Paladin Energy Ltd has launched a fully underwritten A$300 million equity raising to provide general working capital while ramping up the Langer Heinrich Mine into full mining and processing plant operations by FY2027.
Exploration programs scheduled for FY2026 are expected to extend mine life, optimise production, and take advantage of buoyant uranium market conditions.
While most of the proceeds are earmarked for advancing the Patterson Lake South project towards a final investment decision, part of the funds will support infill and exploration drilling at both Patterson Lake and Namibia’s Langer Heinrich Mine.
The Langer Heinrich Mine has been central to Paladin’s rebound as a producer since restarting in 2024, and the equity raising underpins its transition from restart into steady-state growth.
Paladin said the mine remains on track to complete ramp-up by the end of FY2026, with full mining and processing plant operations planned for FY2027.
The Langer Heinrich Mine, situated in the Namib Desert approximately 80km east of Walvis Bay, has been Paladin’s flagship Namibian asset since its opening in 2007.
It was placed on care and maintenance in 2018 during a period of depressed uranium prices before being restarted in 2024 on the back of improved market demand.
Since the restart, Langer Heinrich Mine has become one of the few large-scale conventional uranium operations in Namibia, supplying utilities in Europe and Asia.
The raising includes an A$231 million institutional placement on the ASX, a C$30 million bought deal in Canada (about A$33 million), and a further A$36 million Treasury Share Sale tied to the company’s 2024 acquisition of Fission Uranium Corp.
Eligible shareholders in Australia and New Zealand will also be invited to take part in a share purchase plan of up to A$20 million at A$7.25 per share.
Paladin managing director and CEO Paul Hemburrow said the raising gave the company the flexibility to advance Canadian development while securing Namibian production.
“Today’s equity raising will allow Paladin to swiftly progress our strategy for delivering long-term value from our asset portfolio to shareholders.
“The funds secured give us balance sheet flexibility to advance the Patterson Lake South Project through to FID while simultaneously completing the ramp-up of operations at the Langer Heinrich Mine.
“Langer Heinrich is a cornerstone asset for Paladin and for Namibia. We are investing not just to bring it back into production, but to ensure it has the drilling, mine life extensions and processing capacity needed to deliver stable supply to global markets for years to come.
“With both Langer Heinrich and Patterson Lake advancing, Paladin is well positioned to capitalise on the strengthening uranium price environment and play a central role in the nuclear energy expansion that is underway globally,” he said.
