Ann: Quarterly Activities Report, page-10

I disagree with another cap raise coming, and also disagree with your 5c-7c prediction. (However, feel free to sit and wait for that price if you truly believe it)

PEN are fully funded until positive cash flow (Q3 2025)

Any unexpected costs/expenditure would come from:

1. Options conversion due March 2025.. I think around $25M is available if all converted?

2. Debt... see latest announcement:

"Peninsula has appointed a financial adviser (BurnVoir Corporate Finance) to assist with the arrangement of debt facilities to support working capital to achieve steady state production and balance sheet flexibility. The Company is in ongoing discussions with US Government funding agencies and other providers of working capital finance."

PEN currently have an application with the DOE, so hopefully a cheap interest loan from the US government will be the result