Peninsula Energy

What Peninsula Energy does

Peninsula Energy Limited is an ASX-listed (ticker PEN) uranium mining company headquartered in Subiaco, Western Australia, with operational assets in Wyoming, USA. Its sole operating asset is the 100%-owned Lance Project, one of the largest uranium projects in the United States with a JORC (2012) Resource of 58.0 Mlbs U3O8. The company transitioned Lance to a low pH in-situ recovery (ISR) operation, re-commencing yellowcake (U3O8) production in December 2024 and positioning itself as North America's newest fully independent end-to-end producer. Production is targeted to ramp from approximately 50,000 lbs in 2025 to 1.5 million lbs annually by 2028, with Mine Unit 4 expected to deliver roughly 60% of output in 2026–2027 and Mine Units 5 and 6 in development.

The company generates revenue through direct B2B sales of finished yellowcake to nuclear power utilities and energy buyers, with no consumer channels, and maintains unhedged exposure to spot uranium pricing. The business is pre-revenue at scale and pre-margin: cash operating costs are guided at US$30–35M annually and 2025 production volumes are nominal, so the near-term P&L is loss-making while the company invests in wellfield buildout. Peninsula has funded the Lance ramp through multiple institutional capital raises, including an A$106M equity raise in May 2024, an approximately A$70M equity raise in October 2025 led by Tees River with Davidson Kempner, a US$15M debt facility in December 2025, and a US$56M package in May 2026 anchored by a US$30M convertible note from Washington H Soul Pattinson. Governance and operational leadership include a new CEO appointed in January 2025; the company employs 51–100 people and operates with no parent company, no disclosed patents or trademarks, and a withdrawn non-core South African subsidiary (Karoo Projects).

Name

Peninsula Energy

Legal name

Peninsula Energy Limited

Website

https://pel.net.au

Company type

Public

Founded year

1993

Operating status

Operating

Headcount range

51–100 employees

Short description

Peninsula Energy is an ASX-listed (PEN) independent uranium producer operating the 100%-owned Lance Project in Wyoming, USA, using low pH in-situ recovery to produce yellowcake (U3O8) for sale to US nuclear power utilities, with production ramping from 2024.

Ownership category

akta.pro rank

Product category

Uranium Mining

SIC

Metal Mining (1000)

akta.pro primary industry

Uranium Exploration & Resource Development (EUAKACAA)

Keywords

• Uranium mining
• In-situ recovery
• Yellowcake production
• Nuclear fuel supply
• Uranium extraction

Headquarters

HQ city

Perth

HQ country

Australia

HQ region

Oceania

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Supply Chain, Infrastructure, Personnel, Marketing or Sales, Others

Revenue model

1. Uranium (U3O8) Sales: Sale of finished yellowcake product produced from the Lance Project uranium extraction operations. Revenue is generated through spot market sales of uranium oxide to nuclear power utilities and energy buyers.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels7 records

Core offering

Peninsula Energy extracts and produces yellowcake (U3O8) uranium from its flagship 100%-owned Lance Project in Wyoming, USA, using low pH in-situ recovery (ISR) mining technology. The company sells this finished uranium commodity directly to nuclear power utilities to support their fuel supply needs. Production re-commenced in December 2024 and is ramping up toward 1.5 million pounds annually by 2028.

Product overview

Peninsula Energy is North America's newest fully independent end-to-end uranium producer, offering a single unified product centered on its 100% owned Lance Project in Wyoming. The company operates using low pH in-situ recovery (ISR) technology to produce yellowcake (U3O8), a finished uranium product for the nuclear energy market. The portfolio consists of the Lance Project as the core production asset, supplemented by the Dagger Project for potential future growth, while the Karoo Projects in South Africa have been divested. Production recommenced in December 2024 following transition to the environmentally friendly low pH ISR operation, with plans to ramp up output toward 1.5 million pounds annually by 2028.

Differentiator

Problem solved

Functional benefit

Products and services

• Lance Project (Yellowcake / U3O8 production) The flagship 100%-owned uranium project located in Wyoming, USA, with a JORC (2012) Resource of 58.0Mlbs U3O8. The project uses in-situ recovery (ISR) technology to extract uranium and produces finished yellowcake (U3O8) for sale to nuclear power utilities.
• Yellowcake (U3O8) Finished uranium product (triuranium octoxide / U3O8) produced through the low pH in-situ recovery process at the Lance Project. Sold as a commodity to nuclear power utilities and energy buyers.
• Dagger Project A uranium exploration and development project providing potential future growth upside for Peninsula Energy, supplementing the flagship Lance Project in Wyoming.

Quantifiable outcome

• Production ramp-up from 50,000 pounds in 2025 to 1.5 million pounds by 2028
• +2 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

One partnership is on record.

• MUFG Market ServicessupportOthersShare registry services provider handling shareholder queries and option conversions.

Scale indicators9 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• Uranium Energy Corp: Uranium Energy Corp is a US-focused uranium producer using ISR technology at operations in Wyoming and Texas. It is the most direct comparable to Peninsula given shared ISR methodology, US Tier 1 jurisdiction focus, and yellowcake production.
• Energy Fuels: Energy Fuels is a US-based uranium and rare earth element producer with conventional and ISR operations. It shares the US uranium production focus and serves the same nuclear utility customer base as Peninsula Energy.
• Boss Energy: Boss Energy is an ASX-listed uranium producer operating the Honeymoon ISR mine in South Australia. It is highly comparable as an ASX-listed ISR uranium producer ramping production, with similar regulatory and operational dynamics to Peninsula.

Broad incumbents

• Cameco Corporation: Cameco is the world's largest publicly traded uranium producer, operating the McArthur River and Cigar Lake mines. While operating at much larger scale and using conventional mining, it sets the price benchmark relevant to Peninsula's yellowcake sales.
• Paladin Energy: Paladin Energy is an ASX-listed uranium producer with the Langer Heinrich mine in Namibia. Comparable as an ASX-listed uranium producer though operating at larger scale with conventional heap leach methods.

Emerging players

• Denison Mines: Denison Mines is a Canadian uranium developer focused on the Wheeler River project in the Athabasca Basin. Comparable as an emerging uranium developer targeting future production, though focused on high-grade Athabasca conventional deposits.
• NexGen Energy: NexGen Energy is developing the Rook I/Arrow uranium project in the Athabasca Basin. Comparable as an emerging uranium developer, though focused on the highest-grade uranium deposits globally rather than ISR.

Others

• Yellow Cake plc: Yellow Cake plc is a London-listed company that holds physical uranium as a commodity investment vehicle. It is comparable as a uranium market participant, though operating a holding model rather than production.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/PEN_Energy
• LinkedInlinkedin.com/company/peninsula-energy-limited/?viewAsMember=true

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries1 record

Funding overview

Funding rounds8 records

Investors4 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Peninsula Energy