Paladin Energy Ltd provides update on activities and cashflow for the quarter ended 30 June 2024

Paladin Energy Ltd (ASX: $PDN) is pleased to report its activities and cashflow for the quarter ended 30 June 2024. The company achieved commercial production at the Langer Heinrich Mine (LHM) and ramped up production with 517,597lb of U3O8 produced. The first customer shipment containing 319,229lb of U3O8 departed Walvis Bay, Namibia on 12 July 2024. Paladin also announced the acquisition of Fission Uranium Corp. and held unrestricted cash of US$48.9M as of 30 June 2024.

CEO lan Purdy's commentary on the quarterly production update and acquisition of Fission Uranium Corp

It is exceptionally pleasing to deliver our first quarterly production update since returning the Langer Heinrich Mine to production. The Langer Heinrich operations team have done an exceptional job in delivering early production and the operational knowledge gained has underpinned our FY2025 production guidance of between 4.0 to 4.5Mlb of U308. The acquisition of Fission, along with the successful restart of our Langer Heinrich Mine, is another step in our strategy to diversify and grow into a global uranium leader across the top uranium mining jurisdictions of Canada, Namibia and Australia. Fission is a natural fit for our portfolio with the shallow high-grade Patterson Lake South (PLS) project located in Canada's Athabasca Basin. The addition of PLS creates a leading Canadian development hub alongside Paladin's Michelin project, with exploration upside across all Canadian properties.

Summary of Paladin Energy's activities and outlook

Paladin Energy Ltd achieved commercial production at the Langer Heinrich Mine and ramped up production with 517,597lb of U3O8 produced. The company expects annual production of between 4.0 to 4.5Mlb of U3O8 in FY2025. Additionally, the acquisition of Fission Uranium Corp. aligns with the company's strategy to diversify and grow into a global uranium leader. Paladin holds unrestricted cash of US$48.9M and has received a partial advance payment of US$24.8M under the terms of a customer offtake agreement. The acquisition of Fission is expected to close in the September 2024 quarter, subject to satisfaction of the remaining conditions under the Agreement.