Paladin raises A$525 million to accelerate Canadian uranium growth
Paladin Energy has launched a A$525 million fully underwritten equity raising to accelerate development and exploration across its Canadian uranium portfolio.
The raising comprises an A$474 million ASX institutional placement and a C$50 million, or around A$51 million, Canadian bought deal.
The new shares are priced at A$7.80, a 10.3% discount to Paladin’s A$8.70 closing price before the raising.
Eligible Australian and New Zealand shareholders will also be offered a non-underwritten share purchase plan targeting up to another A$50 million.
Most of the proceeds will support the Patterson Lake South uranium project in Saskatchewan, including early works, procurement and site preparation ahead of the main construction program.
Funds will also support potential resource growth and mine-life extension at Triple R, further drilling at Atlas and Saloon East and debt repayment.
Paladin is targeting first production from Patterson Lake South in 2031.
The raising reflects renewed confidence in the long-term uranium market as nuclear power returns to the centre of global energy-security and decarbonisation strategies.
