Peninsula Energy Confirms Terms of US$30 Million Convertible Note

Convertible Debt Facility Agreement Executed

Peninsula Energy (ASX:PEN) has formalised its previously announced US$30 million senior secured convertible note debt facility with SP Financing 1 Pty Limited, an affiliate of Washington H. Soul Pattinson. The execution of the definitive Facility Agreement marks a key step in Peninsula’s capital raising efforts to support its uranium production business in Wyoming, USA.

The company confirmed that the terms of the executed agreement remain materially consistent with those outlined in its May 2026 prospectus and shareholder meeting notices. Drawdown of funds under the facility is contingent on customary conditions precedent, with a deadline set for 31 July 2026.

Strategic Financing for Lance Uranium Operation

This debt facility complements Peninsula’s recent A$36.1 million equity raise, collectively bolstering the company’s financial position as it ramps up production at the Lance Uranium Project. The Lance operation, which restarted production of dried yellowcake in September 2025, is one of the largest independent uranium projects in the US and is central to Peninsula’s ambition to become a fully independent domestic uranium producer.

Peninsula’s Managing Director George Bauk approved the release, underscoring the importance of the facility in underpinning the company’s revised production and operational plan. The plan includes deploying low-pH operations and optimised wellfield design to enhance output and efficiency.

Conditions and Next Steps

While the agreement is now executed, the actual drawdown of the US$30 million remains subject to customary conditions precedent, which the company must satisfy before the end of July. These conditions typically include regulatory approvals and other standard closing requirements.

Investors should watch for updates on the satisfaction of these conditions and the timing of fund drawdown, which will directly impact Peninsula’s liquidity and capacity to advance the Lance Project's ramp-up. The facility’s senior secured status and convertible note structure also highlight the company’s approach to balancing debt financing with potential equity conversion.