Paladin Energy has delivered its strongest operating performance since restarting Namibia’s Langer Heinrich uranium mine, producing 4.82 million pounds of uranium oxide (U₃O₈) during FY2026, selling 4.35 million pounds, reducing production costs to US$43.30 per pound and limiting capital expenditure to US$12.1 million, beating every major operational target the company had set for the year.
The results, released on Tuesday as part of the company’s June quarter report and FY2027 guidance, confirm that the restart of one of Namibia’s largest uranium mines has now moved firmly into a stable operating phase, with production, sales, costs and capital spending all outperforming the company’s own forecasts.
Production exceeded guidance of 4.5 million to 4.8 million pounds, while uranium sales surpassed expectations of 3.8 million to 4.2 million pounds. Operating costs also came in below the guided range of US$44 to US$48 per pound, while capital expenditure finished well below the forecast US$15 million to US$17 million, reflecting disciplined project execution throughout the year.
The strong annual performance was underpinned by another solid June quarter, during which Langer Heinrich produced 1.23 million pounds of uranium oxide after processing 1.19 million tonnes of ore at an average plant recovery of 90%.
Ore fed into the processing plant averaged 488 parts per million uranium, demonstrating consistent plant performance following the completion of the mine’s restart programme.
Total material mined during the June quarter climbed to 7.45 million tonnes, the highest quarterly mining rate achieved since the operation resumed production.
Over the full financial year, the mine moved 24.41 million tonnes of material, including 6.09 million tonnes of ore, while building strategic low-grade stockpiles to support future production.
Paladin sold 4.35 million pounds of uranium oxide during FY2026 at an average realised price of US$70 per pound, significantly above the average production cost of US$43.30 per pound, highlighting improving operational economics as uranium market conditions strengthened.
Having exceeded every key operational target in FY2026, the company has raised expectations for the year ahead. Paladin expects Langer Heinrich to produce between 5.1 million and 5.6 million pounds of uranium oxide during FY2027 while selling between 4.8 million and 5.3 million pounds.
Production costs are forecast at US$44 to US$48 per pound, with capital expenditure expected to increase to US$29 to US$35 million as mining and supporting infrastructure continue to expand.
The company said the mine’s successful ramp-up is now complete, providing confidence that Langer Heinrich can sustain higher production levels.
The operation currently holds 91.35 million pounds of measured uranium resources and 77.5 million pounds of proven and probable ore reserves, providing a substantial production base for the years ahead.
The FY2026 results represent a significant milestone for both Paladin and Namibia’s uranium sector.
After overcoming the technical and operational challenges associated with restarting the mine, Langer Heinrich has now demonstrated that it can not only meet its production objectives but exceed them, while simultaneously producing more uranium, selling more product, lowering costs and spending less capital than originally planned.
