pen - qrtly ann, page-4

DFS Update
On 12 September 2011 Peninsula announced that the Definitive Feasibility Study (DFS), completed on the Ross
Permit Area and Ross Amendment Area, was being expanded to encompass the Lance Project area. Peninsula
expects that this will maximise the operational capacity over the project life and present a more relevant assessment of
the economic potential.
In conjunction with this work Peninsula is conducting an owners review of the major cost items and optimising the
wellfield design. This work is near completion and Peninsula expects to release the results shortly