Peninsula Energy Raises A$29.2M from Institutions, Retail Offer Opens 21 May

Institutional Backing Strengthens Peninsula’s Balance Sheet

Peninsula Energy (ASX:PEN) has secured approximately A$29.2 million from a fully underwritten institutional placement and entitlement offer, forming the bulk of a planned A$36.1 million equity raise. Washington H. Soul Pattinson & Co (“Soul Patts”) emerged as a key cornerstone investor, committing A$10.4 million and agreeing to sub-underwrite A$4.0 million of the forthcoming retail entitlement offer, significantly increasing its stake in the uranium miner. The institutional bookbuild included 80.9 million new shares, expected to be allotted on 25 May 2026.

The retail entitlement offer opens on 21 May, inviting eligible Australian and New Zealand shareholders to subscribe at A$0.35 per share on a one-for-eleven basis, aiming to raise a further A$6.9 million. Shareholders can also apply for additional shares through an oversubscription facility, capped at 50% of their entitlement, subject to availability.

Convertible Debt Facility Adds Financial Flexibility

Complementing the equity raise, Peninsula has secured a binding commitment for a US$30 million senior secured convertible note facility with Soul Patts. The facility includes conversion rights allowing Soul Patts to convert debt into shares, pending shareholder approval at an upcoming extraordinary general meeting (EGM) anticipated in late June 2026. If approval is not granted, any conversion would be cash-settled based on weighted average share prices.

The facility also involves the issue of detachable warrants exercisable at A$0.525 per share over five years, providing Soul Patts with potential upside exposure. Drawdown remains subject to customary conditions, including execution of definitive agreements by 28 May 2026.

Directors’ Participation and Governance Steps

Non-executive directors Keith Bowes and Tejal Magan have agreed to subscribe for A$25,000 and A$20,000 respectively on the same terms as the placement, pending shareholder approval at the EGM. Managing Director George Bauk and Chair David Coyne have indicated their intention to fully participate in the entitlement offer, signalling confidence in the company’s strategy and growth trajectory.

This equity and debt package arrives as Peninsula continues commissioning and ramping up production at its Lance Uranium Project in Wyoming, USA. The project restarted dried yellowcake production in September 2025 and is progressing under a revised operational plan that includes low-pH operations and optimised wellfield sequencing. The strengthened balance sheet provides a buffer against operational risks and supports the next phase of growth and expansion.

Peninsula’s recent history includes navigating legal hurdles over share issuances earlier this year, with a Supreme Court ruling validating a February share sale that had been challenged for prospectus compliance. This legal clarity, alongside the fresh capital, positions Peninsula to resume normal trading and advance its uranium production ambitions. The company’s ongoing debt management efforts, including previous partial conversions of convertible loans, reflect a broader strategy to balance funding needs and shareholder dilution court validation for February share sale and debt conversion and share issuance.