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Uranium miner Paladin Energy has announced a fully underwritten A$300 million equity raising to fund development of its Patterson Lake South (PLS) uranium project in Canada and support ramp-up activities at the 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 Paladin’s earlier acquisition of Fission Uranium.
In addition, Paladin will give 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, reflecting an 8% discount to Paladin’s last close on 15 September 2025. Shares under the Canadian placement will be issued at C$6.66, aligned with prevailing exchange rates.
Proceeds from the raise will fund front-end engineering design (FEED) work at PLS in 2026, cover detailed design requirements for Canadian Nuclear Safety Commission approvals and support early site works and procurement of long-lead items. Funds will also go toward corporate, permitting, and community engagement costs. The capital injection will enhance Paladin’s balance sheet flexibility as it advances exploration at both PLS and Langer Heinrich, where full mining and processing operations are expected to be in place by the 2027 financial year.
Paladin is targeting first uranium production from the PLS project by 2031, positioning itself to strengthen supply amid growing global demand for low-carbon energy sources.
