Peninsula Energy (PEN) H1 2026 earnings summary

Executive summary

• Operations at the Lance Uranium Project in Wyoming recommenced with low pH ISR, and the Phase II expansion of the Central Processing Plant (CPP) was completed, making the company a fully independent producer of dried yellowcake.

• A Reset Plan was implemented in August 2025, reducing production guidance due to commissioning delays and lower-than-expected wellfield performance, and the Life of Mine plan was withdrawn pending new data.

• Safety performance remained strong with no Lost Time Injuries, though there was a slight increase in the Total Recordable Injury Frequency Rate to 3.89.

• Board renewal was completed with new appointments and retirements, and the company continued to focus on wellfield development and resource upgrades.

Financial highlights

• Net loss for the half-year ended 31 December 2025 was US$15.3 million, compared to a loss of US$7.7 million for the same period last year, mainly due to an US$8.4 million inventory write-down.

• Cash and cash equivalents increased to US$31.8 million from US$9.2 million at 30 June 2025, following a successful A$69.9 million equity raise and full drawdown of a US$12.6 million convertible debt facility.

• Net assets rose to US$203.2 million from US$170.1 million at 30 June 2025.

• No uranium sales occurred during the half-year; five of six legacy sales contracts were terminated, with a US$5.0 million termination payment made.

Outlook and guidance

• The Reset Plan provides a more risk-adjusted production and expenditure outlook through December 2027, with a focus on improved wellfield design and operational performance at MU-4.

• Early acidification and uranium head grades at MU-4 are exceeding expectations, supporting confidence in future production targets.

• Additional funding may be required if operational or market conditions deviate from the Reset Plan.