statistical and visual review of uranium assay data suggested capping high-grade
values between 7–20% U₃O₈ in the low-grade domains, and between 35–55% U₃O₈
in the R840W and R780E high-grade domains.
• Gold assays were capped at 15 g/t in the R780E high-grade domain and 10 g/t in all
Paladin Energy Ltd – PLS Resources and Reserves re-reported under the JORC Code 20 of 47
20 August 2026
Criteria JORC Code explanation Commentary
grade variables of economic significance (eg
sulphur for acid mine drainage
characterisation).
• In the case of block model interpolation, the
block size in relation to the average sample
spacing and the search employed.
• Any assumptions behind modelling of selective
mining units.
• Any assumptions about correlation between
variables.
• Description of how the geological interpretation
was used to control the resource estimates.
• Discussion of basis for using or not using grade
cutting or capping.
• The process of validation, the checking process
used, the comparison of model data to drill hole
data, and use of reconciliation data if available.
other wireframes. Gold is reported as a by-product Mineral Resource associated
with the Triple R uranium mineralisation. No gold Ore Reserve is reported in this
announcement.
• Considering minimum mining width, uranium style, grade continuity, and sample
length (99% being 0.5 m), a composite length of 2 m was chosen. Composites were
created from the capped uranium assay values using boundaries defined by the
wireframe domains.
• Variograms were generated from the composite data, and continuity ranges were
interpreted to be between 20–30 m.
• The Mineral Resource was estimated using an Inverse Distance Cubed (ID3)
method in a single pass, with a minimum of two and a maximum of seven U₃O₈
composites per block.
• Search ellipse dimensions varied by domain, with most ellipses measuring 50 m ×
50 m × 10 m.
• To limit the influence of high-grade composites, grades exceeding designated
threshold values for certain domains, determined using basic statistics and visual
inspection, were restricted to a search ellipse of 25 m × 25 m × 5 m.
• A block model was created using Vulcan software, with the lower-left corner located
at UTM coordinates 596,304.821 mE, 6,388,726.026 mN, and 0.0 m elevation. The
model comprised 737 columns, 380 rows, and 270 levels.
• Block dimensions were 1 m wide, 2 m high, and 5 m along strike. The block model
fully enclosed the resource domains and was oriented 66.2° to align with the overall
mineralization orientation.
• The block model was validated using multiple methods:
o Swath plots of composite grades versus interpolated ID3 and nearest
neighbour grades
o Volumetric comparison of blocks versus wireframes
o Visual inspection of block versus composite grades on plan, vertical, and
long sections
o Parallel secondary estimation using ID3
o Statistical comparison of block grades with assay and composite grades
Paladin Energy Ltd – PLS Resources and Reserves re-reported under the JORC Code 21 of 47
20 August 2026
Criteria JORC Code explanation Commentary
• When comparing the May 17, 2022, Mineral Resource Estimate with the September
19, 2019, estimate, Indicated Mineral Resources increased by 21%, or
approximately 472,000 t, with a slight decrease in grade from 2.10% U₃O₈ to 1.94%
U₃O₈. Inferred Mineral Resources decreased by 48%, or approximately 586,000 t,
with a grade reduction from 1.22% U₃O₈ to 1.10% U₃O₈. The Mineral Resource table
in this announcement includes subsequent non-material updates to R840W and
R1515W completed after the 17 May 2022 estimate.
Moisture • Whether the tonnages are estimated on a dry
basis or with natural moisture, and the method of
determination of the moisture content.
• All tonnages are estimated on a dry basis.
Cut-off
parameters
• The basis of the adopted cut-off grade(s) or
quality parameters applied.
• Using a US$50/lb uranium price, a cut-off grade of 0.25% U₃O₈ was determined to
be appropriate for a potential underground mining scenario, based on comparisons
with other Athabasca Basin uranium projects.
Mining factors or
assumptions
• Assumptions made regarding possible mining
methods, minimum mining dimensions and
internal (or, if applicable, external) mining
dilution. It is always necessary as part of the
process of determining reasonable prospects for
eventual economic extraction to consider
potential mining methods, but the assumptions
made regarding mining methods and parameters
when estimating Mineral Resources may not
always be rigorous. Where this is the case, this
should be reported with an explanation of the
basis of the mining assumptions made.
• Due to the Triple R deposit depth below surface, mineralisation is expected to be
extracted using conventional underground mining methods.
• No mining dilution was applied to the Mineral Resource estimate.
• Further information is provided in Section 4
Metallurgical
factors or
assumptions
• The basis for assumptions or predictions
regarding metallurgical amenability. It is always
necessary as part of the process of determining
reasonable prospects for eventual economic
extraction to consider potential metallurgical
methods, but the assumptions regarding
metallurgical treatment processes and
parameters made when reporting Mineral
Resources may not always be rigorous. Where
• A metallurgy and mineralogy scoping study of the Triple R deposit was carried out in
2013 to examine the metallurgical characteristics of the deposit, the relationships
between ore and gangue, and the mineralogy, as well as how these characteristics
varied spatially and across different rock types.
• Five composite samples were produced from the R00E and R780E zones to
represent the overall uranium mineralization. The uranium head grades of the
composites ranged from 0.7% U₃O₈ to 3.4% U₃O₈, with an average grade of 1.78%
U₃O₈. Uranium extraction ranged from 95% to 99.4%, averaging 98.1%, when
Paladin Energy Ltd – PLS Resources and Reserves re-reported under the JORC Code 22 of 47
20 August 2026
Criteria JORC Code explanation Commentary
this is the case, this should be reported with an
explanation of the basis of the metallurgical
assumptions made.
leached at a grind size of P85 = 250 μm, temperatures of 45–55°C, free acid levels
of 25 g/L, a final oxidation-reduction potential of 450 mV, and a leach retention time
of six hours.
• One master composite sample was prepared using the five sub-composite samples.
The master composite had a head grade of 2.09% U₃O₈. Uranium extraction of
98.4% was achieved in six hours at 50°C and atmospheric pressure with 54 kg of
acid added per tonne of leach feed. Leach efficiency was similar across grind sizes
(P85) from 75 μm to 250 μm, indicating that uranium minerals could be liberated at
relatively coarse grind sizes.
• In 2017 a Pre-Feasibility metallurgical program was led by Melis Engineering Ltd.
and conducted at the SGS laboratory in Lakefield, Ontario, testing multiple
mineralized composites representing different host rock lithologies and uranium
grades. Three HQ-sized drillholes were completed at R780E to provide enough
material for composite sample creation. In total, twenty-six sub-composite samples
were assembled consisting of 12 composites spatially representing different host
rock lithologies and a range of uranium grades from 0.51 – 25.9% U3O8, two
composites from shallow and deep mineralization, three composites in line with the
conceptual mine schedule uranium grades for years 1, 2 and 6, one low-grade
composite near the cut-off grade, four comminution composites and four gangue
composites.
• The following results were obtained:
o Comminution testing: Three host rock lithology blends and one gangue
composite were tested for grindability. The results showed the material ranged
from very soft to soft for SAG milling and soft to moderately soft for ball milling,
indicating relatively easy crushing/grinding characteristics.
o Leach testing: Leach tests were completed on 22 composite mineralized
samples. Optimal conditions were identified, including a grind size of P80
≈150 µm, 45–50% solids, eight hours leach time at ~50 °C, and controlled acid
and oxidant conditions. Under these conditions, uranium extraction ranged from
about 94.6% to 98.8%. Projected net recoveries were approximately 97.1% for
higher‑grade material and 94.9% for lower‑grade material.
Paladin Energy Ltd – PLS Resources and Reserves re-reported under the JORC Code 23 of 47
20 August 2026
Criteria JORC Code explanation Commentary
o Liquid/solid separation thickening and rheology tests were completed on leach
residue from the bulk leach test on the composites. Counter Current Decantation
(CCD) simulations using the test data showed that a pregnant leach solution to
ore ratio of 3.0:1 and a total of six thickeners would provide a target soluble loss
of ≤ 0.5% in the CCD circuit.
o SX batch and mini continuous tests on PLS pregnant leach solutions showed
that strong acid stripping was more efficient (99.6%) than ammonium sulfate
(95%). The results supported a flowsheet with four-stage extraction, two-stage
scrub, five-stage strong acid strip, and single-stage acid recovery and
regeneration.
o Gypsum precipitation prevented excess sulfate contamination, followed by
uranium peroxide precipitation. The strong acid strip circuit produced higherquality yellowcake (81.2% U₃O₈) with overall uranium recoveries of 97.1% for
2% feed grade and 94.9% for 0.5% feed grade.
Environmental
factors or
assumptions
• Assumptions made regarding possible waste
and process residue disposal options. It is
always necessary as part of the process of
determining reasonable prospects for eventual
economic extraction to consider the potential
environmental impacts of the mining and
processing operation. While at this stage the
determination of potential environmental
impacts, particularly for a greenfields project,
may not always be well advanced, the status of
early consideration of these potential
environmental impacts should be reported.
Where these aspects have not been considered
this should be reported with an explanation of
the environmental assumptions made.
• This information is provided as part of Section 4.
Bulk density • Whether assumed or determined. If assumed,
the basis for the assumptions. If determined, the
method used, whether wet or dry, the frequency
of the measurements, the nature, size and
• Samples for bulk density analysis were collected every 2.5 m through the
mineralized zones at Triple R. Bulk density samples consisted of an approximately
5 cm long piece of full NQ-sized core.
Paladin Energy Ltd – PLS Resources and Reserves re-reported under the JORC Code 24 of 47
20 August 2026
Criteria JORC Code explanation Commentary
representativeness of the samples.
• The bulk density for bulk material must have
been measured by methods that adequately
account for void spaces (vugs, porosity, etc),
moisture and differences between rock and
alteration zones within the deposit.
• Discuss assumptions for bulk density estimates
used in the evaluation process of the different
materials.
• Bulk density samples were analysed using the Density 3 Package at the SRC
Geoanalytical Laboratory in Saskatoon, Saskatchewan. Samples were dried and
weighed, then coated with an impermeable layer of wax and re-weighed. The
samples were then weighed while submerged in water. All weights were entered into
a database, and the rock density was calculated for each sample. The temperature
of the water was recorded during all measurements and included in the calculations.
The detection limit for Density 3 analysis was 0.01 g/cc.
• Block uranium grade values and density values were estimated independently. Block
densities were estimated from the density measurements using inverse distance
cubed (ID3) with a search strategy similar to that used for uranium grade. Hard
boundaries were applied between resource domains. The Triple R resource
database included 17,509 density measurements, of which 15,920 were used in the
resource estimation.
Classification • The basis for the classification of the Mineral
Resources into varying confidence categories.
• Whether appropriate account has been taken of
all relevant factors (i.e. relative confidence in
tonnage/grade estimations, reliability of input
data, confidence in continuity of geology and
metal values, quality, quantity and distribution of
the data).
• Whether the result appropriately reflects the
Competent Person’s view of the deposit.
• Mineral Resources were classified as Indicated or Inferred based on drillhole spacing
and the apparent continuity of mineralization.
Indicated Mineral Resources are defined as blocks within the domains where drill
sections are spaced 15 m apart along strike, vertical holes are spaced
approximately 10 m to 15 m along each section, grade continuity indicated by two
or more drill holes that meet the minimum cut-off criteria (0.05% U3O8), and a
distance to nearest neighbour less than 15 m. Angle holes are spaced from 15 m
to 45 m apart, averaging 30 m, along the strike direction.
Inferred Mineral Resources are defined as all remaining blocks within the domains
that are not classified as Indicated.
Audits or
reviews
• The results of any audits or reviews of Mineral
Resource estimates.
• No audits or reviews of the Mineral Resource estimate took place.
Discussion of
relative
accuracy/
confidence
• Where appropriate a statement of the relative
accuracy and confidence level in the Mineral
Resource estimate using an approach or
procedure deemed appropriate by the
Competent Person. For example, the application
• The following factors were considered when classifying the Mineral Resources:
o Drilling, sampling, sample preparation, and assay procedures were
determined to follow industry standards.
o Data verification and validation work confirmed drill hole sample databases
Paladin Energy Ltd – PLS Resources and Reserves re-reported under the JORC Code 25 of 47
20 August 2026
Criteria JORC Code explanation Commentary
of statistical or geostatistical procedures to
quantify the relative accuracy of the resource
within stated confidence limits, or, if such an
approach is not deemed appropriate, a
qualitative discussion of the factors that could
affect the relative accuracy and confidence of
the estimate.
• The statement should specify whether it relates
to global or local estimates, and, if local, state
the relevant tonnages, which should be relevant
to technical and economic evaluation.
Documentation should include assumptions
made and the procedures used.
• These statements of relative accuracy and
confidence of the estimate should be compared
with production data, where available.
are reliable.
o No significant biases were observed in the QA/QC analysis results.
o Confidence in interpretation and modelling of geological and estimation
domains.
o Mineralization domains are interpreted manually in cross-sections and
refined in longitudinal sections by an experienced resource geologist.
o There is good agreement between the drill holes and mineralization
wireframe shapes.
o Indicated block grades correlate well with composite data, statistically and
spatially, and locally and globally.
Section 4 Estimation and Reporting of Ore Reserves
(Criteria listed in section 1, and where relevant in sections 2 and 3, also apply to this section.)
Criteria JORC Code explanation Commentary
Mineral
Resource
estimate for
conversion to
Ore Reserves
• Description of the Mineral Resource estimate used
as a basis for the conversion to an Ore Reserve.
• Clear statement as to whether the Mineral
Resources are reported additional to, or inclusive
of, the Ore Reserves.
• The Mineral Resource estimate used as the basis for conversion to Ore Reserves
was the Triple R Mineral Resource estimate with an effective date of 17 May 2022.
The Mineral Resource estimate reported in this announcement includes
subsequent non-material Mineral Resource updates for the R840W and R1515W
zones; these later updates were not used to derive the reported Ore Reserve.
• Mineral Resources are inclusive of the Ore Reserves.
Site visits • Comment on any site visits undertaken by the
Competent Person and the outcome of those visits.
• If no site visits have been undertaken indicate why
this is the case.
• The property was visited by the Maurice Mostert, a former employee of Mining Plus,
on October 13 and 14, 2021.
• Lewis Kitchen has not visited the property.
Study status • The type and level of study undertaken to enable
Mineral Resources to be converted to Ore
Reserves.
• The Code requires that a study to at least Pre-
• A Feasibility-level study was completed for the Triple R deposit and PLS property
with an effective date of 17 January 2023.
Paladin Energy Ltd – PLS Resources and Reserves re-reported under the JORC Code 26 of 47
20 August 2026
Criteria JORC Code explanation Commentary
Feasibility Study level has been undertaken to
convert Mineral Resources to Ore Reserves. Such
studies will have been carried out and will have
determined a mine plan that is technically
achievable and economically viable, and that
material Modifying Factors have been considered.
Cut-off
parameters
• The basis of the cut-off grade(s) or quality
parameters applied.
• Ore Reserves are reported above an underground cut-off grade of 0.25% U₃O₈. The
cut-off grade is supported by the Feasibility Study economic assumptions, including
a long-term uranium price of US$65/lb U₃O₈, operating cost estimates, metallurgical
recovery assumptions, and applicable Saskatchewan revenue and royalty
assumptions.
Mining factors
or assumptions
• The method and assumptions used as reported in
the Pre-Feasibility or Feasibility Study to convert
the Mineral Resource to an Ore Reserve (i.e. either
by application of appropriate factors by optimisation
or by preliminary or detailed design).
• The choice, nature and appropriateness of the
selected mining method(s) and other mining
parameters including associated design issues
such as pre-strip, access, etc.
• The assumptions made regarding geotechnical
parameters (eg pit slopes, stope sizes, etc), grade
control and pre-production drilling.
• The major assumptions made and Mineral
Resource model used for pit and stope optimisation
(if appropriate).
• The mining dilution factors used.
• The mining recovery factors used.
• Any minimum mining widths used.
• The manner in which Inferred Mineral Resources
are utilised in mining studies and the sensitivity of
the outcome to their inclusion.
• The infrastructure requirements of the selected
mining methods.
• Initial MSO stope optimisation used a 0.2% U₃O₈ cut-off to generate candidate
mining shapes. The MSO outputs were evaluated in the context of mine design,
geotechnical constraints, dilution, mining recovery and scheduling assumptions, with
the final Ore Reserve reported above the 0.25% U₃O₈ reporting cut-off. For longhole
stoping, a minimum mining width of 4 m (including hanging wall and footwall dilution)
and stope height of 20 m was used. Following MSO, the mineable shapes were
further subdivided in Deswik to produce a maximum width of 12 m (including
hanging wall and footwall dilution). Drift and fill mining is designed at 5 m wide by 5
m high for development shapes located in the crown pillar areas of the orebodies.
• Mining recovery of 95% was applied to all stopes, while all development mining
assumes 100% extraction.
• Mineral Resource to Reserve conversion for Indicated material was 84.2% within the
R840W, R00E, and R780E zones. Mining losses fall primarily within the following
two categories:
o Sterilization of material located within the designed crown pillar.
o Resource blocks being excluded from designed stopes due to low
grades or inadequate continuity with adjacent mineralization.
• The primary mining method envisioned for the PLS project is longhole sublevel
retreat stoping in the longitudinal direction. Stopes were generated using Datamine
MSO software with the following parameters:
o Stope Height (floor to floor direction): 20 m
Paladin Energy Ltd – PLS Resources and Reserves re-reported under the JORC Code 27 of 47
20 August 2026
Criteria JORC Code explanation Commentary
o Stope Length (longitudinal along strike): 10 m
o Minimum Stope Width: 4 m
o Maximum Stope Width: 12 m
o Minimum Stope Dip: 75°
o Optimization Orientation -23.8°
o Initial Cut Off Grade: 0.2 % U3O8
• Due to geotechnical constraints and proximity to the bedrock contact, the crown
pillar zones above 420 m elevation of the deposits are planned to be mined via drift
and fill. These are currently designed as 5 m wide by 5 m high development drifts
utilizing cemented hydraulic backfill to extract multiple passes where the orebody
thickness exceeds 5 m. Drift and fill shapes were generated using Datamine MSO
software using the spatial parameters below.
o Drift Height: 5 m
o Drift Width: 5 m
o Pillar: 0 m
o Dip: 90°
o Maximum Waste: 30%
o Initial Cut-Off Grade: 0.2%
• Any inferred material within a reserve stope shape has also been assigned a grade
of 0% during the Ore Reserve calculation.
• A hybrid approach to applying dilution to longhole stoping has been used for the
PLS project. While a minimum longhole mining width of 2 m is practically achievable,
the MSO minimum mining width parameter was forced to 4 m to account for 2 m of
combined hanging wall and footwall overbreak. A 10 m maximum mining width has
also been assumed, but when accounting for 2 m of overbreak, a realistic parameter
of 12 m has been used. Further dilution was then added during the scheduling
phase to account for backfill dilution and spatial constraints. The dilution applied
within the schedule is assumed to be at zero grade, whereas when dilution has been
applied through MSO, the grade is based on block model values.
• There are two parameters being used to determine the additional external dilution:
o Backfill wall exposure: Stopes have been manually assigned whether
Paladin Energy Ltd – PLS Resources and Reserves re-reported under the JORC Code 28 of 47
20 August 2026
Criteria JORC Code explanation Commentary
they will have end wall or sidewall backfill exposure to account for
differences in backfill dilution. Sidewall exposure occurs in areas of the
orebody where widths are more than 12 m, and multiple stopes must be
mined in the transverse direction to fully extract the ore. In effect, this
means once the initial or primary stope is mined, all subsequent or
secondary stopes in sequence will have side walls consisting of
cemented fill.
o Proximity to hanging wall and footwall contacts: In areas where stopes
are mined within 5 m to 7 m of the Mineralized Shear Zone (MSZ)
contact, it is expected that additional dilution will occur, as stopes will
naturally want to break to the geological unit contacts. The risk is
expected to be partially mitigated using cable bolting where required.
Development, including drift-and-fill mining, has been assigned an
overbreak/dilution factor of 5%, which has a 0% grade assigned to the
waste dilution.
• An analysis of the planned underground stope shapes has been performed and
shows a net dilution of 24%.
• For the PLS project, a longhole mining recovery of 95% has been applied, while
development mining assumes 100%.
Metallurgical
factors or
assumptions
• The metallurgical process proposed and the
appropriateness of that process to the style of
mineralisation.
• Whether the metallurgical process is well-tested
technology or novel in nature.
• The nature, amount and representativeness of
metallurgical test work undertaken, the nature of the
metallurgical domaining applied and the
corresponding metallurgical recovery factors
applied.
• Any assumptions or allowances made for
deleterious elements.
• The existence of any bulk sample or pilot scale test
• Four HQ-sized drillholes were completed in 2021 at the R840W zone to provide
additional uranium mineralization for metallurgical characterization. The four
metallurgical drillholes covered the east and west parts of R840W, at upper, middle
and lower elevation ranges relative to the deposit.
• Existing metallurgical material from the 2017 R780E test work was blended with the
2021 R840W material at a 75%/25% ratio, respectively.
• Bench-scale and bulk metallurgical tests were performed at SGS Lakefield to
support Feasibility level plant design and demonstrated strong performance across
all conditions tested. The following results were determined:
o Leaching: 98.4% average uranium extraction in 12 hours.
o CCD circuit: Six-stage design achieved 99.5% wash efficiency.
o Solvent extraction: 99.9% uranium recovery and 99.4% stripping
Paladin Energy Ltd – PLS Resources and Reserves re-reported under the JORC Code 29 of 47
20 August 2026
Criteria JORC Code explanation Commentary
work and the degree to which such samples are
considered representative of the orebody as a
whole.
• For minerals that are defined by a specification, has
the ore reserve estimation been based on the
appropriate mineralogy to meet the specifications?
efficiency in mini-pilot testing.
o Gypsum precipitation: >95% uranium re-dissolution, reducing cake
grade to ~0.025% U₃O₈.
o Yellowcake production: 80% U₃O₈ precipitate; 95% U₃O₈ after calcining
at 450°C.
• Overall, test work confirmed high uranium recovery and production of refinery-grade
yellowcake.
• Carbon-in-leach tests were carried out on the washed acid leach residue from the
bulk leach with varying leach retention times. The total gold extraction increased to
91.7% with a 48-hour leach, with 86.6% of the gold recovered on carbon. The total
silver extraction achieved for a 48-hour leach was 76.5%, with 74.3% recovered on
carbon for a 2.12 g/t Ag head grade. The gold recovery on carbon, 86.6% for a 48-
hour leach based on a calculated head grade of 0.30 g Au/t, was higher than the
previously achieved 79.3% recovery on Composite in the Pre-Feasibility test work,
with a similar calculated head grade of 0.34 g Au/t. Gold metallurgical test work is
disclosed for completeness; however, no gold Ore Reserve is reported in this
announcement.
Environmental • The status of studies of potential environmental
impacts of the mining and processing operation.
Details of waste rock characterisation and the
consideration of potential sites, status of design
options considered and, where applicable, the
status of approvals for process residue storage and
waste dumps should be reported.
• The Environmental Impact Statement (EIS) for the PLS project was submitted to the
Saskatchewan Ministry of Environment in June 2025, summarizing over a decade of
baseline environmental data and assessing interactions between the project and the
environment, including mitigation measures. Paladin received Ministerial approval
for the EIS under Saskatchewan’s Environmental Assessment Act in February 2026.
• The EIS process included baseline field programs and consultation with local
Indigenous Nations and stakeholders.
• The EIS reported that “potential environmental impacts of the Project would be
minimal and manageable” and that appropriate controls and mitigation measures
had been developed for identified risks.
• Baseline work included hydrogeological and geotechnical investigations to support
the siting of facilities such as the tailings management facility (TMF), waste rock
stockpiles, surface infrastructure, and drainage planning.
Paladin Energy Ltd – PLS Resources and Reserves re-reported under the JORC Code 30 of 47
20 August 2026
Criteria JORC Code explanation Commentary
• Waste rock, beneficiation reject, and tailings characterization programs were
conducted as part of earlier environmental scoping work.
• The Feasibility Study and related design work included preliminary TMF design and
evaluation of candidate sites to minimize environmental risk, considering water
quality and hydrogeological factors.
• The TMF and water handling systems were designed so that excess water could be
returned to the process plant for treatment and controlled release, and the TMF
could also act as interim water storage during high precipitation events.
• The Feasibility Study and concurrent pre-environmental planning work identified
optimal locations for the processing plant, TMF, and other surface infrastructure to
reduce environmental footprint and limit interactions with sensitive features such as
Patterson Lake and local biodiversity.
• Infrastructure was arranged to maintain buffers to aquatic features and avoid oldgrowth forests and heritage sites wherever feasible.
Infrastructure • The existence of appropriate infrastructure:
availability of land for plant development, power,
water, transportation (particularly for bulk
commodities), labour, accommodation; or the ease
with which the infrastructure can be provided, or
accessed.
• The PLS project had year-round access via Highway 955 and covered about 31,039
ha, providing sufficient space for mine development and infrastructure.
• The site infrastructure is planned to include an underground mine, process plant,
waste rock management facility, tailings management facility, camp, and internal
roads.
• Power was planned to be supplied by an on-site light natural gas power plant, while
water would come mainly from groundwater wells and Patterson Lake, with
additional sources such as mine dewatering and reclaimed water.
• Supporting infrastructure included a communications tower, mine facilities
(ventilation shafts, access decline, freeze plant, dewatering wells, and backfill plant),
and tailings systems with water treatment ponds for safe water and tailings
management.
Costs • The derivation of, or assumptions made, regarding
projected capital costs in the study.
• The methodology used to estimate operating costs.
• Allowances made for the content of deleterious
• An initial capital cost of C$1.155 billion was estimated for the Feasibility Study.
• Vendor quotations were obtained for major equipment including vendor-provided
prices, delivery lead times, spare allowances, and freight costs to project location.
The quotations used in the Feasibility Study cost estimate were obtained in Q3/Q4
Paladin Energy Ltd – PLS Resources and Reserves re-reported under the JORC Code 31 of 47
20 August 2026
Criteria JORC Code explanation Commentary
elements.
• The source of exchange rates used in the study.
• Derivation of transportation charges.
• The basis for forecasting or source of treatment and
refining charges, penalties for failure to meet
specification, etc.
• The allowances made for royalties payable, both
Government and private.
2022.
• For non-major equipment, costing was based on in-house data or quotes from other
projects in the region. All equipment and material costs include Incoterms Free
Carrier. Other costs such as spares, taxes, duties, freight, and packaging are
covered separately in the cost estimate as indirect costs.
• The PLS project operating cost estimate consists of mining, processing, and general
and administration costs. The average operating cost is estimated at C$393/t ore
processed, or C$13.02/lb U3O8 produced.
• All currencies are expressed in Canadian dollars, unless otherwise stated. Where
required, costs have been converted using fixed currency exchange rates of
US$0.75/EUR€0.72/AUD$1.09 to C$1.00.
• The PLS project does not have private royalties; the primary royalty burden is the
Saskatchewan uranium crown royalty regime. This was factored into the PLS project
revenue.
Revenue factors • The derivation of, or assumptions made regarding
revenue factors including head grade, metal or
commodity price(s) exchange rates, transportation
and treatment charges, penalties, net smelter
returns, etc.
• The derivation of assumptions made of metal or
commodity price(s), for the principal metals,
minerals and co-products.
• Metal revenues were calculated based on the metal recoveries and life-of-mine
U₃O₈ production schedule and the metal pricing determined by uranium market
analysis. Operating cost for mining, processing, site services, general and
administration, tailings management and handling and effluent treatment, as well as
off-site charges (smelting, refining, transportation, and royalties) were deducted from
the revenues to derive annual operating cash flow.
Market
assessment
• The demand, supply and stock situation for the
particular commodity, consumption trends and
factors likely to affect supply and demand into the
future.
• A customer and competitor analysis along with the
identification of likely market windows for the
product.
• Price and volume forecasts and the basis for these
forecasts.
• Market demand for yellowcake uranium was based on the International Energy
Agency 2021 World Energy Outlook which expects a 75% increase in energy
requirements by 2050 with an estimated 56 new nuclear reactors currently under
construction. These assumptions formed part of the Feasibility Study basis for the
Ore Reserve.
• Market supply of yellowcake was assessed relative to expected market demand with
a supply gap identified beginning in the late-2020s.
• Using the UxC LLC Uranium Market Outlook Q3 2022 data a modest forecasted
Paladin Energy Ltd – PLS Resources and Reserves re-reported under the JORC Code 32 of 47
20 August 2026
Criteria JORC Code explanation Commentary
• For industrial minerals the customer specification,
testing and acceptance requirements prior to a
supply contract.
U3O8 price of US$65/lb was assumed for the PLS project.
Economic • The inputs to the economic analysis to produce the
net present value (NPV) in the study, the source
and confidence of these economic inputs including
estimated inflation, discount rate, etc.
• NPV ranges and sensitivity to variations in the
significant assumptions and inputs.
• Economic analysis of the Feasibility Study demonstrates that the PLS project is
economically viable using the price assumptions, cost estimates and technical
parameters generated by the Feasibility Study. Using an annual discount rate of 8%,
the project base case post-tax cash flow evaluates to a net present value (NPV) of
C$1.204 billion and an internal rate (IRR) of return of 27.2%. The post-tax payback
period is 2.6 years when discounted at 8% per year based on the metal price of
US$65/lb U3O8 and the exchange rate of C$1.00 to US$0.75.
• The sensitivity of NPV, IRR, and payback period were investigated relative to the
following key variables. Each of key variables was changed between -30% and
+30% in 10% increments while holding the other variables constant, except for metal
recovery in %, which was changed in 0.5 increments. Sensitivity analyses were
carried out on the following key variables:
o Uranium metal price (U3O8)
o Head Grade
o Exchange rate
o Capital costs
o Operating costs
o Metal process recovery
• The NPV is most sensitive to exchange rate, uranium price and head grade,
followed by capital costs, operating costs, and metal recovery. The IRR is most
sensitive to capital costs, exchange rate, uranium price and head grade, followed by
operating costs, and metal recovery.
Social • The status of agreements with key stakeholders
and matters leading to social licence to operate.
• The PLS Environmental Impact Study has been approved by the Saskatchewan
provincial authorities. Community engagement activities are ongoing as part of
permitting, which aligns with early elements of achieving societal acceptance and
regulatory compliance. This includes baseline studies, reporting and data
compilation with engagement activities documented as part of the environmental
assessment process. No material social or stakeholder matters have been identified
Paladin Energy Ltd – PLS Resources and Reserves re-reported under the JORC Code 33 of 47
20 August 2026
Criteria JORC Code explanation Commentary
that are expected to prevent development of the Ore Reserve, subject to the receipt
of remaining permits and approvals. The existence of the Metis challenge does not
of itself prevent extraction of the ore reserve.
Other • To the extent relevant, the impact of the following
on the project and/or on the estimation and
classification of the Ore Reserves:
• Any identified material naturally occurring risks.
• The status of material legal agreements and
marketing arrangements.
• The status of governmental agreements and
approvals critical to the viability of the project, such
as mineral tenement status, and government and
statutory approvals. There must be reasonable
grounds to expect that all necessary Government
approvals will be received within the timeframes
anticipated in the Pre-Feasibility or Feasibility study.
Highlight and discuss the materiality of any
unresolved matter that is dependent on a third party
on which extraction of the reserve is contingent.
• Mineral claims comprising the PLS project remain secure.
• The province of Saskatchewan has an extensive history of uranium mining
operations and an established regulatory framework for uranium development.
• Paladin Canada Inc. is working with provincial and Federal regulators to gain
necessary approvals to advance the PLS project towards becoming an active mine.
• Based on the current status of environmental assessment approval, tenure security
and ongoing permitting activities, there are reasonable grounds to expect that the
remaining approvals required for development can be obtained within the
timeframes contemplated by the Feasibility Study. No material unresolved third-party
matters have been identified that would prevent extraction of the Ore Reserve.
Classification • The basis for the classification of the Ore Reserves
into varying confidence categories.
• Whether the result appropriately reflects the
Competent Person’s view of the deposit.
• The proportion of Probable Ore Reserves that have
been derived from Measured Mineral Resources (if
any).
• Ore Reserve classification at PLS is based on the confidence in the underlying
Mineral Resource, the level of study completed, and the consideration of the
Modifying Factors. In accordance with the JORC Code (2012), Ore Reserves have
been classified as Probable Ore Reserves. No Proven Ore Reserves are reported.
No Inferred Mineral Resources have been included in the Ore Reserve estimate.
• The Ore Reserve estimate includes material converted from Indicated Mineral
Resources to Probable Ore Reserves where the modifying factors and mine design
support that level of confidence.
• Mineral Resource to Ore Reserve conversion for Indicated material was 84.2%
within the R840W, R00E, and R780E zones.
Audits or
reviews
• The results of any audits or reviews of Ore Reserve
estimates.
• There has been no external audit of the Ore Reserve.
• The Mineral Reserve and supporting modifying factors were reviewed by the
Competent Person for reporting under the JORC Code (2012), and no material
issues were identified.
Paladin Energy Ltd – PLS Resources and Reserves re-reported under the JORC Code 34 of 47
20 August 2026
Criteria JORC Code explanation Commentary
Discussion of
relative
accuracy/
confidence
• Where appropriate a statement of the relative
accuracy and confidence level in the Ore Reserve
estimate using an approach or procedure deemed
appropriate by the Competent Person. For
example, the application of statistical or
geostatistical procedures to quantify the relative
accuracy of the reserve within stated confidence
limits, or, if such an approach is not deemed
appropriate, a qualitative discussion of the factors
which could affect the relative accuracy and
confidence of the estimate.
• The statement should specify whether it relates to
global or local estimates, and, if local, state the
relevant tonnages, which should be relevant to
technical and economic evaluation. Documentation
should include assumptions made and the
procedures used.
• Accuracy and confidence discussions should
extend to specific discussions of any applied
Modifying Factors that may have a material impact
on Ore Reserve viability, or for which there are
remaining areas of uncertainty at the current study
stage.
• It is recognised that this may not be possible or
appropriate in all circumstances. These statements
of relative accuracy and confidence of the estimate
should be compared with production data, where
available.
• The confidence in the Ore Reserve estimate is derived from the confidence in the
underlying Mineral Resource estimate and the level of confidence in the modifying
factors applied through the Feasibility Study as outlined in Section 3.
Paladin Energy Ltd – PLS Resources and Reserves re-reported under the JORC Code 35 of 47
20 August 2026
Appendix 1: Drillhole Collars
Hole ID Easting
(UTM NAD83)
Northing
(UTM NAD83)
Elevation
(MASL)
Depth
(m)
Azimuth
(degrees)
Dip
(degrees)
PLS12-004 597844.0 6389813.0 499.7 142.3 0 -90
PLS12-013 597061.0 6389469.0 546.5 192.0 0 -90
PLS12-014 597047.0 6389481.0 546.5 185.0 0 -90
PLS12-015 597141.0 6389595.0 545.0 189.3 0 -90
PLS12-016 597799.0 6389835.0 505.0 224.6 0 -90
PLS12-018 596989.6 6389393.9 547.8 178.9 0 -90
PLS12-019 597064.3 6389461.4 547.1 203.3 0 -90
PLS12-022 597794.0 6389842.8 505.4 212.5 0 -90
PLS12-023 597789.4 6389852.7 506.0 197.2 0 -90
PLS12-024 597784.0 6389845.2 506.1 192.0 0 -90
PLS12-025 597778.3 6389853.0 507.3 161.6 0 -90
PLS13-026 597765.6 6389845.5 509.2 172.8 320 -86
PLS13-027 597770.3 6389835.3 509.0 255.1 346 -89
PLS13-028 597876.2 6389880.1 499.0 203.3 47 -90
PLS13-029 597762.7 6389852.9 509.4 203.3 349 -89
PLS13-030 597872.2 6389888.0 499.0 183.0 46 -90
PLS13-031 597757.1 6389861.1 510.5 194.2 356 -89
PLS13-032 597879.6 6389870.8 499.0 197.2 23 -90
PLS13-033 597752.4 6389870.0 511.0 172.8 177 -90
PLS13-034 597890.3 6389884.1 499.0 188.1 339 -90
PLS13-035 597796.6 6389816.1 506.9 215.5 337 -71
PLS13-036 597894.9 6389874.7 499.0 188.1 176 -89
PLS13-037 597773.9 6389828.2 508.6 276.5 45 -88
PLS13-038 598159.9 6389973.4 499.0 221.6 11 -90
PLS13-039 597755.0 6389830.0 509.6 282.6 99 -89
PLS13-041 597747.5 6389849.3 511.0 197.2 100 -89
PLS13-043 597751.4 6389839.9 510.7 197.2 251 -89
PLS13-044 598156.8 6389982.5 499.0 197.2 268 -90
PLS13-045 597741.2 6389859.4 511.0 182.0 357 -89
PLS13-046 598166.1 6389965.9 499.0 307.0 277 -89
PLS13-047 597731.5 6389833.7 512.0 246.0 44 -89
PLS13-048 598522.5 6390125.1 499.0 215.5 11 -88
PLS13-049 597728.3 6389843.0 509.8 209.4 76 -89
PLS13-050 597724.4 6389852.3 510.5 233.8 266 -88
PLS13-051 598175.7 6389981.1 499.0 282.6 256 -90
PLS13-052 597798.1 6389834.6 506.5 194.2 23 -69
PLS13-053 598145.9 6389969.7 499.0 282.6 66 -89
PLS13-054 597805.7 6389826.1 508.0 200.3 15 -71
PLS13-055 598527.3 6390110.3 499.0 261.2 115 -89
PLS13-056 597792.5 6389840.8 506.6 197.2 23 -71
Paladin Energy Ltd – PLS Resources and Reserves re-reported under the JORC Code 36 of 47
20 August 2026
Hole ID Easting
(UTM NAD83)
Northing
(UTM NAD83)
Elevation
(MASL)
Depth
(m)
Azimuth
(degrees)
Dip
(degrees)
PLS13-058 597778.3 6389861.1 506.9 194.2 262 -89
PLS13-059 597834.9 6389847.6 499.0 194.2 301 -72
PLS13-060 598532.3 6390101.1 499.0 276.5 0 -90
PLS13-061 598134.5 6389964.7 499.0 291.7 91 -89
PLS13-062 598144.0 6389978.3 499.0 212.5 57 -89
PLS13-064 598171.9 6389988.7 499.0 218.5 202 -89
PLS13-065 597847.8 6389865.8 499.0 218.5 256 -90
PLS13-066 598190.4 6389986.5 499.0 279.5 234 -89
PLS13-067 597837.4 6389855.5 499.0 209.4 24 -89
PLS13-068 598153.9 6389991.7 499.0 236.8 21 -90
PLS13-069 597834.7 6389864.7 499.0 185.0 17 -89
PLS13-070 598150.1 6390000.1 499.0 258.2 123 -90
PLS13-071 597827.0 6389871.8 499.0 108.8 0 -90
PLS13-072 598119.7 6389960.0 499.9 209.0 351 -89
PLS13-073 598205.9 6389993.4 499.7 248.0 132 -89
PLS13-074 597715.0 6389836.9 512.3 203.0 76 -89
PLS13-075 598106.5 6389952.7 499.7 248.0 164 -89
PLS13-076 597777.0 6389818.0 505.3 267.0 60 -89
PLS13-077 597788.3 6389853.4 506.2 259.5 338 -84
PLS13-078 598202.1 6389999.1 499.6 224.0 315 -89
PLS13-079 597805.8 6389826.0 504.4 218.0 26 -75
PLS13-080 598534.6 6390091.3 499.7 347.0 344 -89
PLS13-081 598169.5 6389997.4 499.6 230.0 315 -90
PLS13-082 598545.1 6390117.0 499.7 380.0 141 -89
PLS13-083 598091.1 6389949.2 499.7 278.0 349 -89
PLS13-084 598676.5 6390181.5 499.7 350.0 160 -89
PLS13-085 598101.9 6389964.3 499.6 224.0 339 -89
PLS13-086 598136.3 6389956.5 499.6 263.0 266 -89
PLS13-087A 598089.2 6389957.6 499.6 227.0 153 -88
PLS13-088 598244.3 6390007.7 499.6 296.0 330 -89
PLS13-089 598524.2 6390086.2 499.7 393.0 22 -89
PLS13-090 598860.7 6390282.2 499.6 323.0 133 -89
PLS13-091 598030.5 6389877.5 499.6 373.0 139 -90
PLS13-092 598673.1 6390190.7 499.6 377.0 184 -89
PLS13-093 598012.7 6389906.3 499.6 278.0 346 -89
PLS13-094 598217.8 6389996.9 499.6 272.3 245 -90
PLS13-095 598078.4 6389941.6 499.6 275.0 60 -90
PLS13-096 598664.1 6390176.4 499.5 365.0 267 -89
PLS13-097 598550.8 6390098.2 499.6 356.0 301 -90
PLS13-098 598351.1 6390044.9 499.6 317.0 93 -89
PLS13-099 598692.0 6390185.8 499.6 368.0 223 -89
PLS13-100 598214.2 6390005.6 499.5 263.0 285 -89
Paladin Energy Ltd – PLS Resources and Reserves re-reported under the JORC Code 37 of 47
20 August 2026
Hole ID Easting
(UTM NAD83)
Northing
(UTM NAD83)
Elevation
(MASL)
Depth
(m)
Azimuth
(degrees)
Dip
(degrees)
PLS13-101 598563.2 6390106.2 499.5 350.0 290 -90
PLS13-102 598081.7 6389932.8 499.6 275.0 333 -89
PLS13-103 598867.0 6390273.8 499.6 427.0 96 -89
PLS13-104 598231.7 6390003.0 499.6 309.2 84 -90
PLS13-105 598526.4 6390087.4 499.5 419.0 136 -90
PLS13-106 598345.6 6390053.4 499.5 332.0 85 -90
PLS13-107 598519.3 6390095.0 499.6 402.0 233 -89
PLS13-108 598560.2 6390114.3 499.5 392.0 40 -90
PLS13-109 598505.7 6390089.1 499.6 401.0 303 -90
PLS13-112 597049.6 6389481.0 547.3 248.0 321 -74
PLS13-114 597140.5 6389595.6 544.0 206.0 334 -73
PLS13-116 597223.2 6389648.1 540.5 323.0 333 -73
PLS13-118 597223.8 6389646.7 538.9 314.0 328 -89
PLS13-121 597219.9 6389656.9 540.4 248.0 211 -90
PLS13-122 597238.2 6389653.9 541.6 332.0 138 -89
PLS13-123 597234.2 6389663.1 541.7 260.0 106 -89
PLS13-124 597206.6 6389650.3 540.8 257.0 40 -88
PLS14-125 598331.8 6390033.0 499.0 359.0 200 -90
PLS14-126 598545.2 6390072.2 499.0 443.0 337 -90
PLS14-127 598573.2 6390118.7 499.0 350.0 91 -90
PLS14-128 598684.8 6390164.1 499.0 464.0 124 -90
PLS14-129 598360.7 6390043.1 499.0 344.0 239 -90
PLS14-130 598121.2 6389951.4 499.0 317.0 290 -90
PLS14-131 598549.0 6390063.0 499.0 494.0 199 -87
PLS14-132 598565.9 6390099.5 499.0 437.0 340 -90
PLS14-133 598095.5 6389940.3 499.0 401.0 51 -90
PLS14-134 598233.9 6389994.9 499.0 320.0 284 -90
PLS14-135 598695.8 6390175.9 499.0 386.0 348 -90
PLS14-136 598365.1 6390035.5 499.0 317.0 176 -87
PLS14-137 598170.3 6389956.5 499.0 335.0 186 -87
PLS14-138 598064.0 6389935.9 499.0 305.0 59 -90
PLS14-139 598353.8 6390034.3 499.0 425.0 164 -90
PLS14-140 598556.1 6390047.8 499.0 527.0 285 -90
PLS14-141 598705.5 6390192.1 499.0 351.8 114 -90
PLS14-142 598249.1 6389997.7 499.0 353.0 136 -90
PLS14-143 598337.1 6390024.6 499.0 368.0 178 -90
PLS14-144 598509.5 6390081.3 499.0 404.0 199 -90
PLS14-145 598578.1 6390109.8 499.0 422.0 241 -90
PLS14-146 598654.5 6390159.1 499.0 416.0 275 -90
PLS14-147 598376.6 6390045.3 499.0 359.0 248 -90
PLS14-148 598514.9 6390104.2 499.0 296.0 337 -90
PLS14-149 598179.2 6389972.7 499.0 319.1 60 -90
Paladin Energy Ltd – PLS Resources and Reserves re-reported under the JORC Code 38 of 47
20 August 2026
Hole ID Easting
(UTM NAD83)
Northing
(UTM NAD83)
Elevation
(MASL)
Depth
(m)
Azimuth
(degrees)
Dip
(degrees)
PLS14-150 598657.9 6390151.1 499.0 374.0 309 -90
PLS14-151 598371.4 6390055.5 499.0 332.0 23 -90
PLS14-153 598614.9 6390136.3 499.0 382.0 1 -90
PLS14-155 598559.9 6390038.1 499.0 542.0 62 -90
PLS14-156 598477.8 6390075.0 499.0 377.0 189 -90
PLS14-157 598068.6 6389926.7 499.0 308.0 104 -90
PLS14-158 598723.4 6390188.9 499.0 374.0 337 -90
PLS14-159 598114.1 6389970.1 499.0 275.0 67 -90
PLS14-160 598305.1 6390023.4 499.0 356.0 115 -90
PLS14-161 598671.0 6390158.1 499.0 353.0 307 -90
PLS14-163 597834.4 6389831.7 499.0 275.0 327 -79
PLS14-164 598570.0 6390090.1 499.0 452.0 68 -90
PLS14-165 598307.7 6390015.0 499.0 362.0 115 -90
PLS14-166 598700.2 6390166.8 499.0 374.0 13 -90
PLS14-167 598130.5 6389973.1 499.0 308.0 221 -90
PLS14-169 598059.7 6389945.7 499.0 327.5 238 -90
PLS14-170 598650.2 6390168.1 499.0 347.0 0 -90
PLS14-171 598448.8 6390065.4 499.0 329.0 0 -90
PLS14-172 598582.2 6390099.9 499.0 332.0 78 -90
PLS14-173 598035.4 6389927.8 499.0 257.0 135 -90
PLS14-174 598445.9 6390073.9 499.0 290.0 10 -90
PLS14-175 598619.0 6390127.1 499.0 407.0 249 -90
PLS14-176 599165.4 6390443.8 499.0 359.0 349 -90
PLS14-177 598297.0 6390000.5 499.0 335.0 334 -80
PLS14-178 598512.8 6390071.8 499.0 500.0 210 -90
PLS14-179 598592.1 6390114.0 499.0 372.4 1 -90
PLS14-180 598719.2 6390198.2 499.0 344.0 90 -90
PLS14-181 598332.0 6390011.4 499.0 317.0 332 -84
PLS14-183 598588.2 6390122.8 499.0 341.0 27 -90
PLS14-184 598328.5 6390043.0 499.0 332.0 116 -90
PLS14-185 598742.5 6390181.3 499.0 347.8 329 -83
PLS14-186 598527.7 6390076.2 499.0 401.0 355 -90
PLS14-187 598421.3 6390055.2 499.0 441.8 220 -90
PLS14-189 598811.4 6390207.0 499.0 500.0 192 -90
PLS14-190 598874.6 6390259.9 499.0 431.6 10 -90
PLS14-191 598482.3 6390062.5 499.0 316.0 338 -82
PLS14-192 598400.3 6390028.5 499.0 320.0 332 -82
PLS14-193 598488.3 6390089.2 499.0 302.0 331 -90
PLS14-194 598746.3 6390172.7 499.0 386.0 336 -83
PLS14-195 598641.6 6390111.0 499.0 419.0 334 -83
PLS14-196 599286.9 6390467.9 499.0 392.0 291 -90
PLS14-197 598439.1 6390050.7 499.0 284.0 333 -83
Paladin Energy Ltd – PLS Resources and Reserves re-reported under the JORC Code 39 of 47
20 August 2026
Hole ID Easting
(UTM NAD83)
Northing
(UTM NAD83)
Elevation
(MASL)
Depth
(m)
Azimuth
(degrees)
Dip
(degrees)
PLS14-198 598463.9 6390070.2 499.0 398.0 17 -90
PLS14-199 598811.2 6390195.4 499.0 485.7 333 -84
PLS14-200 598436.1 6390060.2 499.0 389.0 268 -90
PLS14-201 598613.4 6390100.4 499.0 371.0 332 -84
PLS14-203 598460.2 6390079.3 499.0 350.0 39 -90
PLS14-204 597929.0 6389869.0 499.0 299.0 320 -90
PLS14-205 598636.2 6390162.6 499.0 421.0 85 -90
PLS14-207 598529.2 6390032.9 499.0 455.0 341 -81
PLS14-208 599283.9 6390477.4 499.0 407.0 171 -90
PLS14-209 598281.3 6390002.2 499.0 272.0 331 -82
PLS14-210 598397.3 6390033.5 499.0 299.0 341 -81
PLS14-211 598610.9 6390146.6 499.0 413.0 168 -90
PLS14-213 598581.2 6390061.5 499.0 311.0 336 -81
PLS14-214 598404.0 6390059.1 499.0 413.0 40 -90
PLS14-215 598427.1 6390040.8 499.0 299.0 331 -80
PLS14-216 598462.2 6390036.7 499.0 347.0 335 -84
PLS14-217 598365.1 6390035.1 499.0 320.0 336 -77
PLS14-218 598264.1 6389929.3 499.0 287.0 328 -71
PLS14-219 598086.3 6389924.1 499.0 327.0 337 -90
PLS14-220 598300.2 6390031.8 499.0 341.0 273 -90
PLS14-221 598520.1 6390016.3 499.0 317.0 328 -71
PLS14-222 598167.4 6389928.4 499.0 221.0 335 -69
PLS14-223 598295.8 6390041.4 499.0 308.4 305 -90
PLS14-224 598624.7 6390115.6 499.0 389.0 340 -71
PLS14-225 598609.1 6390038.6 499.0 329.0 325 -72
PLS14-226 598298.3 6389962.6 499.0 360.0 332 -70
PLS14-227 598433.2 6389989.1 499.0 317.0 325 -72
PLS14-228 598424.9 6390046.0 499.0 527.0 198 -90
PLS14-229 598122.9 6389915.3 499.0 248.0 338 -71
PLS14-230 598678.9 6390102.9 499.0 420.0 333 -71
PLS14-231 598195.2 6389969.7 499.0 275.0 337 -72
PLS14-232 598090.1 6389877.1 500.0 345.0 336 -70
PLS14-233 598390.0 6389977.9 499.0 344.0 337 -71
PLS14-235 598320.3 6390017.3 499.0 302.3 309 -70
PLS14-236 598709.8 6390145.9 499.0 407.0 338 -70
PLS14-237 598618.3 6390128.3 499.0 378.0 336 -70
PLS14-238 598616.0 6390022.3 499.0 431.0 332 -71
PLS14-240 598421.1 6390017.6 499.0 326.0 337 -72
PLS14-241 598078.0 6389905.4 499.0 323.0 329 -71
PLS14-242 598647.5 6390064.4 499.0 395.0 342 -69
PLS14-243 598277.5 6389972.0 499.0 356.0 333 -71
PLS14-244 598425.2 6390047.0 499.0 275.0 335 -70
Paladin Energy Ltd – PLS Resources and Reserves re-reported under the JORC Code 40 of 47
20 August 2026
Hole ID Easting
(UTM NAD83)
Northing
(UTM NAD83)
Elevation
(MASL)
Depth
(m)
Azimuth
(degrees)
Dip
(degrees)
PLS14-246 598454.7 6390049.9 499.0 316.0 336 -70
PLS14-247 598303.9 6389989.0 499.0 374.0 333 -70
PLS14-248 598601.5 6390054.0 499.0 452.0 321 -70
PLS14-250 598107.4 6389946.8 499.0 294.0 330 -69
PLS14-253 598508.4 6390045.8 499.0 338.0 352 -72
PLS14-254 598610.6 6390147.5 499.0 407.0 336 -70
PLS14-256 598298.1 6389999.4 499.0 338.0 336 -70
PLS14-257 598727.4 6390102.8 499.0 476.0 332 -68
PLS14-259 598615.9 6390058.7 499.0 431.9 335 -69
PLS14-261 598271.4 6389988.1 499.0 302.0 337 -69
PLS14-263 598810.8 6390138.3 499.0 398.0 333 -69
PLS14-264 598869.8 6390194.2 499.0 392.0 335 -69
PLS14-266 598538.8 6390087.3 499.0 353.0 342 -72
PLS14-267 598696.4 6390060.9 499.0 374.0 334 -72
PLS14-270 598064.4 6389898.7 499.0 374.0 336 -70
PLS14-271 598284.9 6389993.7 499.0 335.0 334 -69
PLS14-273 598648.0 6390093.6 499.0 452.0 332 -70
PLS14-274 598875.1 6390179.2 499.0 417.0 340 -68
PLS14-275 598751.5 6390159.8 499.0 434.0 333 -69
PLS14-276 598340.0 6390014.5 499.0 338.0 337 -70
PLS14-278 598585.5 6390089.9 499.0 344.0 332 -69
PLS14-279 598488.0 6390017.6 499.0 371.0 337 -70
PLS14-282 598630.0 6390138.0 499.0 569.0 339 -71
PLS14-283 598621.1 6390045.6 499.0 389.0 336 -70
PLS14-285 598856.3 6390143.6 499.0 500.0 347 -70
PLS14-286 598266.6 6389997.1 499.0 293.0 335 -71
PLS14-287 598636.1 6390048.6 499.0 413.0 336 -70
PLS14-289 598048.9 6389891.8 499.0 347.0 336 -70
PLS14-290 598473.7 6390122.7 499.0 452.0 156 -70
PLS14-293 598623.5 6390080.8 499.0 383.0 334 -70
PLS14-294 598295.0 6390007.4 499.0 356.0 333 -70
PLS14-296 598618.9 6390236.7 499.0 494.0 156 -70
PLS14-297 598644.7 6390255.5 499.0 476.0 156 -71
PLS14-298 598635.2 6390018.9 499.0 389.0 332 -70
PLS15-299 598249.9 6389993.7 499.4 263.0 336 -72
PLS15-300 598769.9 6390155.1 499.0 395.0 336 -72
PLS15-301 598642.0 6390113.1 499.0 371.0 336 -71
PLS15-302 598501.9 6390016.8 499.1 281.0 336 -71
PLS15-303 598237.8 6389987.1 499.0 200.0 335 -70
PLS15-304 598888.0 6390221.1 498.6 383.0 336 -70
PLS15-308 598382.8 6390027.8 499.0 314.0 336 -70
PLS15-311 598246.8 6390003.2 499.1 206.0 336 -73
Paladin Energy Ltd – PLS Resources and Reserves re-reported under the JORC Code 41 of 47
20 August 2026
Hole ID Easting
(UTM NAD83)
Northing
(UTM NAD83)
Elevation
(MASL)
Depth
(m)
Azimuth
(degrees)
Dip
(degrees)
PLS15-312 598765.9 6390164.9 499.0 380.0 336 -72
PLS15-315 598242.0 6389977.7 499.0 227.0 336 -70
PLS15-318 598291.1 6390016.2 499.0 332.0 336 -70
PLS15-319 598924.1 6390216.0 499.0 407.0 336 -71
PLS15-321 598224.2 6389981.0 499.0 251.4 336 -71
PLS15-324 598792.0 6390176.9 499.0 425.0 336 -71
PLS15-325 598507.0 6390008.0 499.1 336.0 336 -70
PLS15-327 598920.1 6390224.9 499.0 308.0 336 -71
PLS15-328 597987.9 6389774.9 499.0 431.0 336 -75
PLS15-330 598761.6 6390174.7 499.0 386.0 336 -71
PLS15-332 597860.9 6389839.0 499.1 254.0 336 -70
PLS15-333 597729.3 6389802.7 508.9 332.0 336 -69
PLS15-334 598261.9 6390007.1 499.1 260.0 336 -71
PLS15-337 598821.4 6390187.8 499.1 407.0 336 -70
PLS15-339 597754.0 6389857.2 509.4 227.0 336 -71
PLS15-341 598786.9 6390186.1 499.1 353.0 336 -72
PLS15-343 597225.1 6389607.2 541.2 368.0 336 -69
PLS15-344 598758.1 6390183.0 499.0 434.0 336 -70
PLS15-346 597225.1 6389607.1 541.3 366.5 335 -77
PLS15-348 598842.9 6390214.1 499.1 341.0 336 -71
PLS15-351 598688.0 6390233.9 499.0 407.0 156 -79
PLS15-352 597219.0 6389622.0 541.3 272.0 340 -74
PLS15-353 598491.0 6390008.1 499.0 370.0 336 -72
PLS15-354 598928.1 6390206.0 499.1 407.0 336 -71
PLS15-355 598699.9 6390239.1 499.0 344.0 156 -78
PLS15-356 598009.9 6389728.5 499.0 349.3 344 -61
PLS15-357 599259.9 6390419.9 499.1 330.0 336 -70
PLS15-358 598602.0 6390165.9 499.0 350.0 336 -71
PLS15-359 598849.0 6390200.0 499.0 347.0 336 -71
PLS15-360 597250.1 6389625.1 542.1 257.5 336 -69
PLS15-361 598983.0 6390230.0 499.1 353.0 336 -70
PLS15-362 598545.1 6389996.0 499.1 467.0 336 -76
PLS15-363 598645.9 6390028.3 499.1 359.0 336 -69
PLS15-364 597200.8 6389624.1 541.6 251.0 333 -79
PLS15-365 598613.0 6390103.0 499.1 401.0 336 -70
PLS15-366 598594.9 6390180.2 499.1 284.0 336 -70
PLS15-367 597187.7 6389618.1 541.7 260.0 331 -79
PLS15-368 598255.0 6389985.0 499.1 293.0 336 -73
PLS15-369 598640.9 6390075.2 499.1 410.0 336 -71
PLS15-370 598636.8 6390123.0 499.0 350.0 336 -71
PLS15-371 598102.0 6389924.2 499.1 320.9 336 -71
PLS15-372 597243.0 6389641.2 542.0 371.0 331 -78
Paladin Energy Ltd – PLS Resources and Reserves re-reported under the JORC Code 42 of 47
20 August 2026
Hole ID Easting
(UTM NAD83)
Northing
(UTM NAD83)
Elevation
(MASL)
Depth
(m)
Azimuth
(degrees)
Dip
(degrees)
PLS15-373 598388.1 6390054.0 499.2 356.0 155 -87
PLS15-374 598217.0 6389961.0 499.1 275.0 336 -73
PLS15-375 598258.8 6389976.1 499.1 281.0 336 -72
PLS15-376 598105.6 6389914.4 499.1 323.0 336 -70
PLS15-377 598233.0 6389962.2 499.1 246.7 336 -70
PLS15-378 598655.1 6390120.0 499.0 387.4 336 -71
PLS15-379 598313.8 6389995.3 499.1 332.0 336 -72
PLS15-380 598088.0 6389918.0 499.0 335.0 336 -72
PLS15-381 598728.0 6390139.2 499.2 380.0 336 -72
PLS15-382 598277.9 6390009.1 499.1 281.0 336 -69
PLS15-383 598655.9 6390081.2 499.1 414.0 336 -71
PLS15-384 598247.9 6389965.0 499.1 230.0 336 -69
PLS15-385 598758.9 6390144.1 499.0 373.0 336 -71
PLS15-386 598598.9 6390098.1 499.1 341.0 336 -70
PLS15-387 598221.5 6389952.0 498.9 257.0 336 -72
PLS15-388 598818.9 6390119.8 498.9 431.0 336 -70
PLS15-389 597226.8 6389640.2 540.6 402.0 334 -80
PLS15-391 598263.0 6389965.0 499.0 80.0 336 -70
PLS15-391A 598265.0 6389965.2 498.9 296.0 343 -70
PLS15-392 598069.0 6389889.0 499.0 101.0 330 -72
PLS15-392A 598069.4 6389887.7 498.9 374.0 332 -69
PLS15-393 598875.1 6390178.5 498.9 395.0 339 -72
PLS15-394 599303.8 6390432.6 498.8 320.0 330 -71
PLS15-395 597174.0 6389612.1 543.1 192.1 338 -79
PLS15-397 598319.2 6389984.6 499.0 356.0 344 -72
PLS15-398 597184.4 6389626.9 541.5 430.2 335 -79
PLS15-399 598824.7 6390104.0 498.9 392.0 328 -70
PLS15-400 599298.2 6390445.9 498.9 278.0 339 -69
PLS15-402 598330.8 6390002.0 498.7 362.0 337 -73
PLS15-403 598110.8 6389905.6 498.9 335.0 335 -71
PLS15-404 597254.8 6389650.2 541.6 399.1 334 -80
PLS15-405 599310.9 6390416.7 498.8 357.0 332 -70
PLS15-408 597161.2 6389606.3 544.3 266.0 337 -79
PLS15-409 598235.4 6389956.3 498.9 290.0 335 -70
PLS15-410 598126.6 6389909.5 498.9 311.0 336 -72
PLS15-411 597197.1 6389633.1 541.1 434.0 336 -80
PLS15-413 599290.2 6390426.5 498.9 299.0 334 -70
PLS15-414 598090.4 6389910.7 498.9 326.0 324 -72
PLS15-416 598883.2 6390162.7 498.8 419.0 333 -69
PLS15-417 598073.4 6389879.9 498.9 343.0 334 -71
PLS15-418 597143.7 6389603.6 544.2 431.0 336 -81
PLS15-423 597268.8 6389656.1 540.2 441.0 334 -80
Paladin Energy Ltd – PLS Resources and Reserves re-reported under the JORC Code 43 of 47
20 August 2026
Hole ID Easting
(UTM NAD83)
Northing
(UTM NAD83)
Elevation
(MASL)
Depth
(m)
Azimuth
(degrees)
Dip
(degrees)
PLS15-426 597170.2 6389621.1 543.5 416.0 336 -79
PLS15-427 598863.7 6390157.3 498.8 419.0 335 -71
PLS15-428 597259.8 6389640.1 541.6 410.0 337 -81
PLS15-431 598903.4 6390153.1 498.8 431.0 330 -72
PLS15-432 597234.0 6389663.2 540.8 371.0 334 -80
PLS15-434 597157.2 6389614.1 543.9 423.5 336 -79
PLS15-435 598896.2 6390168.0 498.8 437.0 338 -71
PLS15-436 597221.1 6389647.3 540.5 420.6 332 -79
PLS15-438 597205.0 6389615.1 541.1 401.0 334 -80
PLS15-439 597211.0 6389640.2 541.1 374.3 334 -80
PLS15-440 598874.3 6390141.2 498.8 396.9 328 -73
PLS15-441 597192.4 6389608.1 541.8 413.0 336 -81
PLS15-442 597132.0 6389594.0 542.9 404.0 334 -80
PLS15-443 597265.1 6389626.2 541.7 446.0 337 -80
PLS15-444 597141.3 6389611.5 544.1 419.0 334 -80
PLS16-445 597037.7 6389475.2 547.4 317.0 336 -81
PLS16-446 597148.0 6389593.2 544.3 368.0 336 -82
PLS16-447 597207.1 6389647.2 541.0 357.0 333 -81
PLS16-449 597175.3 6389611.0 543.4 407.0 337 -81
PLS16-450 597263.9 6389665.0 540.3 410.0 332 -81
PLS16-451 597135.9 6389585.2 543.6 272.0 333 -81
PLS16-452 598143.4 6389942.7 498.9 278.0 331 -73
PLS16-454 597193.1 6389646.0 541.3 395.0 333 -82
PLS16-455 598290.0 6389985.8 498.9 350.0 338 -70
PLS16-456 597260.2 6389674.1 540.6 329.0 338 -80
PLS16-458 598838.2 6390151.9 498.9 431.0 337 -72
PLS16-459 599131.1 6390266.7 498.9 359.0 333 -71
PLS16-460 599177.2 6390426.1 499.1 273.0 132 -90
PLS16-462 597040.8 6389470.8 548.7 317.0 335 -79
PLS16-463 598835.3 6390157.4 498.9 383.3 336 -72
PLS16-464 599175.8 6390391.3 498.9 218.0 337 -71
PLS16-465 597030.0 6389459.1 548.1 302.0 337 -81
PLS16-466 599083.3 6390379.2 498.9 296.0 291 -90
PLS16-468 599162.1 6390386.1 498.8 224.7 334 -71
PLS16-470 597056.9 6389471.3 546.9 317.0 338 -80
PLS16-471 598862.3 6390158.4 499.0 389.0 337 -71
PLS16-473 597034.9 6389482.1 547.4 311.0 334 -81
PLS16-474 599084.2 6390376.0 498.9 221.0 337 -71
PLS16-475 598888.7 6390184.6 498.9 401.0 335 -72
PLS16-476 596976.4 6389430.7 547.5 335.0 338 -80
PLS16-479 596939.8 6389401.9 546.6 360.3 339 -80
PLS16-481 599204.9 6390400.1 498.9 221.0 336 -70
Paladin Energy Ltd – PLS Resources and Reserves re-reported under the JORC Code 44 of 47
20 August 2026
Hole ID Easting
(UTM NAD83)
Northing
(UTM NAD83)
Elevation
(MASL)
Depth
(m)
Azimuth
(degrees)
Dip
(degrees)
PLS16-483 597051.1 6389485.1 547.3 335.0 332 -80
PLS16-484 596972.1 6389440.1 547.9 302.0 333 -81
PLS16-485 599202.4 6390408.2 499.0 239.0 338 -72
PLS16-487 599179.5 6390381.8 499.1 209.0 334 -74
PLS16-488 596946.1 6389389.0 547.6 362.0 335 -80
PLS16-489 599143.5 6390391.7 499.0 221.0 322 -71
PLS16-491 596937.0 6389409.1 546.8 344.0 334 -80
PLS16-493 597002.1 6389448.8 548.8 350.0 332 -80
PLS16-494 599115.8 6390377.8 499.0 221.0 329 -72
PLS16-495 597025.5 6389467.4 547.8 342.0 329 -81
PLS16-496 599172.2 6390398.5 499.0 215.0 329 -72
PLS16-498 599198.0 6390417.7 499.0 224.1 333 -73
PLS16-499 597288.1 6389691.2 539.6 456.0 331 -81
PLS16-500 599232.2 6390413.3 499.0 257.7 338 -70
PLS16-501 597021.1 6389478.3 547.6 308.0 338 -81
PLS16-502 596996.9 6389459.2 548.9 315.8 336 -80
PLS16-503 598522.8 6390121.0 499.0 845.0 155 -83
PLS16-504 596979.9 6389423.5 548.2 371.0 336 -81
PLS16-505 596915.7 6389378.7 546.7 337.0 336 -80
PLS16-506 597048.5 6389491.2 547.2 275.5 334 -81
PLS16-507 596913.0 6389387.9 547.2 344.0 336 -81
PLS16-508 597071.1 6389513.2 548.7 267.9 337 -81
PLS16-510 596896.9 6389351.9 546.1 305.0 336 -80
PLS16-512 597090.0 6389543.0 547.4 305.0 337 -81
PLS17-513 599157.0 6390395.1 498.9 218.3 337 -70
PLS17-515 597094.8 6389534.5 547.8 314.0 337 -79
PLS17-516 599146.9 6390382.2 499.0 266.0 332 -71
PLS17-517 597086.8 6389552.0 547.8 311.0 339 -79
PLS17-518 599168.0 6390408.2 498.9 227.0 338 -74
PLS17-520 599192.5 6390427.3 498.9 236.0 335 -75
PLS17-521 597075.9 6389504.0 547.9 298.3 333 -80
PLS17-522 599166.0 6390377.2 498.8 230.0 334 -71
PLS17-524 597066.9 6389521.7 548.9 293.0 330 -80
PLS17-525 599184.0 6390371.9 498.9 302.0 336 -72
PLS17-526 597106.0 6389582.6 544.3 293.0 334 -80
PLS17-527 599228.0 6390422.3 498.9 233.0 334 -70
PLS17-528 599235.9 6390403.1 498.9 261.2 333 -71
PLS17-529 597110.0 6389573.0 544.1 305.0 334 -81
PLS17-530 596427.1 6389242.4 554.2 291.0 159 -89
PLS17-531 599257.0 6390430.1 499.0 258.0 334 -70
PLS17-533 596441.1 6389232.2 554.1 264.0 337 -81
PLS17-534 599253.1 6390438.9 499.0 245.0 333 -70
Paladin Energy Ltd – PLS Resources and Reserves re-reported under the JORC Code 45 of 47
20 August 2026
Hole ID Easting
(UTM NAD83)
Northing
(UTM NAD83)
Elevation
(MASL)
Depth
(m)
Azimuth
(degrees)
Dip
(degrees)
PLS17-536 598946.1 6390314.9 498.9 533.0 154 -81
PLS17-537 596438.1 6389240.2 554.3 204.8 331 -80
PLS17-539 596411.8 6389223.0 553.0 329.0 333 -79
PLS17-541 597114.8 6389563.0 544.2 350.0 335 -82
PLS17-542 598939.9 6390328.9 498.9 374.0 157 -80
PLS17-545 597083.0 6389560.6 548.1 278.0 335 -80
PLS17-546 598861.2 6390324.6 499.0 215.0 330 -70
PLS17-547 596407.5 6389232.8 553.0 317.0 338 -80
PLS17-548 597098.2 6389523.9 547.1 311.0 333 -81
PLS17-551 597079.4 6389493.8 547.3 320.8 335 -80
PLS17-553 596416.7 6389211.0 552.4 296.0 337 -80
PLS17-557 596403.3 6389205.7 551.5 302.0 340 -80
PLS17-560 596387.9 6389203.0 551.2 302.0 333 -81
PLS17-561 596422.4 6389202.4 551.5 332.0 343 -81
PLS17-562 596392.3 6389193.6 551.2 308.0 335 -80
PLS17-563 596425.9 6389193.0 551.4 383.0 332 -81
PLS17-564 596396.8 6389183.7 550.2 328.0 339 -78
PLS17-565 596364.1 6389185.0 550.5 151.0 331 -80
PLS17-566 596400.9 6389173.9 550.0 335.0 342 -79
PLS17-567 596367.9 6389175.9 549.5 361.0 338 -79
PLS17-568 596405.0 6389164.6 549.6 428.0 333 -80
PLS17-MET-C 598418.3 6390053.9 498.9 258.0 318 -90
PLS17-MET-E 598618.5 6390056.8 498.9 329.0 325 -68
PLS17-MET-W 598109.2 6389957.2 499.0 224.0 155 -89
PLS18-569 596407.6 6389196.9 551.0 383.0 329 -82
PLS18-570 596382.0 6389180.4 550.2 335.0 337 -81
PLS18-571 596385.5 6389172.2 549.9 350.0 333 -79
PLS18-572 596410.9 6389187.1 550.6 401.0 332 -82
PLS18-573 598285.8 6389991.1 498.9 323.0 333 -72
PLS18-574 596389.1 6389162.9 549.4 350.0 336 -79
PLS18-575 598501.1 6390027.2 498.9 335.0 335 -71
PLS18-576 596393.0 6389153.0 549.1 338.0 331 -80
PLS18-577 596413.8 6389180.0 550.6 416.0 340 -83
PLS18-578 596433.1 6389213.4 552.7 113.0 330 -81
PLS18-578A 596433.4 6389212.5 552.9 305.0 335 -80
PLS18-579 598329.9 6390005.7 498.9 317.0 334 -68
PLS18-580 598596.9 6390063.2 499.0 317.0 337 -69
PLS18-581 598533.4 6390027.6 498.9 308.0 335 -69
PLS18-582 598358.0 6390015.1 499.0 314.6 333 -69
PLS18-583 598576.5 6390149.5 499.0 407.0 155 -70
PLS18-584 598566.6 6390144.1 499.1 335.9 155 -70
PLS18-585 598338.4 6389982.0 499.0 320.0 331 -71
Paladin Energy Ltd – PLS Resources and Reserves re-reported under the JORC Code 46 of 47
20 August 2026
Hole ID Easting
(UTM NAD83)
Northing
(UTM NAD83)
Elevation
(MASL)
Depth
(m)
Azimuth
(degrees)
Dip
(degrees)
PLS18-586 598267.1 6390058.5 499.0 329.0 153 -69
PLS18-587 598247.4 6390057.6 499.0 250.0 154 -70
PLS18-588 598433.4 6390003.1 498.9 317.0 333 -69
PLS18-589 598453.2 6390006.7 498.9 299.0 332 -70
PLS18-590 598334.5 6389987.9 499.0 335.0 330 -70
PLS18-591 598326.3 6389990.3 499.0 335.0 332 -68
PLS21-592 598879.0 6390170.2 499.2 101.0 334 -66
PLS21-592A 598879.9 6390168.6 499.2 287.0 335 -67
PLS21-593 598815.9 6390130.0 499.2 356.0 335 -67
PLS21-594 598840.6 6390186.1 499.2 281.0 337 -70
PLS21-595 598823.9 6390108.9 499.2 353.0 337 -69
PLS21-596 598846.8 6390170.9 499.2 338.0 337 -70
PLS21-597 598670.1 6390089.5 499.2 383.0 335 -70
PLS21-598 598834.9 6390162.1 499.2 359.0 337 -68
PLS21-599 598829.9 6390168.3 499.2 326.0 340 -71
PLS21-600 598674.1 6390079.1 499.2 374.0 337 -70
PLS21-601 598682.8 6390093.8 499.2 377.0 336 -70
PLS21-602 598706.3 6390080.7 499.2 382.0 337 -70
PLS21-603 598687.4 6390082.7 499.2 362.0 339 -70
PLS21-604 598683.0 6390057.9 499.2 374.0 337 -70
PLS21-605 598701.9 6390090.1 499.2 389.0 335 -68
PLS21-606 598666.0 6390098.0 499.2 371.0 336 -69
PLS21-607 598814.7 6390169.9 499.2 344.0 339 -76
PLS21-608 598678.5 6390069.9 499.2 363.8 336 -70
PLS21-609 598878.3 6390180.5 499.2 329.0 337 -75
PLS21-610 598694.8 6390068.8 499.2 365.0 334 -70
PLS21-611 598852.2 6390160.0 499.2 332.0 341 -70
PLS21-612 597043.9 6389388.0 543.9 281.0 336 -61
PLS21-613 597046.5 6389381.4 543.8 286.0 337 -61
PLS21-614 597022.1 6389363.3 546.3 290.0 337 -60
PLS21-615 597017.4 6389374.9 546.7 254.0 340 -63
PLS21-616 596982.2 6389380.9 548.2 248.0 341 -73
PLS21-617 597006.0 6389438.9 548.9 269.0 337 -79
PLS21-618 597101.9 6389486.2 546.3 242.8 335 -70
PLS21-619 597031.3 6389566.8 545.2 251.0 157 -72
PLS21-620 597174.0 6389576.1 544.0 200.0 335 -71
PLS21-621 597070.9 6389478.0 546.8 230.0 335 -72
PLS21-622 597149.5 6389558.4 544.5 224.0 337 -72
PLS21-623 597125.8 6389534.1 544.7 224.0 284 -72
PLS21-624 597209.1 6389609.2 541.3 200.0 350 -72
PLS21-625 597099.9 6389482.9 546.4 213.7 336 -60
PLS21-626 597088.9 6389507.9 547.4 215.0 335 -71
Paladin Energy Ltd – PLS Resources and Reserves re-reported under the JORC Code 47 of 47
20 August 2026
Hole ID Easting
(UTM NAD83)
Northing
(UTM NAD83)
Elevation
(MASL)
Depth
(m)
Azimuth
(degrees)
Dip
(degrees)
PLS21-627 597079.4 6389494.0 546.7 251.0 350 -72
PLS21-628 597074.6 6389468.6 546.7 224.0 335 -71
PLS21-629 597025.2 6389432.9 548.2 224.0 335 -71
PLS21-630 596966.0 6389380.7 548.0 227.0 336 -73
PLS21-631 596969.4 6389372.8 548.1 264.0 336 -72
PLS21-632 597069.7 6389331.8 537.3 352.0 336 -52
PLS21-633 596978.3 6389389.4 547.8 263.0 338 -73
PLS21-634 597069.8 6389627.8 543.8 221.0 156 -71
PLS21-635 597073.9 6389618.8 544.0 248.3 157 -71
PLS21-636 597076.7 6389613.1 544.1 221.0 156 -72
PLS21-MET-001 597060.6 6389522.5 549.2 200.0 218 -90
PLS21-MET-002 597079.8 6389565.2 548.0 200.0 54 -90
PLS21-MET-003 597149.7 6389624.7 543.9 161.0 321 -89
PLS21-MET-004 597207.4 6389654.0 540.8 161.0 271 -90
PLS22-CP-005 596384.4 6389212.4 551.6 180.5 287 -89
PLS24-652 596448.3 6389139.5 553.0 302.0 337 -65
PLS24-653 596377.5 6389189.7 549.4 335.0 338 -80
PLS24-655 596398.6 6389211.7 550.3 302.0 335 -81
PLS24-656 596393.3 6389194.4 549.9 302.0 335 -80
PLS24-658 596454.0 6389125.3 552.9 320.0 336 -65
PLS24-659 596429.4 6389114.5 552.9 350.0 336 -65
PLS24-660 596407.6 6389116.0 552.2 365.4 337 -67
PLS24-662 596459.7 6389113.5 552.8 359.0 336 -65
PLS24-663 596447.8 6389171.3 551.7 281.0 336 -65
PLS24-664 596421.7 6389130.7 552.6 332.0 336 -66
PLS24-665 596437.2 6389124.3 553.0 345.0 336 -66
PLS24-666 596444.1 6389178.9 551.7 278.0 335 -65
PLS24-668 596453.8 6389157.5 552.0 278.0 336 -65
PLS24-669 596443.5 6389109.7 552.9 377.0 338 -65
PLS24-671 596411.2 6389108.3 552.5 323.0 336 -62
PLS24-673 596375.5 6389193.8 549.6 284.0 336 -78
PLS24-675 596434.3 6389168.0 551.4 304.3 337 -65
PLS24-676 596392.5 6389193.1 549.9 293.0 337 -75
PLS24-677 596395.3 6389218.5 550.6 290.0 335 -81
PLS21-RM-003 596934.9 6389540.2 545.5 275.0 130 -69
PLS21-RM-002 597150.0 6389700.2 543.2 245.0 180 -71
PLS21-RM-001 597023.5 6389429.4 548.1 254.0 0 -74
PLS19-PW-08 598393.6 6390008.4 499.1 341.0 329 -71
PLS19-PW-09 598521.1 6390029.4 499.0 320.0 336 -69
PLS19-PW-10 598745.2 6390141.6 498.9 372.5 338 -70
Source: Paladin Energy ltd.