Paladin Energy Forecasts Strong FY2026 Growth for Namibia’s Langer Heinrich Uranium Mine
Paladin Energy Forecasts 4.4M lbs Uranium Output in FY2026 as Langer Heinrich Mine Ramps Up
Australia- and Canada-listed Paladin Energy has released its financial year 2026 (FY2026) guidance for the Langer Heinrich Mine (LHM) in Namibia, forecasting a significant increase in uranium production as operations shift from processing stockpiled ore to primary mined feed.
The company anticipates producing between 4.0 million and 4.4 million pounds of uranium oxide (U₃O₈) and expects to sell 3.8 million to 4.2 million pounds over the fiscal year.
The cost of production is projected at $44 to $48 per pound, while capital and exploration expenditures are expected to range between $26 million and $32 million.
LHM’s operational ramp-up is slated for completion by the end of FY2026, with full-scale mining and processing operations set to begin in FY2027. Paladin plans to issue guidance for FY2027 in July 2026.
As of July 1, LHM started the new financial year with 2.2 million tonnes of medium-grade stockpiled ore and approximately 49% of its mining fleet operational.
The remainder of the fleet is scheduled for delivery by late 2025, with commissioning expected in the second half of FY2026.
For the year ending June 30, 2025, the Langer Heinrich Mine produced 3.02 million pounds of U₃O₈, including 993,843 pounds in Q4, marking a 33% quarter-over-quarter increase and the highest quarterly output since the restart in March 2024.
Operational performance during Q4 included a record crusher throughput of 1.17 million tonnes and a plant recovery rate of 87%.
Annual uranium sales totaled 2.71 million pounds at an average realized price of $65.70/lb. The Q4 realized price dropped to $55.60/lb, largely due to shipment timing and changes in contract mix. However, Q4 unit production costs fell to $37.50/lb, down from $40.60/lb in Q3.
Paladin met all customer delivery obligations during the year and signed an additional uranium sales agreement, bringing the total to 13 Tier-1 customers across the U.S., Europe, and Asia.
Commenting on Q4 achievements, COO Paul Hemburrow—who will assume the roles of Managing Director and CEO on September 1, succeeding Ian Purdy—said:
“The Langer Heinrich team continued to deliver exceptional progress during the quarter as we recorded the highest production result since our restart.
This was achieved alongside a record-breaking crusher performance, all driven by the successful resumption of mining in the G Pit area.”
At the Michelin Project in Canada, winter drilling targeted areas near the main deposit. Results are currently under review and will guide FY2026 summer exploration. Total FY2025 exploration spending at Michelin reached $6.9 million.
At the Patterson Lake South (PLS) Project in Saskatchewan, Paladin received formal acceptance of its final Environmental Impact Statement from the provincial government.
Hemburrow highlighted that recent drilling returned “the most significant radioactivity results ever recorded” on the company’s tenements outside the well-known Triple R deposit.
As of June 30, Paladin reported $89 million in cash and access to an undrawn $50 million revolving debt facility, positioning the company well for continued growth.
