Peninsula Energy has completed a fully underwritten A$69.9 million equity raising, positioning the company to accelerate uranium production at its key Lance Project in Wyoming.
- Fully underwritten A$69.9 million equity raise completed
- Retail entitlement offer raised approximately A$7.0 million
- Shortfall of A$24.4 million taken up by underwriters
- Funds support revised production plan at Lance Project
- Shareholder approval pending for final tranche of placement
Equity Raise Completes Amid Strategic Reset
Peninsula Energy Limited (ASX – PEN) has successfully closed a fully underwritten equity raising totaling A$69.9 million, a critical step in funding the restart and ramp-up of its Lance uranium project in Wyoming, USA. The capital raise comprised a retail entitlement offer and an institutional placement, with the retail component raising approximately A$7.0 million and the remaining shortfall of A$24.4 million subscribed by the underwriters.
This equity raise follows a comprehensive review and reset of the Lance Project by Peninsula's refreshed management team and board, signaling a renewed focus on delivering a sustainable and value-driven production plan. The Lance Project, one of the largest independent uranium developments in the United States, is central to Peninsula's strategy to become a key supplier of US-based uranium production.
Investor Support and Market Positioning
Managing Director and CEO George Bauk expressed gratitude to retail investors for their strong participation, highlighting the confidence shown by both existing and new shareholders. "This sizeable and significant capital raise would not have been possible without their commitment," Bauk said, emphasizing the company's readiness to advance production ramp-up and meet key milestones.
With uranium market fundamentals improving globally and demand on the rise, Peninsula is positioning itself to capitalize on the growing need for clean energy resources. The Lance Project's restart, which began feeding uranium on resin into its central processing plant in late 2024, is now set to accelerate, supported by this fresh injection of capital.
Next Steps and Shareholder Approval
While the equity raising is effectively complete, the final tranche of the institutional placement, amounting to A$7.5 million, remains subject to shareholder approval at the upcoming Extraordinary General Meeting scheduled for 30 September 2025. The new shares from the retail entitlement offer and shortfall are expected to settle by 15 September, with trading commencing the following day.
Joint Lead Managers and underwriters Canaccord Genuity (Australia) Limited and Shaw and Partners Limited played a pivotal role in facilitating the raise, ensuring full underwriting and allocation of shortfall shares. This robust financial backing provides Peninsula with the necessary resources to continue its production ramp-up and pursue its strategic objectives in the uranium sector.
Bottom Line?
Peninsula’s capital raise sets the stage for a critical production phase, but shareholder approval will be the next key hurdle.
Questions in the middle?
- Will shareholder approval for the final placement tranche be secured at the upcoming EGM?
- How quickly can Peninsula accelerate uranium production at Lance following this funding?
- What impact will increased US-based uranium supply have on the broader market?