Paladin Energy (PDN) is a uranium miner and explorer, listed on both the ASX and the Toronto Stock Exchange.
PDN’s major projects are in Africa, with some smaller projects in Australia. Among the list of sectors on the ASX, PDN is categorized as an energy stock.
Recently, PDN announced a major resource upgrade at its Langer Heinrich mining project.
Reserves of uranium oxide have more than doubled to 134 million pounds, and based on an assumed price of US$60 a pound, the upgrade should support a minimum 20 year mine life.
PDN advised that the upgrade was enough to justify the planned stage four expansion of Langer Heinrich.
PDN shares jumped 4.7% following the news, making it one the top performers in the stock market on the day.