Peninsula Energy secures $56 million to expand Wyoming uranium mine

Peninsula Energy has turned a $56 million financing into a very specific next step at Lance: Mine Unit 5 at Kendrick, a new deep disposal well, and enough working capital to keep the Wyoming restart moving after a five-year hiatus. That makes this more than a routine capital raise. It is an upstream uranium supply-chain move, aimed at the part of the cycle that has to work before anyone talks seriously about more reactor fuel.

The package, announced on May 14, combined a fully underwritten institutional placement of about 62.4 million shares at A$0.35 each to raise up to A$21.8 million, a fully underwritten 1-for-11 accelerated non-renounceable entitlement offer at the same price to raise up to A$14.2 million, and a binding US$30 million senior secured convertible note facility from Washington H. Soul Pattinson & Co. Soul Pattinson also committed to support up to A$14.4 million of the equity raise, a show of backing that underlines how central Lance has become to Peninsula’s growth case.

Peninsula said the proceeds will fund Mine Unit 5, which it described as the first stage of its Horizon 3 growth strategy, along with initial development of Mine Unit 6. The money will also go toward a new deep disposal well, repayment of the remaining US$4.2 million of corporate debt, working capital and corporate costs. That is the tell here: this is the plumbing and permitting side of growth, the work that decides whether a restarted in-situ recovery mine can keep scaling rather than simply operate in place.

The company said Lance restarted production on December 18, 2024, and described the project as 100% owned through Strata Energy Inc. Its JORC 2012 resource stands at 58.0 million pounds of U3O8, with Kendrick estimated at 19.8 million pounds. Peninsula says Lance is one of the largest uranium projects in the United States, and Uranium Royalty Corp. puts the project footprint at about 38,416 acres of mixed surface and mineral-right holdings plus access agreements and mining claims.

The key point for nuclear fuel watchers is that the financing strengthens the U.S.-adjacent uranium supply story, but it does not magically solve it. Peninsula kept its 2026 production guidance at 0.4 million to 0.5 million pounds of U3O8 and its 2027 guidance at 0.5 million to 0.6 million pounds, so the near-term lift is still measured. Even so, with the U.S. Department of Energy saying the country imports 20% to 25% of its enriched uranium from Russia and the U.S. Energy Information Administration reporting domestic mine output of 677,000 pounds in 2024 versus 50,000 pounds in 2023, Lance matters because it adds development runway where the fuel cycle is still thin.