Paladin Energy Class Action

Background

On 16 April 2025, Slater and Gordon, on the instructions of the lead plaintiff, started a class action in the Supreme Court of Victoria against uranium miner Paladin Energy Limited (ASX: PDN) (Paladin).

The case is brought on behalf of investors who say they suffered financial loss after buying Paladin shares between 27 June 2024 and 25 March 2025 (inclusive).

The claim alleges that, during this period, Paladin:

• made misleading statements to the market, and

• breached its continuous disclosure obligations as an ASX‑listed company,

in breach of the Corporations Act 2001 (Cth) and the ASIC Act 2001 (Cth).

Who is included in the class action?

This class action is brought on behalf of people and entities who purchased Paladin shares between 27 June 2024 and 25 March 2025 (inclusive).

If you bought Paladin shares in that period and would like to receive updates and be assisted to participate in the class action, you can register your interest using the form below.

Information we will ask you for

The registration form will ask you to provide:

• The date, number of shares, price per share and total value of all purchases and sales of Paladin shares between 27 June 2024 and 25 March 2025 (inclusive)

• The number of Paladin shares you already held at the start of trading on 27 June 2024

• Documents showing those transactions (for example, broker statements or trade confirmations)

If you have any questions about what information to provide, please email us at paladin@slatergordon.com.au.

If you purchased Paladin shares in the relevant period but do not wish to participate in this class action, you will have the option to opt out at a later stage if the Court orders an opt‑out process.

There is no Court‑ordered registration deadline at this time.

There will never be any out‑of‑pocket costs to you for taking part in this class action.

In addition to the Slater and Gordon class action, a second law firm started a separate class action making similar claims against Paladin (proceeding number S ECI 2025 03814).

On 28 October 2025, the Court decided that:

• the Slater and Gordon proceeding will be the only class action to continue against Paladin; and

• the other class action will be permanently stayed (stopped) and will not go ahead.

Slater and Gordon does not have access to any information you may have given in connection with the other class action.

If you still intend to participate in a class action against Paladin, you should register in this proceeding using the button below:

What is the claim about?

Paladin operates the Langer Heinrich Mine. The claim focuses on what Paladin told the market about its expected production and costs.

• On 27 June 2024, Paladin told the ASX that it expected the Langer Heinrich Mine to produce 4.0–4.5 million pounds of uranium concentrate in FY25, at a cost of US$28–31 per pound.

• Paladin repeated this guidance to the ASX on 22 July 2024 and again on 5 August 2024.

On 12 November 2024, Paladin announced that:

• it now expected the Langer Heinrich Mine to produce only 3.0–3.6 million pounds of uranium concentrate in FY25; and

• it was withdrawing all previous FY25 guidance.

In the same announcement, Paladin said it remained confident of achieving a production run rate of 6 million pounds per year by the end of calendar year 2025.

After the 12 November 2024 announcement, the price of Paladin shares fell by 22% ($2.21) over two days. This was after the share price had already fallen by 15% ($1.87) on 28 October 2024, when Paladin announced quarterly production results that were below expectations.

On 25 March 2025, Paladin informed the market that it no longer expected to achieve a production run rate of 6 million pounds per year by the end of calendar year 2025. Following that announcement, the share price fell by 11.58% ($0.74).

The claim alleges that:

• Paladin knew, or ought to have known, that its production guidance was unreasonably optimistic and that there was a material risk the guidance would not be met; and

• as a result, the plaintiff and group members:

• paid more for Paladin shares than they would have paid if the true situation had been disclosed; and/or

• would not have bought Paladin shares at all if the true situation had been disclosed.

Funding and legal costs

On 28 October 2025, Justice Watson made a Group Costs Order under section 33ZDA(1) of the Supreme Court Act 1986 (Vic).

This Order provides that Slater and Gordon’s legal costs will be calculated as a percentage of any settlement or judgment, as follows:

• For the part of any settlement or judgment up to $60,000,000: 27.5%

• For the part of any settlement or judgment between $60,000,000 and $120,000,000: 21%

• For the part of any settlement or judgment over $120,000,000: 14%

Under the Group Costs Order:

• The actual percentage that is ultimately applied may be different from the above and would need to be approved by the Court before any costs are paid.

• The liability for paying those costs would be shared by the plaintiff and all group members if there is a successful outcome.

• Slater and Gordon, not the plaintiff, would be responsible for paying any adverse costs order made in favour of the defendant.

• If the Court orders that security for costs be provided to the defendant, Slater and Gordon (and not the plaintiff) will provide that security.

In no circumstances will group members be out‑of‑pocket by participating in this class action, whether the case is successful or not.