Peninsula Energy (ASX: PEN) aims to become independent uranium producer

4 min read | February 13, 2024 03:45 PM AEDT | By Team Kalkine Media

Google News:

Peninsula Energy (ASX: PEN) aims to become independent uranium producer — Image source: Evgeny_V, shutterstock

Recent News

Is BetaShares Nasdaq 100 ETF (ASX:NDQ) Challenging ASX 300 ETF Flows?

Why is ASX ETF Boom Racing Toward New Milestone With ASX:A200?

Why Is Vanguard Australian Shares ETF (ASX:VAS) Leading ASX ETF Inflow...

ECS Botanics (ASX:ECS): The Export Race Turning Heads

Make Kalkine Media
My Trusted Source

Highlights

Peninsula Energy is an ASX-listed uranium mining company with operations in Australia, South Africa and the US

In FY23, the company recorded nearly 183% rise in cash and cash equivalent

Alps Advisors, Inc. has the highest shareholding in PEN with 5.07% stake

Peninsula Energy Limited (ASX:PEN) is a uranium mining company based in Australia. The company's operations are divided into three segments: Lance Projects in Wyoming, USA; Karoo Projects in South Africa; and Corporate/Other. The company also has the Lance Uranium Projects, Wyoming, United States.

The AUD 267.86-million-market-cap company registered 120.77% YoY growth in revenue to USD 40.40 million in the financial year 2023 (FY23). Gross profit during the reported period fell by 41.64% YoY to USD 1.78 million due to purchased uranium costs.

Cash and cash equivalent grew by 182.98% YoY to USD 21.45 million, driven by proceeds from the issuance of shares and sale of uranium concentrate.

Top 10 shareholders of PEN

The top 10 shareholders of PEN have around 18.72% shareholding in the firm, while the top four have nearly 16.26% shareholding. Alps Advisors, Inc., and Mitsubishi UFJ Financial Group Inc. hold maximum stake in the company with a shareholding of ~5.07% and ~4.60%, respectively.

Recent business update

Today (13 February 2024), through an ASX-filing, the company informed that 30,474,542 shares have been transferred or re-classified because of exercised options or converted convertible securities.

On 31 January 2024, the company released trading update for the three-months ended 31 December 2023. During the reported period, PEN’s cash stood at USD 17.9 million.

The period saw a delivery of 209,507lbs U3O8 to a customer under the terms of the sales agreement. Moreover, the company shared that at Lance Project, Ross process plant’s low-ph transition construction is near completion.

Outlook

The company aims at providing reliable and clean power, although uranium stocks are declining, and fresh supply is limited. The company is working towards in-house processing and raising funds to become an independent producer. The intention is to upgrade resources in FY24, which is dependent upon the availability of drill rig.

The company secured firm commitments from institutional and sophisticated investors to raise USD 50 million through placement.

Share performance of PEN

PEN shares closed flat at AUD 0.13 apiece on 13 February 2024. With this, in the past one year, PEN’s share price has declined by 16.13% and increased by 23.81% in the last three months.

The 52-week high of PEN is AUD 0.2, recorded on 13 June 2023, while the 52-week low is AUD 0.076, recorded on 20 November 2023.

Note 1: Past performance is neither an Indicator nor a guarantee of future performance.

Note 2: The reference date for all price data, and currency, is 13 February 2024. The reference data in this report has been partly sourced from EODHD/Others.

Disclaimer

This article has been prepared by Kalkine Media, echoed on the website kalkinemedia.com/au and associated pages, based on the information obtained and collated from the subscription reports prepared by Kalkine Pty. Ltd. [ABN 34 154 808 312; AFSL no. 425376] on Kalkine.com.au (and associated pages). The principal purpose of the content is to provide factual information only for educational purposes. None of the content in this article, including any news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations, and video is or is intended to be, advisory in nature. The content does not contain or imply any recommendation or opinion intended to influence your financial decisions, including but not limited to, in respect of any particular security, transaction, or investment strategy, and must not be relied upon by you as such. The content is provided without any express or implied warranties of any kind. Kalkine Media, and its related bodies corporate, agents, and employees (Kalkine Group) cannot and do not warrant the accuracy, completeness, timeliness, merchantability, or fitness for a particular purpose of the content or the website, and to the extent permitted by law, Kalkine Group hereby disclaims any and all such express or implied warranties. Kalkine Group shall NOT be held liable for any investment or trading losses you may incur by using the information shared on our website.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.