Paladin Energy Ltd has re-reported the Mineral Resource and Ore Reserve estimates for the Patterson Lake South project in Saskatchewan, Canada, in accordance with the JORC Code 2012 edition, replacing previous reporting under Canadian National Instrument 43-101 standards.

The re-reported figures show no material change from the estimates previously disclosed as foreign estimates in the company's 2025 annual report. The change establishes a consistent JORC baseline for future Australian Securities Exchange disclosures and reduces the need for cross-referencing between regulatory codes, while ongoing NI 43-101 compliance is maintained for Canadian filings.

The Mineral Resource estimate totals 3.3 million tonnes at an average grade of 1.80% U3O8 and 0.57 g/t gold, containing 129.7 million pounds of uranium and 60.5 thousand ounces of gold across Indicated and Inferred categories. This total incorporates subsequent non-material updates to the R840W and R1515W zones completed after the initial 2022 resource estimate. The Mineral Resource is reported inclusive of Ore Reserves above an underground cut-off grade of 0.25% U3O8, using a long-term uranium price assumption of US$50 per pound and a 95% metallurgical recovery assumption.

The Probable Ore Reserve totals 3.0 million tonnes at an average grade of 1.41% U3O8, containing 93.7 million pounds of uranium. The reserve is derived from the Triple R deposit's Indicated Mineral Resources and remains unchanged from prior disclosures, as subsequent zone updates have not yet been incorporated into mine scheduling. The reserve is based on a Feasibility Study utilizing a 1,000 tonne-per-day underground operation, applying a 0.25% U3O8 cut-off grade, a US$65 per pound uranium price assumption, and an initial capital cost estimate of C$1.16 billion.

Paladin acquired the Patterson Lake South project through its takeover of Fission Uranium Corp. in December 2024, with underlying geological data subsequently reviewed by Paladin. The project previously received Ministerial approval for its Environmental Impact Statement under Saskatchewan's Environmental Assessment Act in February 2026, and Paladin is currently advancing technical details to support a construction licence application submitted to the Canadian Nuclear Safety Commission.

Read the full announcement: PLS Resources and Reserves Re-reported to JORC Code