Highlights

  • PND record quarterly uranium output of 1.07M lb U₃O₈ from Langer Heinrich Mine
  • The company has completed AUD 300M fully underwritten equity raising to fund project advancement
  • PND’s plant recovery averaged 86%, with ore feed grade steady at 477 ppm U₃O₈

Paladin Energy Ltd (ASX:PDN) has released its quarterly activities report for the period ending 30 September 2025, highlighting a strong operational ramp-up at the Langer Heinrich Mine (LHM) in Namibia. The mine delivered record quarterly production of 1,066,496 lb U₃O₈, up from 993,843 lb in the previous quarter, supported by a 63% rise in total material mined to 5.27 Mt.

The company realised an average uranium price of USD 67.4/lb, compared with USD 55.6/lb in the prior quarter. The production cost increased to USD 41.6/lb, up from USD 37.5/lb. Uranium sales totalled 533,789 lb U₃O₈, affected by a shipping delay, with delivery completed post-quarter end.

Plant recovery averaged 86%, with ore feed grade steady at 477 ppm U₃O₈. The operational ramp-up is progressing as planned, with completion targeted by the end of FY2026. Additionally, full-scale mining and processing anticipated to begin in FY2027.

Project Development

The Patterson Lake South (PLS) Project in Canada advanced through its Front-End Engineering and Design (FEED) stage. Paladin completed a detailed engineering review confirming the project’s technical and economic integrity.

Exploration during the quarter included completion of a ground-based electromagnetic survey over the Carter Trend. Planning is underway for a winter drilling program focused on resource extension.

At the Michelin Project, a summer drilling program tested nine targets across the project area, supported by a successful drone-based radiometric survey.

Financial Position

Paladin successfully completed an AUD 300M equity raising on 16 September 2025, including an AUD 231M institutional placement in Australia, a CAD 30M (approximately AUD 33M) private placement in Canada, and an AUD 36M sale of shares from the Fission Uranium Corp. acquisition. The company also launched a non-underwritten Share Purchase Plan (SPP) targeting up to AUD 20M, which closed on 9 October 2025.

As of 30 September 2025, Paladin held USD 269.4M in unrestricted cash and investments, up USD 180.4M from the previous quarter, and maintained an undrawn USD 50M Revolving Credit Facility. A scheduled USD 6.8M debt repayment reduced the term loan balance to USD 79.8M.

Share Performance of PDN

The company is currently trading at AUD 9.430, up by 7.40% from its previous close of AUD 8.78