Peninsula Energy : Company Presentation - NobleCon18

ASX ANNOUNCEMENT (ASX:PEN)

20 April 2022

For personal use only

Companies Announcement Office Via Electronic Lodgement

PRESENTATION AT NOBLECON18

Peninsula Energy Limited ("Peninsula" or the "Company") (ASX: PEN, OTCQB: PENMF) is pleased to announce that Managing Director/CEO Mr Wayne Heili, will present at the NobleCon18 - Noble Capital Markets' Eighteenth Annual Investor Conference at the Hard Rock Hotel & Casino, Hollywood, Florida on Wednesday 20 April 2022 at 4:00pm Eastern US Standard Time.

There will be an opportunity to meet with Wayne at the breakout sessions scheduled for 20 April 2022 at 1:00pm - Table 8 and 21 April 2022 at 12:15pm - Table 5 Eastern US Standard Time. A high-definition video webcast of the presentation will be available the following day on the Company's websitewww.pel.net,au,also as part of a complete catalog of presentations available at Noble Capital Markets' Conference website:www.nobleconference.com and on Channelchekwww.channelchek.com the investor portal created by Noble.

Wayne will be providing an update on Peninsula's flagship Lance Projects located in Wyoming, USA, the growing importance of uranium to both the United States and as part of the green energy mix and key workstreams for the year ahead, as the Company works towards making a Final Investment Decision on restarting operations at Lance.

On 28 March 2022, Peninsula announced commencement of an update to its 2018 Low-pH ISR Feasibility Study, incorporating the results and conclusions from completed technical de-risking activities, including the critical MU1A Field Demonstration. The Company anticipates completing the Updated Feasibility Study in 3Q 2022.

About Noble Capital Markets, Inc.

Noble Capital Markets ("Noble") is a research driven investment bank that has supported small and microcap companies since 1984. As a FINRA and SEC licensed broker dealer Noble provides institutional-quality equity research, merchant and investment banking and order execution services. In 2005, Noble established NobleCon, an investor conference that has grown substantially over the last decade. Noble launchedwww.channelchek.comin 2018 - an investor community dedicated exclusively to public small and micro-cap companies and their industries. Channelchek is the first service to offer institutional-quality research to the public, for FREE at every level without a subscription. More than 6,000 public emerging growth companies are listed on the site, with growing content including research, webcasts, podcasts, and balanced news.

For further information, please contact

This announcement was approved and authorised by the Managing Director/CEO.

ABOUT PENINSULA ENERGY LIMITED

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Peninsula Energy Limited (PEN) is an ASX listed uranium mining company which commenced in-situ recovery operations in 2015 at its 100% owned Lance Projects in Wyoming, USA operated by Strata Energy Inc, a wholly owned subsidiary of Peninsula. Peninsula is embarking on a project transformation initiative at the Lance Projects to change from an alkaline ISR operation to a low-pH ISR operation with the aim of aligning the operating performance and cost profile of the project with industry leading global uranium production projects.

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Disclaimer & Competent Person This Presentation contains summary information about the current activities of the Company as at the date of this Presentation. The information in this Presentation is of a general nature and does not purport to be complete. This Presentation does not purport to contain all the information that an investor should consider when making an investment decision nor does it contain all the information which would be required in a disclosure document or prospectus prepared in accordance with the requirements of the Corporations Act 2001 (Cth). It should be read in conjunction with the Company's other periodic and continuous disclosure announcements lodged with the Australian Securities Exchange, which are available atwww.pel.net.au. To the extent permitted by law, the Company, its representatives, affiliates, related bodies corporate, officers, employees, agents and advisers make no representation or warranty (express or implied) as to the currency, accuracy, reliability, relevance or completeness of the material contained in the Presentation and disclaim all responsibility and liability for the information (including, without limitation, liability for negligence). Past performance information given in this Presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance. The Presentation contains "forward-looking statements". All statements other than those of historical facts included in the Presentation are forward-looking statements including estimates of resources, timing of permit and license amendments, and rates of uranium extraction and recovery. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Such risks include, but are not limited to, uranium price volatility, currency fluctuations, increased production costs and variances in ore grade or recovery rates from those assumed in mining plans, as well as political and operational risks and governmental regulation and judicial outcomes. The Company does not undertake any obligation to release publicly any revisions to any "forward-looking statement" to reflect events or circumstances after the date of the Presentation, or to reflect the occurrence of unanticipated events, except as may be required under applicable laws or regulations (including the ASX Listing Rules). This Presentation is for information purposes only and is not a prospectus, disclosure document, product disclosure document, product disclosure statement or other offering document under Australian law or any law (and will not be lodged with the Australian Securities and Investments Commission). This Presentation is not and should be considered an offer to sell or solicitation of an offer to buy securities of the Company. Please note that Production Targets within this presentation are based on a proportion of inferred resources. There is a low level of geological confidence associated with inferred mineral resources and there is no certainty that further exploration work will result in the determination of indicated mineral resource or that the production target itself will be realised. Competent Person Statement The information in this presentation that relates to Exploration Results, Mineral Resources or Ore Reserves at the Lance Projects is based on information compiled by Mr Benjamin Schiffer. Mr Schiffer is a Registered Professional Member of the Society of Mining, Metallurgy and Exploration (Member ID #04170811). Mr Schiffer is a professional geologist employed by independent consultant WWC Engineering. Mr Schiffer has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr. Schiffer consents to the inclusion in the presentation of the matters based on his information in the form and context in which it appears. This presentation was approved by the Managing Director/CEO

PENINSULA ENERGY ASX:PEN; OTCQB:PENMFINVESTOR PRESENTATION

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Cautionary & Inferred Resources Notice The Feasibility Study completed for the Lance Projects includes measured and indicated resources and an assumed resource conversion of 60% (inferred to indicated or greater). The purpose of the Feasibility Study is to demonstrate the Lance Projects economic viability and the robustness of the planned low pH operations over an extended mine life beyond the existing Ross production area. The Feasibility Study itself is based on various assumptions, including homogeneity of the delineated ore body contained within the Lance Projects. This is considered reasonable by the Company's technical consultants, competent persons and independent external consultants. The Company believes that it has a reasonable basis upon which to prepare and release these Feasibility Study results, particularly given that the Lance Projects have been in operation since December 2015. Whilst the Company considers that all the material assumptions underpinning the Feasibility Study are based on reasonable grounds, there is no certainty that they will prove to be correct or that the outcomes indicated by the Feasibility Study will be achieved. The Company believes it has a reasonable basis for providing the forward-looking statements and production targets included in this announcement. The material assumptions are included in Appendix 1 of this announcement and in the JORC table disclosures appended. The detailed assumptions regarding the resources are outlined in the ASX announcement released on 14 November 2018. Investors should also note that there is no certainty that the Company will be able to raise the amount of funding for the Lance Projects when it is required or on terms that are not overly dilutive or that are favourable to the value of the Company's existing shares. This presentation has been prepared in accordance with the JORC Code (2012) and the ASX Listing Rules. There is a low level of geological confidence associated with inferred mineral resources and there is no certainty that further exploration and delineation work will result in the determination of indicated mineral resources or that the production target itself will be realised. Financial information contained in this announcement is preliminary in nature and is in-part based on low-level technical and economic assessments and is insufficient to support the estimation of reserves or to provide assurance of economic development. Under the Feasibility Study mine plan, the first 5 years production can be sourced almost entirely from Measured and Indicated Resources. If the Inferred Resources are excluded from the Feasibility Study, the economic analysis still forecasts a positive financial performance. Therefore, the Company is satisfied that the use of Inferred Resources is not a determining factor in overall Project viability and that it is reasonable to include Inferred Resources in the Feasibility Study, particularly given that the Lance Projects were recently operating and produced uranium for over three years. In accordance with the relevant regulations governing the disclosure of mineral projects, readers are cautioned that mineable resources based on inferred resource material are considered too speculative geologically to enable them to be classified as reserves.

PENINSULA ENERGY ASX:PEN; OTCQB:PENMFINVESTOR PRESENTATION

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