Peninsula Energy (PEN) Investor presentation summary

Strategic growth and project overview

• Lance Project in Wyoming hosts a significant uranium resource of 58Mlbs, with exploration targets up to 163Mlbs U3O8, making it the largest ISR project in the state and among the largest in the USA.

• The project is fully permitted for low pH ISR mining, with a central processing plant (CPP) constructed and licensed for up to 3Mlbs per annum, currently ramping up to 0.4–0.5Mlbs in 2026 and targeting 0.5–0.6Mlbs in 2027.

• Production reset plan implemented in August 2025, with first yellowcake produced in September 2025 and ongoing ramp-up supported by new wellfield designs and operational improvements.

• Kendrick, Barber, and Dagger satellite projects provide additional growth and resource conversion opportunities, with Kendrick development underway and fully permitted.

Financial position and funding package

• A US$56M funding package has been secured, including a fully underwritten A$36M (US$26M) equity raise at A$0.35/share and a US$30M convertible debt facility with Soul Patts.

• Proceeds will fund Mine Unit 5 and 6 development, deep disposal well and pond capex, debt repayment, and working capital.

• Pro forma cash and equivalents post-raise and debt drawdown are US$72.3M, with a market cap of US$138.7M and net cash of US$42.3M.

• The debt facility includes a three-year term, fixed interest, conversion rights, and warrants, with drawdown subject to customary conditions.

Operational execution and ramp-up

• Wellfield development is progressing, with MU-4 construction ahead of schedule and new header house patterns implemented to optimize production.

• Central Processing Plant commissioning is complete, with dual production lines enhancing flexibility and reducing downtime.

• Proactive management addressed agitator failures and wellfield gassing, maintaining production guidance and minimizing operational disruptions.

• Targeting C1 cash costs of US$30–35/lb from 2028 onwards, with higher costs in 2026–27 due to lower production and increased acid usage.