Peninsula Energy Secures US$56 Million to Expand Wyoming Uranium Project

The company has secured US$56 million (A$77 million) to accelerate development and ramp up production at its Lance uranium project in Wyoming. The funding comprises a fully underwritten institutional placement raising A$21.8 million, a fully underwritten entitlement offer for A$14.2 million, and a binding commitment for a US$30 million (A$41 million) convertible note debt facility with Washington H.

Soul Pattinson. Washington H. Soul Pattinson is providing the debt facility and has committed up to A$14.4 million in the equity raise. The company stated the cash injection will provide flexibility to reach a processing goal of 1.2 to 1.5 million pounds per annum.

The funds will fast-track development of Mine Unit 5, the first stage of the Horizon 3 growth strategy that targets full-scale production from 2028.

The company has allocated US$30 million for development of Mine Unit 5, US$10.8 million for initial works on Mine Unit 6, and US$6.5 million for an additional deep disposal well. The financing will also fund construction of a new deep disposal well and repay US$4.2 million in existing debt.

Management said the package allows immediate planning and development of Mine Unit 5 to ensure a smooth transition and minimize any production decline when Mine Unit 4 is depleted in late 2027. The company maintained its production guidance, forecasting output of 0.4 to 0.5 million pounds of U3O8 in 2026 and 0.5 to 0.6 million pounds in 2027.

A managing director said the funding package provides the impetus to move into the next phase of growth at the Lance project.

The Lance project is one of the larger in-situ recovery uranium operations in the United States, with a JORC-compliant resource of 58 million pounds across the Ross, Kendrick and Barber areas. In-situ recovery operations pump solutions underground to dissolve uranium before bringing it to the surface for processing.

Recent adjustments to leaching chemistry have improved flow rates while increasing acid costs. The funding follows closures by Cameco in Canada’s Athabasca Basin that have tightened uranium supply. The company noted that securing domestic uranium supply remains a priority for the U.S. government.