ASX- and TSX-listed Paladin Energy has reported a strong financial and operational performance for the six months ended 31 December 2024, underscored by the successful ramp-up of production at the Langer Heinrich mine (LHM) in Namibia and the completion of its acquisition of Fission Uranium in Canada.

Paladin CEO Ian Purdy said on Wednesday that the past six months had been a period of "remarkable achievement", positioning the company as one of the world’s largest independent uranium producers. 

"The steady ramp-up at LHM has clearly demonstrated the capability of our in-country team to maintain good operational progress following our successful restart project," he said. 

Purdy highlighted the mine's operational achievements, including the successful implementation of a maintenance programme and the first major planned shutdown.

Production at LHM totalled 1.3-million pounds of uranium oxide (U₃O₈) during the period, with 1.1-million pounds delivered to customers, generating revenue of $77.2-million. Paladin reported an average realised uranium price of $68.8/lb, with a cost of production of $42.1/lb. 

Cost of sales for the period amounted to $76.3-million, reflecting the expensing of previously mined ore stockpiles processed and sold.

The company’s cash flow from operating activities stood at $30.5-million, while free cash flow from operations, post capital expenditure, reached $6.4-million. At December 31, Paladin held $165.8-million in unrestricted cash and short-term investments, alongside an undrawn $50-million revolving debt facility.

The company remains on track to meet its revised production guidance of 3.0-million to 3.6-million pounds of U₃O₈ for the full financial year.

A key milestone for Paladin during the six months under review was the acquisition of Fission Uranium, completed on December 24, 2024. Fission's main asset is the Patterson Lake South project in Canada. 

"It is our acquisition of Fission that is likely to prove transformational for Paladin in the years ahead," Purdy stated. "The dual-listing on the TSX was a personal highlight for many in the Paladin team and has received much support from the investment community and our shareholders."

"Paladin now has some of the world’s best current and future uranium production assets in its portfolio," he said. "Our focus is now on working patiently and diligently to align all the various elements of our production, operational, and development capability to consolidate Paladin as a world-class uranium producer that will be the first point of call for global customers in the uranium market for decades ahead."