Peninsula Energy (PEN) Q4 2026 TU earnings summary

Executive summary

• Production ramp-up at the Lance Uranium Project in Wyoming was slower than anticipated due to wellfield flow rate challenges, leading to the withdrawal of CY2026 production guidance.

• CY2027 production guidance of 500,000–600,000 lbs U3O8 is reaffirmed, with management confident that current issues are temporary and operational in nature.

• Operational improvements and learnings from 2026 are being incorporated into future mine development, with a focus on wellfield chemistry and flow management.

• A US$56 million funding package was secured to accelerate mine development and production ramp-up, including equity and a convertible note facility.

Financial highlights

• Site production expenditure for the quarter was US$8.9 million.

• Cash balance at quarter-end was US$22.1 million (unaudited), with an additional US$30 million debt facility drawn post quarter-end.

• 10,066 lbs U3O8 were sold during the quarter at an average price of US$65/lb, representing legacy inventory from prior alkaline leach operations.

Outlook and guidance

• CY2026 production guidance was withdrawn due to slower ramp-up; a range of possible outcomes for 2026 is provided based on flow rates and grades, with potential production between 150,000–290,000 lbs U3O8.

• CY2027 production guidance remains at 500,000–600,000 lbs U3O8.

• Final investment decision for Mine Unit 5 expected before end of CY2026.