Peninsula Energy (PEN) H2 2026 earnings summary

Executive summary

• Completed expansion of the Central Processing Plant (CPP) at the Lance Project and commenced low-pH ISR uranium production, marking a significant operational milestone.

• Production ramp-up was slower than anticipated due to wellfield flow rate and chemistry challenges, leading to withdrawal of CY2026 production guidance.

• Recognised a US$50.1 million non-cash impairment on legacy wellfield assets (MU-1, MU-2, MU-3) and a US$23.3 million inventory write-down.

• Raised over US$100 million in equity and debt, including a US$30 million convertible note facility with Washington H. Soul Pattinson & Co.

• Strengthened technical leadership and established a Technical Committee to drive operational improvements.

Financial highlights

• Revenue: US$0.65 million (2025: US$0.02 million), reflecting limited uranium sales.

• Net loss after tax: US$77.1 million (2025: US$12.5 million loss), driven by impairments and high unit costs.

• EBITDA: US$(81.8) million (2025: US$(5.0) million).

• Cash reserves at year-end: US$22.1 million (2025: US$9.2 million).

• Net assets: US$181.5 million (2025: US$170.1 million).

Outlook and guidance

• CY2026 production guidance withdrawn; CY2027 guidance of 500,000–600,000 lbs U3O8 reconfirmed.

• Focus on improving wellfield performance, cost reduction, and ramping up production at Lance.

• Positive uranium market fundamentals and strong long-term demand outlook.