LHM guidance metrics remain unchanged for FY2027.5
Highlights
- Langer Heinrich Mine (LHM) produced 1.00Mlb U₃O₈ in the quarter, with production reflecting the planned maintenance shutdown and processing plant recovery at the bottom-end of the target range due to ore characteristics associated with the mining sequence
-
asserted
production → remain → sequence
Sales volumes of 1.16Mlb U₃O₈ at an average realised price of US$79.4/lb U₃O₈ for the quarter reflect increasing uranium prices and a higher proportion of market-related sales during the quarter
asserted
volumes → realise → quarter
- Mutual Benefits Agreement signed with Birch Narrows Dene Nation in respect of the Patterson Lake South (PLS) Project located in the Athabasca Basin region of Saskatchewan, Canada
- Langer Heinrich Mine (LHM) produced 1.00Mlb U₃O₈ in the quarter, with production reflecting the planned maintenance shutdown and processing plant recovery at the bottom-end of the target range due to ore characteristics associated with the mining sequence
-
asserted
production → sign → sequence
Sales volumes of 1.16Mlb U₃O₈ at an average realised price of US$79.4/lb U₃O₈ for the quarter reflect increasing uranium prices and a higher proportion of market-related sales during the quarter
- Mutual Benefits Agreement signed with Birch Narrows Dene Nation in respect of the Patterson Lake South (PLS) Project located in the Athabasca Basin region of Saskatchewan, Canada
- Administrative Protocol signed with the Canadian Nuclear Safety Commission (CNSC) targeting completion of hearings for the PLS Project’s Construction Licence application at the end of calendar year 2027
-
asserted
volumes → realise → year
Exploration drilling completed at PLS successfully extended mineralisation at the emerging Atlas and Saloon East discoveries and beyond the current R1515W Mineral Resource at the Triple R deposit
- Cash and investments of US$209M and an undrawn US$70M Revolving Credit Facility at quarter end
- Langer Heinrich Mine (LHM) produced 1.00Mlb U₃O₈ in the quarter, with production reflecting the planned maintenance shutdown and processing plant recovery at the bottom-end of the target range due to ore characteristics associated with the mining sequence
-
asserted
production → complete → sequence
Sales volumes of 1.16Mlb U₃O₈ at an average realised price of US$79.4/lb U₃O₈ for the quarter reflect increasing uranium prices and a higher proportion of market-related sales during the quarter
- Mutual Benefits Agreement signed with Birch Narrows Dene Nation in respect of the Patterson Lake South (PLS) Project located in the Athabasca Basin region of Saskatchewan, Canada
- Administrative Protocol signed with the Canadian Nuclear Safety Commission (CNSC) targeting completion of hearings for the PLS Project’s Construction Licence application at the end of calendar year 2027
-
asserted
volumes → realise → year
Exploration drilling completed at PLS successfully extended mineralisation at the emerging Atlas and Saloon East discoveries and beyond the current R1515W Mineral Resource at the Triple R deposit
- Cash and investments of US$209M and an undrawn US$70M Revolving Credit Facility at quarter end
-
asserted
drilling → complete → end
The quarter has seen steady implementation of our plans in Namibia and Canada.
asserted
quarter → see → Namibia
At Langer Heinrich we achieved strong realised prices reflecting the contract book’s leverage to increasing uranium prices.
asserted
we → achieve → prices
The quarter was impacted by the shutdown and the pit transition, with feed grade, plant performance and in-circuit inventory improving during September.
asserted
grade → impact → September
We expect production to increase in the second half of FY2027 and we remain on track to deliver our FY2027 guidance.
asserted
we → expect → guidance
“Within Canada we have seen progress across a range of activities with the highlight being the signing of the MBA with Birch Narrows Dene Nation, representing our third agreement of this type with Indigenous Nations.
asserted
highlight → see → Nations
The Administrative Protocol with the CNSC provides further reassurance regarding our pathway to a Construction Licence for the PLS Project, while exploration drilling continues to build confidence about the prospectivity of our landholdings at the Project.”
asserted
drilling → provide → Project
Langer Heinrich Mine (Namibia)
OperationsMining activities continued to progress to plan, with 7.73Mt of total material mined during the quarter, exceeding prior quarter volumes.
asserted
activities → continue → volumes
All mining activity was focused on the J pit, progressing development towards the main orebody whilst stripping topsoil and waste to open up access to primary ore.
asserted
activity → focus → ore
This will continue to progress throughout FY2027.
asserted
This → continue → FY2027
LHM produced 1.00Mlb U₃O₈ at an average recovery rate of 85%.
asserted
LHM → produce → %
During the quarter, the planned maintenance shutdown and ore characteristics associated with the mining sequence impacted processing performance, resulting in lower production with recovery at the bottom-end of the target range.
asserted
shutdown → plan → range
Low in-circuit inventory levels in the plant at the commencement of the quarter also impacted production.
asserted
levels → impact → production
The lower production volumes have contributed to the higher unit Cost of Production of US$61.60 per pound for the period when compared to the prior quarter.
asserted
volumes → contribute → quarter
During September, production improved as mining advanced in the J Pit with plant performance also strengthened, with throughput improving through the month.
asserted
throughput → improve → month
The team continues to monitor stock levels of operating inputs and inbound shipments regularly.
asserted
team → continue → inputs
As mining advances into the lower, southern benches of the J Pit, improvements in grade and metallurgical recovery are expected to drive higher production and reduce Cost of Production per pound over FY2027.
asserted
improvements → advance → FY2027
Paladin reaffirms LHM FY2027 guidance metrics, including production of 5.1 – 5.6Mlb U₃O₈ at a Cost of Production of US$44 – 48/lb, as set out in the exchange announcement dated 22 July 2026.
asserted
Paladin → reaffirm → announcement
As noted, higher production is expected in the second half of FY2027 as higher-grade ore feed to the processing plant increases.
asserted
feed → note → plant
FY2027 guidance is based on current operating conditions and assumptions and may be impacted by disruptions arising from current geopolitical events.
uncertain
guidance → base → events
Paladin is closely monitoring the potential impact of these events.
asserted
Paladin → monitor → events
During the quarter, LHM sold 1.16Mlb U₃O₈ at an average realised price of US$79.4/lb reflecting increasing uranium prices and a higher proportion of market-related sales during the quarter.
asserted
LHM → sell → quarter
As at 30 September 2026, Paladin had 400,000lb U₃O₈ outstanding under its uranium product loan facilities.
asserted
Paladin → have → facilities
These facilities provide flexibility on sales logistics, enabling the timely fulfilment of customer delivery commitments.8
Quarterly sales and average realised prices are dependent on the mix of contract pricing mechanisms and the timing of deliveries, which vary based on customer nominations from quarter to quarter as well as shipping schedules.
asserted
which → provide → quarter
A total of 15,222m of resource drilling was completed during the quarter, utilising two drill rigs within ML140.
asserted
total → complete → ML140
The drilling campaign focused on infill drilling to improve resource definition in areas scheduled for near-term mining, together with exploration drilling targeting extensions to known mineralisation.
asserted
campaign → focus → mineralisation
Patterson Lake South (Canada)
PLS Project Development and PermittingIn August 2026, Paladin’s Canadian subsidiary, Paladin Canada Inc. (Paladin Canada), and Birch Narrows Dene Nation (BNDN) signed a Mutual Benefits Agreement (MBA) in respect of the PLS Project.
asserted
subsidiary → sign → Project
The MBA will cover the lifespan of the PLS Project, which lies within BNDN traditional territory in the southwestern Athabasca Basin, Saskatchewan.
asserted
which → cover → Basin
It follows the signing of the binding term sheet between Paladin Canada and BNDN in April 2026.
asserted
It → follow → April
The MBA details how Paladin Canada and BNDN will work together to shape and share in the economic and social benefits that the development of the PLS Project will bring to the region.
asserted
development → detail → region
Importantly, the MBA confirms the support and consent of BNDN for the PLS Project in all its phases, from development to production and subsequently through to decommissioning and reclamation.
asserted
MBA → confirm → decommissioning
The Company continues to actively engage with local communities and Indigenous Peoples to build respectful relationships and support sustainable, long-term benefits.
asserted
Company → continue → benefits
In July 2026, Paladin signed an Administrative Protocol with the CNSC jointly recognising the importance of the project schedule and scope of activities required for Paladin Canada to obtain a Licence to Prepare Site for and to Construct (Construction Licence) for the PLS Project.
asserted
Canada → sign → Project
It establishes a targeted but non-binding regulatory pathway aimed at completing hearings for the Construction Licence application at the end of calendar year 2027.
asserted
It → establish → year
…and 91 more, not listed.
The Aporia
