Sydney, Jan 29, 2026, 17:23 AEDT — Market closed
Paladin Energy Ltd (ASX:PDN) shares closed up 1.4% at A$14.14 on Thursday following a filing revealing that Kopernik Global Investors trimmed its stake below Australia’s 5% “substantial holder” mark. The stock has climbed roughly 45% year-to-date. 1
This disclosure is significant since Paladin has been viewed as a high-beta uranium play, and the shareholder register is now under the spotlight. When a major investor offloads shares after a sharp rally, traders watch closely for either follow-through selling or a bounce in the days ahead.
Uranium prices climbed once more, hitting around US$98 a pound on Thursday—its strongest level since February 2024. Several ASX-listed uranium stocks jumped sharply in early trading, with Deep Yellow and Lotus Resources among the top performers. 2
Tampa-based Kopernik reported it stopped being a substantial holder in Paladin on Jan. 23, according to the notice. The filing detailed 8,749,373 Paladin shares as the securities involved. 3
In Australia, anyone owning 5% or more of a listed company’s voting shares is considered a “substantial holder.” Falling below that 5% mark usually means fewer mandatory disclosures on the way down—unless the stake climbs back above the threshold.
That doesn’t mean Kopernik is out for good. It signals, however, that the fund no longer qualifies as a top-line holder required to disclose position changes on a regular basis.
Paladin’s shares have tracked uranium closely, reflecting tight supply and utilities scrambling to secure future deliveries. Even so, a big fund offloading some stock can still spark volume spikes and intraday volatility.
But two clear risks stand out. Uranium prices have a track record of steep drops whenever macro uncertainty spikes or demand fades. On the supply side, producers can quickly lose steam if production delays hit or expenses climb.
Investors are now focused on more register updates and whether the sector’s recent price surge will stick through February or slip away.
Last week, Paladin reported a 16% jump in production during the December quarter, reaching 1.23 million pounds of U_3O_8 (uranium oxide concentrate, or yellowcake) from its Langer Heinrich mine in Namibia. The company also signaled that full-year output is tracking toward the higher end of its 4.0–4.4 million pound guidance range. CEO Paul Hemburrow described the quarter’s results as a clear sign of the asset’s strong performance. Paladin is set to release its interim financials on Feb. 12. 4
