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Peninsula Energy (PEN) post equity raise

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Question asked 11/09/2025

Peninsula Energy (PEN) post equity raise

After a trading halt on 17 April, PEN is trading again after announcing an equity raise @30c on 22 Aug. The institutional offer is now complete and the retail offer at 1:1 closes on Tuesday 29 Sept. I note from your comments in Q&A last week that MM has no interest in PEN, however, if you held the stock, would you consider participating. It has been trading 10 to 20% above the offer price early in the week. My concern is the discount to the last traded price before the holt is >50%.

Answer

Hi David,

PEN closed at 29.5c last week, marginally below the institutional offer price. Hence, we see no reason to catch this falling knife which cannot hold onto its raise price which was at the time a very steep discount to its last traded price – it feels like throwing good money after bad.

After PENs recent ~$70mn cap raise, at FY25 burn levels, Peninsula’s cash will last ~9 months without utilising new financing. This suggests that unless production at the Lance Project ramps up significantly in FY26, Peninsula may need further funding or cost reductions within a year.

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Peninsula Energy Ltd (PEN)

LAST UPDATED 05/09/2025 21:14

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