Name of the Project
Patterson Lake South (PLS) uranium project.

Location
Canada’s Athabasca basin region.

Project Owner/s
Uranium producer Paladin Energy acquired Fission Uranium Corp in December 2024. Fission’s  activities will slowly transition to be conducted under the operating name of Paladin Canada.

Project Description
A feasibility study has confirmed the Tier 1 PLS project as one of the most economically significant and elite uranium development projects in the world, with a minimal environmental footprint.

The project has a mine life of ten years, with total production of 9.1-million pounds of uranium over the life-of-mine (LoM).

The feasibility study proposes a processing plant with a nominal throughput of 1 000 t/d.

A conventional grinding and leaching circuit will be used for the recovery process.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has an after-tax net present value, at an 8% discount rate, of C$1.204-billion and an internal rate of return of 27.2%, with a payback of 2.6 years.

Capital Expenditure
The project has an estimated capital cost of C$1.16-billion.

Planned Start/End Date
Construction is expected to take three years.

Latest Developments
The Saskatchewan Ministry of Environment formally accepted the final environmental-impact statement (EIS) in the quarter ending June 30, 2025.

Once the public review period concludes, the environmental assessment branch will consolidate feedback and present recommendations to the Minister. The EIS plays a vital role in the project's permitting process by evaluating potential environmental and social effects, and outlining proposed mitigation measures. Advancing through this phase is critical to obtaining the approvals needed for construction and future operations. Paladin remains committed to engaging with the Saskatchewan government, Indigenous Nations, local communities, and other stakeholders throughout the process Paladin also completed its winter drilling campaign at PLS in May 2025, achieving the highest radioactivity results ever recorded on its tenements outside of the Triple R deposit.

The campaign comprised 20 drillholes, including 11 focused on the Saloon East target, located about 3.5 km south-east of Triple R. The mineralised intercepts were encountered within a consistent sequence of hydrothermally altered and structurally deformed basement rocks between 200 m and 420 m below surface.

The broad distribution and strong intensity of radioactivity across several drillholes significantly advance geological understanding of the Saloon trend and confirm its status as a key exploration zone within the PLS project.

Key Contracts, Suppliers and Consultants
Tetra Tech (feasibility study); SLR Consulting (resource estimation), Mining Plus Canada Consulting (mineral reserve estimation, mining design, mining infrastructure, mining capital and operating costs); Clifton Engineering Group (environment, permitting, socioeconomics and tailings); and BGC Engineering (geotechnical and hydrogeological aspects).

Contact Details for Project Information
Paladin Energy, tel  +61 8 94238100 or email paladin@paladinenergy.com.au.