Quarterly Production Increase
Langer Heinrich produced 1.23 million pounds of U3O8 in the quarter, a 16% increase versus the prior quarter, reflecting ramp-up momentum.
Strong Sales and Realized Price
Sales of 1.43 million pounds at an average realized price of USD 71.80 per pound, delivering a gross margin of approximately USD 32.10 per pound (about 44.7% of realized price).
Guidance Trending Higher
Based on first-half performance, management expects full-year production to trend toward the upper end of the 4.0–4.4 million pound FY2026 guidance range, with goal to reach full mining/production capacity by end of FY2026 and full mining operations in FY2027.
Improved Plant Performance
Average ore feed grade increased to 524 ppm and plant recovery reached 91%, a roughly 5 percentage-point improvement noted as the highest recovery since restart and above the 85%–90% target range.
Lower Unit Production Cost
Cash cost of production reduced to USD 39.70 per pound for the quarter, supporting strong per-pound margins versus realized pricing.
Solid Safety and Environmental Record
Trailing 12-month average total recordable injury frequency of 2.9% and no serious environmental or radiation incidents during the quarter.
Strengthened Balance Sheet and Liquidity
Ended the quarter with USD 278 million of cash and investments and a fully undrawn USD 70 million revolving credit facility, providing flexibility to advance PLS and complete ramp-up.
Operational Progress — Fleet and Canada Project
Half of the new mining fleet arrived before Christmas with the remainder due on-site soon; PLS (Patterson Lake South) winter drilling commenced with focus on resource conversion and extension, and constructive engagement on EIS with regulators and indigenous partners.