Paladin Announces A$300 Million Fully Underwritten Equity Raising to Advance the PLS Project

Executive Summary

• Paladin Energy launched a fully underwritten equity raising of A$300 million (before costs) comprising an ASX institutional placement, a Canadian “bought‑deal” private placement, and a Treasury Share Sale of shares acquired from the Fission Uranium acquisition.
• The offer price is A$7.25 per share (C$6.66 for the TSX portion), representing roughly an 8 % discount to the last close/VWAP on the ASX.
• Proceeds will be used primarily to advance the Patterson Lake South (PLS) uranium project toward a Final Investment Decision and to fund early‑stage construction, permitting, FEED work, and ramp‑up of the Langer Heinrich Mine (LHM).

Key Details

• ASX Placement – Target raise: ~A$231 million at A$7.25 per share; ~31.9 million new shares to be issued; 8.0 % discount to last close (A$7.88) and 8.1 % discount to 5‑day VWAP (A$7.89).
• TSX Bought Deal – Target raise: C$30 million (~A$33 million) at C$6.66 per share; 4,504,505 shares to be purchased by Canaccord Genuity Corp.; sold under the Listed Issuer Financing Exemption (ex‑Quebec).
• Treasury Share Sale – Sale of 4,959,416 treasury shares held by Paladin Canada Inc. (formerly Fission Uranium) at A$7.25 per share; expected proceeds ~A$36 million.
• Share Purchase Plan (SPP) – Non‑underwritten offering to eligible Australian/New Zealand shareholders; up to A$20 million (before costs) at the same A$7.25 price; each participant may apply for up to A$30,000 of new shares without brokerage fees.
• Use of Proceeds –
• Completion of PLS Front‑End Engineering and Design (FEED) in 2026.
• Detailed design work and material procurement for Canadian Nuclear Safety Commission approvals.
• Early site works and long‑lead item ordering pre‑construction.
• General & administrative costs, Indigenous/community engagement, expansion of Paladin Canada team.
• Infill and exploration drilling at PLS and LHM during FY2026.
• Balance‑sheet flexibility for further exploration at PLS.
• Working capital to support ramp‑up of LHM to full mining/processing by FY2027.
• Advisers – Joint Lead Managers/Underwriters: Macquarie Capital (Australia) and Canaccord Genuity (Australia); sole underwriter for TSX Bought Deal: Canaccord Genuity Corp.; legal advisers: Corrs Chambers Westgarth (AU) and Fasken Martineau DuMoullin LLP (CA).
• Indicative Timeline – Trading halt 16 Sep 2025; launch of offer & investor presentation 16 Sep; completion announcements 16‑17 Sep; settlement of shares 22 Sep; SPP record date 15 Sep, offer booklet release ~25 Sep, closing 9 Oct, results announced 16 Oct.
• CEO Quote – “The equity raising will allow Paladin to swiftly progress our strategy… balance‑sheet flexibility to advance the PLS Project through to FID while simultaneously completing the ramp‑up of operations at the LHM.”

Notable Quotes

“Today’s equity raising will allow Paladin to swiftly progress our strategy for delivering long‑term value from our asset portfolio to shareholders.” – Paul Hemburrow, Managing Director & CEO

Materiality Assessment: Material – Positive (significant capital raise that materially enhances balance sheet and funds key project milestones).