PLS Project (Patterson Lake South, Triple R Deposit) Feasibility Study: $1.30B NPV, 28.2% IRR
Paladin Energy Ltd.'s PLS Project (Patterson Lake South, Triple R Deposit) in Athabasca Basin, Saskatchewan, Canada has a Feasibility Study outlining an after-tax NPV of $1.30B, an after-tax IRR of 28.2%, and initial capital of $1.23B. The mine plan runs 10 years at about 9 Mlb U3O8 per year.
Paladin Energy Ltd.'s PLS Project (Patterson Lake South, Triple R Deposit) has reported Feasibility Study results for the uranium (u3o8) project in Athabasca Basin, Saskatchewan, Canada. The study headlines an after-tax net present value of $1.30B at a 8% discount rate. It reflects Paladin Energy Ltd.'s (PDN.TO) latest disclosed economics for the asset.
Economics. The after-tax NPV is $1.30B using a 8% discount rate. After-tax IRR is 28.2%. Initial capital expenditure is estimated at $1.23B. All-in sustaining costs are pegged at 11.7 USD/lb U3O8. Economics are based on US$90/lb uranium price (average long-term Q2 2025 forecast by TradeTech / UxC spot and term price during forecast production period is US$90.9/lb, real).
Production and mine plan. The project envisions an underground operation. Life of mine is 10 years. Average annual production is approximately 9 Mlb U3O8. Average head grade is 1.41% U3O8. Metallurgical recovery averages 97%.
Resources and ownership. The company holds a 100% interest in the project.
These figures are extracted from Paladin Energy Ltd.'s technical disclosures and reflect the most recent Feasibility Study on file. Compare this project against other developers and producers in our project economics database, and always verify the numbers against the original technical report before making any investment decision.
Reserves & Resources
| Category | Tonnage | Grade | Contained |
|---|---|---|---|
| Probable (R780E Zone) | 2.6 Mt | 1.46% U3O8 | 84.8 Mlb U3O8 |
| Probable (R00E Zone) | 0.1 Mt | 1.24% U3O8 | 1.5 Mlb U3O8 |
| Probable (R840W Zone) | 0.3 Mt | 1.04% U3O8 | 7.4 Mlb U3O8 |
| Total | 3.0 Mt | 1.41% U3O8 | 93.7 Mlb U3O8 |
| Category | Tonnage | Grade | Contained |
|---|---|---|---|
| Indicated | 2.9 Mt | 1.88% U3O8, 0.59 g/t Au | 118.8 Mlb U3O8, 54.4 Koz Au |
| Inferred | 0.4 Mt | 1.19% U3O8, 0.46 g/t Au | 10.9 Mlb U3O8, 6.1 Koz Au |
| Total | 3.3 Mt | 1.80% U3O8, 0.57 g/t Au | 129.7 Mlb U3O8, 60.5 Koz Au |
Our Analysis
- IRR after-tax
- 28.2%
higher than 48% of 372 projects we track
- NPV after-tax
- $1.30B
higher than 70% of 527 projects we track
- Initial capex
- $1.23B
94% of NPV
costlier than 81% of 499 projects we track
- Mine life
- 10yrs
- Discount rate
- 8%
- Study price assumption
- US$90/lb uranium price (average long-term Q2 2025 forecast by TradeTech / UxC spot and term price during forecast production period is US$90.9/lb, real)
A 28.2% after-tax IRR puts this uranium project in the lower half of the 372 projects we track, ahead of only 48% of them. That is a middling return, not a poor one: it clears the roughly 15% after-tax threshold developers typically need to attract project finance, and it does so with room to spare. But the ranking matters more than the headline. Investors are being asked to fund a project that sits mid-pack on returns while its after-tax NPV of $1.30B ranks ahead of 70% of the 527 projects we track. The gap between those two ranks says the value is concentrated in scale rather than in the rate of return on each dollar spent.
That brings the constraint into focus: initial capex of $1.23B equals 94% of NPV, and sits lower than only 19% of the 499 projects we track. This is a build where the capital outlay nearly matches the discounted value it creates, and the funding risk is the crux. It is one of six projects we track for this company, so the balance sheet is not riding on a single asset, which softens the dilution question but does not erase it. The feasibility study carries the most weight of any study stage, with a typical plus or minus 15% band, so the capex figure is credible rather than a scoping guess. A 10-year mine life in the Athabasca Basin, a mining-friendly jurisdiction, supports that confidence.
The returns rest on a US$90/lb uranium assumption, roughly in line with the long-term forecast for the production period. The single question that decides this project: can the company fund a build worth 94% of its NPV without eroding the mid-pack return that already defines it?
Our take, benchmarked against the project economics in the Mining Stocks database. Figures are estimates drawn from company technical reports — not investment advice; always verify against the source filing.