Record 1.07M lb Uranium Produced; A$300M Equity Raise Fuels Growth
Paladin Energy reported a record uranium production quarter at its Langer Heinrich Mine alongside a successful A$300 million equity raise, positioning the company for accelerated development of its Patterson Lake South project.
- Record quarterly uranium production of 1,066,496 lb at Langer Heinrich Mine
- 63% increase in total material mined quarter-on-quarter
- Completed fully underwritten A$300 million equity raising
- Engineering review confirms technical robustness of Patterson Lake South Project
- New CEO Paul Hemburrow appointed, signaling leadership transition
Operational Momentum at Langer Heinrich
Paladin Energy’s latest quarterly report reveals a significant operational upswing at its flagship Langer Heinrich Mine (LHM) in Namibia. The mine produced a record 1,066,496 pounds of uranium oxide concentrate (U3O8), marking the highest quarterly output since the mine’s restart. This surge was underpinned by a 63% increase in total material mined compared to the previous quarter, reflecting the company’s steady ramp-up strategy.
Mining activities focused on the G and F pits, with waste stripping prioritized to unlock future ore access. Despite a shipping delay impacting sales volumes, the average realised uranium price rose sharply to US$67.4 per pound, up from US$55.6 in the prior quarter. Production costs edged higher to US$41.6 per pound, consistent with the operational ramp-up phase.
Financial Strength Bolstered by Equity Raising
Paladin successfully completed a fully underwritten equity raising totaling A$300 million in mid-September, comprising institutional placements and a private placement in Canada. This capital injection significantly strengthened the company’s balance sheet, boosting cash and investments to US$269.4 million at quarter-end. The funds are earmarked primarily for advancing the Patterson Lake South (PLS) Project in Canada, alongside ongoing LHM operations.
The company also launched a non-underwritten Share Purchase Plan (SPP) targeting up to A$20 million, which closed in early October. This financial flexibility positions Paladin to accelerate development timelines and engage more robustly with global stakeholders.
De-risking and Development of Patterson Lake South
In Canada, Paladin’s PLS Project received a positive engineering review that confirmed its technical and economic viability, effectively de-risking the project’s development and operations. The company continues to progress permitting activities, including environmental impact assessments and engagement with Indigenous Nations and regulators.
Exploration efforts included a successful electromagnetic survey over the Carter Trend and preparations for a winter drilling program aimed at resource extension. These steps underscore Paladin’s commitment to advancing PLS toward a final investment decision.
Leadership and Community Initiatives
Leadership changes were formalized with Paul Hemburrow assuming the role of Managing Director and CEO on 1 September 2025. His appointment coincided with strong investor support for the equity raise, signaling confidence in Paladin’s strategic direction. Additionally, Dale Huffman was appointed President of Paladin Canada, bringing extensive uranium mining expertise to the team.
On the sustainability front, Paladin maintained a strong safety record and continued community investments in Namibia, including donations of medical and emergency equipment and launching youth entrepreneurial programs. These initiatives reflect the company’s broader commitment to responsible mining practices.
Bottom Line?
With record production and a fortified balance sheet, Paladin Energy is poised to accelerate its growth trajectory, but the market will watch closely for progress on PLS permitting and final investment decisions.
Questions in the middle?
- How will Paladin’s production costs evolve as Langer Heinrich completes its ramp-up?
- What are the key milestones and timelines for the final investment decision on the PLS Project?
- How might global uranium market dynamics impact Paladin’s sales agreements and pricing?
