Could you introduce yourself and comment on the recent leadership transition?

I have more than 30 years of experience in the resources sector, and I’ve been very fortunate to work within the larger mining houses. What attracted me to Paladin was the nuclear sector and the energy transition thematic, along with the opportunity to grow the company into one that has a significant impact on global energy provision. I was Chief Operating Officer at Paladin for just over 2.5 years, working with Ian Purdy as CEO. Ian did an incredible job recapitalizing the business and initiating the restart of the Langer Heinrich Mine (LHM). As I commence the role of MD and CEO, we are moving into an exciting growth phase that involves continuously improving our existing operations and energetically pursuing our new developments. The fact that I am very familiar with the Paladin team and they know me well has been a great starting point for this role, and it contributes to a sense of stability across the company. My personal style is a bit different to Ian’s: he’s more of a gregarious, extroverted person with deep experience in finance, while I bring a measured approach with a strong operational lens, a keen eye for details, interest in data use for greater efficiency, and a long-term viewpoint for our developments. Externally, I’m known to our investors, customers, communities and government representatives in Namibia and Canada, which has made for a smooth transition.

How would you describe the first year of production at the Langer Heinrich mine, and how is the ramp-up progressing?

It’s been a very positive year, with ongoing ramp-up of production over the last 12 months. In the final quarter of FY2025 we achieved an all-time record throughput at the LHM, which clearly demonstrates that the debottlenecking work done during our restart project is really delivering. Since the start of mining in the last quarter of 2024, Paladin has deployed just under 50% of its full mining fleet requirements, with the new ore from the pits enabling us to blend fresh material with our existing stockpiles. Looking forward, we will be increasing our mining activity to the point where 100% of the fleet is in place by the end of FY26 and we will be in full production at LHM during FY2027. Sales agreements are in place with tier-one utilities in many nations and deliveries of uranium have been made to North America, Europe and Asia during the past year. It’s important for people to appreciate that the LHM is a long-life operation supported by 77.6 million pounds (Mlb) in reserves and we will be in operation for many years to come.

How has the reopening of the Langer Heinrich mine, after six years on care and maintenance, benefited the local economy?

On my first visit to Namibia, there were only 17 employees working at the mine. Now we have approximately 390 employees, plus contractors, working at the LHM, making the mine and plant not just a significant regional employer, but also an employer of choice. Most of our workforce is from the surrounding area, and the demographics of our team reflect the demographics of the community, creating new opportunities for employment across all ages and genders. We have had a focus on ensuring we spend locally in the region whenever we can to ensure the LHM is making a broader economic contribution. Our use of local suppliers for consumables like PPE and reagents has been a key focus from the start. Our maintenance contractors, and various service providers are also drawn from the region, generating a strong economic effect. 

We’ve enjoyed strong support from the Namibian government, both before and since the recent elections. The local government has also been supportive throughout the restart and ramp-up. LHM has also benefited from good working relationships with NamWater and NamPower, the two state-owned utility companies controlling water and energy supply; through our contracts, we can also provide water capacity to the local community, a synergy that is much appreciated by our hosts.

What motivated Paladin to acquire Fission Uranium and the Patterson Lake South project, and how does this acquisition align with your overall strategy?

The Patterson Lake South (PLS) project is a world-class undeveloped uranium deposit in one of the best uranium regions outside Namibia. It’s extremely high-quality, long-life, and a shallow deposit by Athabasca Region standards. Deploying conventional (hard rock underground) mining techniques, we will have the potential to produce 9 million pounds (lb) of uranium per annum over a ten-year mine life – with a 93.7 Mlb U3O8 mineral reserve (probable) – and supported by a 1,000 tpd mining rate. 

With a producing mine in Namibia and an exciting near-term development uranium project in Canada, along with other assets in that country, Paladin now has geographical diversification that will deliver on our strategy of establishing a multi-decade production pipeline.

Could you update us on the current status of permitting and development for the Patterson Lake South project?

We have already signed Mutual Benefit Agreements with two local First Nations communities and we are continuing our discussions with other Indigenous Nations in the area. I’ve personally had several meetings with the Saskatchewan Government, as well as with the Chiefs and Councils of the First Nations groups, and they’ve all shown support for the project. The Saskatchewan Ministry of Environment has accepted the final form of our environmental impact statement mid-year, and we expect to have it formally approved  in the final quarter of this year. Paladin is also working closely with the Canadian Nuclear Safety Commission on our construction permitting and approval process.

What’s the outlook for uranium going forward and do you expect prices to remain strong enough to support new production?

There are 439 operating nuclear reactors globally, with another 69 under construction and over 100 at various planning phases around the world. This speaks to the increased interest in nuclear power generation in many nations as both a reliable source of baseload power and part of global efforts to decarbonize economies. The uranium price over the past decade has not encouraged additional supply capacity from miners, which has left the supply side of our sector a long way behind demand. 

We have one of the highest-quality undeveloped uranium projects globally that is poised for development, along with a strategically important pipeline of exploration opportunities, and our contracts with tier-one global customers worldwide. All of this makes us very well positioned to play a strategically important role in uranium supply.