Quarterly Activities Report

• CY2026 production guidance withdrawn due to slower-than-expected ramp-up
• CY2027 production guidance of 500-600klbs U3O8 reconfirmed
• Operational challenges considered temporary, unlikely to impact beyond CY2026
• Secured $56 million funding package to support ramp-up
• Transitioning to owner-operated drilling model to reduce costs

Peninsula Energy Ltd. has withdrawn its CY2026 production guidance for its Lance Uranium Project in Wyoming, USA, due to slower-than-expected ramp-up in production. However, the company has reconfirmed its CY2027 production guidance of 500-600klbs U3O8. The operational challenges encountered are considered temporary and are unlikely to impact production beyond CY2026. Peninsula secured a $56 million funding package during the quarter, which was strongly supported by new and existing investors. The company is also transitioning to an owner-operated drilling model to reduce costs and improve operational flexibility.

CY2027 production guidance of 500-600klbs U3O8 reconfirmed

Peninsula Energy remains confident in the Lance Project's long-term potential. The company is focused on operational improvements and cost reduction initiatives to support future production growth.