Peninsula Energy Limited provided the following update on the Low-pH field demonstration at the Company's flagship, 100% owned Lance Project located in Wyoming, USA. The field demonstration of Low-pH
In-Situ Recovery ("ISR") has yielded usable data and meaningful observations. Consequently, the field demonstration operations were concluded at the end of November. The last field demonstration update in September 2021 outlined actions that had been taken across key focus areas to enhance and accelerate the field demonstration, including the preparation of a small-scale production pattern. Subsequently, the new small-scale pattern was activated and successfully operated. The operation of a reduced scale pattern allowed the Company to rapidly advance an area to approach full depletion. The Company subsequently prepared a small-scale test pattern within the larger MU1A area. The new pattern features three new wells (MU1-OZ348, OZ349 and OZ350), with much closer spacing. The new small-scale pattern provided a means to sweep a discrete area's volume quickly and efficiently. The pattern was commissioned in September.