Paladin Energy Ltd. announced production and uranium sales results for the first quarter ended September 2015. For the quarter, the company reported production of 1,082,983 lb compared to 1,089,560 lb a year ago.

Total uranium sales for the quarter was 800,000 lb at an average selling price of USD 46.12/lb, generating gross sales revenue of USD 36.9 million with cash proceeds to be received in the December quarter. Sales volume for the September quarter was lower due to inventory accumulation for a major CNNC delivery dispatched on 1 October 2015.

The company provided production guidance for the full year 2016. For the period, the company's production guidance remains in the range of 5.0 million lb to 5.4 million lb, which includes a planned 10% reduction in milled ore grade to 694 ppm.

The company announced that the accounted uranium sales for the fiscal year 2016 December quarter are anticipated to be in the range of 1.5 million lb to 1.7 million lb.

The company continues to expect the remaining quarters of 2016 to be cash generative and for it to be cash flow neutral on a full-year basis (excluding one offs such as the convertible bond repurchase) based on current spot uranium price and foreign exchange rates, which have not changed materially since fiscal year 2016 guidance was provided with the fiscal year 2015 results.