Announcement • Jun 25

Paladin Energy Ltd Identifies New High-Grade Uranium Discovery At Pls Project

Paladin Energy Ltd. has successfully completed its 2026 winter drilling program at the Patterson Lake South (PLS) high-grade uranium project, located in the Athabasca Basin region of Saskatchewan, Canada, with the discovery of a new body of high-grade uranium mineralisation, the Atlas discovery. High-grade uranium mineralisation has been intersected 3.5km south of Paladin’s Triple R deposit and 4.5km southwest of Saloon East. Eight exploration drillholes were collared, with seven intersecting significant uranium mineralisation at the new Atlas discovery, totalling 2,408m. Key winter 2026 intercepts at Atlas include: PLS26-708B (discovery drillhole): 17.5m of total composite uranium mineralisation across three intervals, the largest being 8.0m averaging 1.75% U3O8, including 3.0m averaging 4.25% U3O8 from 190.0m to 193.0m; PLS26-718: 21.5m of total composite uranium mineralisation across two intervals, the largest being 14.5m averaging 1.70% U3O8, including 5.5m averaging 2.86% U3O8 from 194.5m to 200.0m; PLS26-722: 30.0m of total composite uranium mineralisation across seven intervals, the largest being 11.0m averaging 1.79% U3O8, including 5.0m averaging 2.94% U3O8 from 189.0m to 200.0m. The Atlas discovery remains open along strike and at depth. After a large-scale ground geophysical survey at the PLS project from February to June 2025, a highly prospective anomaly was identified within the broader Saloon Trend, 4.5km southwest of anomalous uranium concentrations identified at Saloon East. Drill testing of this geophysical anomaly intersected new high-grade basement-hosted uranium mineralisation commencing approximately 160m downhole in what was subsequently named the Atlas discovery. A total of 2,408m of drilling has been completed at Atlas, and the discovery remains open along strike and at depth. The 2026 winter drilling program also targeted resource conversion and extension drilling at the Triple R deposit and further drilling on the Saloon Trend, along with regional exploration. Following a short seasonal break, drills and field crews were re-mobilised to the PLS project in May to continue work at Atlas as well as other priority target areas. All currently identified trend targets (including Atlas) are land-based, allowing drilling activities to continue uninterrupted throughout the summer months. The Saloon Trend is a linear, multi-kilometre long, southwest-northeast trending structural zone up to 1km in width, that is parallel to and located 3.5km south of the shear zones that host the Triple R deposit within the Patterson Lake corridor. Since 2024, the Saloon Trend has represented a principal exploration focus for the Company, with anomalous uranium geochemistry and associated structural disruption defined over an approximately 8km strike extent. Drill targeting for the 2026 campaign was further refined following completion of a large-scale ground geophysical survey from February to June 2025, which identified high priority geophysical anomalies along the trend. Although the second drillhole of the 2026 program, PLS26-708, was discontinued at a depth of 152.0m due to challenging ground conditions, a follow-up drillhole, PLS26-708A, successfully intersected three zones of uranium mineralisation before also being discontinued at a depth of 206.0m due to similar ground conditions. The final re-collar, PLS26-708B, was completed as planned and intersected 17.5m of composite uranium mineralisation across three discrete intervals, including 8.0m grading 1.75% U3O8 from 188.0m to 196.0m. This result underpinned the Atlas discovery. Prior to a seasonal break of drilling activities in May, five additional drillholes were completed at Atlas, bringing the total to 2,408m drilled. Uranium mineralisation was intersected in seven of eight Atlas drillholes, hosted within steeply southeast-dipping stacked shear zones, currently defined over approximately 60m of strike length and at vertical depths ranging from 120m to 260m below surface. The Atlas discovery remains open along strike and at depth, representing one of the main targets for the summer drill program. In addition to Atlas, eight drillholes were completed at Saloon East, 3.5km southeast of Triple R, totalling 2,759m. Samples for uranium assay from the Saloon East drillholes are currently being processed at the Saskatchewan Research Council Geoanalytical Laboratory. All intersections are down-hole depths. All depths reported of core interval measurements including radioactivity and mineralisation intervals widths are not always representative of true thickness. All drill core samples are standardized to 50-centimetres in length. One 50-centimetre sample from PLS26-708B was incorrectly split in the field and was separated into a 20-centimetre and 30-centimeter sample. A weighted average grade was calculated for a 50-centimetre composite. Intervals of uranium mineralisation shown in Table 1 use a cut-off grade of 0.05% U3O8 over a minimum core length of 50-centimetres, and do not contain more than two consecutive meters of internal dilution. High-grade sub-intervals in Table 1 comprise at least 1 metre of consecutive mineralisation grading =1% U3O8. “Total composite mineralisation” is the sum total of intervals =0.05% U3O8 over =0.5 m per drillhole. Grade x (times) thickness (GxT) values were determined by multiplying the average uranium grade in an interval by its width. All intervals are down hole lengths. Due to the early-stage nature of these results, true widths are not known at this time.

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