Paladin Energy: Quarterly Activities Report – March 2025
Press Release
April 23, 2025
Paladin recorded a number of achievements during the quarter, including the highest Langer Heinrich Mine (LHM) quarterly production since the restart, as part of the ongoing operational ramp up. While a significant weather event adversely affected the operations during March, the Paladin team continued to make considerable progress, safely resuming operations on site as well as commencing initial mining activities subsequent to quarter end. A range of achievements in Canada immediately post the acquisition of Fission Uranium Corp. enhanced the future of the Patterson Lake South (PLS) Project and further highlighted its importance to the Company’s strategy to deliver a
multi-decade uranium production pipeline to supply the global nuclear industry.
Highlights
Despite the significant weather event, production for the quarter was 745,484lb U3O8 for the LHM, representing a 17% increase on the previous quarter and the highest level of quarterly production since the restart of the LHM
Sales for the quarter were 872,435lb U3O8 at an average realised price of US$69.9/lb
Commencement of initial mining activities at the LHM, with fleet mobilisation progressed, first blast completed and mined ore fed to the processing plant subsequent to quarter end
Exemption granted by the Canadian Government from the Non-Resident Ownership Policy (NROP) for PLS in
Canada
Mutual Benefits Agreements (the MBAs or the Agreements) signed with two First Nations acknowledging that the development of PLS delivers shared economic and social benefits to the local community
Unrestricted cash and short-term investments of US$127.8M as at 31 March 2025, with undrawn debt facilities of
US$50M
“Production volumes at the LHM during the quarter continued to ramp up, with our expectations of additional volumes being disrupted by a significant rainfall event across Namibia. Our team at the LHM deserves enormous credit for their response to this unexpected incident, their ability to be agile and to rapidly implement a recovery program at the site. This included identification of a new pit area to advance our mining program, following the flooding of the location originally earmarked as the site for initial mining.
There have also been important steps forward in delivering value from the PLS Project in just the few short months since our acquisition of Fission Uranium Corp. Two Mutual Benefit Agreements have been signed with local First Nations, and we have secured our exemption to the Non-Resident Ownership Policy, allowing Paladin to maintain our 100% ownership of the asset from exploration through production. Pleasingly, the integration of the Paladin and Fission teams is largely complete in practical terms with effective operating activities and systems bringing people and processes together in Paladin Canada. Our Sales and Marketing activities are continuing to deliver positive results with a strong average realised uranium price for the quarter. We have received very positive feedback from global utilities regarding our ownership of the PLS Project, with recognition of our expertise in both development and production of uranium as the long-term supply and demand imbalances in the market are becoming very clear. While we saw global economic uncertainty and market turbulence from United States tariffs increase at the end of the quarter, we have not seen any direct impact on Paladin’s operations or sales from the United States Presidential decisions at this time.”
IBF4
