PLS PROJECT WINTER DRILLING DELIVERS POSITIVE RESULTS AT SALOON EAST

   Collar   

   Basement
  depth (m)   

   Total
depth   

   (m)   

   2PGA-1000 Gamma probe (≥500 cps / ≥0.5 m minimum)   

   Exploration
Area   

   Hole ID   

   Easting
(UTM
NAD83)   

   Northing
(UTM
NAD83)   

   Elevation
(masl)   

   Azimuth
(deg)   

   Dip
  (deg)   

   From   

   To   

   Interval   

   Average cps   

   Max cps   

   Saloon East   

  PLS25-685  

  601774.8  

  6388784.0  

  498.3  

  128  

  -70  

  44.4  

  558.0  

  263.6  

  272.1  

  8.5  

  694  

  2,009  

   279.2   

   289.2   

   10.0   

   2,576   

   14,772   

  291.7  

  294.0  

  2.3  

  1,140  

  2,916  

  299.7  

  303.2  

  3.5  

  641  

  1,715  

  319.1  

  324.5  

  5.4  

  1,177  

  3,346  

  333.4  

  333.9  

  0.5  

  578  

  672  

  342.9  

  343.7  

  0.8  

  1,406  

  2,422  

  387.8  

  390.5  

  2.7  

  2,641  

  7,413  

   394.2   

   396.7   

   2.5   

   2,566   

   10,010   

  428.5  

  429.1  

  0.6  

  3,713  

  6,165  

  PLS25-688A  

  601789.1  

  6388769.2  

  498.0  

  129  

  -71  

  51.0  

  552.0  

  108.7  

  109.8  

  1.1  

  589  

  800  

  204.6  

  205.1  

  0.5  

  598  

  687  

  210.2  

  215.4  

  5.2  

  1,115  

  3,962  

  223.1  

  223.8  

  0.7  

  576  

  637  

   225.8   

   236.1   

   10.3   

   2,474   

   11,660   

  289.7  

  290.8  

  1.1  

  1,377  

  2,152  

  312.0  

  312.5  

  0.5  

  1,402  

  2,002  

  365.4  

  365.9  

  0.5  

  1,151  

  1,665  

   370.4   

   371.7   

   1.3   

   6,133   

   14,862   

   416.3   

   419.8   

   3.5   

   4,030   

   11,964   

   424.0   

   426.5   

   2.5   

   3,443   

   11,280   

   433.2   

   445.5   

   12.3   

   3,582   

   13,657   

  497.0  

  498.7  

  1.7  

  773  

  1,046  

  PLS25-690  

  602270.6  

  6389053.9  

  498.2  

  321  

  -75  

  51.0  

  387.0  

  243.0  

  246.0  

  3.0  

  533  

  1,092  

  283.6  

  290.3  

  6.7  

  764  

  2,122  

  295.8  

  297.5  

  1.7  

  1,403  

  2,250  

  PLS25-691  

  601800.2  

  6388759.9  

  498.2  

  129  

  -71  

  50.6  

  492.1  

  180.9  

  184.3  

  3.4  

  682  

  919  

  227.3  

  227.9  

  0.6  

  778  

  961  

  251.4  

  254.7  

  3.3  

  531  

  802  

  268.1  

  272.0  

  3.9  

  960  

  1,951  

  418.3  

  424.8  

  6.5  

  627  

  1,847  

  427.8  

  431.2  

  3.4  

  1,057  

  2,625  

  443.0  

  443.8  

  0.8  

  536  

  647  

  PLS25-692  

  602270.4  

  6389065.4  

  498.0  

  305  

  -73  

  53.5  

  330.0  

  190.8  

  192.0  

  1.2  

  669  

  793  

  195.6  

  199.1  

  3.5  

  639  

  2,849  

  202.7  

  212.4  

  9.7  

  1,314  

  5,423  

  234.0  

  234.8  

  0.8  

  612  

  803  

  249.7  

  252.3  

  2.6  

  623  

  944  

  256.8  

  267.5  

  10.7  

  1,172  

  4,988  

  273.5  

  277.9  

  4.4  

  1,650  

  4,837  

  317.0  

  317.6  

  0.6  

  1,360  

  2,015  

  PLS25-693  

  602270.4  

  6389065.4  

  498.0  

  310  

  -68  

  60.8  

  318.0  

  164.8  

  166.4  

  1.6  

  515  

  726  

  180.1  

  181.1  

  1.0  

  782  

  1,271  

  204.1  

  210.1  

  6.0  

  923  

  3,976  

  213.4  

  217.9  

  4.5  

  634  

  1,908  

   220.5   

   257.7   

   37.2   

   4,761   

   34,636   

  294.4  

  295.1  

  0.7  

  809  

  1,373  

  PLS25-694A  

  601841.6  

  6388784.0  

  498.0  

  129  

  -75  

  46.8  

  348.0  

  185.7  

  190.1  

  4.4  

  1,418  

  3,856  

  195.9  

  196.4  

  0.5  

  867  

  1,208  

  198.5  

  205.5  

  7.0  

  1,548  

  3,010  

  222.0  

  223.3  

  1.3  

  831  

  1,190  

  226.7  

  228.1  

  1.4  

  1,209  

  1,752  

  241.6  

  246.5  

  4.9  

  1,079  

  1,913  

  250.5  

  251.2  

  0.7  

  824  

  1,179  

  264.0  

  273.7  

  9.7  

  928  

  2,466  

  288.4  

  294.1  

  5.7  

  871  

  1,783  

  PLS25-695  

  602270.4  

  6389065.4  

  498.0  

  305  

  -60  

  56.4  

  213.0  

   Drillhole lost, not gamma probed   

  PLS25-696  

  601895.9  

  6388750.8  

  498.3  

  335  

  -80  

  64.9  

  351.0  

  161.5  

  164.8  

  3.3  

  652  

  1,185  

  185.3  

  218.3  

  33.0  

  1,101  

  6,723  

  222.9  

  224.3  

  1.4  

  703  

  896  

  227.6  

  232.3  

  4.7  

  738  

  2,057  

   241.9   

   253.4   

   11.5   

   8,957   

   51,303   

  258.8  

  260.9  

  2.1  

  1,750  

  4,473  

  306.5  

  307.2  

  0.7  

  662  

  943  

  PLS25-697  

  602252.2  

  6389079.1  

  498.2  

  304  

  -66.25  

  74.4  

  250.1  

  120.5  

  125.8  

  5.3  

  563  

  1,099  

  138.6  

  139.5  

  0.9  

  604  

  798  

  141.0  

  141.5  

  0.5  

  675  

  793  

  152.4  

  161.5  

  9.1  

  611  

  1,960  

  172.7  

  173.6  

  0.9  

  618  

  677  

  177.1  

  178.1  

  1.0  

  608  

  679  

  184.2  

  188.8  

  4.6  

  1,377  

  4,104  

  193.9  

  195.7  

  1.8  

  925  

  1,446  

  PLS25-698  

  602019.0  

  6388634.2  

  510.7  

  316  

  -49  

  92.5  

  357.0  

  134.9  

  135.5  

  0.6  

  717  

  763  

  259.2  

  265.7  

  6.5  

  1,513  

  4,702  

  276.2  

  281.8  

  5.6  

  954  

  2,999  

   291.6   

   304.1   

   12.5   

   4,198   

   27,730   

   Saloon   

  PLS25-700A  

  602083.8  

  6388022.1  

  527.1  

  313  

  -77  

  83.6  

  537.0  

  183.8  

  187.9  

  4.1  

  554  

  1,258  

  436.6  

  437.3  

  0.7  

  806  

  1,107  

  446.7  

  447.3  

  0.6  

  947  

  1,232  

  PLS25-703  

  598710.0  

  6386314.0  

  565.0  

  320  

  -75  

  126.0  

  198.3  

   Drillhole lost   

   South Patterson   

  PLS25-686A  

  599131.0  

  6388680.0  

  498.1  

  0  

  -90  

  51.0  

  201.0  

  129.0  

  131.0  

  2.0  

  624  

  1,038  

  134.5  

  135.5  

  1.0  

  568  

  721  

  142.7  

  147.3  

  4.6  

  536  

  821  

  149.3  

  152.1  

  2.8  

  589  

  1,145  

  163.9  

  164.6  

  0.7  

  545  

  643  

  174.3  

  179.1  

  4.8  

  692  

  1,041  

  181.3  

  182.8  

  1.5  

  666  

  848  

   Far East   

  PLS25-687  

  600112.8  

  6390497.2  

  498.3  

  348  

  -70  

  47.8  

  204.4  

   No anomalous radioactivity   

  PLS25-689  

  600359.3  

  6390575.5  

  501.9  

  158  

  -79  

  54.2  

  372.0  

   No anomalous radioactivity   

   PLG Main   

  PLS25-699  

  597359.7  

  6389781.8  

  536.4  

  157  

  -77  

  95.7  

  558.0  

  120.9  

  124.1  

  3.2  

  633  

  856  

  128.5  

  130.5  

  2.0  

  501  

  581  

  132.6  

  134.8  

  2.2  

  778  

  1,196  

  PLS25-701  

  596345.0  

  6389136.0  

  548.3  

  347  

  -77  

  111.0  

  270.0  

  104.4  

  124.5  

  20.1  

  1,796  

  4,076  

  PLS25-702  

  596058.2  

  6389209.5  

  554.4  

  155  

  -60  

  143.4  

  288.0  

   No anomalous radioactivity   

  PLS25-704  

  596189.5  

  6389089.4  

  552.1  

  335  

  -78  

  110.3  

  318.0  

  105.0  

  137.6  

  32.6  

  2,117  

  5,133  

  138.3  

  141.2  

  2.9  

  634  

  866  

  142.8  

  152.4  

  9.6  

  1,036  

  6,415  

  170.8  

  171.4  

  0.6  

  795  

  980  

  173.0  

  174.8  

  1.8  

  828  

  1,476  

  177.8  

  183.8  

  6.0  

  589  

  1,505  

    Criteria    

    JORC Code explanation    

    Commentary    

   Sampling techniques   

•    Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.   
 
•    Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.   
 
•    Aspects of the determination of mineralisation that are Material to the Public Report.   
 
•    In cases where 'industry standard' work has been done this would be relatively simple (eg 'reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay'). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.   
 

•   Results reported in this announcement consist of downhole radioactivity measured using a 2PGA-1000 gamma probe  
 
•   The 2PGA-1000 gamma probe records radioactivity in counts per second (cps) every 10 cm throughout the entire length of the drillhole in both the up and down directions, at a speed of approximately 6 m/minute  
 
•   Gamma probe measurements are made within the drill rods  
 
•   The 2PGA-1000 gamma probe comes calibrated from the manufacturer and is checked on site at Patterson Lake South using a historical calibration drillhole  
 

   Drilling techniques   

•    Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).   
 

•   All drilling reported in this release was completed using a Zinex A5 core drill  
 
•   In select drillholes with poor ground conditions at the top of bedrock HQ (63.5 mm) diameter coring was performed, but drillholes are primarily NQ (47.6 mm) diameter, standard tube  
 
•   Drill core is orientated by the logging geologist, with orientation marks provided by a REFLEX ACTIII  
 

   Drill sample recovery   

•    Method of recording and assessing core and chip sample recoveries and results assessed.   
 
•    Measures taken to maximise sample recovery and ensure representative nature of the samples.   
 
•    Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.   
 

•   Drill core recovery is not relevant to this release as it pertains to in-situ gamma probe results  
 

   Logging   

•    Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.   
 
•    Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.   
 
•    The total length and percentage of the relevant intersections logged.   
 

•   All core drilled at the PLS project has been geologically and geotechnically logged in detail  
 
•   Drill core relevant to this news release has not been logged in a level of detail to support resource estimation or mining studies as these are exploration drillholes  
 
•   Logging is qualitative in nature core photos have been collected for all drill core  
 

   Sub-sampling techniques and sample preparation   

•    If core, whether cut or sawn and whether quarter, half or all core taken.   
 
•    If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.   
 
•    For all sample types, the nature, quality and appropriateness of the sample preparation technique.   
 
•    Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.   
 
•    Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling.   
 
•    Whether sample sizes are appropriate to the grain size of the material being sampled.   
 

•   Not relevant to this release  
 

   Quality of assay data and laboratory tests   

•    The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.   
 
•    For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.   
 
•    Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.   
 

•   Radioactivity measurements in this release were recorded using a 2PGA-1000 single gamma probe manufactured by Mount Sopris  
 
•   The gamma probe comes calibrated from the manufacturer, and Paladin has an on-site check drillhole which is used to confirm the probe accuracy prior to the start of every drill campaign  
 
•   Radioactivity measurements were recorded every 10 cm  
 
•   Drillholes are surveyed in the down and up directions, effectively duplicating the results, which are compared for any discrepancies after surveying  
 

   Verification of sampling and assaying   

•    The verification of significant intersections by either independent or alternative company personnel.   
 
•    The use of twinned holes.   
 
•    Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.   
 
•    Discuss any adjustment to assay data.   
 

•   Significant intersections have not been verified by independent or alterative company personnel  
 
•   No holes have been twinned  
 
•   Gamma probe data was collected at the drill by Paladin contactors, then the raw data was directly issued to the Paladin technical team  
 
•   All probe data is converted to Excel format and stored in Paladin's drillhole database  
 

   Location of data points   

•    Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.   
 
•    Specification of the grid system used.   
 
•    Quality and adequacy of topographic control.   
 

•   All drillhole collars are positioned using a Trimble real time kinematic GPS system  
 
•   All coordinates are in UTM NAD83  
 
•   Drillholes are aligned to the planned azimuth and dip using a TN-14 azimuth aligner  
 
•   A final collar position is collected using the Trimble GPS once the drill has moved off the site  
 
•   Drillhole azimuth and dip information is measured every 50 m during drilling using a REFLEX EZ-Trac  
 
•   The PLS property has a detailed digital terrane model to provide topographic control  
 

   Data spacing and distribution   

•    Data spacing for reporting of Exploration Results.   
 
•    Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.   
 
•    Whether sample compositing has been applied.   
 

•   Pierce point spacing for exploration drilling can vary between 15 to 50 m depending on the geology and level of radioactivity encountered  
 
•   Drillhole pierce point spacing is considered appropriate for the current exploration stage of drillholes in this release  
 

   Orientation of data in relation to geological structure   

•    Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.   
 
•    If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.   
 

•   Drilling orientations are generally sub-perpendicular to the interpreted dip of the geology, but there is limited knowledge of the geology in exploration areas  
 
•   Occasional drillholes will be orientated parallel to features of interest to test their depth extent  
 
•   It is noted within the release that all radioactive intervals are core lengths and not true widths  
 

   Sample security   

•    The measures taken to ensure sample security.   
 

•   Not relevant to this release  
 

   Audits or reviews   

•    The results of any audits or reviews of sampling techniques and data.   
 

•   No audits or reviews of the data presented in this release have occurred  
 

    Criteria    

    JORC Code explanation    

    Commentary    

   Mineral tenement and land tenure status   

•    Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.   
 
•    The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.   
 

•   Drilling presented in this release was completed on mineral claim   S-111376 which is 100% owned by Fission Uranium Corp a subsidiary of Paladin Energy Ltd.  
 
•   All claims are in good standing and all necessary permits for drilling and geophysical surveys have been received  
 

   Exploration done by other parties   

•    Acknowledgment and appraisal of exploration by other parties.   
 

•   The PLS project has been explored by a number of historical exploration companies including Uranerz Exploration and Mining Ltd., Hudson Bay Exploration and Development and Canadian Occidental Petroleum Ltd.  
 
•   There are historical drillholes on the property, none of which have tested the areas presented in this announcement  
 

   Geology   

•    Deposit type, geological setting and style of mineralisation.   
 

•   The target deposit type is unconformity-associated high-grade uranium, hosted at the base of the Athabasca Basin or underlying metamorphic basement rocks  
 

   Drill hole Information   

•    A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes:   
  •    easting and northing of the drill hole collar   
   
  •    elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar   
   
  •    dip and azimuth of the hole   
   
  •    down hole length and interception depth   
   
  •    hole length.   
   
 
•    If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.   
 

•   This information is included in Table 1 of the announcement  
 
•   No material information has been excluded  
 

   Data aggregation methods   

•    In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated.   
 
•    Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.   
 
•    The assumptions used for any reporting of metal equivalent values should be clearly stated.   
 

•   Radioactivity measurements are recorded every 10 cm throughout the drillhole length, no weighting is applied  
 

   Relationship between mineralisation widths and intercept lengths   

•    These relationships are particularly important in the reporting of Exploration Results.   
 
•    If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.   
 
•    If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg 'down hole length, true width not known').   
 

•   All intervals are down hole lengths  
 
•   Due to the early-stage nature of these results, true widths are not known at this time  
 

   Diagrams   

•    Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.   
 

•   Refer to the figures in the announcement  
 

   Balanced reporting   

•    Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.   
 

•   All relevant exploration data has been reported  
 

   Other substantive exploration data   

•    Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.   
 

•   All relevant exploration data has been reported  
 

   Further work   

•    The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling).   
 
•    Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.   
 

•   Next steps are outlined within the release