Paladin Energy (ASX: PDN) – Q2 2026 Quarterly Presentation Materials

Paladin Energy’s June 2026 quarterly presentation marks a clear operational inflection point, with the company’s Langer Heinrich Mine achieving a fully ramped production profile after several years of work. The mine produced 1.23 million pounds of uranium oxide in the June quarter at an average realised price of US$70.6 per pound, with cost of production at US$51.6 per pound. For the full financial year 2026, production reached 4.82 million pounds against guidance of 4.5 to 4.8 million pounds, while cost of production came in at US$43.3 per pound, comfortably within the guided band of US$44 to US$48 per pound. This represents a meaningful pivot from the operational instability that characterised earlier restart phases.

The timing of this operational stability aligns with structural changes in the uranium market. Paladin management points to a global uranium supply deficit estimated at 126 million pounds annually against growing reactor demand, with visible new supply insufficient to meet utility requirements through 2040. The company holds contracted uranium volumes totalling 21 million pounds through 2030 against customer nominations, with additional ore reserve exposure to market-related pricing. This contract coverage provides both revenue visibility and upside to price appreciation, a combination that underpins the improvement in realised pricing achieved this quarter.

Beyond the operating mine, Paladin’s Patterson Lake South project in Canada has progressed meaningfully. The Canadian Nuclear Safety Commission determined that the project’s construction licence application has achieved sufficiency status, clearing a regulatory hurdle that allows the application to proceed to formal hearings, targeted for completion by end of 2027. Concurrent with this regulatory advancement, Paladin has identified a new high-grade uranium discovery named Atlas, located 3.5 kilometres south of the main Triple R deposit. The best intersection returned 21.5 metres of composite uranium mineralisation, with a 14.5 metre interval grading 1.70 percent U3O8. This exploration success, combined with advancing development engineering, reinforces the growth trajectory at a project whose feasibility study outlines 97 million pounds of uranium production over a 10-year mine life.

The company’s balance sheet reflects the benefit of both operational cash generation and disciplined capital allocation. Paladin reported cash and investments of US$265 million with an undrawn US$70 million revolving credit facility at quarter end. Capital expenditure in the June quarter totalled US$12.1 million. For fiscal 2027, management has guided to production of 5.1 to 5.6 million pounds from Langer Heinrich, with cost of production between US$44 and US$48 per pound, suggesting incremental production growth from the now-stable operating mine.

Investors should monitor the pace of PLS project advancement through the CNSC hearing process, the trajectory of uranium market pricing relative to the company’s contract book coverage, and exploration results from the Atlas discovery as Paladin works to extend the development pipeline beyond the initial 10-year mine life at PLS.

View the full ASX announcement (PDF)

About Paladin Energy Ltd (ASX: PDN)

Paladin Energy Ltd is a uranium production and exploration company that develops and operates uranium mines through its subsidiaries in Australia, Canada, and Namibia. The company operates the Langer Heinrich Mine in Namibia and engages in uranium exploration and evaluation projects across multiple countries. It supplies uranium for nuclear power generation globally.

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