Langer Heinrich Uranium returned to profitability during the nine months ended March 2026 as uranium sales surged past US$209 million following the continued operational ramp-up of the Namibian mine after years under care and maintenance.
New financial results released by parent company Paladin Energy show the Namibia operation generated a pre-tax profit of US$18.07 million during the reporting period, reversing the US$34.8 million pre-tax loss recorded during the same period in 2025.
Revenue from the Namibian segment increased sharply to US$209.05 million from US$138.23 million a year earlier as mining and processing activities accelerated following the restart of open-pit mining in April 2025.
Gross profit from operations reached US$34.42 million, compared with a gross loss of US$21.7 million in the prior comparable period.
The report shows that the Namibia segment generated earnings before finance costs and tax of US$31.24 million despite recording finance costs of US$13.17 million during the nine-month reporting period.
Cost of sales from the Namibia operation totalled US$174.63 million during the reporting period.
The March 2026 quarter alone reflected the mine’s improving operational trajectory.
Quarterly revenue increased to US$70.7 million from US$60.97 million during the same quarter in 2025.
The operation recorded a quarterly gross profit of US$8.38 million compared to a gross loss of US$22.56 million in the March 2025 quarter.
Quarterly operating earnings before finance costs and tax improved to US$10.48 million from a loss of US$25.86 million a year earlier.
After finance costs of US$4.51 million, the Namibia operation still recorded a quarterly pre-tax profit of US$5.97 million, compared with a pre-tax loss of US$31.07 million in the March 2025 quarter.
The report further shows a significant strengthening of the mine’s balance sheet position as operations ramped up.
Total Namibia segment assets increased to US$594.14 million by 31 March 2026 from US$485.34 million a year earlier.
Segment liabilities also increased to US$247.34 million from US$201.62 million, reflecting the scale of operational restart and development activities underway at the mine.
Net assets attributable to the Namibia segment increased to US$346.8 million from US$283.72 million.
The company said open-pit mining activities recommenced in April 2025, triggering the reinstatement of stripping activity accounting under IFRIC 20 due to the full return of mining operations.
Mine development assets increased to US$86.31 million by March 2026 from US$84.25 million at the end of June 2025, while additions to mine development during the reporting period totalled US$13.25 million.
Ore stockpiles not expected to be processed within 12 months were classified as non-current inventories valued at US$32.64 million.
The report also noted that inventory impairment linked to medium-grade stockpiles declined from US$12.1 million to US$5.4 million due to the utilisation and sale of stockpiled ore as mining operations normalised.
Environmental rehabilitation provisions, largely linked to the Namibian operation, increased to US$54.56 million from US$44.86 million during the reporting period.
Paladin further disclosed that it raised approximately A$400 million through an equity raise and share purchase plan, partly to support the continued ramp-up of the Langer Heinrich Mine and the advancement of other strategic projects.
The financing structure supporting the Namibian operation also continues to involve CNNC Overseas Limited, whose shareholder loans tied to its 25% stake in the Langer Heinrich structure stood at US$115.11 million by 31 March 2026.
The Namibia segment recorded other income of US$981,000 during the nine months ended March 2026 compared to US$768,000 during the same period in 2025, while other expenses declined slightly to US$3.17 million from US$3.24 million.
The operation, however, recorded a foreign exchange loss of US$992,000 during the period compared to a foreign exchange gain of US$671,000 a year earlier.
Quarterly performance also reflected improving momentum at the mine.
During the March 2026 quarter, the Namibia segment generated other income of US$310,000, while quarterly other expenses stood at US$1.04 million.
The operation also recorded a foreign exchange gain of US$2.83 million during the quarter, reversing the US$2.38 million foreign exchange loss reported during the March 2025 quarter.
Paladin Energy said its financial position strengthened significantly during the reporting period, with unrestricted cash holdings reaching US$219.5 million by 31 March 2026, including US$102.5 million held in short-term investments.
Paladin says it also retained access to an undrawn US$70 million revolving credit facility.
The company restructured its debt facilities during the reporting period, reducing overall debt capacity from US$150 million to US$110 million, as liquidity improved following a major equity raise, partly linked to the ramp-up of the Namibian uranium operation.
Under the revised structure, the financing package now consists of a US$40 million amortising term loan facility and an undrawn US$70 million revolving credit facility maturing in February 2027.
A scheduled US$4 million repayment reduced the outstanding term loan balance to US$36 million by the end of March 2026.
