Paladin Energy Ltd. has launched a fully underwritten A$525 million share raising to finance development at its Canadian Patterson Lake South uranium project and expand exploration in the Athabasca Basin.
The financing pairs an A$474 million placement on the Australian Securities Exchange (ASX) with a C$50 million bought deal on the Toronto Stock Exchange (TSX), worth about A$51 million. Paladin also plans a separate, non-underwritten share purchase plan (SPP) of up to A$50 million.
Paladin set the ASX offer price at A$7.80 a share, 10.3% below its Nov. 11 close of A$8.70. The TSX offer is priced at C$7.62. The two underwritten offers are expected to issue 67.3 million shares, lifting Paladin’s total from 449.4 million as of Sept. 30 to 516.7 million before any SPP shares. That would increase the share count by about 15%; shareholders who do not participate would hold a smaller proportion of the company after issuance.
Paladin plans to direct A$367 million to Patterson Lake South (PLS) work in 2027 and 2028: A$74 million for engineering and other project costs, A$109 million for site infrastructure, A$118 million for the processing plant and A$66 million for underground mine development. Other allocations include A$44 million for Triple R resource growth and mine-life extension, A$58 million for Athabasca Basin exploration, A$41 million for balance-sheet flexibility and A$16 million for offer costs.
Shareholders outside the United States with registered addresses in Australia or New Zealand who held shares at 3 a.m. ET (0800 UTC) on Nov. 11, equivalent to 7 p.m. AEDT in Sydney, may apply for up to A$30,000 through the SPP at A$7.80 a share. Paladin expects the plan to open around Nov. 23 and close Dec. 7. It may scale back applications if demand exceeds the A$50 million target.
Paladin says the proceeds will help advance a broader funding solution for PLS. Its presentation describes conditional, nonbinding indicative terms from Tier-1 banks and an early-stage debt process involving existing lenders Nedbank and Macquarie. The company targets first production in calendar 2031, subject to seasonal limits, regulatory permitting and investment approvals.
“This equity raising allows us to accelerate Paladin’s growth strategy in the Athabasca Basin region,” Managing Director and Chief Executive Officer Paul Hemburrow said. Paladin completed a separate A$300 million underwritten raising in September 2025, saying the proceeds would primarily advance PLS toward a final investment decision.
Paladin expects to announce bookbuild completion on Nov. 13, with settlement scheduled for Nov. 18 and allotment on Nov. 19.
