Paladin Energy Ltd says its acquisition of Fission Uranium will benefit the Langer Heinrich Mine (LHM) through the enhanced scale, resources, and capital market presence of the combined entity.
According to Paladin CEO, Ian Purdy, the acquisition is set to integrate Fission’s high-quality uranium projects, such as Patterson Lake South (PLS) in Canada’s Athabasca Basin, with Paladin’s established operations, including the LHM in Namibia.
“We welcome the Government of Canada’s clearance of the acquisition of Fission and believe that this decision will deliver great benefits for our company and its shareholders, as well as for stakeholders in Australia, Canada and Namibia,” he said.
“The combination of Paladin and Fission creates a world-class diverse uranium producer operating in multiple countries, with a high-quality portfolio of production, development and exploration assets,” Purdy added.
He further explained that the merger will bolster Paladin’s role as a leading clean energy player, leveraging increased uranium demand amid the global shift to sustainable, carbon-free energy solutions.
Paladin’s expanded portfolio now spans the Langer Heinrich Mine, PLS, and Michelin projects, forming one of the largest uranium resource bases among pure-play uranium companies.
“The addition of the PLS project in the Athabasca Basin creates a leading Canadian development hub alongside our existing Michelin project, with exploration upside across all the Canadian properties. Shareholders of Paladin, including former shareholders of Fission, will benefit from the increased scale of the combined company that will be one of the largest pure-play uranium companies globally, as well as greater exposure to, and interest from, international capital markets,” he said.
This comes as Paladin announced the final regulatory clearance for its acquisition of Fission Uranium Corp has been approved under Canada’s Investment Canada Act.
The arrangement, which is expected to close in early January 2025, will see Fission shareholders receive 0.1076 Paladin shares for each Fission share held.
Following the transaction, Paladin’s shares will also be listed on the Toronto Stock Exchange, while Fission’s shares will be delisted from all exchanges.
Paladin owns 75% of the LHM and acquired its assets from Aztec Resources Ltd in August 2002.
