Langer Heinrich Mine generated revenue of US$138.3 million (about N$2.6 billion) in the six months to December 2025 after selling 1.96 million pounds of uranium oxide at an average realised price of US$70.5 per pound.
Cost of sales for the period amounted to US$112.3 million (about N$2.1 billion), resulting in a gross profit of US$26.0 million (about N$490 million), as production volumes increased during the ramp-up phase, according to Paladin Energy’s half-year results.
The improvement marks a significant turnaround from the US$0.9 million gross profit recorded in the comparable period a year earlier.
Despite the stronger operating outcome, Paladin reported a net loss after tax of US$6.6 million (about N$125 million).
The company said the ongoing production ramp-up drove the loss at Langer Heinrich, business expansion costs following the acquisition of Fission Uranium Corp, now Paladin Canada Inc., and expenses linked to its Toronto Stock Exchange listing and financing activities.
The loss narrowed significantly from US$15.1 million (about N$285 million) in the previous comparable period.
Operationally, Paladin sold 1.96 million pounds of U₃O₈ during the half year, while the average production cost was US$40.5 per pound.
Management said a higher proportion of mined ore being fed into the processing plant supported improved output and sales volumes as operational efficiencies continued to strengthen.
The group’s balance sheet was materially reinforced during the period following the successful completion of a fully underwritten A$300 million equity raising (about N$3.7 billion) and an A$100 million share purchase plan (about N$1.2 billion).
As a result, unrestricted cash and investments increased by 213% to US$278.4 million (about N$5.2 billion) at 31 December 2025, compared with US$89.0 million at the end of June.
In December, Paladin also completed a restructuring of its syndicated debt facility with Nedbank, Nedbank Namibia and Macquarie Bank.
The restructure reduced total debt capacity from US$150 million (about N$2.8 billion) to US$110 million (about N$2.1 billion), aligning borrowings with the company’s strengthened liquidity position.
The revised facility comprises a US$40 million term loan (about N$750 million), following a US$39.8 million repayment, and an undrawn US$70 million revolving credit facility (about N$1.3 billion), providing additional balance sheet flexibility.
No new debt was drawn during the period.
Managing director and chief executive Paul Hemburrow said the first half demonstrated steadily improving performance at Langer Heinrich as the operating team continued to optimise mining and processing activities.
He said the arrival of the remaining mining fleet meant the foundations were now in place to complete the ramp-up during the remainder of the financial year.
