Paladin launches A$300m equity raising to fund PLS uranium project
Uranium miner Paladin Energy has unveiled plans for a fully underwritten equity raising of A$300-million to support the development of its Patterson Lake South (PLS) uranium project in Canada, while also advancing ramp-up activities at its Langer Heinrich mine in Namibia.
The funding package includes a A$231-million institutional placement on the ASX, a C$30-million (about A$33-million) bought-deal private placement in Canada, and a A$36-million underwritten sale of treasury shares issued through the company’s earlier acquisition of Fission Uranium.
In addition, Paladin will offer existing eligible shareholders in Australia and New Zealand the opportunity to participate in a non-underwritten share purchase plan of up to A$20-million.
New shares will be priced at A$7.25 each, an 8% discount to Paladin’s last close on September 15. Shares under the Canadian placement will be issued at C$6.66, in line with exchange rates.
Proceeds will be used to complete front-end engineering design work at PLS in 2026, fund detailed design requirements for Canadian Nuclear Safety Commission approvals, support early site works and procurement of long-lead items, and cover general corporate, permitting and community engagement costs.
The raising will also provide balance sheet flexibility as Paladin progresses exploration at PLS and Langer Heinrich, where full mining and processing operations are expected to be in place by the 2027 financial year.
“Today’s equity raising will allow Paladin to swiftly progress our strategy for delivering long-term value from our asset portfolio to shareholders. The funds secured give us balance sheet flexibility to advance the PLS project through to final investment decision while simultaneously completing the ramp-up of operations at the Langer Heinrich mine," said MD and CEO Paul Hemburrow.
Paladin is targeting first uranium production from the PLS project by 2031.
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