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.