Peninsula Energy (PEN) H2 2024 earnings summary

Executive summary

• Completed major expansion of the Lance Project’s central processing plant, targeting production restart in December 2024 with a ramp-up to 1.8M lbs U₃O₈ per annum by 2028.

• Raised A$166 million in equity, ensuring funding through to anticipated positive free cash flow in Q3 2025.

• Increased Lance Project mineral resource estimate by 7.8% to 58.0M lbs U₃O₈, with Ross & Kendrick areas up 19.6% to 26.2M lbs.

• Signed new long-term uranium sales contracts, bringing total committed sales to 5.8M lbs over 10 years, about 40% of projected production.

• Ended the year with zero debt and US$99.85M in cash.

Financial highlights

• Revenue: US$11.87M (down from US$40.4M in 2023), reflecting lower uranium sales volume.

• Net loss: US$12.41M (vs. US$3.55M loss in 2023), driven by derivative losses and increased corporate/admin costs.

• Gross profit: US$1.78M (flat year-over-year).

• EBITDA: US$(12.41)M (vs. US$(4.20)M in 2023).

• Working capital surplus: US$99.51M (up from US$31.17M in 2023).

• Net assets: US$185.2M (up from US$91.1M in 2023).

Outlook and guidance

• Production commissioning on track for late 2024; initial 2025 output forecast revised to 0.7–0.9M lbs U₃O₈.

• Positive uranium market dynamics expected, with US ban on Russian uranium imports and rising global demand.

• Fully funded to sustainable free cash flow, anticipated by Q3 2025.