December 2025 Half Year Financial Results Overview

Executive Summary

• Paladin Energy reported FY2026 half‑year results with revenue of US$138.3 M and a gross profit of US$26.0 M, marking a substantial improvement over the prior period.
• Net loss after tax narrowed to US$6.6 M from US$15.1 M year‑over‑year, driven by production ramp‑up at Langer Heinrich Mine (LHM) and recent acquisition/financing activities.
• The company completed a fully underwritten A$300 M equity raise plus an A$100 M share purchase plan, strengthening the balance sheet to US$278.4 M cash & investments and restructuring its debt facility to a US$110 M total capacity (US$40 M term loan + US$70 M revolver).

Key Details

• Revenue: US$138.3 M (up from US$77.3 M YoY) generated by selling 1.96 Mlb U₃O₈ at an average realised price of US$70.5/lb.
• Cost of Sales: US$112.3 M; Gross Profit: US$26.0 M (vs. US$0.9 M in H1‑FY2025).
• Net Loss After Tax: US$6.6 M, an improvement from a US$15.1 M loss in the comparable prior period.
• U₃O₈ Sold: 1.96 Mlb; Average Realised Price: US$70.5/lb (Q3‑FY2025: US$71.8/lb).
• Cost of Production: US$40.5 per lb U₃O₈ (down from US$42.1/lb YoY).

Balance Sheet Highlights

• Cash & Cash Equivalents: US$121.0 M (up 36% YoY).
• Short‑Term Investments: US$157.4 M (newly added).
• Total Unrestricted Cash & Investments: US$278.4 M, a 213% increase from US$89.0 M six months earlier.
• Debt Facility Drawn: US$40.0 M (down 54% from US$86.5 M).
• Net Cash/(Debt): US$238.4 M (vs. US$2.5 M at June‑2025).
• Total Equity: US$1,051.9 M (up 31%).

Financing Activity

• Completed a fully underwritten A$300 M equity offering and an A$100 M share purchase plan (SPP) prior to transaction costs.
• Restructured syndicated debt facility with Nedbank Ltd, Nedbank Namibia Ltd, and Macquarie Bank: reduced total committed capacity from US$150 M to US$110 M; term loan now US$40 M (after repaying US$39.8 M) plus an undrawn revolver of US$70 M (up from US$50 M).

Operational Update

• Langer Heinrich Mine ramp‑up continued, delivering 1.96 Mlb U₃O₈ and achieving higher production volumes versus the prior half‑year.
• Management highlighted that additional mining fleet arrivals position the mine for further ramp‑up through the remainder of FY2026.

Forward‑Looking Statements (summary)

• Expectation to advance Patterson Lake South (PLS) Project toward a final investment decision, supported by the strengthened balance sheet and ongoing winter drilling program.
• Anticipated continued improvement in LHM production efficiency and profitability as ramp‑up progresses.

Notable Quotes

“The first half of the year demonstrated strong and continually improving performance at Langer Heinrich Mine… The half year results also highlight the robust financial position of Paladin Energy with increasing revenue from strong sales augmented by a successful equity raising and a restructure of the debt portfolio…” – Paul Hemburrow, Managing Director & CEO