Name of the Project
Langer Heinrich uranium restart project.

Location
Namib Desert, in Namibia.

Project Owner/s
Langer Heinrich Mauritius Holdings is the holding company of Langer Heinrich Uranium, which holds 100% of the Langer Heinrich tenements.

Paladin Energy owns 75% of Langer Heinrich Mauritius Holdings, with 25% owned by CNNC Overseas Uranium Holdings.

Project Description
Langer Heinrich has an estimated 17-year mine life supported by ore reserves of 84.8-million tonnes with an average uranium grade of 448 parts per million.

Life-of-mine production is estimated at 77.4-million pounds of uranium, up from a previously stated 76.1-million pounds.

Langer Heinrich was placed on care and maintenance in August 2018, owing to the sustained low uranium price.

Paladin completed a concept study on Langer Heinrich in February 2019, which identified multiple options to reduce operating costs, improve process plant performance and potentially recover a saleable vanadium product.

A two-stream prefeasibility study (PFS1 and PFS2) was started in March 2019 to improve the details of the restart plan and pursue further improvement options to clearly present a compelling investment case.

PFS1 focused on confirming effective care and maintenance plans, practices and costs while developing a more detailed plan to execute a rapid restart at Langer Heinrich in an improved uranium market.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
Not stated.

Capital Expenditure
Estimated capital expenditure of $81-million has been confirmed for the restart of the project. A further $30-million would be required to take production to 6.5-million pounds a year of uranium.

Planned Start/End Date
The execution time for the restart project is 18 months from project start to first production, with full production achieved after a further 15 months.

Latest Developments
Paladin Energy announced on April 1 that it had completed an institutional placement that would raise A$200-million in cash. The company received firm commitments for the placement of 278-million shares, at 72c each.

The company had previously announced a A$215-million capital raise initiative to restart operations at Langer Heinrich. In addition to a single-tranche fully underwritten share placement, the company would also raise A$15-milion through a share purchase plan.

“We are delighted with the strong support we have received for the placement from high-quality existing and new institutional investors located in Australia and internationally and I would like to thank them for their support,” said Paladin CEO Ian Purdy.

Key Contracts, Suppliers and Consultants
None stated.

Contact Details for Project Information
Paladin Energy, tel +61 8 9381 4366 or email paladin@paladinenergy.com.au.