Paladin Energy (“Paladin” or “the Company”) (ASX: PDN) (TSX: PDN) announces the release of its condensed consolidated interim financial report for the nine months ended 31 March 2017. The condensed consolidated financial report is appended to this News Release.
References below to 2017 and 2016 are to the equivalent nine months ended 31 March 2017 and 2016 respectively.
- Langer Heinrich Mine (LHM) produced(1) 3.396Mlb U3O8 for the nine months ended
31 March 2017, down 7% from 2016.
- Ore milled of 2,691,209t, down 1% vs. 2016.
- Average plant feed grade of 651ppm U3O8, down 8% vs. 2016.
- Overall recovery of 87.9%, up 3% vs. 2016.
- C1 cash cost of production for 2017 of US$17.51/lb.
- C1 unit cost of production for 2017 was US$17.51/lb, a decrease of 32% from US$25.65/lb in 2016.
- LHM mine plan adjustment involving reduced mining material movement, combined with processing plant feed coming from stockpiled low and medium grade ores was implemented in November 2016.
Sales and revenue
- Sales revenue of US$69.4M for 2017, selling 2.856Mlb U3O8.
- Average realised uranium sales price for 2017 was US$24.32/lb U3O8 compared to the average TradeTech weekly spot price for the period of US$23.10/lb U3O8.
- Gross loss for 2017 of US$22.2M compared to a gross profit for 2016 of US$25.7M.
- Underlying EBITDA(3) for 2017 of US$5.1M, an US$11.1M deterioration from an underlying EBITDA of US$16.2M for 2016.
- Underlying all-in cash expenditure(4) per pound of uranium production for 2017 was US$27.97/lb, a decrease of 28% compared to 2016 of US$38.71/lb.