Peninsula Energy (PEN) Q1 2026 TU earnings summary

Executive summary

• Achieved first dried yellowcake production at the Lance Uranium Operation in Wyoming, marking a significant operational milestone just 14 months after initial construction began.

• Completed a comprehensive funding package, including an A$69.9M equity raise and a US$15.0M convertible debt facility, ensuring financial strength for ramp-up to targeted production rates.

• Welcomed new cornerstone investors, including Tees River Uranium Fund and Washington H. Soul Pattinson, and refreshed the Board with new appointments.

Financial highlights

• Raised A$69.9M through equity and secured a US$15.0M convertible debt facility, with a current debt balance of US$12.6M post-conversion and capitalisation.

• Available cash at quarter-end was US$36.0M, providing strong liquidity for ongoing operations.

• Directors participated in the equity raise, subscribing for A$231,000 in shares.

Outlook and guidance

• Revised production guidance: up to 50,000 lbs U3O8 in CY2025, 400,000–500,000 lbs in CY2026, and 500,000–600,000 lbs in CY2027.

• Focus on ramping up production from Mine Units 1, 3, and 4, with acidification and commissioning activities scheduled for the December quarter.

• Only one sales contract remains, covering 600,000 lbs of uranium from 2028–2033.