Key facts about Peninsula Energy's successful equity raising

Peninsula Energy Limited (ASX: $PEN) has successfully completed a fully underwritten A$105.9m Equity Raising, comprising of a A$52.9 million Placement, a A$13.3 million accelerated Institutional Entitlement Offer, and a A$39.8 million fully underwritten Retail Entitlement Offer. The proceeds from the Equity Raising are expected to fully fund operations at the flagship Lance Projects to sustainable free cash flow in Q3 2025, placing Peninsula in a strong financial position to capitalize on the increasingly tight uranium market and forecast growth in demand and rising uranium prices.

Executive commentary on the successful equity raising

We are extremely pleased to complete the institutional component of this fully underwritten and strongly supported equity raising, which is designed to fully fund the Company to positive free cash flow generation in Q3 2025. The results place Peninsula in a very strong financial position and allow the Company to continue key development and construction work at full pace ahead of restarting operations in late 2024. The level of demand and support for this placement was significant and we received interest well above our targeted amount, which highlights the exciting future of the Company and our Lance Projects. I would like to welcome our new institutional investors to the register and I extend my great appreciation to our existing institutional shareholders for their support both through this raise and more importantly, over the last twelve months. I am very excited for the coming months as Peninsula transitions back into producer status. The timing of Lance coming back online couldn't be better. The recent ban of imported enriched uranium from Russia being signed into law by President Biden highlights the strategic importance of emerging North American uranium producers like Peninsula. Our Company is in a very strong position to become a key supplier and to benefit from this growing market. The Company is also very pleased to offer a sizable and properly proportioned entitlement offer in respect and appreciation for our large retail shareholder base. The fully underwritten Retail Entitlement Offer will launch this week and will allow existing retail shareholders to participate in the Equity Raising at the same offer price as the Placement.

Summary of Peninsula Energy's successful equity raising and outlook

Peninsula Energy's successful completion of the Equity Raising, with strong demand and support from both new and existing global institutional and sophisticated investors, positions the company to fully fund operations at the flagship Lance Projects to sustainable free cash flow in Q3 2025. This places Peninsula in a strong financial position to complete key development and construction activities at Lance at full pace, ahead of the restart of uranium operations in late Q4 2024. The company aims to capitalize on the increasingly tight uranium market, forecast growth in demand, and rising uranium prices. The Equity Raising will also enable Peninsula to become a key supplier and benefit from the growing market. The Retail Entitlement Offer provides an opportunity for existing retail shareholders to participate in the Equity Raising at the same offer price as the Placement, further strengthening the company's financial position. Peninsula Energy's outlook appears optimistic as it transitions back into producer status and aims to play a significant role in the clean energy future.