Peninsula Energy initiated a substantial equity raise of $105.9 million to secure funding until the third quarter of 2025.

The equity raise includes a $52.9 million placement to investors and a $53 million entitlement offer priced at 10 cents per share.

The funds will support crucial development activities for the Lance Project, which, amid a tight uranium market, aims to be commissioned by late 2024.

The raise involves issuing approximately 1.06 billion new shares, fully underwritten by lead managers.

Trading of Peninsula Energy shares is halted pending completion of the offering as the company explores additional financing options.