Paladin Energy Ltd

Thank you for standing by and welcome to the Paladin Energy Limited March 2025 quarterly results call. All participants are in a listen-only mode. There will be a presentation followed by a question and answer session. If you wish to ask a question, you'll need to press the star key followed by the number one on your telephone keypad. I would now like to hand the conference over to Mr Ian Purdy, CEO. Please go ahead.

Thank you everyone for joining our third quarter conference call. With me today are Paul Hembrough, our Chief Operating Officer, Anna Sudlow, our Chief Financial Officer, and Alex Ryback, our Chief Commercial Officer. I want to start by acknowledging the challenges we face during the quarter, in particular the significant rain event in Namibia and the current volatility and uncertainty across the global equity markets. Despite these challenges, today's reports show strong progress in both Namibia and Canada across a wide range of activities, demonstrating that we are fully committed to delivering strong results. You're all aware of the significant weather event which impacted the Langer Heinrich mine in March. Paul will take you through the great recovery work which has been completed But I wanted to take this opportunity to call out the team at Langer Heinrich. I was in Namibia with the team as they were recovering from the flooding. Their response and swift, safe recovery program is a credit to them all. But what is even more remarkable is that a proportion of our employees and their families were personally impacted by the floods. yet came to work prioritising the recovery of the mine despite what was going on at home. In Canada, we've seen some important steps forward in delivering value from the PLS project, including two mutual benefit agreements signed with First Nations during the quarter. You will also have noticed in the quarterly that the practical integration of our paladin and fishing teams is largely complete, so we can fully focus on delivering results for our shareholders. Thanks again for attending our call. I'll now hand over to Paul to run you through the operational highlights for the quarter.

Thank you, Ian, and good morning, everyone. I'm pleased to have the opportunity today to talk through Paladin's quarterly results and in particular the operational highlights. Paulettan recorded a wide range of achievements during the quarter, including the highest laying on mine quarterly production to date as part of the ongoing operational ramp up. Sales for the quarter were 872,000 pounds at an average realized price of 69.90 per pound. We commenced initial mining activities, which I'll go through in more detail shortly. In Canada, we were granted an exemption by the Canadian government from the non-resident ownership policy for PLS, and we also signed mutual benefits agreements with two First Nations groups, as Ian mentioned. Finally, unrestricted cash and short-term investments of $127.8 million as at 31 March 2025, with undrawn debt facilities of US$50 million, and first scheduled term loan repayments were completed. More specifically in Namibia, I'd like to give you an update from Lange Heinrich. Lange Heinrich produced 745,000 pounds of uranium during the quarter, which is a 17% increase on the previous quarter's production and brings total production to over 2 million pounds in the financial year to date. This result is despite the 1 in 50 uranium event that hit Lange Heinrich and surrounding areas, and I'm very proud of the team's efforts. There's nothing more important than the safety of our people and I'm pleased to report that there were no injuries during the flooding event and none during the recovery efforts. For the quarter, there were no significant safety events or reportable environmental incidents. You will be aware that the rain caused a range of disruptions, including suspension of operations, saturation of the existing stockpiles and impacts on the processing plant chemistry. Local access roads and civil infrastructure were also damaged by the widespread rainfall, and as Ian mentioned earlier, the communities and their employees were impacted. We intended to accelerate mining by opening the G3A segment of the G-PIT, which had historically been partially mined. Flooding in the G3A has caused a delay to the start of the mining ramp-up. G2A, which is an adjacent pit with less historical development, was not flooded and was chosen as our alternative pit to commence mining. The G pit will ultimately become one single open pit. All approvals for mining activities are in place. The haul roads and infrastructure between the G pit and the ROM has been refurbished and is now fully operational. We've managed to mobilise a significant amount of equipment to site and we have started recruitment of operators and commenced their training. The equipment that we have on site includes three 6015 Caterpillar excavators, 18 Komatsu 785 rear dump trucks, four Sandvik DI605 blast hole drill rigs and a range of ancillary equipment. This of course is in addition to our existing fleet that we have on the stockpile managing the reclaim. With our drill and blast equipment mobilized to site, we managed to blast G2A pit in April and have commenced hauling material to the ROM and the crushers. This was our first blast in nearly a decade and was successfully and safely executed. It's a very, it's a fantastic milestone for the company and and I'm really pleased about the efforts that the team made to make this happen. Also in Namibia, we're maintaining our focus on the community and are supporting various local initiatives, including donating an ambulance to the local hospital, providing equipment to support the police in keeping our people safe in our community, and the provision of IT equipment enabling upskilling of schoolchildren and job seekers. I'll just provide a quick overview of progress at Paladin Canada. We've had a range of achievements post acquisition of Fish and Uranium Corp that have enhanced the future of the PLS project. Notably we signed those two mutual benefit agreements in February with the Buffalo River Dean Nation and the Clearwater River Dean Nation in order that the development of the PLS project delivers shared economic and social benefits to the local community. Paladin was granted an exemption from Canada's non-resident ownership policy for PLS by the Canadian Minister for Energy and Natural Resources in March. Winter drilling programs at both PLS and Michelin projects have progressed well over the quarter and those results will be used to inform and guide our future drilling activities at both locations. I've had the opportunity to spend some time in Saskatchewan and at the Michelin project and I've been really impressed by the teamwork on those projects. and particularly their commitment to achieving results over the winter period. So in summary, and just to recap, while we faced serious challenges at Lange Heinrich, we made really good progress on recovering the operation. We've maintained high overall recovery rates and mobilising equipment to site. We got our first blast away and are looking forward to getting on with mining this quarter. In Canada, we continue to progress environmental approvals at PLS, and preparation for the exploration programs at both Michelin and PLS. I'll now hand back to Ian. Thanks, Ian.