Paladin Energy has announced a N$3.4 billion (A$300 million) underwritten equity raise to support the ramp-up of its Langer Heinrich Mine (LHM) in Namibia, with full mining and processing operations expected by the 2027 financial year.
The package includes a N$2.6 billion (A$231 million) institutional placement on the Australian Securities Exchange, a N$378 million (C$30 million) private placement in Canada, and a fully underwritten sale of N$416 million (A$36 million) in existing shares acquired through the Fission Uranium Corp. transaction.
Eligible shareholders will also be offered a share purchase plan to raise up to N$231 million (A$20 million).
The company said the funds will provide “general working capital while ramping up the LHM into full mining and processing plant operations by FY2027.”
Paladin confirmed that about half of the mining fleet is already operational, with the remainder due to come online in the second half of FY2026.
By 31 August 2025, the mine had produced 727,356 pounds of U₃O₈ at an average cash cost of N$706 (US$40.7) per pound, selling 533,789 pounds at an average realised price of US$67.4 per pound.
The company reaffirmed its FY2026 guidance of producing 4.0–4.4 million pounds and selling 3.8–4.2 million pounds of U₃O₈.
It added that operational performance has improved, with the processing plant achieving consistent recoveries and record crusher throughput. The mine plan prioritises medium- and high-grade ore for processing, while lower-grade ore is stockpiled for future use.
“LHM performance to date during the September quarter has been in line with expectations and the LHM remains on track to achieve FY2026 guidance,” the company said.
Paladin holds a 75% interest in LHM, with the remaining 25% owned by CNNC Overseas Limited.
The company highlighted potential risks, including weather conditions, equipment availability, logistics, and market volatility, noting that delays in the ramp-up could affect cash reserves and financial performance.
