PDN +9.57%: Delivered a clean September quarter update that reaffirmed confidence in their operations. The update was well received by the market which has been waiting for positive signs at the Langer-Heinrich operation after a number of operational setbacks over the past 12 months.
Quarterly production at the Langer Heinrich Mine rose 63% quarter-on-quarter to a record 1.07Mlb of U₃O₈, with recoveries of 86% as operations continued to ramp up smoothly.
The company completed a A$300m oversubscribed equity raise, leaving Paladin with US$269m in cash and an undrawn US$50m facility to fund the development and exploration at its Patterson Lake South project in Canada.
The improved capital position and operational delivery have helped de-risk the business. With 14 tier-one offtake contracts now secured and uranium prices set to trade higher, Paladin remains well positioned to ramp up existing operations and develop their additional assets.
MM remains long and bullish PDN
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