Paladin Energy (PDN) is best positioned for a uranium price recovery, with significant installed production capacity (>8Mlbpa U3O8), an established product and a pipeline of quality assets. The Company’s flagship Langer Heinrich Mine (LHM) is currently on care and maintenance (C&M), but retains a large resource base able to sustain over 20 years mine life with nameplate capacity of up to 5.2Mlbpa U3O8. PDN will look to optimise and enhance the LHM plant whilst on C&M, with potential to process lower grade resources, improve plant efficiencies and reduce costs. Upon restart, we expect LHM to emerge as the most efficient low-grade uranium processing plant globally with one of the lowest all-in cost profiles. Argonaut is predicting a substantial increase in uranium prices in the next 6-12 months as the market absorbs significant production curtailments over the past two years and increased spot purchasing. BUY recommendation.
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