Paladin Energy’s Langer Heinrich Mine in Namibia generated US$304.3 million in uranium sales revenue during the 2026 financial year, a 71% increase from US$177.7 million the previous year, as higher production allowed the mine to sell significantly more uranium at improved prices.
The mine sold 4.35 million pounds of uranium oxide during the year ended 30 June 2026, up 61% from 2.71 million pounds in FY2025, while its average realised price increased 7% from US$65.70 to US$70 per pound.
The figures show the financial impact of Langer Heinrich completing its ramp-up after Paladin restarted the Namibian uranium operation in 2024.
Production increased 60% to 4.82 million pounds of uranium oxide from 3.02 million pounds in the previous financial year, reaching the upper end of Paladin’s guidance range. Sales of 4.35 million pounds also exceeded the upper end of guidance.
The difference between the 4.82 million pounds produced and 4.35 million pounds sold contributed to an increase in finished uranium inventory. Paladin ended June with 1.69 million pounds of finished product on site, in transit or at the converter, compared with 1.19 million pounds a year earlier.
Higher sales volumes and uranium prices helped turn the operation’s economics around during its first full financial year following the ramp-up.
Langer Heinrich recorded a gross profit of US$52.2 million, reversing a US$26.1 million gross loss in FY2025. Cost of production increased 62% from US$129.1 million to US$208.9 million as the operation transitioned to full mining, while cost of sales rose 30% to US$250 million.
The mine’s production cost increased from US$40.20 to US$43.30 per pound, meaning its US$70 average realised selling price was US$26.70 per pound above its reported production cost.
However, Paladin notes that its production-cost measure excludes several expenses included elsewhere in its financial accounts.
Revenue increased, supported by a substantial expansion in mining and processing activity at Langer Heinrich. Ore mined increased 174% to 6.09 million tonnes, while tonnes processed rose 31% to 4.76 million tonnes.
Plant recovery improved from 84% to 90%, while the average feed grade increased 14% from 435 parts per million to 498 ppm.
Paladin is targeting another increase in sales during the current financial year, forecasting Langer Heinrich uranium sales of between 4.8 million and 5.3 million pounds in FY2027 against expected production of between 5.1 million and 5.6 million pounds.
Production costs are forecast at between US$44 and US$48 per pound.
The company’s price sensitivity analysis shows the value of those sales will depend heavily on uranium market conditions and its contract book. At an assumed uranium spot price of US$80 per pound, Paladin forecasts an average realised price of about US$72 per pound, rising to US$83 if the spot price reaches US$100 and US$93 at a US$120 spot price.
Langer Heinrich remains Paladin’s uranium-producing operation and overwhelmingly employs Namibians, with 99% of the mine’s employees reported as Namibian nationals as of 30 June 2026.
