Peninsula Energy resets production plan, targets long-term uranium production

Peninsula Energy Limited's 2025 annual report highlights significant operational changes and financial outcomes, reporting a consolidated group loss of $12.5 million for the year. The company recommenced uranium capture at its Lance project, recording 7,304 lbs of uranium on ion exchange resin, marking the first low pH in-situ recovery mining in the US in over 30 years. However, construction and commissioning delays at the Central Processing Plant and lower-than-targeted wellfield flow rates in Mine Unit 3 presented challenges.

Following a comprehensive review, Peninsula reset its production plan, including terminating five of six long-term uranium sales contracts. This resulted in termination payments of $6.6 million to customers, largely offset by a $10.4 million non-cash fair value gain from the reversal of financial derivatives. A single contract for 600,000 lbs of U₃O₈ remains for delivery between CY2028 and CY2033.

Post-year-end, Peninsula secured a $15.0 million debt facility and launched an A$69.9 million equity raising to fund ongoing development and ramp-up activities. The company anticipates developing a new life of mine plan in CY2026 based on operational data from Mine Units 3 and 4 to inform future production and long-term strategy.