Ann: Quarterly Activities Report, page-2

Of the 4.80 million pounds of firmly committed sales, 0.85 million pounds can be satisfied with market
sourced material (“open origin”). The balance of 3.95 million pounds is to be supplied from Company
produced uranium, with deliveries starting in the second half of CY2023.

Due to the change in strategy and the consequent deferral of the planned re-start of production at Lance,
post the end of the quarter, the Company is in discussions with customers regarding upcoming delivery
commitments that may be impacted. As a recent producer and long-term supplier to the market, Peninsula
maintains strong relationships with our customer base, who have proven to be open, flexible and
supportive of US based uranium supply.