Peninsula Energy (PEN) Investor Update summary

Operational reset and production outlook

• Construction and commissioning delays of the Central Processing Plant (CPP) pushed first dried yellowcake production back by six months, but the plant is now fully built and commissioning is underway, with first production expected by September and up to 50,000 lbs in 2025.

• Wellfield design was revised to smaller patterns, improving acidification and recovery times, with Mine Unit 4 expected to reach 80% recovery within 12 months, compared to over three years for Mine Unit 3.

• The contract book was reset, terminating 5.14 million lbs of commitments and leaving only one contract for 600,000 lbs from 2028, freeing up uncontracted production for the next two years.

• Workforce and drilling operations were streamlined, reducing on-site staff and rigs, while maintaining morale and focusing on operational efficiency.

Financial and capital structure update

• A fully underwritten AUD 70 million capital raise was announced, with Tees River Uranium Fund committing AUD 22.5 million, providing full funding for Horizon 2 and repayment of a two-year debt facility by 2027.

• Funds will be allocated to infrastructure, wellfields, header houses, and growth projects such as Kendrick and Dagger, as well as a AUD 5 million payment to terminate the largest sales contract.

• Pro forma capital structure post-raise will have 400 million shares on issue and approximately AUD 20 million in the bank at the end of 2027.

Strategic initiatives and growth plans

• Production guidance targets 400,000–500,000 lbs in 2026 and 500,000–600,000 lbs in 2027, with upside potential if flow rates and grade recovery improve.

• Horizon 3 aims to accelerate production to 1.2–1.5 million lbs, contingent on operational performance and potential U.S. government funding.

• Growth initiatives include scoping studies at Dagger (twice the grade of Lance) and optimization at Kendrick, with exploration upside at Barber.

• The company is exploring joint ventures and alternative strategies to maximize mill utilization and reach 2–3 million lbs capacity.