Peninsula Energy (PEN) Q2 2026 TU earnings summary

Executive summary

• Operational ramp-up and commissioning advanced at the Lance Uranium Project, with key milestones achieved in Mine Unit 4 (MU-4) and ongoing improvements in production processes.

• Acidification at Header House 14 in MU-4 began, with flow rates exceeding expectations and tracking ahead of schedule.

• MU-4 is expected to contribute about 60% of uranium production for CY2026 and CY2027, making its performance critical to overall output.

• Despite lower production from MU-3 due to maintenance, strong progress at MU-4 is expected to offset these impacts, keeping production guidance on track.

Financial highlights

• $69.9 million equity raise completed, with proceeds allocated to project development, studies, and working capital.

• Davidson Kempner debt facility fully drawn, with $3 million converted to equity and a current debt balance of $12.6 million.

• Available cash at quarter-end was $31.8 million.

• Payments to related parties totaled $0.2 million for directors' fees and executive agreements.

Outlook and guidance

• On track to meet CY2026 uranium production guidance of 0.4 to 0.5 million pounds U3O8.

• MU-3 expected to return to production in February 2026 after maintenance.

• Continued ramp-up and commissioning of the Central Processing Plant (CPP) to support future production and satellite projects.