Half Year Highlights
Revenue of US$138.3M driven by strong sales of 1.96Mlb U₃O₈ at an average realised price of US$70.5/lb U₃O₈1, reflecting the quality of the Langer Heinrich Mine (LHM) contract book and strengthening uranium pricing environment
Cost of sales totalled US$112.3M in the period, reflecting the continued ramp up of production at LHM
Gross profit of US$26.0M for the period, a significant increase from previous period
Net loss after tax of US$6.6M driven by the ongoing production ramp-up at LHM, business expansion following the Fission Uranium Corp (now Paladin Canada Inc.) acquisition and TSX listing and financing activities
Successful completion of a fully underwritten A$300M equity raising and a A$100M share purchase plan (SPP), primarily to advance the development of the Patterson Lake South (PLS) Project towards a final investment decision alongside the ongoing ramp up of the LHM
Enhanced balance sheet following completion of the equity offering, and the restructure of the syndicated debt facility with cash and investments of US$278.4M and an undrawn US$70M Revolving Credit Facility at year end
"The first half of the year demonstrated strong and continually improving performance at Langer Heinrich Mine as our team increased its knowledge and experience of how to optimise the production process, including the mining activities that were gathering pace at the start of this financial year. With the remaining mining fleet arriving on site, the foundations are now in place to successfully complete our ramp-up at Langer Heinrich Mine during the remaining months of the year.
The half year results also highlight the robust financial position of Paladin Energy with increasing revenue from strong sales augmented by a successful equity raising and a restructure of the debt portfolio that will enable us to complete our ramp-up activities at the LHM and continue to progress the PLS Project in Canada, including our winter drilling program."
Paul HemburrowManaging Director and Chief Executive Officer
Financial Performance
Key Operational and Financial Metrics
Units
Six Months Ended 31 December 2025
OPERATIONS2
U₃O₈ Sold
Mlb
1.96
Average Realised Price1
US$/lb
70.5
Cost of Production3
US$/lb
40.5
EARNINGS
Sales Revenue
US$M
138.3
Cost of Sales
US$M
112.3
Gross Profit
US$M
26.0
Loss After Tax
US$M
(6.6)
LHM sold 1.96Mlb of U₃O₈ at an average realised price of US$70.5/lb, generating sales revenue of US$138.3M. Cost of sales totalled US$112.3M, reflecting the continued ramp up of production, with a higher proportion of mined ore fed into the plant resulting in higher production and sales volumes.
This resulted in an increased gross profit for the period of US$26.0M (H1FY2025: US$0.9M).
Net loss after tax of US$6.6M (H1FY2025:US$15.1M) was driven by the ongoing production ramp-up at LHM, business expansion following the Fission Uranium Corp (now Paladin Canada Inc.) acquisition, TSX listing and financing activities.
Financial Position
31 December 2025
30 June 2025
Change %
Cash and cash equivalents
US$M
121.0
89.0
36%
Short-term investments
US$M
157.4
-
n.m4
Total unrestricted cash and investments
US$M
278.4
89.0
213%
Debt Facility (Drawn)5
US$M
(40.0)
(86.5)
54%
Net Cash/(Debt)6
US$M
238.4
2.5
9,260%
Total Equity
US$M
1,051.9
801.6
31%
Total unrestricted cash and investments increased by 213% during the period to US$278.4M (30 June 2025: US$89.0M), following the successful completion of a fully underwritten A$300M equity offering and a A$100M share purchase plan (SPP) (both before transaction costs).
On 19 December 2025, Paladin completed the restructure of its Debt Facility with its lenders, Nedbank Ltd (acting through its Nedbank Corporate and Investment Banking division), Nedbank Namibia Ltd and Macquarie Bank.
The restructure aimed to right-size the overall debt capacity, reducing it from US$150M to US$110M leveraging Paladin's enhanced liquidity position following the successful completion of the equity raise and SPP. The restructure also reflects Paladin's increasing maturity as a uranium producer as it continues to progress the ramp up at LHM, while providing greater undrawn debt capacity ...
