Paladin Energy shares rocket on Q2 production surge
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The news: Uranium miner Paladin Energy paced gains on the ASX 200 after delivering a 16% rise in uranium yellowcake production for the second quarter.
The numbers: Paladin shares were up 12.6% to $13.11 at 11:30am AEDT. The stock is up 57% over the last 12 months.
The miner reported Q2 production of 1.23 million pounds, up from 1.07 million pounds in the previous quarter.
Paladin said it expects full-year production to "trend towards" the upper end of its guidance range of 4-4.4 million pounds.
The context: Paladin said the result was boosted by the continued ramp up of its Langer Heinrich mine in Namibia to full mining and processing operations by the end of the 2026 financial year.
What they said: "As global interest in nuclear energy continues to strengthen, I am delighted by our progress in ramping-up operations at Langer Heinrich mine," said Paladin CEO Paul Hemburrow.
"The new level of production achieved during the quarter provides insight into the robust performance that can be achieved from this strategic uranium asset."
The source: ASX
