PDN -11.26%: The June quarter update showed a decent recovery given rain events earlier in the year, though the FY26 guidance disappointed and highlighted continued operational underperformance.
- June quarter production ~993klbs uranium (+33% QoQ) at US$37.5/lb cash cost
- Sales volume ~714,000klb, 280klb below production with a realised price US$55.6/lb
- FY26 production guidance: 4.0–4.4Mlb at US$44–48/lb cash cost
FY26 guidance came in well below expectations and implies a flat-to-lower run rate versus the current quarter, which was unexpected. This marks another misstep for Paladin (PDN), reinforcing concerns about execution risk and consistency in delivering operationally.
MM remains long but is now cautious toward PDN
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