Peninsula achieves first yellowcake production, secures funding for Wyoming uranium operation

Peninsula Energy Limited successfully produced dried yellowcake from its Lance Uranium Operation in Wyoming after a pre-operational inspection by the Wyoming Uranium Recovery Program. This marks the company's transition to an end-to-end uranium producer, with 837 pounds dried and drummed during the September 2025 quarter, contributing to a total drummed inventory of 16,019 pounds. The Lance Central Processing Plant (CPP) expansion is underway, with flow from Mine Unit 1 recommencing and acidification initiated in Mine Unit 3. The CPP is expected to reach approximately 2m lbs of dried yellowcake per annum nameplate capacity.

To support its growth, Peninsula completed an A$69.9m equity raise and secured a US$15.0m convertible debt facility from Davidson Kempner. Cornerstone investor Tees River Uranium Fund invested A$22.5m, holding an 18.4% ownership interest. The funding package addresses commissioning and ramp-up through CY2027, with revised production guidance targeting up to 50,000lbs U3O8 for CY2025, 400,000 to 500,000lbs U3O8 for CY2026, and 500,000 to 600,000lbs U3O8 for CY2027. Five of six offtake contracts were terminated by mutual consent, with US$5.0m paid for one termination, aligning delivery obligations with the updated production schedule.

Board appointments include Keith Bowes and Tejal Magan as non-executive directors. The company's cash position at quarter-end was US$36.0m. Additionally, 5,703,741 performance rights Class A were issued on October 30, 2025, under the company's long-term incentive framework, with an additional 1,424,830 performance rights for Mr George Bauk pending shareholder approval at the 2025 AGM.