Peninsula Energy Limited ('Peninsula' or 'the Company') to provide an update on key preparatory activities for the 100%-owned Lance Project ("Lance" or "the Project") located in Wyoming, USA. Operational activities related to the MU1A low-pH in-situ recovery (ISR) Field Demonstration concluded in late 2021. The Company is currently analysing the data obtained from the demonstration to draw conclusions and evaluate input parameters for updating operating and process capital cost assessments.

Additionally, the Board has approved a supplementary budget of $3.4 million to be invested in an early preparatory works programme designed to facilitate an accelerated re-start of Lance production operations, should a final investment decision be approved. The supplementary budget applies to expenditures slated to occur prior to the end of the current fiscal year (end June 2022). The supplementary budget provides funding to increase the Lance Project staffing levels by eight employees to support the work programmes.

Under the early preparatory works programme the following key workstreams will be undertaken: Mining Unit 3 Development - Preparation for uranium production from a new mining area at Lance. The planned Mine Unit 3 area carries an estimated measured and indicated uranium resource of 1.59 million pounds of JORC compliant uranium resources plus an additional 0.35 million pounds of JORC compliant inferred resources. These resources are included within the Lance Project JORC Code 2012 compliant mineral resource estimate of 53.6 million pounds U3O8.

The Mine Unit 3 resource estimate is based on the interpretation of over 540 historic drill holes. Planned activities include re-entry of the historical drill holes that require abandonment to updated standards for an ISR operational area, drilling of approximately 30 additional holes to test the outer limits of the Mine Unit 3 resource area, and the drilling and installation of interior and perimeter monitoring wells. Drilling activities have commenced at Lance and will continue to ramp up in the coming weeks.

Initiate Low pH Conversion of Current Facilities - Preparation of final engineering designs and modifications for the wellfield and recovery plant low-pH ISR process facilities. Wellfield construction activities including well workovers and header house conversions in Mine Units 1 and 2 as necessary for the change in ISR chemistry. Limited Production Operations within Mining Units 1 and 2 - Operational readiness preparations for uranium production from the existing areas at Lance that were previously operated using the alkaline ISR chemistry and still contain recoverable resources that are included within the Lance Project JORC Code 2012 compliant mineral resource of 53.6 million pounds U3O8.

Planned activities include limited duration operations of each Header House within the existing wellfields without addition of reagents. Portions of Mine Unit 2 have been restarted and are currently being operated at a flow rate of approximately 700 gallons per minute. Produced streams bearing residual uranium are being directed to the Ross Recovery Plant for uranium recovery.