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
The advanced, development-stage project hosts the Triple R deposit – one of the region’s largest high-grade, near-surface uranium deposits.

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.

As part of the integration process between Paladin and Fission, Paladin intends to conduct a full review of the PLS feasibility study, including Fission’s previously estimated capital and operating costs, to identify areas for further optimisation and derisking the development of the project.

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
Paladin is targeting first uranium production from the PLS project by 2031

Latest Developments
Paladin Energy has unveiled plans for a fully underwritten equity raising of A$300-million to support the development of PLS while advancing ramp-up activities at its Langer Heinrich mine, in Namibia. Proceeds from the equity raising will be primarily used to advance the development of PLS towards a final investment decision.

The funding package includes a A$231-million institutional placement on the ASX, a C$30-million (about A$33-million) bought-deal private placement, in Canada, and a A$36-million underwritten sale of treasury shares issued through the company’s earlier acquisition of Fission Uranium.

In addition, Paladin will offer existing eligible shareholders, in Australia and New Zealand, the opportunity to participate in a nonunderwritten share purchase plan of up to A$20-million.

New shares will be priced at A$7.25 each, an 8% discount to Paladin’s last close on September 15. Shares under the Canadian placement will be issued at C$6.66, in line with exchange rates.

Proceeds will be used to complete front-end engineering design work at PLS in 2026, fund detailed design requirements for Canadian Nuclear Safety Commission approvals, support early site works and procure long-lead items, as well as cover general corporate, permitting and community engagement costs.

The raising will also provide balance sheet flexibility as Paladin progresses exploration at PLS and Langer Heinrich, where full mining and processing operations are expected to be in place by the 2027 financial year.

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.