Paladin Energy says the ramp-up in production at the Langer Heinrich Mine generated revenue of N$2.20 billion (US$138.3 million) after the sale of 1.96 million pounds of uranium oxide (U₃O₈) at an average realised price of N$1,122 per pound (US$70.5 per pound).
According to the company’s half-year results for the period ended December 2025, the performance resulted in a gross profit of N$414 million (US$26.0 million), representing an improvement compared with the previous corresponding period.
Paladin Managing Director and Chief Executive Officer Paul Hemburrow said operational performance continued to strengthen as production ramp-up progressed.
“The first half of the year demonstrated strong and continually improving performance at Langer Heinrich Mine as our team increased its knowledge and experience of how to optimise the production process, including the mining activities that were gathering pace at the start of this financial year. With the remaining mining fleet arriving on site, the foundations are now in place to successfully complete our ramp-up at Langer Heinrich Mine during the remaining months of the year,” said Hemburrow.
Cost of sales totalled N$1.79 billion (US$112.3 million), reflecting a higher proportion of mined ore processed during the period.
Despite improved operational performance, Paladin recorded a net loss after tax of approximately N$105 million (US$6.6 million). The company attributed the loss to ongoing ramp-up activities at Langer Heinrich Mine, expansion following the acquisition of Fission Uranium Corp, now Paladin Canada Inc., as well as costs related to its TSX listing and financing activities. The loss nevertheless narrowed significantly compared with the US$15.1 million reported in the previous half-year.
Total unrestricted cash and investments increased by 213% to N$4.43 billion (US$278.4 million), up from US$89 million in June 2025. The increase followed the successful completion of a fully underwritten A$300 million equity raising and a A$100 million share purchase plan aimed at supporting the Langer Heinrich ramp-up and advancing the Patterson Lake South (PLS) Project in Canada.
“The half-year results also highlight the robust financial position of Paladin Energy, with increasing revenue from strong sales augmented by a successful equity raising and a restructure of the debt portfolio that will enable us to complete our ramp-up activities at LHM and continue to progress the PLS Project in Canada, including our winter drilling programme,” Hemburrow said.
The company also restructured its debt facility, reducing total debt capacity from US$150 million to US$110 million while increasing financial flexibility. At period end, Paladin had N$637 million (US$40 million) drawn under its term loan facility and an undrawn revolving credit facility of N$1.11 billion (US$70 million).
Total equity increased by 31% to N$16.75 billion (US$1.05 billion).
