Ann: Quarterly Activities Report, page-2

HIGHLIGHTS
LANCE PROJECT – MU1A FIELD DEMONSTRATION
• Field operations continue to run consistently with improvements across all key focus areas
o Oxygen Reduction Potential level approximately 400 mv supporting higher uranium
production grades
o Recovery composite stream uranium grade at approximately 40 ppm
o Rate of acid addition reduced to a rate sufficient to maintain current pH levels
o Performance of ion exchange uranium recovery processes improved with the
upward trending uranium concentration, achieving loading results that are
consistent with typical levels for low pH lixiviant applications
• Continued evaluation of several alternative uranium capture/recovery process options
which may improve upon standard ion exchange performance

CORPORATE
• Completion of A$13.4 million Placement at 15c, well-supported by new and existing
international and domestic institutions
• Funds raised from Placement used to purchase 300,000 pounds of uranium at a price of
US$31.35 per pound
o Strategic purchase of uranium assists Peninsula as it transitions the Lance Project
to a low pH ISR operation
• Completion of A$2 million Share Purchase Plan (SPP) at 15c, after receiving over A$7.6
million in applications
• Sale of 200,000 pounds of U3O8 at a realised cash price of US$49.57 per pound U3O8
generating a net cash margin of US$3.5 million realised in July 2021
• Available cash of US$6.7 million at 30 June 2021 plus 309,507 pounds of uranium in
converter accounts valued at US$9.9 million