Quarterly Production Increase
Langer Heinrich produced 1.29 million lbs U3O8 in the quarter, up 5% versus the prior quarter, supported by strong plant performance and completion of mining fleet commissioning.
Improved Mined Material and Throughput
Total mined material was 6.17 million tonnes, up 12% quarter-on-quarter; crusher throughput was 1.21 million tonnes with an average ore feed grade of 503 ppm.
High Recovery Rate
Average plant recovery was 92% for the quarter, outperforming the company's stated target range (85%–90%) and contributing to production strength.
Raised 2026 Production Guidance
Langer Heinrich 2026 production guidance was increased to 4.5–4.8 million lbs from the prior 4.0–4.4 million lbs (approximately an ~11% increase in midpoint guidance), reflecting confidence in ramp-up.
Solid Sales Performance and Realized Price
Sales volume was 1.03 million lbs at an average realized price of $68.30 per lb; quarterly sales revenue includes about USD 47.3 million (cash receipts expected in the June quarter).
Strong Liquidity Position
At 31 March the company held unrestricted cash investments of USD 219.5 million and an undrawn USD 70 million revolving credit facility; a scheduled $4 million term loan payment reduced the balance to USD 36 million.
PLS Environmental Approval Milestone
The Saskatchewan government approved the PLS Environmental Impact Statement on 20 Feb, a key regulatory milestone and prerequisite for further permits and construct/operate approvals.
Progress on PLS and Exploration Activity
Front-end engineering design (FEED) update commenced; drilling of just over 11,000 meters at PLS targeting Saloon East and RRR resource conversion was completed during the quarter (assays pending).
Operational Ramp-up on Track
Delivery and commissioning of remaining mining fleet completed; ramp-up remains on track for completion by end of FY '26 and operational focus is on G Pit development and transitioning to the next pit.