Paladin Energy (TSX: PDN) reported results for the quarter ended September 30, 2025, showing record production at their Langer Heinrich mine but softer quarterly sales as a shipping delay pushed deliveries into the December period.
U₃O₈ output rose 7% quarter-over-quarter and 67% year-over-year to 1.07 million pounds this fiscal Q1 2026, while sales fell 25% from last quarter and 14% from last year to 533,789 pounds.
The Australian-listed shares rose around 9.5% within the day following the news.
Average realized prices increased 21% quarter-over-quarter to US$67.4 per pound but were 4% below the year before. Unit production cost came down to US$41.6 per pound, rising 11% quarter-over-quarter while being modestly lower from last year.
Operationally, mining stepped up materially but with a waste-first mix that pressured unit economics. Total mined material reached 5.27 Mt, up 63% from previous quarter, as waste mined surged to 4.37 Mt and ore mined fell to 0.90 Mt. The plant held stable throughput at 1.15 Mt with an unchanged feed grade of 477 ppm and 86% recovery, yielding the record quarterly production.
With deliveries deferred, finished product inventory increased to 1.81 million pounds. Paladin noted a US$29.7 million customer advance tied to a sale that will be recognised in the December quarter.
Liquidity strengthened sharply on new equity issuances. Quarter-end unrestricted cash and investments were US$269.4 million, up US$180.4 million from last quarter, primarily from a fully underwritten A$300 million equity raising. Paladin repaid US$6.8 million on its term loan, leaving US$79.8 million outstanding, and maintained an undrawn US$50 million revolving credit facility.
“The first quarter of the financial year has been solid and demonstrates Paladin’s increasing operational strength,” said CEO Paul Hemburrow, citing the equity-funded balance sheet “flexibility.”
Paladin Energy last traded at $9.08 on the TSX, jumping close to 14% following the news.
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