Ann: Peninsula Energy/Lance Project Update, page-2

KEY POINTS

• Site preparations at the Company’s flagship Lance Uranium Project continue to progresstowards recommencement of production operations in December 2024

• The Lance Central Processing Plant (“CPP”) expansion construction contract is beingtransitioned to a fixed cost basis

• The final CPP capital cost is projected to be US$9.5M higher than previous estimate

• PEN maintained a cash balance of US$68M at 31 October 2024 and is funded well beyond firstproduction

• Working capital and debt facility funding discussions are advanced

• CY2025 ramp-up production profile revised downward to 600,000 lbs U3O 8 reflecting currentstatus of projectwide development (previous range of 700,000 to 900,000 lbs)

• Overall CY2026 and CY2027 production projections not materially impacted by early ramp-upstage delays

• Kendrick Area permitting process advances to final review and approval stage

• Managing Director, Wayne Heili has indicated his intention to resign from the MD/CEO role in2025. An executive search process has been commenced for a new MD.

• The Company is currently advancing Senior Management and Board succession with a COOappointment imminent