Paladin Energy Ltd has completed a fully underwritten equity raising of approximately N$3.48 billion (A$300 million) to strengthen its financial position as it advances uranium projects, including the ramp-up of its Langer Heinrich mine in Namibia.
The fundraising included a N$2.68 billion (A$231 million) placement on the Australian Securities Exchange (ASX), a N$398 million (C$30 million) private placement in Canada, and a N$418 million (A$36 million) sale of treasury shares previously acquired through the Fission Uranium Corp. acquisition.
The company said the offer drew support from new and existing institutional investors across Australia, Canada, and international markets.
“We are delighted with the support we have received for the equity raising from high-quality investors. The funds secured will provide us with the balance sheet flexibility to advance the Patterson Lake South Project towards a final investment decision while completing the ramp-up of operations at the Langer Heinrich Mine,” said Managing Director and CEO Paul Hemburrow.
Paladin added that it plans to launch a Share Purchase Plan (SPP) for eligible shareholders in Australia and New Zealand, targeting up to N$232 million (A$20 million) at A$7.25 per share. The SPP offer booklet is expected to be released on 25 September 2025.
Settlement for the ASX Placement, the TSX Bought Deal, and the Treasury Share Sale is scheduled for 22 September 2025, with new shares to be allotted the following day. The company confirmed that all shares issued under the raising will rank equally with existing fully paid ordinary shares.
The Langer Heinrich Mine, located in the Erongo Region, is one of Namibia’s largest uranium reserves, with estimated reserves of 57,000 tonnes of ore grading 0.055% uranium.
