Paladin Energy Ltd (PDN.AX): De-risking continues nicely at LHM as PLS continues to deliver

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Paladin Energy Ltd (PDN.AX): De-risking continues nicely at LHM as PLS continues to deliver

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22 Jul 2026 10:10:25 ET │ 14 pages

Paladin Energy Ltd (PDN.AX)

De-risking continues nicely at LHM as PLS continues to deliver

CITI'S TAKE

LHM continues to de-risk its path to full mining run-rates. While FY27

production will be weighted to 2H with lower output and higher costs

expected in 1H due to planned maintenance activities, we expect these Buy

impacts to normalise in 2H as operational reliability continues to improve Price (22 Jul 26 16:00) A$9.13

and trends towards the upper end of the guided range. PLS also continues

to advance towards FID, with permitting and regulatory milestones Target price A$14.00↓

progressively being achieved ahead of targeted in CY28. In addition, the from A$15.00

Atlas discovery highlights the potential for further resource upside in the Expected share price return 53.3%district which we do not believe is reflected in the current share price. PDN

is trading on 0.6x P/NAV, discontinuing US$50/lb, and we believe the Expected dividend yield 0.0%

market continues to underappreciate the upside value within PLS. We Expected total return 53.3%

modestly reduce our FY27 production forecasts to reflect planned Market Cap A$4,103Mdowntime but retain our Buy rating with target price at A$14.0 per share.

US$2,872M

LHM successfully enters full mining and continues to de-risk operations — While

midpoint FY27 guidance was below our expectations, we believe management is

taking a prudent approach to setting expectations, particularly given ongoing

investor sensitivity around reliability and operating costs. We view the midpoint of Price Performance

guidance as achievable, supported by continued improvements in operational (RIC: PDN.AX, BB: PDN AU)