Peninsula Energy's progress and key highlights

Peninsula Energy Limited (ASX: $PEN) has reported significant progress in its June 2024 Quarterly Activities Report. The company has appointed an EPC contractor for the expansion of the Ross Central Processing Plant, commenced site preparations to expand CPP capacity, and tracked construction and procurement activities at CPP to schedule for production restart late 2024. The updated Mineral Resource Estimate expanded Lance Projects to 58.0 million pounds (Mlbs) U3O8, and the company completed a A$106m Equity Raising, expected to fully fund operations at Lance Projects to sustainable free cash flow in Q3 2025. Mr David Coyne was appointed as a Non-Executive Director, and the available cash of US$99.9 million as of 30 June 2024 provides a strong financial position for Peninsula Energy.

Executive commentary on progress and future outlook

We have made excellent progress on all fronts during the quarter, with a successful equity raising that will fund us through to positive cashflow anticipated in mid-2025, an increased Mineral Resource Estimate of almost 20% in the Life-of-Mine Study areas and the commencement of construction to expand the functionality of the processing plant. Our production restart, on schedule for the end of 2024, sees Peninsula as one of the largest, independent near-term uranium development projects in the US. This is of particular significance given the banning of Russian uranium imports into the US, signed into law during May.

Summary of the quarterly report and outlook

Peninsula Energy's June 2024 Quarterly Activities Report highlights the company's significant advancements in the expansion of the Ross Central Processing Plant and the development of new production wellfield, Mine Unit 3. The Equity Raising of A$106m is expected to provide the necessary funding for operations at Lance Projects until sustainable free cash flow is achieved in Q3 2025. With the increased Mineral Resource Estimate and construction activities on track, Peninsula Energy is well-positioned for the production restart at the end of 2024. The company's ambitions to become one of the largest, independent near-term uranium development projects in the US align with the opportunities presented by the banning of Russian uranium imports into the US. The outlook for Peninsula Energy remains positive, with a strong financial position and strategic developments in place to support its corporate strategy and the announcement's objectives.