PDN +2.76%: Provided a solid update today, upgrading FY26 production guidance, with the company flagging stronger output from the Langer Heinrich mine as operations continue to ramp up.
- FY26 uranium production: 4.5–4.8Mlb (from 4.0–4.4Mlb)
- Production cost: US$44–48/lb
- Capex guidance: US$15–17m (from US$26–32m)
The upgraded production outlook reflects improving operational momentum, with the company expecting to transition to full mining and processing operations by the end of FY26. Year-to-date production has already reached 3.6Mlb, putting the company comfortably on track for the higher guidance range.
Costs remain guided at US$44–48/lb, though management noted the current Middle East conflict and fuel price volatility could be impactful – an area we are watching closely.
MM remains long and bullish PDN
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