Ann: Peninsula Energy/Lance Project Update, page-210

Anyone notice the sleight of hand from PEN.

From July quarterly - "Proceeds from the equity raising expected to fully fund operations at Lance Projects to sustainable free cash flow in Q3 2025"

From latest update - "... fully funded well beyond first production..."

Nice one PEN.

Also, someone asked about HH 11 only operating at 67% of design capacity. I explained this some years ago as a potential fatal flaw - I got shouted down, of course. It could be caused by many things, but my guess, as per earlier commentary, is that gypsum is precipitating in the resource due to reaction between sulphuric acid and calcium carbonate in the ore. This will soon "choke" up the resource, leading to low volumetric recovery from the production wells. Lower production, higher capex and higher opex will result.

PEN assured the SHs that calcium was not a problem. I had grave doubts then as I do now. Only time will tell, but the field leach trial should have been run longer. This could have been answered by more thorough testing.