Peninsula Energy Limited (ASX:PEN), an ASX-listed uranium company providing US production and direct market exposure, today announced the completion of its sales contract reset and provided an update on company activities. The company has successfully terminated five of its six offtake contracts with mutual consent, resulting in a total compensation payment of US$6.6 million. US$1.6 million has already been paid, with the remaining US$5 million due upon completion of a capital raising. One contract remains in place, requiring the delivery of 600,000 lbs of uranium between 2028 and 2033.
The company also reported that major construction of its Central Processing Plant (CPP) is complete, with water commissioning and operator training underway. The pre-operational regulatory inspection and approval process is scheduled to commence at the end of July, with dry yellowcake production expected during the September quarter, pending standard regulatory approvals. Peninsula Energy is focused on ramping up production at its Lance Projects in Wyoming, aiming to establish itself as a key uranium supplier.
In a board update, Mr. David Coyne has transitioned into the permanent role of Non-Executive Chairman. Mr. Keith Bowes, an experienced uranium executive, has been appointed as a Non-Executive Director, joining the board after a capital raising. Mr. Mark Wheatley and Mr. Harrison Barker have retired as Non-Executive Directors, effective 29 July 2025. The company’s trading suspension remains in place as it finalizes production guidance and capital raising plans.
George Bauk, Managing Director and CEO of Peninsula Energy, expressed satisfaction with the progress made, highlighting the de-risking of the business through the contract reset and the near completion of the CPP. The company secured a debt facility of up to US$15 million on July 10, further strengthening its financial position. Peninsula intends to re-engage with former customers after establishing a consistent production track record.
