Paladin Energy will debut on the Toronto Stock Exchange (TSX) at 9:30am local time on December 27, under the ticker symbol "PDN," the company said Friday, as its ASX-listed shares jumped almost 3.5%.
The uranium company remains primarily listed on the ASX, with its dual-listing following the acquisition of Fission Uranium, as Paladin taps new opportunities in high-quality uranium exploration and development across Canada.
“We are delighted to reach this milestone with our shares now trading on the TSX, and we welcome Fission shareholders to Paladin. We are truly excited by the opportunities ahead,” Paladin Energy chief executive Ian Purdy said.
“The combination of Paladin and Fission creates a world-class diverse uranium producer operating in multiple countries, with a high-quality portfolio of production, development and exploration assets.”
The Perth-based company completed its acquisition of Fission Uranium on Christmas eve, in a strategic bid to strengthen its global position in the uranium sector and expand its operations into North America.
The deal provides Paladin full control of the Patterson Lake South project, which is seen as one of the most advanced and promising uranium exploration projects globally.
The move gives Fission shareholders around 24% of Paladin’s outstanding shares, increasing Paladin’s asset base and boosting its market capitalisation.
Paladin plans to integrate Fission’s management into its operations, with a focus on optimising and advancing the Patterson Lake South project, despite Fission’s CEO Ross McElroy resigning following the deal.
Paladin shares tanked in November after the company announced cuts to production and revised its fiscal 2025 production guidance for its Langer Heinrich Mine in Namibia, marking the worst trading performance in seven years.
Uranium prices consolidated during 2024, but analysts are still predicting a rebound for the energy fuel with supply constraints and increasing demand ahead.
After hitting a 17-year high in February, the uranium spot price fell before stabilising for the remainder of 2024. Uranium ended the year around US$73.75 per pound, lower than its previous highs, but still above historical levels.
Paladin Energy (ASX: PDN) shares were trading up 3.25% at $7.80 at the time of writing and has a market capitalisation of A$2.34 billion.