Peninsula Energy (PEN) H2 2025 earnings summary

Executive summary

• Faced significant operational challenges in restarting the Lance Project, including construction delays, wellfield flow issues, and plant corrosion, but implemented a reset plan to address these.

• Leadership changes included a new CEO, CFO, and board renewal to strengthen governance and operational oversight.

• Successfully produced first yellowcake drum post-year-end, marking a return to self-sufficient uranium production.

Financial highlights

• Recorded a consolidated net loss of US$12.5 million for FY2025, similar to the prior year.

• Revenue was US$11.9 million, down from US$40.4 million in FY2024, reflecting lower uranium sales.

• Cash and cash equivalents decreased to US$9.2 million from US$99.9 million, mainly due to heavy investment in project development.

• Net assets declined to US$170.1 million from US$185.2 million.

• Invested US$81.9 million in Lance Project construction and development.

Outlook and guidance

• Revised Lance Project production guidance: up to 50,000 lbs in CY2025, 0.4–0.5 Mlbs in CY2026, and 0.5–0.6 Mlbs in CY2027.

• New life-of-mine plan expected in CY2026 after operational data from new wellfields.

• Uranium market outlook remains strong, with supportive policy and demand drivers in the US and globally.