thank you lemmings and shorters, page-43

this is the part i like


LANGER HEINRICH MINORITY INTEREST SALE

On 1 August 2013 negotiations were terminated for the sale of a minority interest in the Langer Heinrich Mine after
the preferred bidder advised at a late stage that because of the recent weakness in the uranium spot price it
wanted to renegotiate the terms, including price, to a level that in the Board’s view was unacceptable. The Board
determined that it would not accept such value destruction and that a price was required that more appropriately
reflected Langer Heinrich’s intrinsic and strategic value.

Strong interest from a variety of parties has been received from late August and the process to sell a minority
interest in Langer Heinrich has resumed. Paladin offers a unique platform in the uranium supply sector generating
competition from the nuclear industry for an association both for current production and assured growth. Paladin
expects to be able to provide more detail on the status of negotiations in relation to this transaction by the end of
November. Based on bids received during the prior process and initial engagement in the new round, Paladin has
reasonable confidence in an outcome which will alleviate shareholder concerns regarding debt, noting the next
tranche of Convertible Bonds is not due for a further 2 years in November 2015.