Australia-based Paladin Energy has emerged as a major player in Canada’s uranium development space, following its successful acquisition of Fission Energy and its flagship Patterson Lake South (PLS) project in Saskatchewan.

CEO Ian Purdy said the deal, finalised on Christmas Eve, was a “game changer” for the company.

“I’m not sure all of our shareholders fully appreciate what we’ve achieved buying that company. It was a hotly contested process, and that is a highly sought-after project,” Purdy told analysts during a conference call on Wednesday.

The acquisition, which required a securities review in Canada, was completed on December 24. Paladin listed on the TSX three days later, on December 27.

The Canadian government in October stepped in to review the proposed tie-up on national security grounds, raising concerns it may be derailed by the county that has become increasingly sensitive towards strategic resource firms being taken over by overseas buyers. Paladin has agreed to several conditions Canada has attached to the merger including not to use any China-sourced finance for funding PLS, or to sell PLS's uranium directly or indirectly to any China customers beyond China General Nuclear Power Group, which has an existing offtake agreement.

The PLS project is now integrated into Paladin’s portfolio through a newly established division, Paladin Canada.

Fission Energy’s former CEO, Ross McElroy, resigned following the transaction’s completion. Paladin has engaged a recruitment firm to appoint a president for Paladin Canada. However, other key Fission executives – including the CFO, VP of Project Development, and VP of Exploration – will remain with the company to advance the PLS project and meet exploration objectives.

“[The PLS project] is now ours,” Purdy said, highlighting the strategic value of adding a world-class asset to the company’s portfolio. “We’ve global scale, we’re producing in Namibia and now we own one of the top uranium projects globally.”

The acquisition has positioned Paladin as a leader in Canadian uranium development, with a high-quality, multi-asset portfolio that includes exposure to the prospective Athabasca Basin and Paladin’s existing Michelin asset in Newfoundland and Labrador. The combined uranium resource of 544-million pounds of uranium oxide ranks among the largest for pure-play uranium companies.

Meanwhile, in Namibia, Paladin is nine months into a 21-month ramp-up of the restarted Langer Heinrich mine. The mine produced 639 000 lb in the second quarter ended December 31, consistent with the first quarter despite two-week shutdown in November. December marked a record month, with 308 000 lb of drum product.

The mine is on track to deliver the guidance range of 3-milliont o 3.6-million pounds of product in the 2025 financial year.

Paladin COO Paul Hemburrow reported minor disruptions in January due to sulphur blooms affecting the NAM Water supply but noted these events were accounted for in the guidance.

Langer Heinrich is currently processing stockpiled ore, with plans to transition to mining high-grade ore by mid-year.

“Restarting a mine and large processing facility involves a lot of moving parts, and we are now nine months into what is a 21-month ramp-up process. I am extremely happy with the work my team has done and their problem-solving efforts,” Hemburrow said.

“We continue to look at improvements, such as recovery, water infrastructure, and delivery. When we transition to the mining phase, I believe it will bring us closer to achieving our target performance levels.”