Chamwe Kaira
Paladin Energy Limited has reported record quarterly uranium production from its Langer Heinrich Mine in the Erongo region, marking another milestone in the mine’s ramp-up phase since restarting operations.
The Australian Stock Exchange-listed uranium producer said output reached 1,066,496 pounds of uranium oxide during the quarter ending 30 September, up from 993,843 pounds in the previous quarter.
The company said the performance reflects “increasing operational strength and capability” as it moves towards full-scale production.
Sales for the quarter totalled 533 789 pounds of uranium oxide at an average realised price of US$67.40 per pound, compared to US$55.60 in the previous quarter.
Paladin said sales volumes were affected by a shipping delay, with one delivery postponed to the next quarter.
The cost of production rose slightly to US$41.60 per pound, reflecting the mine’s ongoing ramp-up.
Paladin reported strong liquidity, with cash and investments of US$269.4 million and an undrawn US$50 million revolving credit facility at the end of the quarter.
Managing director and chief executive officer Paul Hemburrow, who took office on 1 September, said the results “demonstrate Paladin’s increasing operational strength and capability to support the future development of our multi-decade production pipeline.”
Mining activity at Langer Heinrich increased sharply, with total material mined rising 63% to 5.27 million tonnes during the quarter.
Operations focused on the G and F pits, with waste stripping prioritised to enable access to future ore.
The processing plant maintained strong performance, processing 1.15 million tonnes of ore at an average grade of 477 parts per million of uranium oxide, with an 86% recovery rate.
Paladin said ore feed will be lower in the December quarter as waste removal continues in the G-pit area.
Ore output is expected to ramp up in the second half of the 2026 financial year, with full operational ramp-up targeted for completion by the end of that year and steady-state production expected in the 2027 financial year.
The company recorded a Total Recordable Injury Frequency Rate of 3.2 per million hours worked, outperforming its safety target.
No serious environmental or radiation incidents occurred during the period.
Paladin said it now has 14 uranium sales agreements with major customers in the US, Europe, and Asia, positioning the company to benefit from growing global demand for nuclear fuel.
“The progress at Langer Heinrich and the strong investor response to our equity raising reflect confidence in Paladin’s strategy,” said Hemburrow.
