Name of the Project
Langer Heinrich uranium restart project.

Location
Namib Desert, Namibia.

Project Owner/s
Langer Heinrich Mauritius Holdings is the holding company of Langer Heinrich Uranium, which holds 100% of the Langer Heinrich tenements.

Paladin Energy owns 75% of Langer Heinrich Mauritius Holdings, with 25% owned by CNNC Overseas Uranium Holdings.

Project Description
Langer Heinrich has an estimated 17-year mine life, supported by ore reserves of 84.8-million tonnes with an average uranium grade of 448 parts per million.

Life-of-mine production is estimated at 77.4-million pounds of uranium, up from a previously stated 76.1-million pounds.

Langer Heinrich was placed on care and maintenance in August 2018, owing to the sustained low uranium price.

Paladin completed a concept study on Langer Heinrich in February 2019, which identified multiple options to reduce operating costs, improve process plant performance and potentially recover a saleable vanadium product.

A two-stream prefeasibility study (PFS1 and PFS2) was started in March 2019 to improve the details of the restart plan and pursue further improvement options to clearly present a compelling investment case.

PFS1 focused on confirming effective care and maintenance plans, practices and costs while developing a more detailed plan to execute a rapid restart at Langer Heinrich in an improved uranium market.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
Not stated.

Capital Expenditure
Restart costs for the Langer Heinrich operation were previously been estimated at $81-million; however, in July 2022, Paladin reported that restart costs had increased to $118-million, driven by:

• the industry-wide cost escalation in labour, equipment and raw materials costs,
• the bringing forward of key utility infrastructure work packages to ensure the provision of water and power over the life of the operation,
• the decision to strengthen the project management team through expanded engineering, procurement, construction and management services, minor modifications to the scope of the project and
• an increase in project contingency levels.

Planned Start/End Date
Restart project started in July 2022, with target production expected in the first quarter of 2024

Latest Developments
Paladin decided to restart operations in July 2022.

Key Contracts, Suppliers and Consultants
None stated.

Contact Details for Project Information
Paladin Energy, tel +61 8 9381 4366 or email paladin@paladinenergy.com.au.