• CY2026 production guidance withdrawn due to slower-than-expected wellfield ramp-up
• CY2027 production guidance reconfirmed at 500-600klbs U3O8
• Strong financial position with $56m funding secured
• Operational challenges relate to wellfield chemistry and flow rates
• Positive operational experience from Header House 14

Peninsula Energy Ltd. has withdrawn its CY2026 production guidance for the Lance Uranium Project in Wyoming, USA, due to a slower-than-anticipated wellfield ramp-up, primarily affecting Mine Units 1 and 3 and the initial header houses in Mine Unit 4. The company reconfirms its CY2027 production guidance of 500-600klbs U3O8. Despite the challenges, Peninsula remains in a strong financial position with a recently secured $56m funding package, supported by a cash balance of $47.1m as of July 17, 2026. The company is developing new operational expertise and recruiting a specialized workforce for the low-pH in-situ recovery (ISR) operations. Recent operational performance validates the effectiveness of the low-pH recovery process, with positive leach kinetics in Header House 14. Management is confident that the identified issues are temporary and unlikely to impact production beyond CY2026. De-risking activities for Mine Unit 5 continue to track well, with a final investment decision expected before the end of CY2026. Peninsula has also commenced transitioning wellfield drilling activities to an owner-operated model, which is expected to materially reduce ongoing drilling costs, improve operational flexibility, and support future wellfield development.

CY2027 production guidance: 500,000 to 600,000 lbs U3O8

The long-term outlook for the Lance Project remains compelling, with Peninsula positioned to benefit from strengthening uranium market fundamentals over the medium to long-term.