Paladin Energy has reported revenue of $US138.3 million for the half-year, primarily driven by sales of 1.96 million pounds of U3O8. The average realised price for the uranium was $US70.5 per pound. Paladin Energy is an Australian-based uranium producer focused on restarting its Langer Heinrich Mine in Namibia, and is also advancing exploration and development projects in Canada and Australia. The company aims to become a leading global uranium supplier.
Despite the strong revenue figures, Paladin Energy recorded a net loss after tax of $US6.6 million. This loss, however, represents a narrowing from the $US15.1 million loss reported in the same period last year. The company attributed the ongoing loss to ramp-up costs at its Langer Heinrich operation, along with expenses related to the acquisition of Fission Uranium, its TSX listing, and associated financing activities.
Paladin noted that production performance at the Langer Heinrich mine has continued to improve as mining activities have accelerated. With the entire mining fleet now on site, the operation is well-positioned to complete its ramp-up phase during the second half of the financial year. The company expects further operational improvements as it moves towards full production capacity. The next several months are expected to be critical for Paladin as it seeks to optimise production and reduce operational costs.
