Uranium Discovery
Paladin Energy Uncovers New High-Grade Uranium Discovery at Saskatchewan's PLS Project
Paladin Energy has struck high-grade uranium at a brand-new zone in Canada's Athabasca Basin, the company announced June 24, 2026. The discovery, called Atlas, sits within the Saloon Trend at the Patterson Lake South (PLS) project in Saskatchewan — and it's open along strike and at depth, meaning it could grow much larger. Financial Post reported the find emerged from Paladin's 2026 winter drilling program.
The key drill hole — PLS26-708B — cut through 17.5 metres of uranium mineralisation, including a 3.0-metre interval grading 4.25% U3O8, according to Fortsaskatchewan Record. That grade is exceptional even by Athabasca Basin standards, where the world's richest uranium deposits are found. CEO Paul Hemburrow called it a "significant and very positive result" that builds on the company's 2025 discoveries.
Atlas Sits 3.5km From the Triple R Deposit
The Atlas zone was found in the Saloon Trend, 3.5 kilometres south of Paladin's flagship Triple R deposit and 4.5km southwest of the Saloon East discovery made in 2025, according to Sault Star. That spacing matters. It suggests Paladin may be tracing a broader mineralised corridor, not just isolated pockets of uranium.
Paladin drilled eight holes totalling 2,408 metres at the Atlas site. Seven of those holes hit significant mineralisation, according to Chatham Daily News. Like the Triple R deposit, Atlas is basement-hosted and shallow — starting close to surface. That makes it cheaper to mine than the deep, sandstone-hosted deposits found on the eastern side of the Athabasca Basin.
Paladin Paid C$1.14 Billion to Get Here
Paladin acquired the PLS project by buying Fission Uranium Corp for CAD$1.14 billion in December 2024. The company renamed the subsidiary Paladin Canada Inc. The Triple R deposit at PLS already holds 93.7 million pounds of probable U3O8 reserves at a grade of 1.41%. Atlas adds a potential new layer of value on top of that resource base.
Pre-production capital costs for the PLS project are estimated at US$1.226 billion, with life-of-mine cash operating costs projected at just US$11.7 per pound of U3O8, according to Woodstock Sentinel Review. That operating cost figure is highly competitive globally. The company is targeting a Final Investment Decision by late 2027 and first uranium production in 2031.
A Legal Battle Clouds the Path to Production
The Atlas news lands against a contested regulatory backdrop. In February 2026, Saskatchewan's Minister of Environment approved the project's Environmental Impact Statement — a key step toward construction. But in March 2026, the Métis Nation–Saskatchewan filed a judicial review in the Saskatchewan Court of King's Bench, challenging that approval, according to Pembroke Observer.
The Métis Nation argues the provincial government failed to properly consult them before granting approval, pointing to their constitutional right to be consulted on decisions affecting traditional lands and harvesting rights. If the court grants an interim injunction, Paladin could be barred from acting on its approval until the case is fully decided. That legal cloud remains unresolved.
Summer Drilling Will Determine How Big Atlas Really Is
The Atlas discovery is described as "open along strike and at depth" — meaning Paladin has not yet found its edges. The winter program only established a minimum size for the zone. Summer drilling is already underway, and those results will show whether Atlas is a standalone satellite deposit or part of a much larger connected system, according to Goderich Signal Star.
Paladin's 2026 winter program also ran resource conversion and extension drilling at Triple R alongside the Atlas work. The company's strategy is to build a district-scale uranium project in Canada while its Langer Heinrich mine in Namibia ramps up to full production. The Atlas result is the clearest sign yet that the Saloon Trend corridor may hold multiple high-grade deposits.
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