Paladin Energy is moving its attention to the Patterson Lake South uranium project in Canada after completing the ramp-up of the Langer Heinrich mine in Namibia.
Langer Heinrich produced 4.82 million pounds of U₃O₈ in FY2026, at the upper end of Paladin’s guidance. The company owns 75% of the mine, which is now the main operating asset supporting revenue and cash generation.
Revenue rose 71% to US$304.3 million, supported by sales of 4.35 million pounds of U₃O₈ at an average realised price of US$70 per pound. Gross profit reached US$52.2 million, compared with a gross loss of US$26.1 million in the previous year. The net loss narrowed to US$9.1 million from US$76.5 million. While Paladin has not yet returned to net profitability, the improvement reflects a stronger operating base following the restart and ramp-up of Langer Heinrich.
With that phase largely complete, the focus is shifting to maintaining consistent production in Namibia and advancing Patterson Lake South, or PLS, in Saskatchewan. PLS is an advanced uranium development project centred on a high-grade deposit. Paladin is progressing permitting, engineering, stakeholder engagement and exploration as it works towards a potential construction decision.
Paladin has signed an administrative protocol with the Canadian Nuclear Safety Commission that targets completion of construction licence hearings by the end of calendar 2027. The timetable is non-binding, so regulatory timing remains a key risk, but the agreement gives the project a more defined pathway. Paladin is expected to provide further detail on PLS at its investor day on 2 September. That update will be important in setting expectations around project timing, development priorities and the capital required to move the Canadian asset forward.
Paladin Energy is portfolio holding of Geiger Counter, giving the fund exposure to current uranium production through Langer Heinrich and potential future growth from PLS.
Geiger Counter Limited (LON:GCL) is a Jersey closed-end investment company, which invests in uranium exploration and production stocks.
