Name of the Project
Patterson Lake South (PLS) uranium project.

Location
Canada’s Athabasca basin region.

Project Owner/s
Uranium producer Paladin Energy acquired Fission Uranium Corp in December 2024. Fission’s  activities will slowly transition to be conducted under the operating name of Paladin Canada.

Project Description
The advanced, development-stage project hosts the Triple R deposit – one of the region’s largest high-grade, near-surface uranium deposits.

A feasibility study has confirmed the Tier 1 PLS project as one of the most economically significant and elite uranium development projects in the world, with a minimal environmental footprint.

The project has a mine life of ten years, with total production of 9.1-million pounds of uranium over the life-of-mine (LoM).

The feasibility study proposes a processing plant with a nominal throughput of 1 000 t/d.

A conventional grinding and leaching circuit will be used for the recovery process.

As part of the integration process between Paladin and Fission, Paladin intends to conduct a full review of the PLS feasibility study, including Fission’s previously estimated capital and operating costs, to identify areas for further optimisation and derisking the development of the project.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has an after-tax net present value, at an 8% discount rate, of C$1.204-billion and an internal rate of return of 27.2%, with a payback of 2.6 years.

Capital Expenditure
The project has an estimated capital cost of C$1.16-billion.

Planned Start/End Date
Paladin is targeting first uranium production from the PLS project by 2031

Latest Developments
Paladin Energy has cleared a key regulatory hurdle for its Canadian growth pipeline, securing Ministerial approval of the environmental-impact statement (EIS) for the project.

The approval, granted under Saskatchewan’s Environmental Assessment Act, formally endorses the EIS for the shallow high-grade PLS uranium project.

The Saskatchewan Minister of Environment approved the EIS following technical acceptance of the document in June 2025 and an extensive public review process conducted between July and September thereafter.

The environmental-impact assessment approval represents a critical milestone for PLS and is a prerequisite for the permits and licences required from provincial and federal authorities before construction and operations can start.

Paladin continues to work closely with the Canadian Nuclear Safety Commission (CNSC) as the project advances through the federal licensing process. The company is progressing the technical work required to support its application for a construction licence, which has been submitted to the CNSC.

Saskatchewan Premier Scott Moe has welcomed the development, with Saskatchewan Environment Minister Darlene Rowden saying the project aligns with the province’s growth ambitions.

Key Contracts, Suppliers and Consultants
Tetra Tech (feasibility study); SLR Consulting (resource estimation), Mining Plus Canada Consulting (mineral reserve estimation, mining design, mining infrastructure, mining capital and operating costs); Clifton Engineering Group (environment, permitting, socioeconomics and tailings); and BGC Engineering (geotechnical and hydrogeological aspects).

Contact Details for Project Information
Paladin Energy, tel  +61 8 94238100 or email paladin@paladinenergy.com.au.