PDN has reported annual results for FY24. The Company declared a US$60M net profit after tax due to reversal of previous stockpile write offs. The first customer shipment of yellowcake departed Walvis Bay in July. Guidance for FY25 includes 4-4.5 Mlbs of U3O8 at a US$28-31/lb cost of production. Mention of the Fission Uranium deal in the Annual report is brief. This could indicate completion of the deal is under threat. Failure to complete would negatively impact our valuation. Our $10.40 price target includes an NPV equivalent to A$3.40 for the PLS project.
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