Paladin Energy quarterly activities report update

Paladin Energy Ltd (ASX: $PDN) has successfully achieved commercial uranium concentrate production at the Langer Heinrich Mine (LHM) within the estimated capital cost of US$125 million. The company also executed a US$150 million syndicated debt facility and received shareholder approval for the consolidation of its issued capital on a ten for one basis. As of 31 March 2024, Paladin held unrestricted cash of US$50 million.

Paladin CEO lan Purdy's commentary on LHM restart and future outlook

After a period of nearly six years of care and maintenance, returning the Langer Heinrich Mine to commercial production was an important milestone for Paladin. I would like to thank all our staff and contractors for their hard work and acknowledge the Namibian Government and our local communities in the Erongo region for their continued support. We remain focused on the ramp up of production and delivering our first shipment to our international customers. With a strong uranium price outlook, a world-class long-life asset, and a strong balance sheet, Paladin remains well positioned to generate strong returns for our stakeholders.

Summary of Paladin Energy's quarterly activities and outlook

Paladin Energy has successfully achieved commercial uranium production at the Langer Heinrich Mine, marking a significant milestone for the company. The completion of the LHM restart project within the budget, execution of a US$150 million syndicated debt facility, and shareholder approval for capital consolidation demonstrate Paladin's commitment to operational excellence and financial prudence. The company's focus on production ramp-up and building a finished product inventory, along with its exploration efforts at the Michelin Project in Canada, reflect its strategic growth initiatives. With a strong uranium price outlook and a robust balance sheet, Paladin is well positioned to capitalize on its world-class asset and generate strong returns for its stakeholders. The company's engagement with top-tier industry counterparties and flexible shipping arrangements further enhance its delivery flexibility and cash flow during the ramp-up of operations at the LHM. Paladin's ongoing exploration and value enhancement opportunities underscore its commitment to long-term sustainable growth and value creation.