PENINSULA ENERGY LIMITED (PEN)
Share Price Analysis and Chart

18/11/2024

1

Buy, High Risk

$0.24

-80.95%

While there is no change to the medium- or long-term production outlook at Peninsula Energy, Shaw and Partners notes slower-than-expected development of the well fields.

Capex for the project increases by -US$9.5m but is now guaranteed by the contractor, explain the analysts.

Management reduces 2025 uranium production guidance to 600klbs from 700-900klbs.

Shaw and Partners maintains a Buy rating with High Risk and lowers the target price to 24c from 26c to reflect the slower ramp-up.

Managing Director Wayne Heili will resign in 2025, and Chairman John Harrison will step down after a replacement for Wayne Heili is appointed.

FORECAST
Shaw and Partners forecasts a full year FY25 dividend of 0.00 cents and EPS of minus -0.60 cents.
Shaw and Partners forecasts a full year FY26 dividend of 0.00 cents and EPS of 0.80 cents.

20/11/2024

1

Speculative Buy

$0.16

-87.30%

Peninsula Energy has reduced 2025 production guidance to 0.6Mlbs from 0.7-0.9Mlbs and raised capex for the Lance project by US$9.5m due to operational delays, notes Canaccord Genuity.

Management expects to meet contractual commitments with US$68m in cash but faces a funding gap (estimated at -US$20m) to reach positive operational cash flow, note the analysts.

Canaccord lowers its target price to 16c from 20c, citing increased funding risks and slower ramp-up, and retains a Speculative Buy rating.

FORECAST
Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 0.15 cents.
Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 0.60 cents.