Ann: Annual Report to shareholders, page-2

1. Operational Outlook: • Peninsula is positioned for production restart by December 2024, transitioning to a fully independent producer of dry yellowcake uranium through In-Situ Recovery (ISR) . • The company has reported significant progress in expanding its central processing plant and is on track for long-term production of approximately 1.8 million pounds of uranium per year by 2028 . • It is well-positioned in a strong uranium market, especially within the US, where domestic production is being prioritized due to geopolitical tensions and a ban on Russian uranium imports .

2. Financial Position: • The company raised A$166 million through two capital raisings in the financial year, placing it in a strong financial position with nearly US$100 million in cash and zero debt . • Peninsula expects to reach positive free cash flow by Q3 2025 , but currently recorded a consolidated loss of US$12.4 million, due to ongoing development .

3. Resource Growth: • Peninsula increased its mineral resources at the Lance Project by 19.6% to 26.2 million pounds of uranium . The addition of the Dagger Project, a high-grade uranium asset near Lance, adds significant future growth potential .

4. Sales Contracts: • The company has secured sales contracts amounting to 5.8 million pounds of U3O8 over the next decade, representing around 40% of its planned production from the Ross and Kendrick areas .

5. Market Conditions: • Uranium prices are favorable, having increased significantly during the year. The long-term outlook remains positive due to growing global demand for nuclear energy as countries seek to decarbonize energy production .

Pros for Buying: • Strong financial position and fully funded until 2025. • Growing resource base and future expansion potential with the Dagger project. • Secured offtake agreements provide long-term revenue visibility. • Positive uranium market outlook and favorable geopolitical conditions.

Cons for Selling: • The company is not yet generating positive cash flow and has a timeline of 2025 to reach free cash flow. • Any delays in production or cost overruns may affect profitability and financial stability. • Risks associated with the scaling up of the Lance Project using low-pH ISR technology, which is relatively new in commercial applications.

Conclusion: For investors with a longer-term outlook, Peninsula Energy appears to be a strong buy, particularly given its favorable positioning in a growing uranium market and its significant resource potential. However, short-term risk factors like operational delays or rising costs could prompt more cautious investors to wait or consider selling if near-term liquidity is needed.

do not take financial advice from LLM’s prone to hallucinations