Name of the Project
Patterson Lake South (PLS) uranium project.

Location
The south-western Athabasca basin, Saskatchewan, Canada. 

Project Owner/s
Uranium miner Paladin Energy acquired Fission Uranium Corp in December 2024. Its Canadian subsidiary operates as Paladin Canada Inc. 

Project Description
The advanced, development-stage project hosts the Triple R deposit – one of the region’s largest high-grade, near-surface uranium deposits.

The project targets average production of about nine-million pounds of uranium oxide a year over an initial ten-year mine life. Conventional mining through decline access is proposed.

The feasibility study proposes a processing plant with a nominal throughput of 1 000 t/d.

A conventional grinding and leaching circuit will be used for the recovery process.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project update of August 2025 estimates an after-tax net present value, at an 8% discount rate, of $1.3-billion and an internal rate of return of 28.2%, at a uranium price of $90/lb. 

Capital Expenditure
The project has an estimated capital cost of C$1.16-billion.

Planned Start/End Date
Paladin is targeting first uranium production from the PLS project by 2031, with construction expected to take about three years. 

Latest Developments
Paladin reported on October 14, 2026, that an update to the front-end engineering design study was continuing to advance and derisk the project. 

In August 2026, Paladin Canada signed a mutual benefits agreement with Birch Narrows Dene Nation, following a binding term sheet signed in April. 

The agreement covers the project’s life span and confirms the Nation’s support and consent, from development to production, decommissioning and reclamation, while providing for shared economic and social benefits. 

During the September 2026 quarter, 8 465 m of drilling extended mineralisation at Atlas and Saloon East, and identified mineralisation beyond the existing R1515W resource at Triple R. A new high-grade zone about 100 m east of the R1515W resource remains open and is a priority for future drilling.

Drilling for the remainder of the 2027 financial year will focus on improving resource confidence at Triple R, expanding resources and potential mine life, and identifying nearby discoveries. 

Key Contracts, Suppliers and Consultants
Tetra Tech (feasibility study); SLR Consulting (resource estimation), Mining Plus Canada Consulting (mineral reserve estimation, mining design, mining infrastructure, mining capital and operating costs); Clifton Engineering Group (environment, permitting, socioeconomics and tailings); and BGC Engineering (geotechnical and hydrogeological aspects).

Contact Details for Project Information
Paladin Energy, tel +61 8 9423 8100 or email paladin@paladinenergy.com.au.