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Paladin Energy Ltd Appendix 4E - Financial Report Financial year ended 30 June 2018 Paladin Energy Ltd ABN or equivalent company reference ACN 061 681 098 Results for announcement to the market 30 June 2018 30 June 2017 US$’000 US$’000 Revenue from sales of uranium oxide Down 24% to 72,917 95,844 Revenue Down 24% to 72,917 95,844 Profit/(loss) after tax attributable to Up 180% to 367,762 (457,785) members Net profit/(loss) for the year attributable Up 180% to 367,762 (457,785) to members Profit/(Loss) per share (US cents) 21.5 (26.7) Dividends Amount per security Franked amount per security It is not proposed to pay dividends for the year N/A N/A Previous corresponding year: No dividend paid N/A N/A An explanation of the results is included in the Operating and Financial Review and the Financial Report attached. 30 June 2018 30 June 2017 Net tangible assets/(liabilities) per share US$0.06 US$(0.26) Other Previous corresponding period is the year ended 30 June 2017. All foreign subsidiaries are prepared using IFRS. 439138_2.docx PALADIN ENERGY LTD ACN 061 681 098 ANNUAL REPORT 2018 439138_2.docx 2 CONTENTS __________________________________________________________________________________ CORPORATE VALUES AND PALADIN TODAY .................................................................................. 3 CHAIRMAN’S LETTER ........................................................................................................................... 4 INSIGHTS FROM THE CEO ................................................................................................................... 5 OPERATING AND FINANCIAL REVIEW ............................................................................................... 7 ORE RESERVES AND MINERAL RESOURCES ................................................................................ 17 HEALTH AND SAFETY ........................................................................................................................ 29 SUSTAINABLE DEVELOPMENT ........................................................................................................ 31 COPORATE GOVERNANCE STATEMENT ....................................................................................... 45 DIRECTORS' REPORT......................................................................................................................... 46 REMUNERATION REPORT ............................................................................................................ 54 CONTENTS OF THE FINANCIAL REPORT ........................................................................................ 70 CONSOLIDATED INCOME STATEMENT ........................................................................................... 71 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME .................................................... 72 CONSOLIDATED STATEMENT OF FINANCIAL POSITION .............................................................. 73 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY .............................................................. 74 CONSOLIDATED STATEMENT OF CASH FLOWS ........................................................................... 75 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS ........................................................ 76 DIRECTORS' DECLARATION ........................................................................................................... 134 INDEPENDENT AUDIT REPORT ....................................................................................................... 135 ADDITIONAL INFORMATION ............................................................................................................ 143 CORPORATE DIRECTORY ............................................................................................................... 150 The annual report covers the Group consisting of Paladin Energy Ltd (referred throughout as the Company or Paladin) and its controlled entities. Paladin Energy Ltd is a company limited by shares, incorporated and domiciled in Australia. Its registered office and principal place of business is: Paladin Energy Ltd Level 4 502 Hay Street SUBIACO WA 6008 Through the use of the internet, we have ensured that our corporate reporting is timely, complete, and available globally at minimum cost to the Company. All press releases, financial statements and other information are available on our website www.paladinenergy.com.au. 439138_2.docx 3 CORPORATE VALUES AND PALADIN TODAY __________________________________________________________________________________ CORPORATE VALUES Create stakeholder value by developing the opportunities Paladin has when the uranium price recovers to a sustainable level. Operate at global best practice with particular emphasis on safety and the environment. Maintain financial discipline and a value-minded approach to project management, investments and capital structure decisions. Provide employees with an equal and fulfilling work environment. Contribute to the communities in which we operate. Act with integrity, honesty and cultural sensitivity in all dealings. PALADIN TODAY Overview Paladin’s value is based on five key drivers – a strategic tier one core production base, a globally diversified quality suite of exploration and development assets, experienced team, uranium industry positioning and sustainability of operations. Operations Langer Heinrich Mine (LHM) - a strategic tier one mine in the global uranium industry with circa 5 million pounds per year of uranium production capacity. - placed on care and maintenance due to persistent low uranium prices. - top 10 mine by uranium production with a first quartile position on the cash cost curve. - long-term asset with in excess of 40 million pounds of cumulative historical uranium production and a remaining productive life in excess of 20 years (at current processing rates). - undertaking operational review to assess process optimisation, cost reduction, production capacity and life of mine alternatives. - aim to maintain plant, infrastructure and critical aspects of intellectual property and operational knowhow to allow for a restart, when justified. Kayelekera Mine (KM) - fully-built mine commissioned in 2008 with circa 3 million pounds per year of uranium production capacity. - placed on care and maintenance due to persistent low uranium prices. - maintaining plant, infrastructure and critical aspects of intellectual property and operational knowhow to allow for a restart, when justified. Positioning Going Forward Unhedged, pure-play exposure to uranium. One of the only independent, publicly listed, large-scale uranium producers in the world. Leverage to a rising uranium market greatly enhanced by ability to grow organically through a restart of LHM and KM and quality suite of exploration and development assets. Experienced team with respect to uranium project construction, efficient project management and technical innovation. Financially disciplined. 439138_2.docx 4 CHAIRMAN’S LETTER __________________________________________________________________________________ Dear Stakeholders In my address at the 2017 Annual General Meeting held, for reasons we are all aware, only earlier this year, I noted the challenges still facing the uranium industry and also the unique position Paladin held to benefit from a revival in the uranium price. During the balance of the 2018 financial year and indeed since then, Paladin has taken further important steps to ensure it is well placed to emerge as a leading uranium producer once the uranium market normalises. The decision in May 2018 to place the Langer Heinrich Mine into care and maintenance was not taken lightly, particularly due to its impact on local employees, contractors and community. However, there was a compelling argument to preserve the valuable uranium resource and mitigate cash flow losses. I wish to acknowledge the understanding and co-operation from our joint venture partner CNNC Overseas Uranium Holding Limited and the Government of Namibia in this regard. In June this year, we announced the appointment of Scott Sullivan, a mining engineer with considerable operating experience in several commodities and jurisdictions, as Chief Executive Officer. Scott will lead a fresh and thorough focus on all our projects, particularly the Langer Heinrich Mine as part of the Board’s endeavour to guide Paladin to be appropriately positioned for a uranium price resurgence. Again I thank our outgoing CEO, Alex Molyneux for his leadership, drive and commitment to Paladin over the past 3 very challenging years. The restructure of the Company by Deed of Company Arrangement, effectuated in February 2018, whilst painful for shareholders at the time, has certainly put Paladin in a stronger position to plan for a restart of production at Langer Heinrich at the appropriate time and consider other opportunities within its portfolio of projects to increase shareholder value. I wish to thank our new directors John Hodder, Daniel Harris and David Riekie for the manner in which they have applied themselves during this post Administration period. Once again, I sincerely thank all employees and contractors for their hard work despite ongoing uncertainties and personal challenges for them. Yours faithfully Rick Crabb Chairman 439138_2.docx 5 INSIGHTS FROM THE CEO __________________________________________________________________________________ Dear Stakeholders I am excited to join the Company as only the third CEO in its 25 year history
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