Paladin Energy Ltd
TSX : PDN
ASX : PDN

Paladin Energy Ltd

August 31, 2009 09:05 ET

Paladin Energy Ltd.: 30 June 2009 Appendix 4E

Preliminary Financial Report

PERTH, WESTERN AUSTRALIA--(Marketwire - Aug. 31, 2009) - Paladin Energy Ltd ("Paladin" or "the Company") (TSX:PDN)(ASX:PDN) announces the release of its 30 June 2009 Appendix 4E - Preliminary Financial Report. The Appendix 4E - Preliminary Financial Report is appended to this News Release.

Final 2009 Year Results

- Revenue from ordinary activities up 13 % to US$114.8M

- Gross Profit up 36% to US$48.4M on higher uranium oxide sales from Langer Heinrich and reduced costs.

-- Cost of sales decreased in 2009 to US$26/lb U3O8 from US$40/lb U3O8 in 2008 as Langer Heinrich transitioned to full Stage I production.

- Net loss before tax and impairments down 32% to US$29.9M.

- Impairment expense of US$783.5M.

-- Comprising US$753.8M for the Mount Isa assets and US$26.0M for investment in Deep Yellow recognised in the December 2008 quarter and impairment of inventories of US$3.7M in the September 2008 quarter.

- Net loss after tax US$576.4M (before minority interests) and US$480.2M (after minority interests).

- Total production of 2.74Mlb for the year ended 30 June 2009.

- Cash at bank of US$133.8M as at 21 August 2009.

- Kayelekera in Malawi has successfully commissioned. Design capacity of 3.3Mlbpa is targeted for early 2010 with commercial production being achieved during the September 2009 quarter.

- Stage II commissioning at Langer Heinrich commenced, increasing design capacity to 3.7Mlbpa. New plant design production anticipated during the September quarter. Stage III approved to further expand Langer Heinrich production to 5.2Mlbpa with expected completion in late 2010.

- Uranium oxide sales for the year increased from Langer Heinrich to 2,021,000lb U3O8 (2008: 1,411,000lb) averaging US$55/lb (2008: US$66/lb).

- Total exploration and evaluation expenditures of US$12.2M to aggressively advance organic growth opportunities in Australia, in particular the Mount Isa Uranium Joint Venture and Isa North Uranium Project in Queensland, as well as the Angela Uranium Joint Venture in the Northern Territory.

- To support future growth initiatives, Paladin is investing up to US$2.0M in NGM Resources Limited (ASX:NGM) securing up to 19.9% and has increased its stake in Deep Yellow Limited (ASX:DYL) from 14.3% to 19.6% through the investment of US$11.1M.

Conference Call and Investor Update scheduled for 22:00 Perth / 10:00 Toronto Tuesday 1 September 2009. Details are included in a separate news release.

The documents comprising Appendix 4E, including the Management Discussion and Analysis and Consolidated Financial Statements (unaudited) are available through the following link: http://media3.marketwire.com/docs/PaladinAppendix4E1.pdf, will be available shortly with the Company's other documents on Sedar (http://www.sedar.com), and are on the Company's website (http://www.paladinenergy.com.au). The audited financial statements for this period are expected to be released in mid September however it is not anticipated that there will be any material changes from those presented in this release.

ACN 061 681 098

Contact Information

  • Paladin Energy Ltd
    John Borshoff
    Managing Director/CEO
    +61-8-9381-4366 or Mobile: +61-419-912-571
    or
    Paladin Energy Ltd
    Mark Bolton
    Chief Financial Officer
    +61-8-9381-4366 or Mobile: +61-488-701-941
    or
    Paladin Energy Ltd
    Greg Taylor
    Investor Relations Contact
    +905 337-7673 or Mobile: +416-605-5120 (Toronto)
    greg.taylor@paladinenergy.com.au
    www.paladinenergy.com.au