Lance low-pH field demonstration
The MU1A demonstration advanced while 275,000 lb of uranium was sold from purchased/inventory material. The year ended with US$6.7 million cash and no recommended dividend.
Consolidated statements are presented in US$ thousands, with Australian-dollar equity raises and physical uranium quantities identified separately. The five years cover an idled Lance project, construction funding, a limited restart and a subsequent sales-contract reset.
Reading the tables: 0 (nil) is a supported zero. Other text distinguishes an amount included in another line, a non-applicable item, a separately unavailable component and an unresolved value. These are not interchangeable. Period-specific detail is labelled; complete year-by-year detail remains available.
Including US$7.5m income-tax expense and US$10.4m non-cash derivative gain
Down from US$99.9m a year earlier
Cash-flow statement, not additional to total investing cash
Uranium captured on resin; not dried product
Lance's transition from alkaline to low-pH in-situ recovery left the mine idled while Peninsula delivered uranium from inventory and market purchases against legacy contracts. These sales volumes are not mine production. The financial statements are in US dollars; reported equity raises quoted in Australian dollars stay in that currency.
FY2024's US$7.9 million derivative fair-value loss and FY2025's US$10.4 million derivative gain have opposite effects on statutory profit. The latter followed reversal of derivative liabilities on contracts terminated during FY2025. FY2025's US$11.4 million contract-cost line and US$7.5 million tax expense also shape the loss; these are not interchangeable with the reported cash termination payments.
FY2024 equity funding supported construction, but US$81.9 million of mine-development and PP&E cash payments in FY2025 reduced cash to US$9.2 million. The directors and auditor again identified material going-concern uncertainty at FY2025 year-end. The August 2025 A$69.9 million equity raising and Davidson Kempner facility are subsequent funding actions, not FY2025 balance-sheet cash or borrowings.
The MU1A demonstration advanced while 275,000 lb of uranium was sold from purchased/inventory material. The year ended with US$6.7 million cash and no recommended dividend.
Uranium deliveries rose to 450,000 lb. The auditor's unmodified opinion contained a material-uncertainty paragraph about going concern while Lance remained in transition.
The group delivered 750,000 lb, including 300,000 lb to the US Department of Energy. After the resin-processing agreement ended in July 2023, the revised Lance plan targeted a December 2024 restart with in-house processing.
Two equity raisings totalled A$165.9 million gross. Mine-development and PP&E cash payments rose to US$33.0 million; the 30 June cash balance was US$99.9 million.
Lance restarted in December 2024 but captured only 7,304 lb on resin before flow was halted. Three legacy sales contracts were terminated in June 2025; two more followed after year-end. First dried yellowcake was reported in September 2025.
Peninsula reported a statutory group loss in each of the five years. Revenue from uranium deliveries peaked in FY2023; the FY2025 statement presents nil revenue despite a 200,000 lb long-term-contract delivery at a net cost after on-market purchase. The derivative movement changed sign from a loss in FY2024 to a gain in FY2025 following contract terminations.
US$000s
AI-generated presentation · values from Group loss, discontinued operations and attribution; no missing values plotted as zero.
US$000s
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Revenue | 9,775 | 18,300 | 40,400 | 11,866 | 0 (nil) |
| Cost of sales | (8,520) | (15,249) | (38,618) | (10,091) | 0 (nil) |
| Gross profit | 1,255 | 3,051 | 1,782 | 1,775 | 0 (nil) |
| Other income | 656 | 591 | 149 | 1,300 | 4,743 |
| Standby mode and low-pH transition costs | (7,138) | (7,079) | (4,548) | 0 (nil) | Not presented |
| Contract costs | Not presented | Not presented | Not presented | 0 (nil) | (11,351) |
| Corporate and administration expenses | (2,030) | (2,135) | (3,593) | (6,904) | (8,626) |
| Foreign exchange (loss)/gain | (650) | 409 | 215 | (18) | 35 |
| Derivative fair value movement | 6,929 | 360 | 1,990 | (7,894) | 10,398 |
| Other credits/(expenses) | 98 | (1,033) | (440) | (671) | (214) |
| Loss before interest and tax (continuing) | (880) | (5,836) | (4,445) | (12,412) | (5,015) |
| Finance costs | (35) | (3) | (1) | 0 (nil) | (1) |
| Net loss before income tax (continuing) | (915) | (5,839) | (4,446) | (12,412) | (5,016) |
| Income tax (expense)/benefit | (465) | 1,294 | 912 | 0 (nil) | (7,479) |
| Loss for the year — continuing operations | (1,380) | (4,545) | (3,534) | (12,412) | (12,495) |
US$ thousands; expenses and losses are negative. Each column uses that year’s current-year statement, except the explicitly marked FY2024 contract-cost nil from the FY2025 comparative; later comparatives are not otherwise spliced into the series.
FY2025 reports nil statutory revenue, cost of sales and gross profit even though 200,000 lb was sold under long-term contracts at a net cost. Trading/contract accounting is explained below.
FY2025's FY2024 comparative reallocates US$595 thousand from other expenses into corporate and administration expenses: the original FY2024 lines of (6,904) and (671) become (7,499) and (76); the combined expense and statutory result are unchanged.
Standby/low-pH transition costs appear as their own line through FY2024 (nil in FY2024); FY2025 introduces a separate contract-cost line, whose FY2024 comparative is nil. Earlier contract-cost blanks and FY2025 standby blank are not zeros.
Source: Peninsula Energy annual reports FY2021–FY2025; exact extracted records and selected original statement tables retained in the author evidence.
US$000s
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| (Loss)/Gain from discontinued operations | (60) | (74) | (14) | 0 (nil) | Not presented |
| Loss for the year (total) | (1,440) | (4,619) | (3,548) | (12,412) | (12,495) |
| Exchange differences on translation of foreign operations (OCI) | 1,011 | (437) | (299) | (561) | (2,835) |
| Total comprehensive loss for the year | (429) | (5,056) | (3,847) | (12,973) | (15,330) |
| Loss attributable to equity holders of the Parent | (1,432) | (4,635) | (3,542) | (12,412) | (12,495) |
| Loss/(income) attributable to non-controlling interests | (8) | 16 | (6) | 0 (nil) | Not presented |
US$ thousands. FY2025's statement presents the loss for the year under continuing operations and has no separate discontinued-operations line; this is shown as not presented.
The non-controlling-interest loss row is the loss-for-year attribution in FY2021–FY2024. FY2025's dash in the source is in the total-comprehensive-loss attribution block, so it is not used as a loss-for-year attribution; the FY2025 cell is not separately presented.
Source: Peninsula Energy annual reports FY2021–FY2025; exact extracted records and selected original statement tables retained in the author evidence.
At 30 June 2025, cash was US$9.2 million, while plant/equipment and capitalised mineral development rose with the Lance build. Current provisions increased sharply; the issuer totals put current liabilities above current assets at year-end. Post-year-end funding is addressed separately from these balance-date balances.
US$000s
AI-generated presentation · values from Consolidated assets at 30 June; no missing values plotted as zero.
US$000s
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Cash and cash equivalents | 6,701 | 7,582 | 21,455 | 99,854 | 9,169 |
| Trade and other receivables (current) | 10,772 | 1,023 | 1,260 | 2,264 | 1,329 |
| Inventory (current) | 499 | 15,024 | 12,092 | 2,079 | 2,197 |
| Held for sale assets | 916 | 697 | 366 | 379 | 388 |
| Total current assets | 25,454 | 29,595 | 35,173 | 104,576 | 13,083 |
| Trade and other receivables (non-current) | 3,001 | 3,019 | 3,089 | 6,678 | 3,576 |
| Property, plant and equipment | 18,718 | 18,535 | 23,792 | 34,704 | 83,665 |
| Mineral development | 38,633 | 37,033 | 47,962 | 67,268 | 108,359 |
| Other financial assets (non-current) | 6,084 | 3 | 3 | 1 | 37 |
| Total non-current assets | 75,855 | 58,590 | 74,846 | 108,651 | 195,637 |
| Total assets | 101,309 | 88,185 | 110,019 | 213,227 | 208,720 |
US$ thousands. Selected components are not an exhaustive add-up: some smaller asset categories are omitted from this reader table; issuer subtotals and totals are reported directly.
The 30 June 2025 date is established by the FY2025 annual statement and issuer claims; the frozen scope's 1 July 2025 balance-date metadata is inconsistent with them.
Source: Peninsula Energy annual reports FY2021–FY2025; exact extracted records and selected original statement tables retained in the author evidence.
US$000s
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Trade and other payables (current) | 7,398 | 1,095 | 3,660 | 4,710 | 8,243 |
| Borrowings (current) | 608 | 3 | 3 | 1 | 2 |
| Provisions (current) | 145 | 163 | 190 | 208 | 7,742 |
| Liabilities associated with held for sale assets | 654 | 261 | 155 | 146 | 154 |
| Total current liabilities | 8,805 | 1,522 | 4,008 | 5,065 | 16,141 |
| Provisions (non-current) | 12,638 | 10,098 | 12,402 | 12,567 | 14,984 |
| Deferred tax liabilities | 2,206 | 912 | 0 (nil) | 0 (nil) | 7,479 |
| Other financial liabilities (non-current) | Not presented | 2,209 | 2,504 | 10,398 | 0 (nil) |
| Total non-current liabilities | 14,852 | 13,224 | 14,907 | 22,965 | 22,463 |
| Total liabilities | 23,657 | 14,746 | 18,915 | 28,030 | 38,604 |
| Issued capital | 252,502 | 252,717 | 274,866 | 381,617 | 381,841 |
| Reserves (share-based payments + FCTR) | 8,046 | 8,103 | 7,163 | 6,911 | 3,895 |
| Accumulated losses | (181,704) | (186,339) | (189,881) | (202,293) | (215,620) |
| Equity attributable to equity holders of the Parent | 78,844 | 74,481 | 92,148 | 186,235 | 170,116 |
| Non-controlling interest | (1,192) | (1,042) | (1,044) | (1,038) | 0 (nil) |
| Total equity | 77,652 | 73,439 | 91,104 | 185,197 | 170,116 |
US$ thousands. Selected components are not an exhaustive add-up; issuer subtotals and totals are reported directly.
FY2025 current provisions include a material provision increase. The FY2025 deferred-tax liability is US$7,479 thousand, matching that year's tax expense; the original FY2024 statement shows a nil deferred-tax line.
The FY2025 non-current other-financial-liability line is nil. Its US$10,398 thousand FY2024 comparative must not be moved into FY2025.
Source: Peninsula Energy annual reports FY2021–FY2025; exact extracted records and selected original statement tables retained in the author evidence.
Operating cash turned negative in FY2025 as uranium sales cash receipts were nil and supplier/employee payments continued. Construction cash payments reached US$81.9 million, while FY2025 share-issue proceeds in the cash-flow statement were US$0.2 million; the larger A$ equity raising took place after year-end.
US$000s
AI-generated presentation · values from Consolidated cash flows; no missing values plotted as zero.
US$000s
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Customer receipts from uranium sales | 3,380 | 32,632 | 42,186 | 11,866 | 0 (nil) |
| Payments to acquire uranium from suppliers | Not presented | (20,750) | (29,243) | 0 (nil) | Not presented |
| Strategic uranium inventory payment | (9,419) | 0 (nil) | Not presented | Not presented | Not presented |
| Issuer's uranium sales cash margin | Not presented | 11,882 | 12,943 | 11,866 | 0 (nil) |
| Supplier/employee payments (FY2021 includes uranium purchases) | (11,466) | (9,931) | (8,058) | (8,171) | (10,820) |
| Interest paid | (138) | (3) | (1) | 0 (nil) | (1) |
| Interest received | 15 | 11 | 146 | 1,114 | 1,978 |
| Income tax refunded | 294 | 0 (nil) | Not presented | Not presented | Not presented |
| Other operating receipts | 51 | 84 | 0 (nil) | Not presented | Not presented |
| Net cash from/(used in) operating activities | (17,283) | 2,043 | 5,030 | 4,809 | (8,843) |
| PP&E cash payments (FY2021); mine development and PP&E (FY2022–FY2025) | (171) | (1,022) | (12,362) | (33,037) | (81,856) |
| Net cash used in investing activities | (194) | (990) | (12,184) | (32,892) | (81,856) |
| Borrowing cash proceeds | 560 | 0 (nil) | Not presented | Not presented | 1 |
| Equity issue cash proceeds | 11,835 | 0 (nil) | 22,174 | 113,845 | 173 |
| Share issue cash costs | (468) | (58) | (1,102) | (7,374) | (70) |
| Borrowing repayments | (43) | (48) | (3) | (4) | 0 (nil) |
| Net cash from/(used in) financing activities | 11,884 | (106) | 21,069 | 106,467 | 104 |
| Change in cash before FX | (5,593) | 947 | 13,915 | 78,384 | (90,595) |
| Opening cash | 11,935 | 6,701 | 7,582 | 21,455 | 99,854 |
| Exchange-rate effect on cash | 359 | (66) | (42) | 15 | (90) |
| Closing cash | 6,701 | 7,582 | 21,455 | 99,854 | 9,169 |
US$ thousands; cash outflows are negative. Components are presented selectively, while the activity totals and cash reconciliation are the issuer's reported figures.
FY2021 presents strategic uranium inventory payments separately and does not present supplier uranium purchases or uranium sales margin on its original current-year lines. FY2022 comparative reclassifies FY2021 purchases of US$2,018 thousand and uranium margin of US$1,362 thousand (R001932/R001934); these comparative figures are documented but not spliced into the original-basis cells.
FY2021 PP&E cash payments of US$171 thousand exclude the separate US$21 thousand mineral-development payment. FY2023 onward mine-development and PP&E payments are combined by the issuer.
FY2025's US$81,856 thousand investing outflow is a cash-flow line; the FY2025 issuer also describes US$26.9 million of wellfield development within its project activity, which is not an additional cash-flow line to add here.
Source: Peninsula Energy annual reports FY2021–FY2025; exact extracted records and selected original statement tables retained in the author evidence.
The directors recommended no dividend for any of the five years. Issued capital expanded most in FY2024. Share counts have a 20-for-1 consolidation boundary in December 2024; the August 2025 underwritten equity raise and US$15 million Davidson Kempner debt facility followed the balance date and are not part of FY2025 cash-flow funding.
US$000s
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Issued capital | 252,502 | 252,717 | 274,866 | 381,617 | 381,841 |
Issued-capital carrying value is in US$ thousands. The starter's share-count series had a FY2023 nil cell sourced from an unrelated record; share counts are omitted pending a comparable year-end series.
Peninsula completed a 20-for-1 share consolidation on 3 December 2024. FY2025 cash-flow equity proceeds are only US$173 thousand; the major A$69.9 million underwritten raise followed 30 June 2025.
Source: Peninsula Energy annual reports FY2021–FY2025; exact extracted records and selected original statement tables retained in the author evidence.
The sales series records deliveries under the contract portfolio rather than Lance production. Commercial flow restarted in December 2024, but epoxy failures and resin-capacity exhaustion halted Phase I flow after 7,304 lb had been captured on resin. First dried yellowcake was reported only in September 2025, after the balance date.
Peninsula terminated three of six legacy sales contracts in June 2025 and two more after year-end. At 30 June the reset was incomplete, with 3.19 million lb still contracted; after the later terminations one 600,000 lb contract remained for 2028–2033. Termination payments and derivative reversal have different cash and accounting bases.
lb U3O8
AI-generated presentation · values from Uranium delivered or sold under the contract portfolio; no missing values plotted as zero.
lb U3O8
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| U3O8 volume | 275,000 | 450,000 | 750,000 | 209,507 | 200,000 |
These volumes are sales/deliveries under the uranium contract portfolio, not Lance mine production. Material was market-sourced or drawn from strategic inventory while Lance was idled or ramping up.
FY2025's 200,000 lb sale had a reported US$1.5 million net cost; the statutory revenue line is nil under the issuer's presentation.
Source: Peninsula Energy annual reports FY2021–FY2025; exact extracted records and selected original statement tables retained in the author evidence.
mixed
| Metric | FY2025 |
|---|---|
| Uranium captured on resinlb U3O8 | 7,304 |
| Mine development and PP&E cash paymentsUS$000s | (81,856) |
| Wellfield development spend (issuer narrative)US$m | 26.9 |
The resin figure is captured uranium, not dried yellowcake production or sales. Flow to Phase I columns was halted in the final quarter after epoxy failures and resin-capacity exhaustion.
The US$26.9 million wellfield spending disclosure describes project activity; it is not a separate cash-flow increment to the US$81.856 million cash-payment line.
Source: Peninsula Energy annual reports FY2021–FY2025; exact extracted records and selected original statement tables retained in the author evidence.
Prepared from the existing annual extraction datasets, supplemented only by selected same-company annual-report tables and saved row interpretations. No new raw-document extraction or web financial research was used for this test.
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