Q3 2025 Paladin Energy Ltd Activities Report Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Alistair Rankin - RBC Capital Markets - Analyst : Ian, Anna, Paul and Alex, congrats on the strong results despite the tough conditions. Just my first question around the G2A pit. What's your time line or rough time line you've got sort of blending that material with the existing stockpile material and the processing circuit?

Question: Alistair Rankin - RBC Capital Markets - Analyst : Okay. That's clear. Just a little bit more on the G-pit. Looking at the feasible -- looking at the technical report that was put out in June last year, it says there's around 900,000 tonnes of high-grade material at 819 ppm. With that in mind, what kind of upside to the grade that you're targeting from blending that material with the stockpile material?

Question: Cameron Taylor - Bank of America - Analyst : Thanks for the strong results, as Alistair mentioned. Just on the mining of the G-pits. I just remember reading in the technical report sort of H and J-pits were the higher grade, and they were looking to be mined first. Why are we mining the G-pits? Is it a cost issue? Is there any sort of strategy there as to why we've targeted those pits -- or you've targeted those pits first?

Question: Cameron Taylor - Bank of America - Analyst : Okay. That's helpful. And what sort of -- when do we start the plant back up again? What kind of run rate are we at, at the moment in terms of production? I mean has the recovery been as quick as you'd expected given the amount of rain? And had that guidance of 3 million to 3.6 million pounds still been in play, would that be achievable by the end of this financial year? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. APRIL 23, 2025 / 1:00AM, PDN.AX - Q3 2025 Paladin Energy Ltd Activities Report Call

Question: Cameron Taylor - Bank of America - Analyst : So an uplift in quarter-on-quarter. Okay. That's helpful. And just maybe one last one I can squeeze in. Given the amount of rain you've had, obviously, unprecedented one in how many thousand years, but have you made any improvements to prevent this flooding to occur again, mainly on the haul roads and access roads? Is there anything you can improve there to make sure that further rain events are less disruptive?

Question: James Bullen - CGS - Analyst : Just a quick question. So operations are back to normal. You've commenced mining. What is holding you back from reissuing guidance here?

Question: James Bullen - CGS - Analyst : That's super helpful. And obviously, there has been a little bit of conjecture in the market post the rain event about your ability to deliver into all of your contracts and whether you'd be able to do that without tapping into the spot market. How are you feeling about how you're positioned given how quickly you've bounced back here in terms of production?

Question: Shannon Sinha - Morgan Stanley - Analyst : Ian, Paul and Alex, congrats on a good quarter. I just wanted to ask around recoveries. So they were quite good this quarter as well. What could we expect to see from recoveries when we start processing some more of the saturated ore materials? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. APRIL 23, 2025 / 1:00AM, PDN.AX - Q3 2025 Paladin Energy Ltd Activities Report Call

Question: Shannon Sinha - Morgan Stanley - Analyst : Okay. But I just wanted to check, once you start like processing the saturated ore, that's not going to change those recoveries, and we won't see lower recoveries coming through?

Question: Shannon Sinha - Morgan Stanley - Analyst : Okay. Cool. And then maybe if I just ask one on PLS. So I saw that you've signed those two agreements there. What other sort of indigenous nation agreements need to be signed there to progress the project?

Question: Regan Burrows - Bell Potter Securities - Analyst : First question, perhaps for Alex, just on the contract book. I mean for FY '26, can you give us a bit more guidance as to what is already contracted?

Question: Regan Burrows - Bell Potter Securities - Analyst : Okay. And then potentially, just following on from that, I mean the initial guidance for FY '25, it was roughly sort of at the midpoint 93% of production you're going to be selling into the sales contracts. I understand there's probably some flexibility with CNNC in those numbers. But just to try and understand FY '26, how much flexibility do you have in the contract book? And how does that sort of match against your ramp-up profile now?

Question: Regan Burrows - Bell Potter Securities - Analyst : Okay. And potentially just one more question on the stockpile. How much, I guess, is available for processing currently on, say, a percentage basis? And over the next sort of three to six months, how does that mix between fresh ore and stockpile ore how -- what's the sort of proportion of those 2 going into the plant?

Question: Regan Burrows - Bell Potter Securities - Analyst : Okay. And I guess no comments on what's, I guess, the portion that's saturated and unable to be used at this point in time? It's too hard to tell or. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. APRIL 23, 2025 / 1:00AM, PDN.AX - Q3 2025 Paladin Energy Ltd Activities Report Call

Question: Daniel Roden - Jefferies - Analyst : Congrats on the quarter. I just wanted to get a sense of, I guess, the -- pre the weather events. What was the, I guess, operating rates of production from Langer Heinrich kind of pre all of the disruptions?

Question: Daniel Roden - Jefferies - Analyst : Okay. Yes. No, I was just trying to get a sense of how well the plant was going, everything to give the indication of how well it could go when everything kind of returns back to normal. I guess what about the quarter exit rates? Like are you able to give, I guess, a quantifiable number on how -- what the plant is operating at today?

Question: Daniel Roden - Jefferies - Analyst : Okay. Maybe changing tack a little bit. One of the issues was delivery of the mining equipment in the March quarter. Are you able to comment on how that's, I guess, progressed to date? Like have you got all of the gear on site? Are you still on deliveries?

Question: Daniel Roden - Jefferies - Analyst : Okay. Okay. Yes. Because it looks like you've mentioned you've pivoted to the G2A pit, but it looks like G3A is progressing its dewatering quite well. So I was trying to get an understanding of when you would be in a position and if you would be in a position to be able to accelerate both pits at the same time. Do you have enough fleet to be able to do that? And I guess given that you're not going to be able to feed your saturated stockpiles by themselves, you need to blend those in with your ore. So having the ability to accelerate those, I imagine, would be quite beneficial for both pits being extracted.

Question: Daniel Roden - Jefferies - Analyst : Okay. And maybe just one last one for me, maybe for Alex. Are you able to just give us a bit of an update on the uranium market, how you're seeing things? Obviously, what's going on at the moment with the US tariffs and changing supply chains? I guess what are you guys seeing from Paladin's perspective? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. APRIL 23, 2025 / 1:00AM, PDN.AX - Q3 2025 Paladin Energy Ltd Activities Report Call

Question: Milan Tomic - JPMorgan - Analyst : Just had a question in terms of production over the next year. Are we -- can we still assume that that's tracking broadly in line with what was outlined in the EFS just in terms of, I guess, the mill throughput rates? Is that kind of similar to what was outlined in the study? Or are we a bit more conservative now with that moving forward?

Question: Glyn Lawcock - Barrenjoey - Analyst : Can I just clarify? You said in the release today that you still got some issues stabilizing the chemistry, although the processing operations have returned. What does that actually mean? It sounds like recoveries are back to normal. So I just wanted to understand what that is. And then when you say strong results for the June quarter, is that strong production, throughput, recoveries or all of the above?

Question: Glyn Lawcock - Barrenjoey - Analyst : Okay. But are you saying we expect the June quarter production then to at least be equal or better than the March quarter? Is that what your expectation is with 1/3 of the way through?

Question: Dim Ariyasinghe - UBS - Analyst : Congrats on the result. Maybe just on the contract book again. I know you want to be -- you need to be somewhat vague in, I assume, calendar year '25 and calendar year '26 volumes. But can you let me know why that is? You've given us a fair few data points. So across life of mine, I think you're close to 50% contracted. You've told us in the past that earlier years are above that. But yes, I don't know whether it's 70% contracted or 75% contracted. It feels like you've got a bunch of get-outs as well or ability to flex. Can you help us understand what these commitments are better just for this year and CY '26, please? Like some numbers around this would be great. And yes, I just don't understand why when you've given basically every other data point, why we can't have those.

Question: Dim Ariyasinghe - UBS - Analyst : Yes. It's not a granular level though. It's just one -- yes, you've got 12 offtakes. Can you give us a percentage number, yes, or volume? I don't think that gives away too much. And if anything, the more you have contracted, the better it is for, I guess, your negotiations, right? Or is that not the way to think about it?

Question: Matt Hope - Ord Minnett - Analyst : Congrats on the results. I just wanted to check on the tailings capacity. I understand you diverted floodwater in there and presumably pumped to pit G3A in there. Is there sufficient tailings capacity? Or have you got to accelerate a new tailings facility?

Question: Branko Skocic - E&P - Analyst : Unit costs looked attractive considering the weather. So I just wanted to understand, I guess, how sustainable the $41 per pound number is, and perhaps more importantly, what your view is on all-in sustaining costs near term, please.