Peninsula Energy Limited and its wholly owned subsidiary, Strata Energy Inc. announced the results for a revised production plan on the Ross & Kendrick production areas ("Ross & Kendrick") within its 100% owed flagship Lance Projects ("Lance" or "The Project"), located in Wyoming, USA. A newly revised Life of Mine ("LoM") model for Ross & Kendrick mitigates third party processing risks by bringing the complete process of uranium yellowcake production in-house, from the commencement of production. The revised production strategy for Lance has established a robust and resilient project development plan for the Ross and Kendrick Production Areas, which will see production commence in late current year 2024.

The LoM model is based on a total resource base of 21.8Mlbs U3O8 estimated to be contained within the Ross and Kendrick production areas at Lance. The revised plan excludes the contiguous Barber Resource Area and sets the total cost of the plant against Ross & Kendrick production. The expanded plant functionality will be available to process future output from the 31.9Mlb U3O8 resource base at Barber, highlighting the opportunity for significant future growth for the Lance Projects.

A LoM production profile that is based on detailed mining, metallurgical and scheduling factors has been developed for the Ross and Kendrick production areas. The updated production profile reflects a faster ramp-up to substantial rates, through the availability of a complete 2.0Mlb p.a. production plant from commencement of production. Production (plant operations) is projected to start in December 2024 and a production output of ~1.1Mlbs is projected for current year 2025.

Production in the first two years is planned to be solely from the Ross production area, which has a much higher proportion of Measured and Indicated Resources than the Kendrick production area. Production from Kendrick is planned to commence in 2027. This means that most of the production during the first five years is from the higher confidence Measured and Indicated Resource categories.