Name of the Project
Langer Heinrich uranium restart project.

Location
Namib Desert, Namibia.

Project Owner/s
Langer Heinrich Mauritius Holdings is the holding company of Langer Heinrich Uranium, which holds 100% of the Langer Heinrich tenements.

Australia-based uranium producer Paladin Energy owns 75% of Langer Heinrich Mauritius Holdings, with 25% owned by CNNC Overseas Uranium Holdings.

Project Description
Langer Heinrich has an estimated 17-year mine life, supported by ore reserves of 84.8-million tonnes with an average uranium grade of 448 parts per million.

Life-of-mine production is estimated at 77.4-million pounds of uranium, up from a previously stated 76.1-million pounds.

Langer Heinrich was placed on care and maintenance in August 2018, owing to the sustained low uranium price.

Paladin completed a concept study in February 2019, which identified multiple options to reduce operating costs, improve process plant performance and potentially recover a saleable vanadium product.

A two-stream prefeasibility study (PFS1 and PFS2) was started in March 2019 to improve the details of the restart plan and pursue further improvement options to clearly present a compelling investment case.

PFS1 focused on confirming effective care and maintenance plans, practices and costs while developing a more detailed plan to execute a rapid restart at Langer Heinrich in an improved uranium market.

Potential Job Creation
The project will employ about 300 staff.

Net Present Value/Internal Rate of Return
Not stated.

Capital Expenditure
About $125-million.

Planned Start/End Date
The project restarted commercial production on March 30, 2024, following the successful completion of the restart project. The mine will be in operational ramp-up during the 2025 financial year, with ore feed to the plant sourced from previously mined stockpiled ore.

Production levels are expected to be higher in the second half of the year. Mining activities are expected to restart in the 2026 financial year, ahead of achieving nameplate production of six-million pounds a year by the end of 2026.

Latest Developments
Paladin Energy issued its 2026 financial year guidance for the Langer Heinrich mine (LHM) on July 23, projecting increased output as mining operations ramp up and the site transitions from processing stockpiled ore to primary mined feed.

The LHM operational ramp-up is scheduled for completion by the end of the 2026 financial year, with full mining and processing operations planned for the following fiscal year. Paladin said it would provide the 2027 financial year guidance in July 2026.

The company expects to produce between 4-million and 4.4-million pounds of uranium oxide (U3O8) and sell between 3.8-million and 4.2-million pounds during the 2026 financial year. Cost of production is forecast between $44/lb and $48/lb, with capital and exploration spending projected between $26-million and $32-million.

Key Contracts, Suppliers and Consultants
None stated.

Contact Details for Project Information
Paladin Energy, tel +61 8 9381 4366 or email paladin@paladinenergy.com.au.