Lance Stage 1, page-33

1) Latest production well flow rates. Have the flow rates "that meet expectation" been maintained? If yes, then this is positive. If no, then this is a problem and MAY indicate a potential permeability issue that could be related to the reaction chemistry of the system (there are many other things that affect well flow rates)

Read the reports and expect something positive in the next quarterly.

2) Ion exchange performance - resin loading capacity and efficiency. Are the parameters set out in the project design criteria being achieved?

Read the reports

3) Has any resin left site for toll treatment and if so, what was the outcome?

Read the reports

4) Has yellowcake been produced during production ramp up and if so, is the product quality within converter penalty and reject specifications?

Read the reports also quality is well covered in the "RESIN PROCESSING AGREEMENT FOR URANIUM CONCENTRATES, sections 1.3 through to 3.1. On EDGAR for the world to see.

5) Are the reagent make-up systems working as per the project design criteria? No reagents............no product, it's as simple as that. Even more pertinent in the PEN context as their design incorporates on-site reagent regeneration. If this technology is not working this is a big problem.

Processing is being done by Uranium One. Read 3. QUALITY AND QUANTITY SPECIFICATIONS. and 3.1 Quality.

source: http://www.sec.gov/Archives/edgar
Peninsula Energy Ltd.: Exhibit 4.1