Langer Heinrich Mine generated US$47.3 million in quarterly sales for the period ending 31 March 2026, as majority owner Paladin Energy relied on short-term market arrangements to fulfil customer contracts amid shipping delays.
Paladin, which holds a 75% stake in the operation, sold 1.03 million pounds (Mlb) of U₃O₈ during the quarter at an average realised price of US$68.3 per pound, maintaining strong pricing despite logistical disruptions.
The company delivered 130,000 pounds through a purchase-and-sale-back arrangement and an additional 155,000 pounds via a product swap, enabling it to meet contractual obligations despite shipment delays.
These arrangements were short-lived and were closed out at the end of the quarter, signalling a return to normal delivery flows.
The March quarter sales follow earlier reliance on loaned material, with 85,000 pounds delivered under existing contracts in the September quarter. Total material loans outstanding stood at 450,000 pounds at the end of the March quarter.
Despite these interventions, Paladin maintained a strong financial footing.
The company closed the quarter with US$219.5 million in cash and investments, while reducing its term loan balance to US$36 million following a scheduled US$4 million repayment.
An undrawn US$70 million revolving credit facility remains available.
Operationally, the mine continued to ramp up, producing 1.29Mlb of U₃O₈ during the quarter, up 5% from the previous period, supported by strong plant recoveries and improved feed grades.
Paladin has since raised its full-year production guidance to 4.5Mlb-4.8Mlb, reinforcing confidence in the mine’s recovery and Namibia’s position in the global uranium market.
The use of swaps, loans and market purchases highlights the tightness of uranium supply chains and the importance of delivery reliability, particularly as utilities increasingly lock in long-term contracts in a strengthening nuclear fuel market.
