PDN is Australia’s largest uranium miner but like the whole sector it’s a volatile beast, and even though it’s up almost +300% from its 2025 low its experienced four significant pullbacks along the way. In a well-timed move Macquarie upgraded PDN to outperform, from neutral, on Monday with a Price Target (PT) $13.25 – too conservative in our opinion but still a helping hand. After being a serial disappointment through 2024, the companies turned things around operationally with their trading update in April covered here, including an upgrade to production guidance. Assuming we are correct, Paladin is very well placed with its Langer Heinrich mine, expecting to transition to full mining and processing operations by the end of FY26.
- We are eventually targeting new 2026 highs for PDN, up towards $16 – MM owns PDN in the Active Growth Portfolio.
MM is long and bullish towards Paladin around $11.50
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