Update on Peninsula Energy's Lance Project Construction Activities

Peninsula Energy Limited (ASX:PEN) and its subsidiary, Strata Energy Inc., are making solid progress in the construction and wellfield development activities at the Lance Project in Wyoming, USA. The company aims to restart uranium operations in late Q4 2024, with the Phase II plant expansion construction and wellfield development advancing according to schedule.

Executive Commentary on Construction Progress and Uranium Market

I am extremely proud of the hard work and determination of our team on the ground at Lance. We are progressing and we are staying focused on our goal of restarting uranium operations this calendar year. The months ahead will be busy, but our team are ready, and we have our eye on the prize of becoming the next ASX-listed uranium company set to enter production. The fundamentals and importance of uranium continue to strengthen, as countries across the globe embrace nuclear energy as a leading clean energy source to achieve decarbonisation targets. Importantly, Peninsula will be bringing Lance online at a time when the need for new sources of uranium could not be stronger. Lance is one of the Largest Uranium ISR Projects in the United States, underpinned by 58.0Mlbs U3O8 of JORC (2012) Resources and the Company looks forward to growing our flagship project into a key supplier of high-quality yellowcake.

Summary of Construction and Wellfield Development Progress

Peninsula Energy Limited (ASX:PEN) is making significant progress in the construction and wellfield development activities at the Lance Project in Wyoming, USA. The company is on track to restart uranium operations in late Q4 2024, aiming to become a key supplier of high-quality yellowcake. With the increasing global embrace of nuclear energy for decarbonisation, Peninsula's strategic positioning in the uranium market is poised to play an important role in the clean energy future. The company's focus on becoming a fully independent end-to-end producer of yellowcake aligns with the growing demand for new sources of uranium, making its Lance Project a crucial asset in the pursuit of sustainable energy solutions.