Ann: Trading Halt, page-27

I like this move very much !. No more talk or fear about CR for the next 2 years



Financial Flexibility

Cash proceeds of US$19.0 million provide additional financial flexibility as the Company
progresses the transition to low pH mining at the Lance Projects. In addition to providing
general working capital, part of the proceeds from the Contract Sale will be used to
progress the low pH permit amendments, complete additional technical testing, and
complete a low pH feasibility study.

With the additional cash inflow, Peninsula does not anticipate the need for a working
capital facility over the next 1 to 2 years. Therefore, the Investec working capital facility has
not been extended. This action reduces corporate overhead expenses by eliminating the
associated line fees, undrawn commitment fees and interest on drawn working capital
amounts. The working capital facility had been undrawn since October 2017 and no debt
repayments were required to close it out.