PALADIN Energy said on Friday it aimed to produce more uranium oxide from its Langer Heinrich mine in Namibia that previously forecast following a strong operational performance in the March quarter.
Production for the year ended June would be 4.5 to 4.8 million pounds (lbs) in its new guidance range compared to previous production forecast of four to 4.4 million lbs. The mobilisation of its mining fleet, improved feed grade, and high recovery rates had resulted in a year-to-date production of 3.6 million lbs, Paladin said in an update.
There was no change in the company’s sales and costs guidance which stood at 3.8 to 4.2 million lbs and $44 to $48/lb respectively.
The improved guidance is promising for the Australian Securities Exchange company which last year saw its share price penalised for falling below guidance. In September, it sold shares in a bought deal, raising A$300m aimed at developing its Patterson Lake South Project in Canada and ramping up Langer Heinrich.
Shares in Paladin are 43% higher year-to-date. In February, Paladin CEO Paul Hemburrow told Reuters he expected “an absolute cracker of a year” for 2027.
Paladin is due to announce its March quarter results on April 22.
