Paladin Energy (PDN) H1 2026 earnings summary

Executive summary

• Achieved sales revenue of US$138.3M for the six months ended 31 December 2025, up 79% year-over-year, driven by ramp-up at the Langer Heinrich Mine (LHM) and higher uranium sales volumes at an average realised price of US$70.5/lb.

• Net loss after tax reduced to US$6.6M from US$15.1M in the prior year, reflecting improved gross profit and business expansion costs.

• LHM produced 2.30Mlb U3O8 with an average recovery rate of 89% and sold 1.96Mlb.

• Completed A$400M equity raise and SPP to fund PLS and LHM ramp-up, enhancing balance sheet with US$278.4M in cash and investments and an undrawn US$70M revolving credit facility.

• Significant progress on Patterson Lake South (PLS) Project permitting and technical review; advanced exploration at Michelin Project.

Financial highlights

• Gross profit increased to US$26.0M from US$0.9M year-over-year, with cost of sales at US$112.3M.

• Cost of production was US$40.5/lb, reflecting operational ramp-up at LHM.

• Cash and cash equivalents rose 36% to US$121.0M; total unrestricted cash and investments reached US$278.4M, up 213% from June 2025.

• Net cash from operating activities was US$3.4M, down from US$31.0M, reflecting increased payments for ramp-up and inventory build.

• Financing activities generated US$209.5M, mainly from equity raising and SPP.

Outlook and guidance

• Continued ramp-up at LHM expected to drive further production and sales growth, with mining activities accelerating.

• PLS Project advancing toward final investment decision, supported by recent capital raising.

• Management highlights ongoing engagement with regulators and stakeholders for project approvals.