Peninsula Energy Limited provided the update on the MU1A low-pH field demonstration at the Company's 100% owned Lance Project ("Lance") located in Wyoming, USA. The field demonstration of low-pH In-Situ Recovery ("ISR") of uranium has been operating for more than one year and has yielded significant additional results since the last update on 1 July 2021. Previously the Company highlighted the achievement of the targeted solution chemistry (principally pH level and oxidant concentration) for the demonstration and corresponding elevated uranium production grades. Since then, the field operations have run consistently and the improvement trend of uranium grade has continued. The project team has continued to focus on technical and operational concepts that hold potential to enhance future performance, particularly changes to the configuration of the injection and recovery well patterns. The Company is now planning on expanding the scope of the field demonstration with the installation of a new small scale pattern that is not expected to extend the duration of the demonstration. At the time of the July 2021 progress update, the composite production stream of the field demonstration operation had reached the approximate target levels for pH, free acid concentration and Oxygen Reduction Potential ("ORP"). Further, the composite stream uranium grade was trending upward and had reached approximately 40 ppm. In the period following, the pH and ORP levels have been maintained. The ongoing operational activities completed and detailed below have resulted in the uranium composite grade increasing to over 50 ppm, with one production well consistently yielding solution grades of 80 to 100 ppm. Importantly, the combined flow rate of the field demonstration production wells has been maintained over the duration of the first year of operations. The flow rate started around 75 gallons per minute ("GPM") and the patterns are currently running at approximately 80 GPM. The Company has utilised the Field Demonstration to evaluate multiple ISR pattern configurations with an objective to identify the optimal design considerations for Lance. The Company recently commissioned the preparation of a hydrogeologic model to simulate the solution flow paths and the extent that the injected solution has been sweeping across the full orebody. The modelling exercise revealed the possibilty that under the initial pattern design concept, injected solution was not sweeping the full pattern area and therefore mineralised portions of the orebody were potentially not being addressed with lixivant. This inefficiency is now regarded as a significant contributing factor in the variability in the individual production well results that have been realised. As a corrective measure, the Company installed two additional wells located within potentially unaddressed zones of the pattern area. Figure-2 illustrates the modified pattern configuration with the addition of wells MU1-OZ345 and MU1-OZ347. Located in-between the recovery wells, the two new wells were placed into service as injection wells that had a much shorter direct flow path to the recovery wells. The effect of the two wells was to drive the composite recovery grade higher soon after activation.