Exhausted as little Penelope may be (5)

I believe the answer is:

spent

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'exhausted' is the definition.
(I know that exhausted can be written as spent)

I don't understand how the remainder of the clue works.

Can you help me to learn more?

(Other definitions for spent that I've seen before include "Drained of energy - or paid out" , "Worn out, having laid out money" , "Completely exhausted" , "(Of resources) exhausted" , "Splashed out" .)

I've seen this clue in the Evening Standard.

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