Peninsula Energy completes a$70M equity raise

Peninsula Energy (ASX:PEN) reported it has successfully completed a fully underwritten A$69.9M equity raising. The funds will drive a reset production plan and ramp-up of operations at the Lance project. The equity raising was priced at A$0.30 per share, a 51.6% discount to the last traded price. The raise includes a two-tranche institutional placement and an accelerated non-renounceable entitlement offer, issuing approximately 232.9M new shares. Peninsula Energy's Managing Director and CEO, George Bauk, commented, "The reset of Lance and the securing of this funding provides us with a platform and plan to achieve sustainable production at a time when there are strong tailwinds for uranium globally particularly in the United States. Davidson Kempner Capital Management will subscribe for up to US$3M, offsetting its existing debt facility. Tees River Uranium Fund Limited has committed up to A$22.5M to become a cornerstone investor, potentially holding up to 19.1% of the Company. Peninsula Energy said the proceeds will be used for final payments for the Central Processing Plant, ongoing wellfield development, sales contract termination, exploration studies, and working capital. Production guidance has been updated, focusing on commissioning in CY2025 and ramp-up in CY2026.

The equity raising was priced at A$0.30 per share, a 51.6% discount to the last traded price. The raise includes a two-tranche institutional placement and an accelerated non-renounceable entitlement offer, issuing approximately 232.9M new shares.

Peninsula Energy's Managing Director and CEO, George Bauk, commented, "The reset of Lance and the securing of this funding provides us with a platform and plan to achieve sustainable production at a time when there are strong tailwinds for uranium globally particularly in the United States.

Davidson Kempner Capital Management will subscribe for up to US$3M, offsetting its existing debt facility. Tees River Uranium Fund Limited has committed up to A$22.5M to become a cornerstone investor, potentially holding up to 19.1% of the Company.

Peninsula Energy said the proceeds will be used for final payments for the Central Processing Plant, ongoing wellfield development, sales contract termination, exploration studies, and working capital. Production guidance has been updated, focusing on commissioning in CY2025 and ramp-up in CY2026.