The Company owns a 2.0% GRR (the "Michelin Royalty") on uranium recovered from the Michelin Project located in Newfoundland, Canada (the "Michelin Project"), calculated based on the actual proceeds of sales of uranium, without deductions.

In its quarterly activities report for the quarter ended June 30, 2024, Paladin stated that substantial work has been completed at Michelin and a Pre-Feasibility Study (PFS) will commence in FY2025 and is expected to be completed during FY2026. The PFS will also evaluate alternative development options with the potential to reduce capital expenditure, deliver the initial project execution plan and progress the Environmental Assessment timeline. Additionally, exploration activities are continuing, aimed at identifying and defining additional shallow deposit resource extensions.

In its quarterly activities report for the quarter ended September 30, 2023, Paladin stated that it now holds a 100% interest in the Michelin Project as a result of the surrender of a 25% participating interest by a joint venture partner of the joint venture agreement. Paladin also stated that it had been granted additional mineral licenses for prospective new ground adjoining the Michelin Project. In its quarterly activities report for the quarter ended December 31, 2023, Paladin stated that the current exploration program continued to focus on detailed geological and structural mapping of prospective areas of the tenement, with the commencement of an initial drilling program.

The deposit at the Michelin Project was initially discovered in 1968. According to publicly available information, Aurora Energy Resources Inc. held the rights to the Michelin Project when it completed its initial public offering in 2006. In early 2008, Fronteer Development Group Inc. ("Fronteer") completed its acquisition of Aurora Energy Resources Inc. in April of 2009 at which point it valued the total acquisition at approximately $180 million. Following the acquisition, Fronteer completed a preliminary economic assessment on the Michelin Project in 2009.

In February of 2011, Paladin acquired Aurora Energy Resources Inc. from Fronteer for $261 million. In December of 2011, the moratorium on uranium mining was lifted. In August 2012, Paladin announced that it had entered into a long-term off-take agreement with a major utility and that it had granted such utility security in connection therewith over 60.1% of its interest in the Michelin Project.

In a presentation dated March 2021, Paladin disclosed that US$75 million of total historical in ground exploration had occurred at the project. In Paladin's quarterly activities report for the quarter ended December 31, 2022, Paladin announced completion of the summer exploration field program conducted at Michelin in Labrador, Canada, with the analysis of data collected nearing completion. Paladin stated that this analysis will assist in deriving a new exploration model designed to generate new drill targets for future exploration drilling programs.