Paladin Energy Ltd (ASX:PDN) has lodged an Appendix 3B disclosing a proposed issue of 6,561,679 fully paid ordinary shares at a price of CAD 7.62 per security, with the placement scheduled for 19 November 2026 and fully underwritten by RBC Capital Markets and National Bank of Canada Capital Markets as part of a TSX bought deal.

Key Points

  • Paladin Energy proposes to issue 6,561,679 ordinary fully paid shares with an issue date of 19 November 2026.
  • The issue price is CAD 7.62 per security, equivalent to AUD 7.80 per security, based on a foreign exchange rate of AUD 1.00 to CAD 0.97670000.
  • The placement is fully underwritten by RBC Capital Markets and National Bank of Canada Capital Markets, described as a TSX bought deal.
  • The Canadian Underwriters will receive an underwriting fee of 4% of the gross proceeds from the TSX bought deal.
  • Proceeds are intended to fund ongoing development of the PLS Project, advancing exploration opportunities, and repayment of existing debt.

Placement Structure and Pricing Details

According to the filing lodged on 12 November 2026, the entire placement of 6,561,679 ordinary fully paid shares is being issued without security holder approval, utilising the company's 15% placement capacity under ASX Listing Rule 7.1. The securities are an existing class and will rank equally in all respects from their issue date with existing issued securities in that class. No attaching securities are included in the proposed issue, and the securities will not be restricted securities or subject to voluntary escrow.

Underwriting Arrangements for the TSX Bought Deal

The filing states that RBC Capital Markets and National Bank of Canada Capital Markets are acting as both lead managers and underwriters for the placement. No fee, commission or other consideration is disclosed as payable to the Canadian Underwriters for acting as lead managers. For their underwriting role, the Canadian Underwriters will receive a fee of 4% of the gross proceeds from the TSX bought deal. The terms under which the underwriting may be terminated are to be definitively agreed in the underwriting agreement, with further details referenced in an Investor Presentation released to the market on 12 November 2026.

Stated Use of Proceeds and Additional Costs

The filing discloses that the purpose of the securities issuance is to fund the ongoing development of the PLS Project, to advance exploration opportunities, and to enhance balance sheet flexibility through the repayment of existing debt. Additional costs to be incurred in connection with the proposed issue include standard share registry fees, legal and other external adviser fees, and ASX and TSX administrative fees. The company stated that its dividend and distribution policy will not be changed if the proposed issue proceeds. Any on-sale of issued securities within 12 months will comply with relevant Corporations Act provisions via publication of a cleansing notice.