Ann: Quarterly Activities Report, page-2

US Strategic Uranium Reserve
During the quarter the DOE released a request for proposal for the purchase of uranium to satisfy the
US$75 million Uranium Reserve budget allocation. The Company submitted a qualifying bid under the
proposal after entering into commercial arrangements with a third party.
The outcomes from the proposal have been delayed and the Company now expects to be informed of
the status of its qualifying bid by the end of October 2022.

PEN winning a bid or not IF and when US strategic Uranium reserve goes ahead it will add interest to US domestic supply.
Hope to see PEN announce a restart before end of 2022
option exercise increases the quantity of firmly committed pounds by a total of 750,000 pounds
U3O8, to be sold during the calendar years 2024 through 2026,

Overall great QTY report with improvements,.... thumb up to the team