PEN 9.09% 10.0¢ peninsula energy limited

Ann: Lance Production to Restart in 2024 under Revised LOM Plan, page-12

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    The additional funding described above is not required as one lump sum amount and may be obtained progressively by the Company over the two year time period. It is anticipated that additional finance will be sourced through a combination of the sale of strategic uranium inventory, equity and debt instruments. It is important to note that no additional funding arrangements have yet been put in place.

    The Board of Peninsula believes that there is a reasonable basis to assume that the required funding will be available as and when required by the Company to meet the development and production schedules based on the following:
    • Operational and support infrastructure is already in place;
    • The Company, its Board and executive management team have a successful track record of raising financing for mining projects;
    • Existing long-term contracts for the sale of uranium held by the Company at prices viewed favourably by potential financiers and investors, due to the stable and predictable revenue generated from these contracts;
    • Outcomes from the revised LoM plan demonstrate the Lance Project’s potential to deliver favourable economic outcomes; and
    • Other operators of North American uranium ISR projects have recently been successful in raising similar amounts of capital.
 
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