Paladin seeks A$525M for Saskatchewan uranium

Australia’s Paladin Energy (ASX, TSX: PDN) has launched an A$525-million (C$511-million) equity financing to advance its Patterson Lake South uranium project in Saskatchewan towards first production in 2031.

The fully underwritten offer combines an A$474-million Australian placement and a C$50-million ($36-million) Canadian bought deal. A separate retail offer could raise another A$50 million, the company said Wednesday.

“Recent exploration success at Atlas and Saloon East has reinforced our confidence in the broader district potential,” CEO Paul Hemburrow said.

The financing advances a project designed to produce about 9.1 million lb. of uranium oxide annually over a decade. Paladin acquired Patterson Lake South through its takeover of Fission Uranium in December 2024, adding a Canadian development project to its business.

Early works

Proceeds will fund planning and early works for 2027 and 2028, exploration around the Triple R deposit and debt repayment. Paladin is still developing its broader project financing package.

Australian placement shares are priced at A$7.80, an 11% discount to Wednesday’s A$8.70 close. The Canadian shares are priced at C$7.62.

The planned retail offer is additional to the underwritten financing and is itself not underwritten.

An engineering review issued in August 2025 put pre-production capital at US$1.23 billion and lifetime uranium oxide production at 90.9 million pounds. It estimated all-in sustaining costs of US$15.20 per lb.

Paladin valued the project at $1.33 billion (C$1.86 billion) after tax, using an 8% discount rate and a long-term uranium price of $90 per lb. At a uranium price of $65 per lb., the company put the value at $617 million.

Licensing ahead

Patterson Lake South lies about 155 km north of La Loche in the southwestern Athabasca Basin. Its proposed underground mine would feed a mill processing about 1,000 tonnes of ore a day, according to the Canadian Nuclear Safety Commission.

Saskatchewan approved the project’s environmental impact statement in February. Paladin has also signed mutual benefits agreements with Clearwater River Dene Nation and Buffalo River Dene Nation, the company said.

Federal licensing remains outstanding. Commission staff have determined that the application contains enough information to proceed to a public hearing, but the regulator has yet to announce a hearing date, according to the commission.