The restart of Langer Heinrich appears to be tracking well for 75% owner Paladin Energy and its 25% partner China National Nuclear Corporation. PDN reports Langer Heinrich had produced 517,597 lb of U3O8 at the end of June following restart of the mill in January. Argonaut expects the September Quarterly report will provide a clearer breakdown of operational cost performance. We have slightly modified our production model to be better aligned with nameplate production in FY26 & FY27. Closure of the Fission Energy deal in September will provide PDN with a quality secondary asset for development in the long term. PDN has enjoyed the benefits of being the default uranium position for investors, this perk may wither with the rise of other credible options like Boss Energy (BOE) and NexGen Energy (NXG).
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