Paladin Energy reports higher uranium output; shares soar
Australia’s Paladin Energy on Wednesday reported a 17% sequential increase in uranium production for the March quarter, sending its shares sharply higher.
The company said it produced 745,484 pounds of uranium oxide from its Langer Heinrich mine in Namibia, the highest since the mine resumed operations in March 2024.
The company also reported uranium sales of 872,435 pounds, compared to 500,143 pounds in the previous quarter.
Its shares were last up 26.5% at A$5.035, set for their highest one-day gain since February 2021.
The stock was also the top percentage gainer on the S&P/ASX 200 index, which was up 1.5%.
The average realized price of which uranium sales was about $69.9/pound, beating Citi’s expectation of about $60/pound.
The surge in Paladin drove a wider boost in uranium miners in Australia.
Shares of Boss Energy and Deep Yellow rose 10% and 11.4%, respectively, rebounding from sharp declines on Tuesday.
(By Adwitiya Srivastava; Editing by Varun H K)
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