PDN Guidance upgrade!

This is exactly what you want to see from a uranium restart: production up, costs steady, capex down, with the only warning being the middle east story.

They’ve already pushed out 3.6Mlb in the first nine months, which forced the upgrade. New guidance of 4.5–4.8Mlb tells you the plant is running properly, the mining fleet is doing its job, and the feed grade/recoveries are better than modelled. Most restarts spend the first year apologising — PDN is doing the opposite.

Costs are the real surprise. They’re saying around US$40/lb, which is below the guided range and consistent across all three quarters. That’s not luck — that’s a stable flowsheet and a team that actually knows how to run it. In a uranium market where everyone talks about “cost curves”, PDN is quietly proving theirs.

Capex/exploration being cut from US$26–32M down to US$15–17M is also meaningful. Yes, it’s deferral, not magic, but it still improves FY26 cash flow and removes the near‑term funding pressure that usually hangs over restarts. Less spend, same output — that’s a win.

Sales guidance stays the same, which is fine. They’ve already delivered 3.0Mlb, and the realised price of US$69.8/lb YTD is exactly where you want it given the contract mix. No red flags there.

Net: the ramp‑up is basically done, the plant is behaving, and the cash picture looks cleaner than it did three months ago. Nothing said today changes the thesis, it derisks the whole year and puts PDN in the small group of uranium names that are actually delivering instead of promising.

Disc: Hold IRL Not Strawman they were too expensive when I joined!