Sydney, Feb 20, 2026, 18:16 AEDT — After-hours
- Shares in Paladin Energy climbed as the company signaled it had secured ministerial sign-off on the environmental review for its Patterson Lake South project in Canada.
- With the provincial hurdle now cleared, federal licensing work moves to the forefront.
- Uranium stocks mostly strengthened, with prices for the metal sticking close to recent multi-month peaks.
Shares of Paladin Energy Ltd climbed Friday, after the uranium miner announced it received ministerial sign-off on the Environmental Impact Statement for its Patterson Lake South (PLS) project in Canada. The stock was recently up 3.3% at A$13.67.
Why does the approval matter? PLS isn’t just about uranium prices—investors see it as a long-term growth play, and permitting steps like this are on their radar. Simply put, an Environmental Impact Statement is what regulators rely on to assess a project’s environmental impact before they hand out crucial permits.
Paladin reported that the Saskatchewan Minister of Environment has given the green light to the EIS under provincial environmental assessment law for the Athabasca Basin project. The company called the decision a critical regulatory step—and necessary before it can pursue the permits and licences needed for eventual construction and operations.
The company pointed to the technical acceptance of the EIS in June 2025, noting the move came after that milestone and a public review that stretched from July through September.
Paladin is still in talks with the Canadian Nuclear Safety Commission as it pushes ahead with the federal licensing process. That includes ongoing work tied to its construction-licence application.
Shares shifted after Paladin called a trading halt earlier in the day, pausing action before the PLS announcement, according to Capital Brief.
Shares of other uranium-focused companies also pushed higher. Boss Energy, Bannerman Energy, and Deep Yellow each advanced roughly 2% to 4%, Market Index data showed.
Uranium held its ground in recent sessions, Trading Economics pegging the spot price near $89 per pound on Thursday.
Paladin CEO Paul Hemburrow said the company plans to “continue to progress the construction licencing process” with the Canadian regulator.
Friday’s approval isn’t the finish line. The project is still waiting on additional provincial and federal permits and licences — and delays could crop up if regulators push for extra studies or more consultation. All this, despite a uranium price backdrop that remains supportive.
Paladin, operator of the Langer Heinrich uranium mine in Namibia and owner of development projects in Canada and Australia, is now sharpening its attention on what comes next for the Canadian licensing process. ASX trading picks up again on Monday.
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