Peninsula Energy's Appointment of Samuel and Budgetary Forecast Update

Peninsula Energy Limited (ASX: $PEN) has appointed Samuel Engineering, Inc and Samuel EPC, LLC as the contractor for engineering, procurement, and construction services for the expansion of the Ross Central Processing Plant at the Lance Uranium Project. The company also provided an update on the budgetary forecast, with the overall group funding requirement to positive free cash flow increasing by US$5M to US$100M over the same time frame as Peninsula's August 2023 Life of Mine model.

Executive Commentary on Plant Construction and Budgetary Forecast

The Company's Managing Director and Chief Executive Officer, Mr Wayne Heili, expressed, 'The appointment of Samuel as our engineering, procurement, and construction lead is an important step forward in preparing Peninsula to be a fully independent uranium producer. We eagerly look forward to the completion of the plant construction efforts which will conclude our pre-production activities.'

Summary of Peninsula Energy's Announcement

Peninsula Energy Limited has appointed Samuel as the contractor for the Ross Central Processing Plant expansion at the Lance Uranium Project. The company provided an update on the budgetary forecast, with the overall group funding requirement to positive free cash flow increasing by US$5M to US$100M. The appointment of Samuel and the budgetary forecast update reflect the company's progress towards the production restart at Lance, with the construction efforts expected to conclude the pre-production activities. The company maintains its guidance for the resumption of production at Lance in late 2024, with the detailed scheduling supporting the target of commissioning the plant in December 2024. Peninsula continues to advance non-equity funding opportunities to fully fund the Project to positive free cash flow and is actively evaluating non-bank lending avenues through its appointed debt-advisor BurnVoir.