Q1 2027 Paladin Energy Ltd Earnings Call

October 14, 2026

Operator: Thank you for standing by, and welcome to the Paladin Energy Ltd. September 2026 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 will 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 Paul Hemburrow, MD and CEO. Please go ahead.

Operator: Thank you for standing by, and welcome to the Paladin Energy Ltd September 2026 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 will 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 Paul Hemburrow, MD and CEO. Please go ahead.

Speaker #1: Bye, and welcome to the Paladin Energy Ltd. September 2026 quarterly results call. All participants are in a listen-only mode. There will be a presentation followed by a question-and-answer session.

Speaker #1: If you wish to ask a question, you will need to press the star key, followed by the number 1 on your telephone keypad. I would now like to hand the conference over to Paul Hember, MD and CEO.

Speaker #2: Thank you for standing by, and welcome to the Paladin Energy Ltd. September 2026 quarterly results call. All participants are in a listen-only mode. There will be a presentation followed by a question-and-answer session.

Speaker #1: Please go ahead.

Speaker #2: Thank you very much, and good morning, and thank you for joining us, everyone. So this quarter was about city execution at Lange Heinrich and continued progress across our Canadian portfolio.

Paul Hemburrow: Thank you very much, and good morning, and thank you for joining us, everyone. This quarter was about steady execution at Langer Heinrich and continued progress across our Canadian portfolio. At Langer Heinrich, full mining capability is now in place, and at Patterson Lake South, our focus remains on de-risking the project and advancing its growth potential. At Langer, we produced 1 million pounds of uranium and sold 1.16 million pounds at an average realized price of US$79.40 per pound. The stronger realized price reflects the structure of our contract book and, of course, the rising uranium market. As we've previously indicated, the H1 production is expected to be below the H2, reflecting the work to open up the J-pit and the planned shutdown activities. Operationally, the plant shutdown was completed successfully and throughput following the shutdown has been strong.

Speaker #2: At Lange Heinrich, full mining capability is now in place, and at Paterson Lake South, our focus remains on de-risking the project and advancing its growth potential.

Speaker #2: If you wish to ask a question, you will need to press the star key, followed by the number 1 on your telephone keypad. I would now like to hand the conference over to Paul Hember, MD and CEO. Please go ahead.

Speaker #2: At Lange, we produce 1 million pounds of uranium and sold 1.16 million pounds at an average realized price of US$79.40 per pound. For stronger realized price reflects the structure of our contract book and, of course, the rising uranium market.

Speaker #3: Thank you very much, and good morning. Thank you for joining us, everyone. This quarter was about steady execution at Langer-Heinrich and continued progress across our Canadian portfolio.

Paul Hemburrow: Thank you very much, and good morning, and thank you for joining us, everyone. This quarter was about steady execution at Langer Heinrich and continued progress across our Canadian portfolio. At Langer Heinrich, full mining capability is now in place, and at Patterson Lake South, our focus remains on de-risking the project and advancing its growth potential. At Langer, we produced 1 million pounds of uranium and sold 1.16 million pounds at an average realized price of US$79.40 per pound. The stronger realized price reflects the structure of our contract book and, of course, the rising uranium market. As we have previously indicated, the H1 production is expected to be below the H2, reflecting the work to open up the J-pit and the planned shutdown activities. Operationally, the plant shutdown was completed successfully and throughput following the shutdown has been strong.

Speaker #2: As we have previously indicated, the first half production is expected to be below the second half, reflecting the work to open up the JPID and the planned shutdown activities.

Speaker #3: At Langer-Heinrich, full mining capability is now in place. At Paterson Lake South, our focus remains on de-risking the project and advancing its growth potential.

Speaker #2: Operationally, the planned shutdown was completed successfully, and throughput following the shutdown has been strong. Mining also had a solid quarter with more tons moved than the prior quarter, as we continue to develop the JPID.

Speaker #3: At Langer, we produced 1 million pounds of uranium and sold 1.16 million pounds at an average realized price of $79.40 per pound. The stronger realized price reflects the structure of our contract book and, of course, the rising uranium market.

Paul Hemburrow: Mining also had a solid quarter with more tons moved than the prior quarter as we continued to develop the J-pit. Ore delivered to the plant came largely from the upper benches, where the ore characteristics contributed to reduced recovery. We also rebuilt in-process inventory after starting the quarter with relatively low inventories, which will support consistent production throughout the remainder of the year. These factors drove the high cost of production of US$61.60 per pound. The team continues implementing improvement actions in the plant while mining pushes towards the lower southern benches and better quality ore. We saw improvement through September as mining advanced and plant throughput strengthened. This supports our expectation of higher production and lower unit costs in the H2, and we have reaffirmed FY2027 guidance of 5.1 to 5.6 million pounds at a cost of production of US$44 to US$48 per pound.

Speaker #2: All delivered to the plant came largely from the upper benches, where the ore characteristics contributed to reduced recovery. We also rebuilt in-process inventory after the starting of the quarter, with relatively low inventories, which will support consistent production throughout the remainder of the year.

Speaker #3: As we have previously indicated, first-half production is expected to be below the second half, reflecting the work to open up the JPID and the planned shutdown activities.

Speaker #3: Operationally, the planned shutdown was completed successfully, and throughput following the shutdown has been strong. Mining also had a solid quarter, with more tons moved than the prior quarter, as we continue to develop the JPID.

Speaker #2: These factors drove the high cost of production of US$61.60 per pound. The team continues implementing improvement actions in the plant while mining pushes toward the lower southern benches and better quality ore.

Paul Hemburrow: Mining also had a solid quarter, with more tons moved than the prior quarter as we continue to develop the J-pit. Ore delivered to the plant came largely from the upper benches, where the ore characteristics contributed to reduced recovery. We also rebuilt in-process inventory after starting the quarter with relatively low inventories, which will support consistent production throughout the remainder of the year. These factors drove the high cost of production of US$61.60 per pound. The team continues implementing improvement actions in the plant while mining pushes towards the lower southern benches and better quality ore. We saw improvement through September as mining advanced and plant throughput strengthened. This supports our expectation of higher production and lower unit costs in the H2, and we have reaffirmed FY 2027 guidance of 5.1 to 5.6 million pounds at a cost of production of US$44 to US$48 per pound.

Speaker #3: All deliveries to the plant came largely from the upper benches, where the ore characteristics contributed to reduced recovery. We also rebuilt in-process inventory after the start of the quarter, with relatively low inventories, which will support consistent production throughout the remainder of the year.

Speaker #2: We saw improvements through September as mining advanced and plant throughput strengthened. This supports our expectation of higher production and lower unit costs in the second half, and we are reaffirmed FY2027 guidance of 5.1 to 5.6 million pounds at a cost of production of $44 to $48 per pound.

Speaker #3: These factors drove the high cost of production of US$61.60 per pound. The team continues implementing improvement actions in the plant, while mining pushes towards the lower southern benches and better quality ore.

Speaker #2: In Canada, we continue to advance and de-risk Paterson Lake South across a number of fronts. We signed a mutual benefits agreement with Birch Narrows Dena Nation, our third agreement of this kind with Indigenous Nations.

Paul Hemburrow: In Canada, we continued to advance and de-risk Patterson Lake South across a number of fronts. We signed a Mutual Benefits Agreement with Birch Narrows Dene Nation, our third agreement of this kind with indigenous nations, and established an Administrative Protocol with the Canadian Nuclear Safety Commission. Together, these steps provide a targeted regulatory pathway aimed at completing construction licence hearings by the end of calendar year 2027. Exploration drilling also delivered encouraging results at Atlas and Saloon East, as well as extensions beyond the current R1515W mineral resource. We closed the quarter with $209 million in cash and investments, with customer receipts during the period impacted by working capital cycle and the timing of deliveries. We also maintain an undrawn $70 million revolving credit facility. Overall, we remain well-positioned to execute the Langer Heinrich operating plan and progress our Canadian growth portfolio.

Speaker #3: We saw improvements through September as mining advanced and plant throughput strengthened. This supports our expectation of higher production and lower unit costs in the second half, and we are reaffirming FY 2027 guidance of 5.1 to 5.6 million pounds at a cost of production of $44 to $48 per pound.

Speaker #2: And established an administrative protocol with the Canadian Nuclear Safety Commission. Together, these steps provide a targeted regulatory pathway aimed at completing construction license hearings by the end of calendar year 2027.

Speaker #3: In Canada, we continue to advance and de-risk Paterson Lake South across a number of fronts. We signed a mutual benefits agreement with Birch & Arrows DNA Nation, our third agreement of this kind with Indigenous nations.

Paul Hemburrow: In Canada, we continue to advance and de-risk Patterson Lake South across a number of fronts. We signed a Mutual Benefits Agreement with Birch Narrows Dene Nation, our third agreement of this kind with Indigenous nations, and established an Administrative Protocol with the Canadian Nuclear Safety Commission. Together, these steps provide a targeted regulatory pathway aimed at completing Construction Licence hearings by the end of calendar year 2027. Exploration drilling also delivered encouraging results at Atlas and Saloon East, as well as extensions beyond the current R1515W mineral resource. We closed the quarter with $209 million in cash and investments, with customer receipts during the period impacted by working capital cycle and the timing of deliveries. We also maintain an undrawn $70 million revolving credit facility. Overall, we remain well-positioned to execute the Langer Heinrich operating plan and progress our Canadian growth portfolio.

Speaker #2: Exploration, drilling also delivered encouraging results at Atlas and Saloon East, as well as extensions beyond the current R1515 West Mineral Resource. We closed the quarter with 209 million USD in cash and investments, with customer receipts during the period impacted by working capital cycle and the timing of deliveries.

Speaker #3: And established an administrative protocol with the Canadian Nuclear Safety Commission. Together, these steps provide a targeted regulatory pathway aimed at completing construction license hearings by the end of calendar year 2027.

Speaker #2: We also maintain an undrawn 70 million US revolving credit facility. Overall, we remain well positioned to execute the Lange Heinrich operating plan and progress our Canadian growth portfolio.

Speaker #3: Exploration and drilling also delivered encouraging results at Atlas and Saloon East, as well as extensions beyond the current R1515 West Mineral Resource. To close the quarter, we had $209 million US dollars in cash and investments, with customer receipts during the period impacted by the working capital cycle and the timing of deliveries.

Speaker #2: Thank you very much, and I'll now hand over to you for questions.

Paul Hemburrow: Thank you very much, and I will now hand over to you for questions.

Speaker #1: Thank you. If you wish to ask a question, please press star 1 on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star 2.

Operator: Thank you. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two. If you are on a speakerphone, please pick up the handset to ask your question. Your first question today comes from Rahul Anand with Morgan Stanley. Please go ahead.

Speaker #3: We also maintain an undrawn $70 million U.S. revolving credit facility. Overall, we remain well positioned to execute the Langer-Heinrich operating plan and progress our Canadian growth portfolio.

Speaker #1: If you're on a speakerphone, please pick up the handset to ask your question. Your first question today comes from Raoul Anand with Morgan Stanley.

Speaker #3: Thank you very much, and I'll now hand over to you for questions.

Paul Hemburrow: Thank you very much, and I will now hand over to you for questions.

Speaker #1: Please go ahead.

Speaker #3: Oh, hi. Good morning, team. Thanks for the call. Just wanted to touch upon the production result, mainly because that's the talking point, I guess.

Rahul Anand: Oh, hi. Good morning, team. Thanks for the call. Just wanted to touch upon the production result mainly because that is the talking point, I guess. Previously in terms of the J-pit grades, you talked about reconciliations going fairly well. I just wanted to touch on that a bit perhaps. Is that still the case, or are you having any sort of grade misses there, and when do you start to hit the southern benches as well?

Speaker #2: Thank you. If you wish to ask a question, please press *1 on your telephone and wait for your name to be announced. If you wish to cancel your request, please press *2.

Speaker #3: So previously, in terms of the JPID grades, you talked about reconciliations going fairly well. I just wanted to touch on that a bit, perhaps.

Speaker #2: If you're on a speakerphone, please pick up the handset to ask your question. Your first question today comes from Raoul Anand with Morgan Stanley.

Speaker #3: Is that still the case, or have you are you having any sort of grade misses there, and when do you start to hit the southern benches as well?

Speaker #2: Please go ahead.

Speaker #4: Oh, hi. Good morning, team. Thanks for the call. I just wanted to touch upon the production result, mainly because that's the talking point, I guess.

Rahul Anand: Oh, hi. Good morning, team. Thanks for the call. Just wanted to touch upon the production result, mainly because that is the talking point, I guess. Previously, in terms of the J-pit grades, you talked about reconciliations going fairly well. I just wanted to touch on that a bit perhaps. Is that still the case, or are you having any sort of grade misses there? When do you start to hit the southern benches as well?

Speaker #2: Yeah, thanks for that. Scott here. The grade reconciliation is still in line with the block model, so there's no issue there. The upper benches do have some more handling characteristics, so the speed going into the mill, we have mixed a little bit of low grade from stockpiles.

[Company Representative 1] (Paladin Energy Ltd): Yeah. Thanks for that. Scott here. The grade reconciliation is still in line with the block model, so there is no issue there. The upper benches do have some poor handling characteristics, so the feed going into the mill, we have mixed a little bit of low grade from stockpiles, which has put the feed grade down a little bit. That is to get crunchier, harder rock into the scrubbers to help liberate some of the finer material. The upper benches in the J-pit are a little bit more weathered. The material is a bit finer, and even as we get a little bit deeper, it is continuing. However, as we go more to the south and even deeper into the ore body, I was there last week, they are starting to mine that material that is a lot more competent, looks a lot more like the G-pit.

Scott Barber: Yeah. Thanks for that. Scott here. The grade reconciliation is still in line with the block model, so there is no issue there. The upper benches do have some poor handling characteristics, so the feed going into the mill, we have mixed a little bit of low grade from stockpiles, which has put the feed grade down a little bit. That is to get crunchier, harder rock into the scrubbers to help liberate some of the finer material. The upper benches in the J-pit are a little bit more weathered. The material is a bit finer, and even as we get a little bit deeper, it is continuing. However, as we go more to the south and even deeper into the ore body, I was there last week, they are starting to mine that material that is a lot more competent, looks a lot more like the G-pit.

Speaker #4: So, previously, in terms of the JPID grades, you talked about reconciliations going fairly well. I just wanted to touch on that a bit, perhaps.

Speaker #4: Is that still the case, or are you having any sort of grade misses there? And when do you start to hit the southern benches as well?

Speaker #2: Which is, as put, the feed grade down a little bit. That's to get crunchier harder rock into the scrubbers to help liberate some of the finer material.

Speaker #2: The upper benches in the JPID are a little bit more weathered, the material is a bit finer, and even as we get a little bit deeper, it's continuing.

Speaker #3: Yeah, thanks for that. Scott here. The grade reconciliation is still in line with the block model, so there's no issue there. The upper benches do have some more handling characteristics, so the feed going into the mill, we've mixed a little bit of low-grade from stockpiles.

Scott Barber: Yeah, thanks for that. Scott here. The grade reconciliation is still in line with the block model, so there is no issue there. The upper benches do have some poor handling characteristics. The feed going into the mill, we have mixed a little bit of low grade from stockpiles, which has put the feed grade down a little bit. That is to get crunchier, harder rock into the scrubbers to help liberate some of the finer material. The upper benches in the J-pit are a little bit more weathered. The material is a bit finer, and even as we get a little bit deeper, it is continuing. However, as we go more to the south and even deeper into the ore body, I was there last week, they are starting to mine that material. It is a lot more competent, looks a lot more like the J-pit.

Speaker #2: However, as we go more to the south and even deeper into the ore body, I was there last week, they're starting to mine that material.

Speaker #2: It's a lot more competent, looks a lot more like the GPID, and as that comes in in Q2 and into H2, we should see the grades increase and the recoveries bounce back.

Speaker #3: Which is, as put, the feed grade down a little bit. That's to get crunchier, harder rock into the scrubbers to help liberate some of the finer material.

[Company Representative 1] (Paladin Energy Ltd): As that comes in in Q2 and into H2, we should see the grades increase and the recoveries bounce back.

Scott Barber: As that comes in in Q2 and into H2, we should see the grades increase and the recoveries bounce back.

Speaker #3: The upper benches in the JPID are a little bit more weathered, the material is a bit finer, and even as we get a little bit deeper, it's continuing.

Speaker #3: Got it. Okay. So I guess the recovery performance, etc., is kind of all being driven by the fact that the ore is a bit there's a bit of oxidation there.

Rahul Anand: Got it. Okay. I guess the recovery performance, et cetera, is kind of all being driven by the fact that the ore is a bit. There is a bit of oxidation there. Makes sense. Thanks for that, Scott. The second one is really about the uplift that you have in the second half that you have planned. I guess, can you highlight some of the risks there, just given it is a big uplift? I mean, what type of assumptions have you made around the uplift in throughput and recovery to be able to get there, and where do you think the biggest risk lies in being able to achieve that?

Speaker #3: However, as we go more to the south and even deeper into the ore body, I was there last week, they're starting to mine that material.

Speaker #3: Makes sense. Thanks for that, Scott. So look, the second one's really about the uplift that you have in the second half that you've got planned.

Speaker #3: It's a lot more competent, looks a lot more like the GPID, and as that comes in in Q2 and into H2, we should see the grades increase and the recoveries bounce back.

Speaker #3: I guess, can you highlight some of the risks there, just given it's a big uplift? I mean, what type of assumptions have you made around the uplift in throughput and recovery to be able to get there, and where do you think the biggest risk lies in being able to achieve that?

Scott Barber: As that comes in in Q2 and into H2, we should see the grades increase and the recoveries bounce back.

Speaker #4: Got it. Okay. So I guess the recovery performance, etc., is kind of all being driven by the fact that the ore is a bit there's a bit of oxidation there.

Rahul Anand: Got it. Okay. So I guess the recovery performance, et cetera, is kind of all being driven by the fact that the ore is a bit, there is a bit of oxidation there. Makes sense. Thanks for that, Scott. The second one is really about the uplift that you have in the second half that you have planned. I guess, can you highlight some of the risks there, just given it is a big uplift? What type of assumptions have you made around the uplift in throughput and recovery to be able to get there, and where do you think the biggest risk lies in being able to achieve that?

Speaker #4: Makes sense. Thanks for that, Scott. So look, the second one is really about the uplift that you have planned for the second half.

Speaker #2: Yeah, so the plan is we should be back into that upper range of the recoveries. For H2, the grade will increase as well from the 486 that we saw last quarter will be above the 500 ppm mark, which is on plan.

[Company Representative 1] (Paladin Energy Ltd): Yeah. The plan is we should be back into the upper range of the recoveries for H2. The grade will increase as well from the 486 PPM that we saw last quarter. We will be

Scott Barber: Yeah. The plan is we should be back into the upper range of the recoveries for H2. The grade will increase as well from the 486 PPM that we saw last quarter. We will be

Speaker #4: I guess, can you highlight some of the risks there, just given it's a big uplift? I mean, what type of assumptions have you made around the uplift in throughput and recovery to be able to get there, and where do you think the biggest risk lies in being able to achieve that?

[Company Representative 1] (Paladin Energy Ltd): above the 500 PPM mark, which is on plan. The other thing is, without having those shutdowns, we had a week-long shutdown in July. That is a full week of zero production. Not having any shutdowns or any big, long shutdowns in H2 gives us full rate for the entire six months. As you have seen, even with that shutdown in Q1, we were almost on par with the tons processed in Q4 of FY26. The team have done a really good job on getting throughput through the mill. With that and the upper grades and the recovery bouncing back, that is how H2 is going to play out.

Scott Barber: above the 500 PPM mark, which is on plan. The other thing is, without having those shutdowns, we had a week-long shutdown in July. That is a full week of zero production. Not having any shutdowns or any big, long shutdowns in H2 gives us full rate for the entire six months. As you have seen, even with that shutdown in Q1, we were almost on par with the tons processed in Q4 of FY26. The team have done a really good job on getting throughput through the mill. With that and the upper grades and the recovery bouncing back, that is how H2 is going to play out.

Speaker #2: And the other thing is, without having those shutdowns, we had a week-long shutdown in July. That's a full week of zero production. Not having any shutdowns or any big long shutdowns in H2 gives us full rate for the entire six months.

Speaker #3: Yeah, so the plan is we should be back into that upper range of the recoveries. For H2, the grade will increase as well—from the 486 that we saw last quarter to above the 500 ppm mark, which is on plan.

Scott Barber: Yeah. So the plan is we should be back into the upper range of the recoveries for H2. The grade will increase as well, from the 486 that we saw last quarter, will be above the 500 PPM mark, which is on plan. The other thing is, without having those shutdowns, we had a week-long shutdown in July. That is a full week of zero production. Not having any shutdowns or any big, long shutdowns in H2 gives us full rate for the entire six months. As you have seen, even with that shutdown in Q1, we were almost on par with the tons processed in Q4 of FY 2026. The team have done a really good job on getting throughput through the mill. With that and the upper grades and the recovery bouncing back, that is how H2 is going to play out.

Speaker #2: And as you've seen, even with that shutdown in Q1, we were almost on par with the tons processed in Q4 of FY26. The team have done a really good job on getting throughput through the mill, and with that and the upper grades and the recovery bouncing back, that's how H2 is going to play out.

Speaker #3: And the other thing is, without having those shutdowns—we had a week-long shutdown in July; that's a full week of zero production—not having any shutdowns or any big long shutdowns in H2 gives us full rate for the entire six months.

Speaker #3: That's good. That's clear. Thank you very much. I'll pass it on.

Rahul Anand: That's good. That's clear. Thank you very much. I'll pass it on.

Speaker #1: No, next question comes from Branko Skokek with JPMorgan. Please go ahead.

Operator: Your next question comes from Branko Skocic with J.P. Morgan. Please go ahead.

Speaker #3: And as you've seen, even with that shutdown in Q1, we were almost on par with the tons processed in Q4 of FY26. The team has done a really good job getting throughput through the mill, and with that, and the upper grades and the recovery bouncing back, that's how H2 is going to play out.

Speaker #4: Yeah, morning, guys. Just first question on PLS plays. I was just wondering if you can update us on the timing for the feed study.

Branko Skocic: Yeah. Morning, guys. Just first question on PLS, please. I was just wondering if you can update us on the timing for the FEED study. I know it's ongoing at the moment, but if I look at the original timeline, it seems to suggest it was going to be finished by mid-calendar year 2026.

Speaker #4: I know it's ongoing at the moment, but if I look at the original timeline, it seems to suggest it was going to be finished by mid-calendar year 26.

Speaker #4: That's good. That's clear. Thank you very much. I'll pass it on.

Rahul Anand: That is good. That is clear. Thank you very much. I will pass it on.

Speaker #2: Yeah, Branko, thanks for the question. The feed study is expected to be complete by the end of calendar year, so somewhere around November, December.

Paul Hemburrow: Yeah. Branko, thanks for the question. The FEED study is expected to be complete by the end of calendar year, so somewhere around November, December. What we expect after that is, some final updated capital numbers, probably around March.

Speaker #2: Your next question comes from Branko Skokek with JPMorgan. Please go ahead.

Operator: Your next question comes from Branko Skocic with J.P. Morgan. Please go ahead.

Speaker #2: What we expect after that is some final updated capital numbers, probably around March.

Speaker #5: Yeah, morning, guys. Just first question on PLS, please. I was just wondering if you can update us on the timing for the FEED study.

Branko Skocic: Yeah, morning, guys. Just first question on PLS, please. I was just wondering if you can update us on the timing for the FEED study. I know it is ongoing at the moment, but if I look at the original timeline, it seems to suggest it was going to be finished by mid-calendar year 2026.

Speaker #5: I know it's ongoing at the moment, but if I look at the original timeline, it seems to suggest it was going to be finished by mid-calendar year '26.

Speaker #4: That makes sense. And the other question I had, sticking on PLS, was just any progress around the funding solution. I know it was a big focus at the investor day a couple of months ago, but just any updates you can share there, please.

Branko Skocic: That makes sense. The other question I had, sticking on PLS, was just any progress around a funding solution. I know it was a big focus at the Investor Day a couple of months ago, but just any updates you can share there, please.

Speaker #6: Yeah, Branko, thanks for the question. The feed study is expected to be complete by the end of the calendar year, so somewhere around November or December.

Paul Hemburrow: Yeah, Branko, thanks for the question. The FEED study is expected to be complete by the end of calendar year, so somewhere around sort of November, December. What we expect after that is some final updated capital numbers, probably around March.

Speaker #5: Yeah, hi, Branko. It's Anna. I'm just reiterating our narrative at the investor day. As you're aware, the economics at PLS are really robust, and I think one of the things that differentiates us is our operational experience at Lange and our relationships with existing lenders and off-takers.

[Company Representative 2] (Paladin Energy Ltd): Yeah. Hi, Branko. It's Anna. Just reiterating our narrative at the Investor Day. As you're aware, the economics at PLS are really robust. I think, one of the things that differentiates us is our operational expertise at Langer and our relationships with existing lenders and off-takers. So we're running the initial phase of the project finance at the moment, really seeking to understand appetite, offtake, and debt sizing and which lenders we want to move forward into a phase 2. So that's the longest lead transaction for us on a financing. So that's our focus at the current time. I would say that our existing lenders are very keen to continue to participate, not only at Langer but also at PLS, and I think that really goes to our credibility as an operator. So I think we're in a good position with lots of options.

Anna Sudlow: Yeah. Hi, Branko. It's Anna. Just reiterating our narrative at the Investor Day. As you're aware, the economics at PLS are really robust. I think, one of the things that differentiates us is our operational expertise at Langer and our relationships with existing lenders and off-takers. So we're running the initial phase of the project finance at the moment, really seeking to understand appetite, offtake, and debt sizing and which lenders we want to move forward into a phase 2. So that's the longest lead transaction for us on a financing. So that's our focus at the current time. I would say that our existing lenders are very keen to continue to participate, not only at Langer but also at PLS, and I think that really goes to our credibility as an operator. So I think we're in a good position with lots of options.

Speaker #6: What we expect after that is some final, updated capital numbers, probably around March.

Speaker #5: That makes sense. And the other question I had, sticking with PLS, was just any progress around the funding solution? I know it was a big focus at the investor day a couple of months ago, but just any updates you can share there, please?

Branko Skocic: That makes sense. The other question I had, sticking on PLS, was just any progress around the funding solution. I know it was a big focus at the investor day a couple of months ago, but just any updates you can share there, please.

Speaker #5: So we're running the initial phase of the project finance at the moment, really seeking to understand appetite off-take and debt sizing. And which lenders we want to move forward into a phase two.

Speaker #6: Yeah, hi Branko. It's Anna. I'm just reiterating our narrative at the investor day. As you're aware, the economics at PLS are really robust, and I think one of the things that differentiates us is our operational experience at Langer and our relationships with existing lenders and off-takers.

Anna Sudlow: Yeah. Hi, Remco, it's Anna. Just reiterating our narrative at the investor day. As you are aware, the economics at PLS are really robust, and I think one of the things that differentiates us is our operational experts at Langer and our relationships with existing lenders and off-takers. So we are running the initial phase of the project finance at the moment, really seeking to understand appetite, off-take, and debt sizing and which lenders we want to move forward into a phase 2. So that is the longest lead transaction for us on a financing. So that is our focus at the current time. I would say that our existing lenders are very keen to continue to participate, not only at Langer but also at PLS. I think that really goes to our credibility as an operator. So I think we are in a good position with lots of options.

Speaker #5: So that's the longest lead transaction for us on a financing, so that's our focus at the current time. I would say that our existing lenders are very keen to continue to participate not only at Lange, but also at PLS, and I think that that really goes to our credibility as an operator.

Speaker #6: So we're running the initial phase of the project finance at the moment, really seeking to understand appetite, off-take, and debt sizing, and which lenders we want to move forward into a Phase Two.

Speaker #5: So I think we're in a good position with lots of options.

Speaker #4: Can I just reconfirm that a project sell-downs probably lower down your order of preference as you see it at the moment? It's more so a debt-equity mix is the way you guys are thinking about the project?

Branko Skocic: Could I just reconfirm that a project sell-down's probably lower down your order of preference as you see it at the moment. It's more so a debt equity mix is the way you guys are thinking about the project.

Speaker #6: So that's the longest lead transaction for us on a financing, so that's our focus at the current time. I would say that our existing lenders are very keen to continue to participate, not only at Langer, but also at PLS, and I think that really goes to our credibility as an operator.

Speaker #5: Oh, Branko, I think there's still an option for us. I think we've got the capacity to fund this, and operate this ourselves, but Paul, maybe you want to jump in and comment on that.

[Company Representative 2] (Paladin Energy Ltd): Branko, I think that's still an option for us. I think, we've got the capacity to fund this and operate this ourselves. But, Paul, maybe you want to jump in and comment on that.

Anna Sudlow: Branko, I think that's still an option for us. I think, we've got the capacity to fund this and operate this ourselves. But, Paul, maybe you want to jump in and comment on that.

Speaker #6: So, I think we're in a good position with lots of options.

Speaker #2: Yeah, I think, as I said, at the investor day, somebody would have to bring something to the table that we couldn't bring ourselves. So look, we're still open to the possibility.

Paul Hemburrow: Yeah. I think, as I said at the Investor Day, somebody would have to bring something to the table that we couldn't bring ourselves. Look, we're still open to the possibility. It could be someone who brings alternative forms and low-cost financing options. We're open to it. But as Anna said, we went into this project on the basis that we would fund and operate it ourselves, but we're open to that possibility.

Speaker #5: Can I just reconfirm that project sell-downs are probably lower down your order of preference, as you see it at the moment? It’s more so a debt-equity mix is the way you guys are thinking about the project?

Branko Skocic: Could I just reconfirm that a project sell-down is probably lower down your order of preference as you see it at the moment. It is more so a debt equity mix is the way you guys are thinking about the project.

Speaker #6: Oh, Branko, I think that's still an option for us. I think we've got the capacity to fund this and operate this ourselves, but Paul, maybe you want to jump in and comment on that.

Speaker #2: It could be someone who brings alternative and low-cost financing options. So we're open to it, but as Anna said, we went into this project on the basis that we would fund and operate it ourselves, but we're open to that possibility.

Anna Sudlow: Remco, I think that is still an option for us. I think we have got the capacity to fund this and operate this ourselves. But Paul, maybe you want to jump in and comment on that.

Speaker #3: Yeah. I think, as

Paul Hemburrow: Yeah. I think, as I said at the investor day, somebody would have to bring something to the table that we couldn't bring ourselves. Look, we're still open to the possibility. It could be someone who brings alternative and low-cost financing options. We're open to it. But as Anna said, we went into this project on the basis that we would fund and operate it ourselves, but we're open to that possibility.

Speaker #5: As I mentioned at the investor day, someone would have to bring something to the table that we couldn't bring ourselves. So, we're still open to the possibility.

Speaker #4: All right, that's great. That's all from me. Appreciate it.

Branko Skocic: All right. That's great. That's all from me. Appreciate it.

Speaker #2: Thank you.

Paul Hemburrow: Thank you.

Speaker #1: Yeah, next question comes from Kyla Mayer with Baron Joey. Please go ahead.

Operator: Your next question comes from Kaila Mayer with Barrenjoey. Please go ahead.

Speaker #5: It could be someone who brings alternative and low-cost financing options. So we're open to it, but as Anna said, we went into this project on the basis that we would fund and operate it ourselves, but we're open to that possibility.

Speaker #6: Hey, team. Just the first one on recovery. I know it dipped down to 85% versus 90% last quarter. How much of that was the all-type versus the maintenance shutdowns and low circuit it inventory?

Kaila Mayer: Hey, team. Just the first one on recoveries. I know it dipped down to 85% versus 90% last quarter. How much of that was the ore type versus the maintenance shutdowns and low circuit inventory? Should we expect it to return up to about that 90% level in the December quarter, or that will not come through until the second half?

[Analyst] (Barrenjoey): Hey, team. Just the first one on recoveries. I know it dipped down to 85% versus 90% last quarter. How much of that was the ore type versus the maintenance shutdowns and low circuit inventory? Should we expect it to return up to about that 90% level in the December quarter, or that will not come through until the second half?

Speaker #6: Should we expect it to return up to about that 90% level in the December quarter, or that when it comes through until the second half?

Speaker #5: All right, that's great. That's all from me. I appreciate it.

Branko Skocic: All right. That's great. That's all from me. Appreciate it.

Speaker #6: Thank you.

Paul Hemburrow: Thank you.

Speaker #2: Your next question comes from Kyla Mayer with Barron Joey. Please go ahead.

Operator: Your next question comes from Kaila Mayer with Barrenjoey. Please go ahead.

Speaker #2: Scott, yeah, yeah. The shutdown didn't have anything to do with the recoveries. That would just be throughput because the plant was shut down for that week when we did the maintenance.

Paul Hemburrow: Scott?

[Company Representative 1] (Paladin Energy Ltd): Yeah. The shutdown did not have anything to do with the recoveries. That would just be throughput, because the plant was shut down for that week while we did the maintenance. Recovery is completely around the ore characteristics. The finer size, we are seeing a difficulty in liberating some of the finer particles in the classification circuit. Our beneficiation recovery is what is causing that drop in recovery. Blending in some low grade to bulk up or get some harder rock into the circuit is helping. We are also doing a lot of work on the water sprays and making sure that the classification circuit is running really well. That is being seen. We saw it at the end of September and it is a bit early in October to talk about this quarter, but we are seeing the recovery start to bounce back.

Scott Barber: Yeah. The shutdown did not have anything to do with the recoveries. That would just be throughput, because the plant was shut down for that week while we did the maintenance. Recovery is completely around the ore characteristics. The finer size, we are seeing a difficulty in liberating some of the finer particles in the classification circuit. Our beneficiation recovery is what is causing that drop in recovery. Blending in some low grade to bulk up or get some harder rock into the circuit is helping. We are also doing a lot of work on the water sprays and making sure that the classification circuit is running really well. That is being seen. We saw it at the end of September and it is a bit early in October to talk about this quarter, but we are seeing the recovery start to bounce back.

Speaker #7: Hey, team. Just the first one on recoveries. I know it dipped down to 85% versus 90% last quarter. How much of that was the ore type versus the maintenance shutdowns and low circuit inventory?

Kaila Mayer: Hey, team. Just the first one on recovery, because I know it dipped down to 85% versus 90% last quarter. How much of that was the ore type versus the maintenance shutdowns and low circuit inventory? Should we expect it to return up to about that 90% level in the December quarter, or that won't come through until the H2?

Speaker #2: Recovery is completely around the ore characteristics. So the finer size we're seeing a difficulty in liberating some of the finer particles in the classification circuit.

Speaker #7: Should we expect it to return up to about that 90% level in the December quarter, or will that not come through until the second half?

Speaker #2: And so our beneficiation recovery is what's causing that drop in recovery. Blending in some low-grade to bulk up or get some harder rock into the circuit is helping.

Speaker #5: 2000, Scott?

Paul Hemburrow: Do you want that one, Scott?

Speaker #3: Yeah, yeah. The shutdown didn't have anything to do with the recoveries. That would just be throughput, because the plant was shut down for that week when we did the maintenance.

Scott Barber: Yeah. The shutdown didn't have anything to do with the recoveries. That would just be throughput, because the plant was shut down for that week while we did the maintenance. Recovery is completely around the ore characteristics. So the finer size, we're seeing a difficulty in liberating some of the finer particles in the classification circuit. Our beneficiation recovery is what's causing that drop in recovery. Blending in some low grade to bulk up or get some harder rock into the circuit is helping. We're also doing a lot of work on the water sprays and making sure that the classification circuit is running really, really well. That is being seen. We saw it at the end of September and it's a bit early in October to talk about this quarter, but we are seeing the recovery start to bounce back.

Speaker #2: We're also doing a lot of work on the water sprays and making sure that the classification circuit is running really, really well. That is being seen.

Speaker #3: Recovery is completely dependent on the ore characteristics. With finer sizes, we're seeing difficulty in liberating some of the finer particles in the classification circuit.

Speaker #2: We saw at the end of September, and we're it's a bit early in October to talk about this quarter, but we are seeing the recovery start to bounce back.

Speaker #3: And so our beneficiation recovery is what's causing that drop in recovery. Blending in some low-grade to bulk up, or get some harder rock into the circuit, is helping.

Speaker #6: Okay. And then also, just any updates on your discussions with the Matey Nation?

Kaila Mayer: Okay. Also, just any updates on your discussions with the Métis Nation?

[Analyst] (Barrenjoey): Okay. Also, just any updates on your discussions with the Métis Nation?

Speaker #2: I was just going to say, the team in Canada continuing really positive conversations and back and forth, some engagements with the Matey Nation. Dale and the team did a community day a few weeks ago, which went really well.

[Company Representative 1] (Paladin Energy Ltd): I was just going to say, the team in Canada are continuing really positive conversations and back and forths and engagements with the Métis Nation. Dale and the team did a community day a few weeks ago, which went really well. Yeah, it is still ongoing. There is nothing definitive to say other than it is really positive and moving forward.

Scott Barber: I was just going to say, the team in Canada are continuing really positive conversations and back and forths and engagements with the Métis Nation. Dale and the team did a community day a few weeks ago, which went really well. Yeah, it is still ongoing. There is nothing definitive to say other than it is really positive and moving forward.

Speaker #3: We're also doing a lot of work on the water sprays and making sure that the classification circuit is running really, really well. That is being seen.

Speaker #3: We saw at the end of September, and it's a bit early in October to talk about this quarter, but we are seeing the recovery start to bounce back.

Speaker #2: Yeah, it's still ongoing. There's no nothing definitive to say other than it is really positive and moving forward.

Speaker #7: Okay, and then also, just any updates on your discussions with the Matey Nation? Any progress there?

Kaila Mayer: Okay. Also, just any updates on your discussions with the Metis Nation? Any progress here?

Speaker #6: Okay, thank you.

Kaila Mayer: Okay. Thank you.

[Analyst] (Barrenjoey): Okay. Thank you.

Speaker #1: Yeah, next question comes from Alistair Rankin with RBC Capital Markets. Please go ahead.

Operator: Your next question comes from Alistair Rankin with RBC Capital Markets. Please go ahead.

Speaker #3: Yeah.

Scott Barber: Yeah.

Paul Hemburrow: Yeah.

Scott Barber: The team in

Speaker #5: Sorry, Karen.

Paul Hemburrow: Sorry, carry on.

Speaker #7: Oh, good morning, team. Just speaking on PLS for a second here. I know you signed the CNSC Administrative Protocol this quarter. I'm just wondering if there's been any sort of further discussions around this.

Alistair Rankin: Good morning, team. Just sticking on PLS for a second here. I know you signed the CNSC Administrative Protocol this quarter. I am just wondering if there has been any sort of further discussions around this, any color on how they are approaching that end of 2027 hearings targets at the moment. If there has just been any more discussions that you have had with them.

Speaker #3: I was just going to say the team in Canada is continuing really positive conversations and back-and-forth engagements with the Métis Nation. Dale and the team did a community day a few weeks ago, which went really well.

Scott Barber: I was just going to say, the team in Canada continuing really positive conversations and back and forths and engagements with the Metis Nation. Dale and the team did a community day a few weeks ago, which went really well. Yeah, it is still ongoing. There is nothing definitive to say other than it is really positive and moving forward.

Speaker #3: Yeah, it's still ongoing. There's nothing definitive to say other than it is really positive and moving forward.

Speaker #7: Any color on how they're approaching that end of year and end of 2027 hearings targets at the moment? So if there's just been any more discussions that you've had with them.

Speaker #7: Okay. Thank you.

Kaila Mayer: Okay. Thank you.

Speaker #2: Alista, what I would say is that both the Saskatchewan Provincial Government and the Office of the Prime Minister and Mining Minister have been incredibly supportive and I'm aware that the Mining Minister recently wrote a letter to the CNSC reiterating their desire to make sure that projects progress in a timely manner.

Speaker #2: Your next question comes from Alistair Rankin with RBC Capital Markets. Please go ahead.

Operator: Your next question comes from Alistair Rankin with RBC Capital Markets. Please go ahead.

Paul Hemburrow: Alastair, what I would say is that both the Saskatchewan provincial government and the Office of the Prime Minister and mining minister have been incredibly supportive. I am aware that the mining minister recently wrote a letter to the CNSC, reiterating their desire to make sure that projects progress in a timely manner, and that they look at ways of reducing the timeline on approval process. I have met with the President of CNSC, incredibly positive and supportive. The Administrative Protocol is really an important document for us. I know that some of our peers who have gone before us did not have that sort of document in place. It does reiterate CNSC's intention to work towards approvals on our timeline, which is really encouraging. We are continuing to see evidence of the way they are working between Dale, his team, and CNSC. I am feeling quite encouraged about CNSC's performance.

Speaker #8: Oh, good morning, team. Just sticking on PLS for a second here—I know you signed the CNSC Administrative Protocol this quarter. I'm just wondering if there's been any further discussions around this.

Alistair Rankin: Good morning, team. Just sticking on PLS for a second here. I know you signed the CNSC Administrative Protocol this quarter. I am just wondering if there has been any sort of further discussions around this, any color on how they are approaching that end of year and end of 2027 hearings targets at the moment. If there has just been any more discussions that you have had with them.

Speaker #8: Any color on how they're approaching that end of year and end of 2027 hearings targets at the moment? So if there's just been any more discussions that you've had with them.

Speaker #2: And that they look at ways of reducing the timeline on approval process. I've met with the President of CNSC incredibly positive and supportive with the administrative protocol is really an important document for us.

Paul Hemburrow: Alistair, what I would say is that both the Saskatchewan provincial government and the Office of the Prime Minister and mining minister have been incredibly supportive. I am aware that the mining minister recently wrote a letter to the CNSC reiterating their desire to make sure that projects progress in a timely manner, and that they look at ways of reducing the timeline on approval process. I have met with the president of CNSC, incredibly positive and supportive. The Administrative Protocol is really an important document for us. I know that some of our peers who have gone before us didn't have that sort of document in place. It does reiterate CNSC's intention to work towards approvals on our timeline, which is really encouraging. We are continuing to see evidence of the way they are working between Dale, his team, and CNSC. So I am feeling quite encouraged about CNSC.

Speaker #5: Alista, what I would say is that both the Saskatchewan provincial government and the Office of the Prime Minister and Mining Minister have been incredibly supportive. I'm aware that the Mining Minister recently wrote a letter to the CNSC reiterating their desire to make sure that projects progress in a timely manner.

Speaker #2: I know that some of our peers who have gone before us didn't have that sort of document in place. But it does reiterate CNSC's intention to work towards approvals on our timeline, which is really encouraging.

Speaker #5: And that they look at ways of reducing the timeline on approval process. I've met with the President of CNSC—he was incredibly positive and supportive. The administrative protocol is really an important document for us.

Speaker #2: And we're continuing to see evidence of the way they're working between sort of Dale his team and CNSC. So I'm feeling quite encouraged about CNSC's performance.

Speaker #7: Well, that's really helpful color. And then maybe just coming back to Langer-Heinrich quickly, just wondering about the December quarter shutdown. Could you just give us a little bit more detail, maybe around the timing when that's going to happen during the quarter, the duration?

Alistair Rankin: That is really helpful color. Then maybe just coming back to Langer Heinrich quickly. Just wondering about the December quarter shutdown. Could you just give us a little bit more detail maybe around the timing, when that is going to happen during the quarter, the duration? It sounds like it is going to be about a week. But then I guess what sort of parts of the plant are involved? You mentioned that throughput was really the only thing impacted in this most recent shutdown. Are there any other sort of considerations we should be thinking about for our models for this upcoming shutdown in the December quarter?

Speaker #5: I know that some of our peers who have gone before us didn't have that sort of document in place. But it does reiterate CNSC's intention to work towards approvals on our timeline, which is really encouraging.

Speaker #7: It sounds like it's going to be about a week. But then I guess what sort of parts of the plant are involved? You mentioned that throughput was really the only thing impacted.

Speaker #5: And we're continuing to see evidence of the way they're working between Dale, his team, and CNSC. So I'm feeling quite encouraged about CNSC's performance.

Speaker #7: In this most recent shutdown, but are there any other sort of considerations we should be thinking about for our models for this upcoming shutdown in the December quarter?

Speaker #8: Well, that's really helpful color. And then maybe just coming back to Langer Heinrich quickly, I'm just wondering about the December quarter shutdown. Could you give us a little bit more detail, maybe around the timing of when that's going to happen during the quarter, and the duration?

Speaker #2: Yeah, Alista, the shutdown is scheduled for the back half of November. It's mainly around the kiln, which is used to dry the product before we can drum it.

[Company Representative 1] (Paladin Energy Ltd): Yeah, Alistair. The shutdown is scheduled for the back half of November. It is mainly around the kiln, which is used to dry the product before we can drum it. So that is the big bit of maintenance that is being done. The rest of the plant will still be operational, so we will be building inventory during that time. The kiln is in WA, and it is going to get shipped either later this week or early next week. So the plan is to get it on site, inspect it, make sure nothing has changed during the transport. Do all the testing that we need to do to make sure that it is ready to go, and then install it in November.

Scott Barber: Yeah, Alistair. The shutdown is scheduled for the back half of November. It is mainly around the kiln, which is used to dry the product before we can drum it. So that is the big bit of maintenance that is being done. The rest of the plant will still be operational, so we will be building inventory during that time. The kiln is in WA, and it is going to get shipped either later this week or early next week. So the plan is to get it on site, inspect it, make sure nothing has changed during the transport. Do all the testing that we need to do to make sure that it is ready to go, and then install it in November.

Speaker #2: So that's the only the big bit of maintenance that's being done. The rest of the plant will still be operational. So we'll be building inventory during that time.

Speaker #8: It sounds like it's going to be about a week, but then I guess, what sort of parts of the plant are involved? You mentioned that throughput was really the only thing impacted.

Speaker #2: The kiln is in WA and it's going to get shipped either later this week or early next week. So the plan is to get it on site inspected, make sure nothing has changed during the transport.

Speaker #8: In this most recent shutdown, are there any other considerations we should be thinking about for our models for the upcoming shutdown in the December quarter?

Speaker #2: Do all the testing that we need to do to make sure that it's ready to go. And then install it in November.

Speaker #3: Yeah, Alista, the shutdown is scheduled for the back half of November. It's mainly around the kiln, which is used to dry the product before we can drum it.

Speaker #7: Awesome. Very helpful. Thank you.

Alistair Rankin: Awesome. Very helpful. Thank you.

Speaker #3: So that's the only big piece of maintenance that's being done. The rest of the plant will still be operational, so we'll be building inventory during that time.

Speaker #1: Yeah, next question comes from Hugo Nicolaisi with Goldman Sachs. Please go ahead.

Operator: The next question comes from Hugo Nicolaci with Goldman Sachs. Please go ahead.

Speaker #5: Oh, morning, guys. Thanks for the update. Look, first one, just Langer and sort of the cost piece. If I look at your indicative cash outflows at Langer, just combining those reported unit costs and capex, actually softened a little bit quarter on quarter, about $80 million.

Hugo Nicolaci: Morning, guys. Thanks for the update. First one, just Langer and sort of the cost piece. If I look at your indicative cash outflows at Langer, just combining those reported unit costs and CapEx, it has actually softened a little bit quarter on quarter, about $80 million cash outflow versus $85 million last quarter on a nominal basis. Could you just walk us through what the cash waterfall is there in terms of the moving pieces? Is that purely just around the lower processing with the lower production? Then on a go-forward sort of basis, is there a pathway to get back to the $60 million to $70 million a quarter nominal spend that you had six to nine months ago? Or is this $80 million-plus sort of the going run rate on a forward basis here?

Speaker #3: The kiln is in WA, and it's going to be shipped either later this week or early next week. So the plan is to get it on site, inspect it, and make sure nothing has changed during transport.

Speaker #5: Cash outflow versus 85 last quarter on a nominal basis. Do you just walk us through what the cash waterfall is there in terms of the moving pieces?

Speaker #3: Do all the testing that we need to do to make sure that it's ready to go, and then install it in November.

Speaker #5: Is that purely just around the lower processing with the lower production? And then on a go-forward sort of basis, is there a pathway to get back to the 60 to 70 million dollar a quarter nominal spend that you had six to nine months ago, or is this $80 million plus sort of the going run rate on a forward basis here?

Speaker #8: Awesome. Very helpful. Thank you.

Speaker #2: Your next question comes from Hugo Nicolaisi with Goldman Sachs. Please go ahead.

Speaker #8: Oh, morning, guys. Thanks for the update. Look, first one, just Langer and sort of the cost piece. If I look at your indicative cash outflows at Langer, just combining those reported unit costs and capex, actually softened a little bit quarter-on-quarter, about $80 million cash outflow versus $85 million last quarter on a nominal basis.

Speaker #2: Yeah, Hugo, it's gotten up. Probably take that together. So as far as the unit cost of production outcome, I mean, that's pretty much solely a function of the production outcome for the quarter, right?

[Company Representative 2] (Paladin Energy Ltd): Yeah. Hugo, Scott and I will probably take that together. So as far as the unit cost of production outcome, that is pretty much solely a function of the production outcome for the quarter. The total costs are pretty in line with the previous quarter. I guess if you look at our cash flow quarter on quarter, what you see is pretty high shifts around the customer receipts. That is the principal movement in the quarter on quarter. So, we had a relatively, I guess, low cash receipt outcome from customers vis-à-vis June, where we had like circa $160 million. I think if you look back this time last year, we were also processing the medium grade stockpile. So we were in a lower cost environment when now mining. So, it is going to be a higher cost environment than it was 12 months ago.

Anna Sudlow: Yeah. Hugo, Scott and I will probably take that together. So as far as the unit cost of production outcome, that is pretty much solely a function of the production outcome for the quarter. The total costs are pretty in line with the previous quarter. I guess if you look at our cash flow quarter on quarter, what you see is pretty high shifts around the customer receipts. That is the principal movement in the quarter on quarter. So, we had a relatively, I guess, low cash receipt outcome from customers vis-à-vis June, where we had like circa $160 million. I think if you look back this time last year, we were also processing the medium grade stockpile. So we were in a lower cost environment when now mining. So, it is going to be a higher cost environment than it was 12 months ago.

Speaker #8: Can you just walk us through what the cash waterfall is there in terms of the moving pieces? Is that purely just around the lower processing with the lower production?

Speaker #2: So the total costs are pretty in line with the previous quarter. I guess if you look at our cash flow quarter on quarter, what you see is pretty high shifts around the customer receipts.

Speaker #8: And then on a go-forward sort of basis, is there a pathway to get back to the 60 to 70 million dollar a quarter nominal spend that you had six to nine months ago, or is this $80 million plus sort of the going run rate on a forward basis here?

Speaker #2: That's the principal movement in the quarter. Quarter on quarter. So we had a relatively I guess low cash receipt outcome from customers vis-à-vis June, where we had like circa 160 million dollars.

Speaker #3: Yeah, Hugo, it's gotten up, probably take that together. So as far as the unit cost of production outcome, I mean, that's pretty much solely a function of the production outcome for the quarter, right?

Speaker #2: I think if you look back, this time last year, we were also processing the medium-grade stockpile. So we were in a lower cost environment when now mining.

Speaker #3: So the total costs are pretty in line with the previous quarter. I guess if you look at our cash flow quarter-on-quarter, what you see is pretty high shifts around the customer receipts.

Speaker #2: So it is going to be a high cost environment than it was 12 months ago.

Speaker #5: All right, that's clear. And then if I can ask one on PLS, so with your license hearings not completing until the end of calendar 27, implies that probably getting fully permitted and then making an FID decision in calendar 27 maybe looks increasingly unlikely.

Hugo Nicolaci: All right. That is clear. Then if I can ask one on PLS. So with your licence hearings not completing until the end of calendar 2027, implies that probably getting fully permitted and then making an FID decision in calendar 2027 maybe looks increasingly unlikely. I guess what sort of timelines are you now looking to in terms of being able to make an FID decision here just on sort of that permitting piece? In your view, does that potentially extended timeline maybe provide a little bit of a positive and then more time to potentially get more favorable offtake and funding agreements in place?

Speaker #3: That's the principal movement in the quarter, quarter-on-quarter. So, we had a relatively, I guess, low cash receipt outcome from customers vis-à-vis June, where we had around $160 million.

Speaker #5: I guess what sort of timelines are you now looking to in terms of being able to make an FID decision here just on sort of that permitting piece?

Speaker #3: I think if you look back, this time last year, we were also processing the medium-grade stockpile. So we were in a lower-cost environment than we are now, mining.

Speaker #5: And in your view, does that potentially extended timeline maybe provide a little bit of a positive in a more time to potentially get more off-take more favorable off-take in funding agreements in place?

Speaker #3: So, it is going to be a higher-cost environment than it was 12 months ago.

Speaker #8: All right, that's clear. And then, if I can ask one on PLS: with your license hearings not completing until the end of calendar '27, that implies that probably getting fully permitted and then making an FID decision in calendar '27 looks increasingly unlikely.

Speaker #2: I think what I will say is the project economics remain incredibly strong. And they do so under a range of scenarios. With respect to the hearings, my expectation is at the back end of calendar year 27, those hearings should be complete.

Paul Hemburrow: I think what I will say is the project economics remain incredibly strong, and they do so under a range of scenarios. With respect to the hearings, my expectation is at the back end of calendar year 2027, those hearings should be complete. And typically what we are seeing is a decision within a month. So I think, taking FID late 2027, early 2028, is probably likely. But more importantly, maintaining the 2031 first production, I think is absolutely possible at this point in time. Alex, do you want to comment on offtakes?

Speaker #8: I guess, what sort of timelines are you now looking at in terms of being able to make an FID decision here, just on that permitting piece?

Speaker #2: And typically what we're seeing is a decision within a month. So I think taking FID late 27, early 28 is probably likely, but more importantly, maintaining the 2031 first production I think is absolutely possible at this point in time.

Speaker #8: And in your view, does that potentially extended timeline maybe provide a bit of a positive, as it allows more time to potentially secure more off-take agreements and more favorable funding arrangements?

Speaker #5: I think what I will say is the project economics remain incredibly strong, and they do so under a range of scenarios. With respect to the hearings, my expectation is that by the back end of calendar year 2027, those hearings should be complete.

Speaker #2: Alex, do you want to comment on off-takes?

Speaker #4: Yeah, sure. So look, we are actually already receiving a lot of interest in PLS off-take our customers are seeing what we're doing in on PLS and really that supply demand deficit doesn't go unnoticed on the customer side.

[Company Representative 3] (Paladin Energy Ltd): Yeah, sure. So, look, we are actually already receiving a lot of interest in PLS offtake. Our customers are seeing what we are doing on PLS and really that supply-demand deficit does not go unnoticed on the customer side. So they are approaching credible producers like ourselves to secure production. I guess we are not in a hurry to enter into offtakes too early. It will be largely driven by our financing structure that we put in place and our FID timing. But it is encouraging to see that the market is there. Hugo, as you say, it does give us plenty of time to put those offtakes in place. We will continue to leverage our relationships with the customers that we have built and put the offtakes at the right time.

Alex Rybak: Yeah, sure. So, look, we are actually already receiving a lot of interest in PLS offtake. Our customers are seeing what we are doing on PLS and really that supply-demand deficit does not go unnoticed on the customer side. So they are approaching credible producers like ourselves to secure production. I guess we are not in a hurry to enter into offtakes too early. It will be largely driven by our financing structure that we put in place and our FID timing. But it is encouraging to see that the market is there. Hugo, as you say, it does give us plenty of time to put those offtakes in place. We will continue to leverage our relationships with the customers that we have built and put the offtakes at the right time.

Speaker #5: And typically, what we're seeing is a decision within a month. So I think taking FID late '27, early '28 is probably likely. But more importantly, maintaining a 2031 first production, I think, is absolutely possible at this point in time.

Speaker #4: So they're approaching credible producers and like ourselves to secure production we I guess we're not in a hurry to enter into off-takes too early.

Speaker #5: Alex, do you want to comment on off-takes?

Speaker #4: And it will be largely driven by our financing structure that we put in place and our FID timing. But it's encouraging to see that the market is there.

Speaker #6: Yeah, sure. So look, we are actually already receiving a lot of interest in PLS off-take. Our customers are seeing what we're doing on PLS, and really that supply-demand deficit doesn't go unnoticed on the customer side.

Speaker #4: Hugo, you say it does give us plenty of time to put those off-takes in place. And we'll continue to leverage our relationships with the customers that we've built and put the off-takes at the right time.

Speaker #6: So they're approaching credible producers, and like ourselves, to secure production. We, I guess, are not in a hurry to enter into off-takes too early.

Speaker #5: Thanks. And I could just squeeze one more in just on the PLS capex. You noted you're updating those estimates by March 27. I guess to feed into this updated study at the end of 27, you don't need to revise them again.

Hugo Nicolaci: Thanks. If I could just squeeze one more in just on the PLS CapEx. You noted you are updating those estimates by March 2027. I guess, to feed into this updated study at the end of 2027, you do not need to revise them again then if the FID slips into early 2028, that is still all fine?

Speaker #6: And it will be largely driven by our financing structure that we put in place and our FID timing. But it's encouraging to see that the market is there.

Speaker #5: Then if the FID slips into early 2028, that's still fine.

Speaker #6: Hugo, as you say, it does give us plenty of time to put those off-takes in place. And we'll continue to leverage our relationships with the customers that we've built and put the off-takes in at the right time.

Speaker #2: Yeah, I'm not seeing any issues.

[Company Representative 3] (Paladin Energy Ltd): Yeah, I am not seeing any issues.

Alex Rybak: Yeah, I am not seeing any issues.

Speaker #5: Yeah, fantastic. Thanks, guys.

Hugo Nicolaci: Yep, fantastic. Thanks, guys. Thanks for your time.

Speaker #2: Thanks, Hugo.

[Company Representative 3] (Paladin Energy Ltd): Thanks, Hugo.

Alex Rybak: Thanks, Hugo.

Speaker #1: Yeah, next question comes from Daniel Rodden with Jeffries. Please go ahead.

Operator: The next question comes from Daniel Roden with Jefferies. Please go ahead.

Speaker #3: Good day, guys. Thanks for taking my question. Just one from me. Just on I guess realized pricing and around the contract structure, but yeah, I've got to tell us how I guess how much of these sales book was I guess the spot link versus the fixed contract sales in the quarter.

Daniel Roden: Good day, guys. Thanks for taking my question. Just one from me. Just on, I guess, realized pricing and around the contract structure. Are you able to tell us how, I guess how much of your sales book was, I guess, the spot linked versus the fixed price contract sales in the quarter? Probably just noting that FY25, your H1 was more spot linked contract sales versus H2, which was more, I guess, contract sales. Are you expecting a similar outcome for FY27 as well?

Speaker #8: Thanks. And if I could just squeeze one more in, just on the PLS capex—you noted you're updating those estimates by March 27, I guess, to feed into this updated study at the end of '27?

Speaker #8: You don't need to revise them again. If the FID slips into early 2028, that's still fine.

Speaker #3: And probably just noting that FY 25, your first half was more spot linked contract sales versus second half, which was more I guess contract sales.

Speaker #5: Yeah, I'm not seeing any issues.

Speaker #8: Yeah, fantastic. Thanks, guys. I'll pass it on.

Speaker #5: Thanks, Hugo.

Speaker #3: Are you expecting a similar outcome for FY 27 as well?

Speaker #2: Your next question comes from Daniel Rodden with Jefferies. Please go ahead.

Speaker #7: Yeah. Good day, guys.

Speaker #4: Sorry, Daniel, you were cutting out there, but I gather you were asking about the contract mix. Yes, we did have a higher market-related contract mix in the quarter.

Speaker #8: Thanks for taking my question. Just one from me. Just on, I guess, realized pricing and around the contract structure, but you're able to tell us how, I I guess, how much of your sales book was, I guess, the spot linked versus the fixed contract sales in the quarter.

[Company Representative 3] (Paladin Energy Ltd): Sorry, Daniel, you were cutting out there, but I gather you were asking about the contract mix. Yes, we did have a higher market-related contract mix in the quarter. Also high uranium prices, which allowed us to realize a strong price in the quarter. I think, going forward, we are running largely in line with our realized price sensitivity matrix that we published in July. I think people should be looking at it on an annual basis rather than on a quarterly basis. There was always going to be movements quarter to quarter as we deliver material and realize sales, which are quite lumpy on our side. But we are very happy with the way the book has performed this quarter. It shows the leverage to the uranium price. It shows that we are delivering our material to our customers, meeting our obligations on time and on schedule.

Alex Rybak: Sorry, Daniel, you were cutting out there, but I gather you were asking about the contract mix. Yes, we did have a higher market-related contract mix in the quarter. Also high uranium prices, which allowed us to realize a strong price in the quarter. I think, going forward, we are running largely in line with our realized price sensitivity matrix that we published in July. I think people should be looking at it on an annual basis rather than on a quarterly basis. There was always going to be movements quarter to quarter as we deliver material and realize sales, which are quite lumpy on our side. But we are very happy with the way the book has performed this quarter. It shows the leverage to the uranium price. It shows that we are delivering our material to our customers, meeting our obligations on time and on schedule.

Speaker #4: And also higher uranium prices, which allowed us to realize a strong price in the quarter. I think going forward, we're running largely in line with our realized price sensitivity matrix that we published in July.

Speaker #8: And probably just noting that FY25, your first half was more spot-linked contract sales versus second half, which was more, I guess, contract sales.

Speaker #8: Are you expecting a similar outcome for FY27 as well?

Speaker #4: And I think people should be looking at it on an annual basis rather than on a quarterly basis. There will always be there was always going to be movements quarter to quarter.

Speaker #6: Sorry, Daniel, you were cutting out there, but I gather you were asking about the contract mix. Yes, we did have a higher market-related contract mix in the quarter.

Speaker #4: As we deliver material and realize sales, which are quite lumpy on our side. But we're very happy with the way the book has performed this, this quarter.

Speaker #6: And also higher uranium prices, which allowed us to realize a strong price in the quarter. I think going forward, we're running largely in line with our realized price sensitivity matrix that we published in July.

Speaker #4: It shows the leverage to the uranium price. It shows that we've delivering our material to our customers, meeting our obligations on time and on schedule.

Speaker #5: Yeah, thanks. And sorry about that. Call on. Hopefully that's better. Yeah, I was just after if you could clarify out of that 1.16 million pounds, how much of that was sold into the I guess the fixed price escalated contracts?

Daniel Roden: Yeah, thanks. Sorry about that cutting out. Hopefully, that is better. Yeah, I was just, I wonder if you could clarify out of that 1.16 million pounds, how much of that was sold into the, I guess, the fixed price escalated contracts. Was that a material composition? I was kind of mentioning like in FY26, H1 was more weighted towards the spot-linked NFC contracts versus H2. Are you expecting a similar outcome for FY2027?

Speaker #6: And I think people should be looking at it on an annual basis, rather than on a quarterly basis. There will always be—there was always going to be—movements quarter to quarter.

Speaker #6: As we deliver material and realize sales, which are quite lumpy on our side, we're very happy with the way the book has performed this quarter.

Speaker #5: Was that a material composition? And I guess I was kind of mentioning like in FY 26, half one was more weighted towards the spot linked CNSC contracts versus half two.

Speaker #6: It shows the leverage to the uranium price. It shows that we've delivered our material to our customers, meeting our obligations on time and on schedule.

Speaker #5: Are you expecting a similar outcome for FY 27?

Speaker #4: Yeah, Daniel, we don't really sort of provide that detailed breakdown on a quarter by quarter basis. So we publish our contract metrics and I think we're running tracking largely in line with that.

[Company Representative 3] (Paladin Energy Ltd): Yeah, Daniel, we do not really sort of provide that detailed breakdown on a quarter-by-quarter basis. We publish our contract metrics. I think we are running, tracking largely in line with that. As I said, the two metrics that you have got there is the realized price sensitivity tables and our guidance, which we are very satisfied with the way we are tracking.

Alex Rybak: Yeah, Daniel, we do not really sort of provide that detailed breakdown on a quarter-by-quarter basis. We publish our contract metrics. I think we are running, tracking largely in line with that. As I said, the two metrics that you have got there is the realized price sensitivity tables and our guidance, which we are very satisfied with the way we are tracking.

Speaker #8: Yeah, thanks. And sorry about that call. Hopefully that's better. Yeah, I was just asking if you could clarify, out of that 1.16 million pounds, how much of that was sold into the, I guess, the fixed price escalated contracts?

Speaker #4: So as I said, the two metrics that you've got there is the realized price sensitivity tables and our guidance, which we're very satisfied with the way we're tracking.

Speaker #8: Was that a material composition? And I guess I was kind of mentioning, like in FY26, H1 was more weighted towards the spot-linked CNSC contracts versus H2.

Speaker #8: Are you expecting a similar outcome for FY27?

Speaker #5: Okay, cool. Thanks, guys. I'll hand it over. Thanks.

Daniel Roden: Okay, cool. Thanks, guys. I will hand it over. Thanks.

Speaker #6: Yeah, Daniel, we don't really sort of provide that detailed breakdown on a quarter-by-quarter basis. So we publish our contract matrix, and I think we're tracking largely in line with that.

Speaker #1: Once again, if you wish to ask a question, please press star one on your telephone. Your next question comes from Chris Creech with Morgan's Financial.

Operator: Once again, if you wish to ask a question, please press star one on your telephone. Your next question comes from Chris Creech with Morgans Financial. Please go ahead.

Speaker #1: Please go ahead.

Speaker #6: Good morning, guys. Thank you all for your time this morning. This one might be best for you, Scott. And just a quick one on cash costs.

Chris Creech: Good morning, guys. Thank you all for your time this morning. This one might be best for you, Scott. Just a quick one on cash costs. You had some headwinds this quarter with your expected lower production. How sensitive are your costs to the diesel price? I mean, we can see the global diesel price at the moment is somewhat volatile and pretty high. I am just trying to understand what the sensitivity for your cost is to diesel.

Speaker #6: So, as I said, the two metrics that you've got there are the realized price sensitivity tables and our guidance, which we're very satisfied with the way we're tracking.

Speaker #6: You had some headwinds this quarter with your expected lower production. But how sensitive are your costs to the diesel price? I mean, we can see the global diesel price at the moment is somewhat volatile and pretty high.

Speaker #6: I'm just trying to understand what the sensitivity for your cost is. To diesel.

Speaker #8: Okay, cool. Thanks, guys. I'll hand it over. Thanks.

Speaker #4: Well, the mining cost is about half of the overall spend and diesel is about 10% of the mining cost. So it's not overly sensitive on the total.

[Company Representative 1] (Paladin Energy Ltd): Well, the mining cost is about half of the overall spend, and diesel is about 10% of the mining cost. So it is not overly sensitive on the total. In Namibia, the diesel price is actually set by the government. So we are not as affected by the overall market in Namibia, and we have not seen major swings in the diesel price locally, both the pumps and what is supplied to the mine.

Alex Rybak: Well, the mining cost is about half of the overall spend, and diesel is about 10% of the mining cost. So it is not overly sensitive on the total. In Namibia, the diesel price is actually set by the government. So we are not as affected by the overall market in Namibia, and we have not seen major swings in the diesel price locally, both the pumps and what is supplied to the mine.

Speaker #2: Once again, if you wish to ask a question, please press star one on your telephone. Your next question comes from Chris Creech with Morgan's Financial.

Speaker #2: Please go ahead.

Speaker #4: In the maybe the diesel price is actually set by the government. So we're not as affected by the overall market in Namibia. And we haven't seen major swings in the diesel price locally, both the pumps and what's supplied to the mine.

Speaker #1: Good morning, guys. Thank you all for your time this morning. This one might be best for you, Scott. And just a quick one on cash costs.

Speaker #1: You had some headwinds this quarter with your expected lower production. But how sensitive are your costs to the diesel price? I mean, you can see the global diesel price at the moment is somewhat volatile and pretty high.

Speaker #1: I'm just trying to understand what the sensitivity of your costs is to diesel.

Speaker #6: And that's already thank you so much.

Chris Creech: That is all right. Thank you so much.

Speaker #1: Yeah, next question comes from Hugo Nicolaisi with Goldman Sachs. Please go ahead.

Operator: Your next question comes from Hugo Nicolaci with Goldman Sachs. Please go ahead.

Speaker #7: Well, the mining cost is about half of the overall spend, and diesel is about 10% of the mining cost, so it's not overly sensitive on the total.

Speaker #5: All right, guys. Thanks for the follow-up. Just one on your uranium loans. Noting you rolled the 200,000 pounds due this quarter. Should we expect a similar sort of outcome for the volumes due in the March and September 27 quarters now, or will that be a little bit governed by sort of where your production ramp-up is sitting, whether you repay those when due or roll them?

Hugo Nicolaci: Oh, hey, guys. Thanks for the follow-up. Just one on your uranium loans. Noted you rolled the 200,000 pounds due this quarter. Should we expect a similar sort of outcome for the volumes due in the March and September 2027 quarters now, or will that be a little bit governed by sort of where your production ramp-up is sitting, whether you repay those when due or roll them?

Speaker #7: Maybe the diesel price is actually set by the government, so we were not as affected by the overall market in Namibia. And we haven't seen major impacts.

Speaker #7: Swings in the diesel price locally, both at the pumps and in what's supplied to the mine.

Speaker #4: Yeah, Hugo, that's exactly right. We retain flexibility to either repay or all that or all that loan. So we haven't made that decision. We'll see how we go.

[Company Representative 3] (Paladin Energy Ltd): Yeah, Hugo, that is exactly right. We retain flexibility to either repay or roll that loan. We have not made that decision. We will see how we go. We use loans and swaps to meet our delivery obligations to make the most efficient use of our material and locations where we are delivering. It is always going to be an ongoing part of our toolbox kits that we utilize, and we will make that decision closer to the time.

Alex Rybak: Yeah, Hugo, that is exactly right. We retain flexibility to either repay or roll that loan. We have not made that decision. We will see how we go. We use loans and swaps to meet our delivery obligations to make the most efficient use of our material and locations where we are delivering. It is always going to be an ongoing part of our toolbox kits that we utilize, and we will make that decision closer to the time.

Speaker #1: And that's all. Thank you so much.

Speaker #2: Your next question comes from Hugo Nicolaisi with Goldman Sachs. Please go ahead.

Speaker #8: All right, guys. Thanks for the follow-up. Just one on your uranium loans. Noting you rolled the 200,000 pounds due this quarter, should we expect a similar sort of outcome for the volumes due in the March and September '27 quarters now, or will that be a little bit governed by sort of where your production ramp-up is sitting, whether you repay those when due or roll them?

Speaker #4: We use loans and swaps to meet our delivery obligations to make the most efficient use of our material and locations where we're delivering. So it's always going to be an ongoing part of our toolbox.

Speaker #4: Kids that we utilize. And we'll make that decision closer to time.

Speaker #5: Got it. Thanks. And then I can just extrapolate that comment in. I think your original sales guidance factored in the attention to repay part of those loans.

Speaker #6: Yeah, Hugo. That's exactly right. We retain flexibility to either repay or roll all of that loan, so we haven't made that decision.

Hugo Nicolaci: Got it. Thanks. If I can just extrapolate that comment out. I think your original sales guidance factored in the intention to repay part of those loans. How would your sales guidance sort of shift then if those loans are not getting repaid? We see that sort of more in line with production then to the year.

Speaker #5: How would your sales guidance sort of shift then if those loans aren't getting repaid? Should we see that sort of more in line with production then for the year?

Speaker #6: We'll see how we go. We use loans and swaps to meet our delivery obligations, to make the most efficient use of our material and locations where we're delivering.

Speaker #4: Yeah, that's exactly right. We've assumed partial repayment of those loans, but we'll, as I said, we haven't made that decision. We'll look at that closer to time.

[Company Representative 3] (Paladin Energy Ltd): Yeah, that is exactly right. We have assumed partial repayment of those loans, but as I said, we have not made that decision. We will look at that closer to the time.

Scott Barber: Yeah, that is exactly right. We have assumed partial repayment of those loans, but as I said, we have not made that decision. We will look at that closer to the time.

Speaker #6: So it's always going to be an ongoing part of our toolbox, kids, that we utilize, and we'll make that decision closer to the time.

Speaker #5: All right. Thanks, Alex. Awesome.

Hugo Nicolaci: Great. Thanks. Thanks for your time.

Speaker #8: Got it, thanks. Then I can just extrapolate that comment in. I think your original sales guidance factored in the attention to repay part of those loans.

Speaker #1: There are no further questions at this time. I'll now hand back to Paul Himbera for closing remarks.

Operator: There are no further questions at this time. I will now hand back to Paul Hemburrow for closing remarks.

Speaker #2: Thank you very much. And thank you for your questions and of course, you continued interest in parliament. We'll continue to make steady progress at both Langa and Person Lake South.

Paul Hemburrow: Thank you very much. Thank you everyone for your questions and of course, your continued interest in Paladin. We will continue to make steady progress at both Langer and Patterson Lake South. At Langer, our focus is clearly on safely executing the operating plan, improving recovery, and delivering the strongest H2 production profile. Guidance metrics for FY2027 remain unchanged. At PLS, we will maintain the same disciplined approach as we advance the engineering program, the regulatory pathway, the remaining indigenous partnerships, and our exploration program. We believe Paladin is well-positioned to deliver long-term value for shareholders as a producer in today's rising uranium market and as a developer of one of the world's best uranium projects. Thanks once again for joining us.

Speaker #8: How would your sales guidance sort of shift then if those loans aren't getting repayed? Should we see that sort of more in line with production then for the year?

Speaker #2: At Langa, our focus is clearly on safely executing the operating plan, improving recovery and delivering the strongest second-half production profile. Guidance metrics for FY 27 remain unchanged.

Speaker #6: Yeah, that's exactly right. We've assumed partial repayment of those loans, but, as I said, we haven't made that decision. We'll look at that closer to the time.

Speaker #2: At TLS, we'll maintain the same disciplined approach as we advance the engineering program, the regulatory pathway, the remaining indigenous partnership, and our exploration program.

Speaker #8: All right. Thanks, Alex. Last one.

Speaker #2: There are no further questions at this time. I'll now hand back to Paul Himbera for closing remarks.

Speaker #2: We believe Paladin is well positioned to deliver long-term value for shareholders as a producer in today's rising new market and as a developer of one of the world's best uranium projects.

Speaker #1: All right, thank you very much. And thank you for your questions and, of course, your continued interest in Paladin. We'll continue to make steady progress at both Langer and Patterson Lake South.

Speaker #2: Thanks once again for joining us.

Speaker #1: At Langa, our focus is clearly on safely executing the operating plan, improving recovery, and delivering the strongest second-half production profile. Guidance metrics for fiscal year 2027 remain unchanged.

Operator: That does conclude our conference for today. Thank you for participating. You may now disconnect.

Speaker #1: At TLS, we'll maintain the same disciplined approach as we advance the engineering program, the regulatory pathway, the remaining Indigenous partnership, and our exploration program.

Speaker #1: We believe Paladin is well positioned to deliver long-term value for shareholders as a producer in today’s rising new market and as a developer of one of the world’s best uranium projects.

Speaker #1: Thanks once again for joining us.