Background

In November 2006, Cameco Australia Pty Ltd (Cameco) and Paladin Energy Minerals NL (Paladin) submitted an Exploration Licence application for 12 blocks covering the Angela and Pamela uranium prospects south of Alice Springs for a total of 37.67km2.

In February 2008 the Northern Territory Government announced that a 50:50 Joint Venture between Paladin and Cameco had been chosen as the successful applicant for an exploration licence covering the Angela and Pamela uranium deposits, located 25km south of Alice Springs in the Northern Territory. Paladin’s interest is held through its wholly owned subsidiary, Paladin NT Pty Ltd.

In October 2008 an Exploration Licence (EL 25758) was granted by the Northern Territory Government for a period of six years. All approvals necessary to begin exploration were obtained before drilling commenced on site early in May 2009. An exploration deed covering arrangements with the Native Title Group was executed with the Central Land Council in August 2009.

The project was managed by Cameco during the 2009 and 2010 drilling programmes with management of the project handed over to Paladin in September 2011.

Following extensive compilation and validation of historic data and drilling programmes in 2009 and 2010, Paladin undertook an initial estimate of U3O8 mineral resource at Angela-Pamela, Australia. This estimate is in compliance with the NI 43-101 and the JORC guidelines

In late June 2013, Paladin assumed full ownership of the Angela project by acquiring all of Cameco's interest.

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