Ann: Quarterly Activities Report, page-2

"First sales of new production scheduled for 4Q CY2023"

Available cash ofUS$26million at31March2023
•Strong 1Q 2023 sales of 500,000 lbs including 300,000 lbs to USDepartmentofEnergy
•Sales Portfolio enhanced through agreement signed with existing utility customer to
restructure and exercise purchase options and add new future delivery quantities,
•Balance of210,000lbs U3O8uncommitted strategicInventoryheld(31-March 2023)
•Rachel Rees appointedExecutive Director Finance & Corporate Affairs


All looking sweet for Cash flows

Minor now fixed delay was "Delivery of the second acid tank was delayed due to inclement weather at the fabrication facility."

Talk about a WOW "Peninsula completed a purchase option exercise and restructure with one of its long-standing utility
customers. The annual delivery volume of the option poundswassignificantly reduced, allowing the total
volume to be delivered over a longer period. This is a welcome and favorable outcome as the option
pricing is structured below current spot price levels, as previously reported. In conjunction with the option
exercise and restructure, the utility agreed to a new contractconsistent with current market pricing
involving delivery of additional uranium starting in 2028.The Lance Projects hold one of the largest
uranium resources in the United States and Peninsula anticipates a long and successful run of uranium
production from the site. The utility actions are highly supportive and a welcome addition to Peninsula’s
sales contract portfolio."

Changed from a Whoops for PEN forward selling to cheaply to a win plus for all of us!