Peninsula Energy Limited announced production results for the quarter ended June 30, 2018. Production from the Lance Projects during the quarter ended 30 June 2018 was 38,001 pounds U3O8. The June quarter production is a decrease of approximately 13% on the March quarter. The decrease in production is due to the decision in May to suspend the majority of alkaline based production activity within the first mining unit at the Lance Projects (MU1). A drying run was conducted during the quarter with a total of 43,553 pounds U3O8 dried and drummed. Alkaline ISR based production continues in the second mining unit (MU2), where head grades are higher and in a small number of MU1 production wells to assist with maintaining wellfield fluid control in MU1. Production from MU2 using alkaline lixiviant will continue to form the basis of on-going operations over the near-term while the Company progresses the various activities and permit actions required for the change to a low pH ISR uranium operation at the Lance Projects.

The company is maintaining its current production guidance levels for the upcoming quarter (22,500 to 27,500 lbs U3O8) as it advances the planned transition to low pH operations at Lance.