PALADIN ENERGY LTD

ACN 061 681 098

24 January 2020

By electronic lodgement

ASX Markets Announcements

Australian Securities Exchange

20 Bridge Street

SYDNEY NSW 2000

CANCELLATION OF SHARE APPRECIATION RIGHTS

Paladin Energy Limited (ASX:PDN) (Paladin or the Company) wishes to advise the cancellation of the following Share Appreciation Rights (SARs) upon lapsing:

2015 SARS (granted 1 November 2015)

897,500

2016 SARS (granted 11 November 2016)

285,000

2018 SARS (granted 16 April 2018)

1,177,500

SARS currently on issue:

2015 SARS (granted 1 November 2015 and 31 March 2016)

2,937,500

2016 SARS (granted 11 November 2016)

1,305,000

2018 SARS (granted 16 April 2018)

5,077,500

SARs granted 1 July 2018

5,000,000

SARs granted 1 March 2019

2,500,000

SARs granted 1 July 2019

2,500,000

2019 SARS (granted 1 October 2019)

3,625,000

For further information: Andrea Betti Company Secretary paladin@paladinenergy.com.au +61 (8) 9381 4366

This announcement was authorised by the Paladin Energy Limited Company Secretary, Andrea Betti

453879_1.docx Level 4,

502 Hay Street, Subiaco, Western Australia 6008 Postal: PO Box 201, Subiaco, Western Australia 6904

Tel: +61 (8) 9381 4366

Fax: +61 (8) 9381 4978 Email: paladin@paladinenergy.com.au Website: www.paladinenergy.com.au

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Paladin Energy Ltd. published this content on 24 January 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 January 2020 08:19:02 UTC