Peninsula Energy Completes A$30.9 Million Institutional Fundraising

• Raised A$30.9 million from Tranche 1 placement and institutional entitlement offer at A$0.30 per share
• Tees River Uranium Fund subscribed for A$7.5 million as cornerstone investor
• Davidson Kempner Capital Management contributed A$3.8 million, including US$1.5 million debt offset
• Retail entitlement offer opens 29 August 2025, closing 9 September 2025
• Forms part of fully underwritten A$69.9 million equity raising

Peninsula Energy Limited (ASX:PEN) is a uranium company that provides US production and direct market exposure. The company owns the Lance Project in Wyoming, which re-commenced uranium production on resin in December 2024. Peninsula will continue ramping up production rates in 2025 while commissioning a complete central processing plant.

Lance is described as one of the largest independent near-term uranium development projects in the US. Once back in full production, Lance will establish Peninsula as a fully independent end-to-end producer of yellowcake.

Institutional Fundraising Completion

Peninsula completed the institutional component of its equity raising, securing A$30.9 million from Tranche 1 of the institutional placement and the institutional entitlement offer. The raising was conducted at A$0.30 per share through what the company described as an "Institutional Bookbuild" process.

Tees River Uranium Fund Limited subscribed for A$7.5 million in the institutional bookbuild to become a cornerstone investor. The fund has also committed to A$7.5 million in Tranche 2 of the placement and A$7.5 million of priority retail sub-underwriting.

Davidson Kempner Capital Management LP subscribed for A$3.8 million in the institutional bookbuild, which included US$1.5 million offset against existing debt. Davidson Kempner has also committed US$1.5 million in priority retail sub-underwriting, with first allocation rights to any retail shortfall.

Retail Entitlement Offer Structure

The retail entitlement offer will open at 8:30am (AEST) on 29 August 2025 and close at 5:00pm (AEST) on 9 September 2025. Eligible retail shareholders in Australia and New Zealand can participate at the same A$0.30 per share offer price as institutional investors.

The offer operates on a one-for-one basis, allowing shareholders to subscribe for one new share for every existing share held as at the 26 August 2025 record date. Shareholders who take up their full entitlement can apply for additional shares under an oversubscription facility, capped at 50% of their entitlement.

The retail entitlements cannot be traded on the ASX or transferred. Shareholders who do not take up their entitlements will not receive any value for those entitlements not taken up. The retail component is supported by priority sub-underwriting from Tees River and Davidson Kempner.

Lance Project Funding and Operations

The equity raising supports what Peninsula describes as a "reset" of the Lance Project. Managing Director and CEO George Bauk stated:

"The support we have received from investors represents a critical final step as we reset and transform the Lance Project into a sustainable producer of yellowcake for energy hungry U.S. and international markets."

The Lance Project re-commenced uranium production in December 2024 and will continue ramping up production rates in 2025 in coordination with commissioning of the central processing plant. Peninsula reports it has taken "a very methodical and disciplined approach to re-setting the Lance Project in order to set it up for long-term success."

Bauk noted:

"We now have funding in place, a strategically important resource and infrastructure portfolio, and a credible plan for future production."

Next Steps and Timeline

Peninsula expects to dispatch prospectus documents and personalised entitlement forms to eligible retail shareholders on 29 August 2025. Settlement of the institutional components is scheduled for 1 September 2025, with new shares commencing trading on 2 September 2025.

An extraordinary general meeting is scheduled for late September 2025 to approve Tranche 2 placement and director participation. Tranche 2 involves an additional A$7.5 million placement subject to shareholder approval. The equity raising is fully underwritten by Canaccord Genuity (Australia) Limited and Shaw and Partners Limited.

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