Paladin’s Mount Isa Project include 10 deposits containing 148.3Mlb of uranium. The bulk of the uranium (115.7Mlb) is concentrated in the Valhalla, Skal and Odin deposits.
In June 2007, Paladin acquired an 82% stake in Summit Resources Ltd (Summit) and between 2007 and 2012 achieved annual mineral resource growth of close to 20%, an increase from a total of 65Mlb U3O8 to 148Mlb U3O8. 116,490m of diamond core and 148,740m of RC was drilled to search for and define the estimated resources. Paladin acquired the minority shareholdings in Summit to take its ownership to 100% as part of an off-market takeover offer that was completed in late 2018.
The landholding consists of three Exploration Permits for Minerals (EPM’s) and six Mineral Development Licences (MDLs). Aeon Metals (ASX:AQR) earnt the right to explore for base metals on some of the landholding by satisfying the terms of an Mineral Rights Agreement executed by the parties in 2009. Paladin holds 100% of all uranium rights across the landholding.