Paladin Energy Ltd PALAF 2026投资者日会议纪要

发布时间：2026-09-02 一、AI总结内容 一、核心要点 1. 公司战略：依托有利铀市场，最大化Langer Heinrich矿产能、推进Saskatchewan的Patterson Lake South（PLS）项目开发、持续勘探，以长期价值创造为核心 2. 运营进展：Langer Heinrich矿2026财年铀产量完成480万磅，超出指引上限，现金流强劲，资产负债表强化；Patterson Lake South（PLS）项目完成环境影响评估（EIA）审批，推进加拿大核安全委员会（CNSC）许可流程，预计2027年底前完成听证会 3. 勘探进展：PLS项目发现Atlas、Saloon East等矿化区域，Atlas项目所有钻孔均见矿化，高品位厚径比达43%米，潜力巨大 4. 项目经济数据：PLS项目总资源量1.3亿磅铀，储量9300万磅，单位总维持成本15美元/磅，2027年铀价90美元/磅时内部收益率（IRR）达28% 二、投资与市场线索 1. 铀市场基本面：全球铀需求增长受核能扩张、AI数据中心、交通电气化驱动，预计2035年供需缺口约1.8亿磅，现货及长单定价存在上行空间 2. 财务安排：公司现金储备超2.65亿美元，拥有未动用信贷额度，PLS项目资金来源包含项目融资、债务、股权合作及政府支持等多种方式3. 项目扩展计划：PLS项目计划初期产能900万磅/年，聚焦资源转化与深部勘探，拟通过天井（TBM）实现3.5公里地下运输，降低运营成本 三、风险与关注 1. 项目审批风险：PLS项目需完成CNSC许可及原住民利益相关者（MBN、Clearwater等部落）协议签署，进度可能受沟通及审批流程影响2. 市场定价风险：铀长单定价机制及 utility 签约节奏存在不确定性，若定价不及预期可能影响项目经济性3. 运营风险：Langer Heinrich矿面临水供应、电力保障等潜在运营风险，需应对气候波动及设备维护需求 二、音频原文（转写） One thing that's not on this map is an on-site camp. It's about 2 kilometers to the north. That'll be built. It's roughly 230 rooms. And that means that our workforce, the Flying Flyout workforce, has ready access to the site and it's not along transport. Talent facility. Pretty conventional tailings, right? Multiple liners, there's leak protection and leak detection. Basically, we will excavate a smallamount, build the buttress around it, and it'sjust like most tailings ponds that you've seen.One difference that you'll see when we build itat PLS rather than seeing the spigots and the beach in it and the way that the sand essentiallydecants the water off it and the water is brought back to the plant. Our Chilling's pond will just have three meters of water covering it, and it'll be barges that'll actually deposit the material. And the question as to why do you need three meters of water over it was a couple different reasons, but the biggest one is when it's minus forty. That water on the pond will freeze. nowMy experience have not seen ice much more than.A meter or one point two meters thick. So with3 meters of cover when the water -- when the weather is very cold, you will get ice on the top of that pond. By about a meter, it creates its own thermal layer. the water underneath it stays liquid. And so that way the tailings can still turn over. You can still decant under the ice backinto the plant. One of the things -- this is aseven point two million cubic meters is the original design. If Andrew does a really good job inhis presentation, you'll understand that thereis some upside and some length of. extending thelife of mine で。 Hailing's part that we've got designed, we can put lifts on. and we can build additional cells.そうよ。As per design, it's for the 10 years. We'vegot expansion capability. and non process infrastructure We are very fortunate. We're located about 2 kilometers off the Provincial Highway 955.I will admit that is a picture of the highway.It is a highway in north of Saskatchewan. It looks a lot better when it's in the winter and we've got the winter pavement on it. 嗯 But that means that all of our logistics, our U308 drums, wil l be able to be transported very easily down through the Losh and down to Saskatoon. It's all connected by that highway. power either by LNG orLPG, still working through the study on site power generation. Dan's also working on future options with the government of Saskatchewan to try to get a. power line into the site and will be onmains power. But regardless, we'll have our LNGor LPG. Water, something that Canada is ratherflush with. Fresh water, we've built wells around the site and so fresh waters. not going to bean issue in canada. 赵一文。 and a permanent camp. I just had 230 beds located a few kilometers just north of the site. So it's a A nice distance away gives quiet and givesseclusion from the operation, but that said it'sonly a few kilometers driving. they also talk about the key regulatory steps, so working through the cnsc process in order to get the construction license by the end of 2027 or very early 28.And We're also working through. um to feed Front end engineering and design. which will then lead into detailed engineering when we get the construction license, then we'll be able to progress into fid. um and targeting commission in twenty thirty one. and that's p l s. We'll go into the questions later on, but. It is a really exciting project for us. it is where all the focus isright now. 打这儿。 exploration This work gets really fun, right?yeah 嗯。So peladins got. over half a billion of resource in our portfolio. And 40% of that is eitherat Langer Heinrich. or PLS as it stands right now. Um The main focus for exploration is PLS. Asyou're going to see, and there's very good reason why it's got the. massive. Prospectivity. Wedo some resource drilling at Langernock, as I mentioned earlier in the first session. 呃。 PLS is the main focus. We did do 5,000 meters This last summer, the summer programs just wrappedup at Michelin. Michelin being in Labrador on the east coast of Canada. And with our Australianassets, it does gi