Paladin Energy Ltd has spent N$114.87 million (US$7.0 million) on capital and exploration at the Langer Heinrich Mine (LHM) in the first nine months of FY2026, as strong operational performance prompted a reduction in full-year spending guidance.
The company has cut its FY2026 capital and exploration expenditure forecast to between N$246.15 million and N$278.97 million (US$15 million–US$17 million), down from N$426.66 million to N$525.12 million (US$26 million–US$32 million).
Paladin said the reduction reflects the reprioritisation and deferral of selected capital projects and exploration activities. Spending rose over the period, increasing from N$18.05 million (US$1.1 million) in Q1 to N$55.79 million (US$3.4 million) in Q3.
“The capital and exploration expenditure guidance range has been reduced to US$15 million to US$17 million (previously US$26 million to US$32 million) due to the reprioritisation and deferral of capital and exploration expenditure. The revised guidance is based on current operating conditions and assumptions and may be impacted by disruptions arising from current geopolitical events. Paladin is closely monitoring the potential impact of these events,” the company said.
LHM continued to improve during its ramp-up phase, with year-to-date production reaching 3.59 million pounds of uranium oxide. Output increased each quarter, from 1.07 million pounds in Q1 to 1.23 million pounds in Q2 and 1.29 million pounds in Q3. Paladin has raised its full-year production target to between 4.5 million and 4.8 million pounds.
Production costs remained within guidance, averaging N$662.96 per pound (US$40.4 per pound), against a full-year range of N$722.04 to N$787.68 per pound (US$44–US$48 per pound).
Total sales for the period reached 3.0 million pounds of uranium oxide. Volumes peaked at 1.43 million pounds in Q2 before declining to 1.03 million pounds in Q3. The company recorded an average realised price of N$1,145.42 per pound, with quarterly prices ranging from N$1,106.03 per pound (US$67.4 per pound) in Q1 to N$1,178.24 per pound (US$71.8 per pound) in Q2.
“LHM recorded 3.0 million pounds of U₃O₈ in sales in the first nine months of FY2026. Full-year sales guidance remains unchanged,” the company said.
