Peninsula Energy Commences Yellowcake Production at Lance Project

• Peninsula Energy Limited produced first dried yellowcake from Lance Central Processing Plant in Wyoming
• Production commenced following Wyoming Uranium Recovery Programme approval received in August 2025
• Company operates fully licensed and independently operated processing facility
• Lance facility has nameplate capacity of approximately 2 million pounds dried yellowcake annually
• Project pipeline includes permitted Kendrick project and Barber and Dagger exploration projects

Peninsula Energy Limited (ASX:PEN) is an Australian uranium mining company with US production operations and direct market exposure. The company owns 100% of the Lance Project in Wyoming through its wholly owned subsidiary Strata Energy Inc. Peninsula recommenced uranium production on resin at Lance in December 2024.

The Lance Project is described as one of the largest independent near-term uranium development projects in the US. The company operates a Central Processing Plant that was recently expanded to enable dried yellowcake production. Peninsula aims to establish itself as an end-to-end producer of yellowcake for uranium supply markets.

Yellowcake Production Milestone

Peninsula Energy completed first yellowcake production from its Lance Central Processing Plant in September 2025, fourteen months after the initial concrete pour for the facility expansion. The company received Wyoming Uranium Recovery Programme approval in August 2025 to commence feeding uranium-loaded resin into Phase 2 of the processing plant. Commissioning activities were completed prior to production commencement.

Managing Director and CEO George Bauk commented:

"First yellowcake production from our Lance Central Processing Plant, just 14 months from first concrete pour for the CPP expansion, is an excellent achievement and a significant milestone for Peninsula. While there have been challenges along the way, the Board and management team are fully aligned on a clear and strategic path forward that sets Peninsula up for sustained success as a key supplier to US and global energy markets. We are building momentum as we meet our milestones and targets, with funding in place and a sustainable and disciplined approach to achieving full production in the years ahead."

Lance Central Processing Plant Operations

Peninsula has commenced scale-up of dried yellowcake production in line with revised production targets announced on 22 August 2025. The Lance Central Processing Plant operates under full licensing and independent operation, providing Peninsula with complete ownership of the production process. The facility was designed to process uranium on resin from Peninsula's satellite projects.

The processing plant incorporates capacity to handle material from the company's broader project portfolio, including the Barber and Dagger projects. This design enables the facility to work towards its nameplate capacity of approximately 2 million pounds of dried yellowcake per annum. Current operations involve systematic scale-up from initial production levels.

Peninsula operates the facility as a fully integrated processing operation, handling uranium-loaded resin through to finished yellowcake product. The company maintains complete operational control over production scheduling, processing parameters, and quality standards. The facility's independent operation status eliminates dependencies on external processing services that some uranium companies require.

Production Expansion Framework

The Lance Central Processing Plant's nameplate capacity of approximately 2 million pounds annually provides scope for substantial production increases from current levels. Peninsula's project portfolio includes the Kendrick project, which has received mining permits and represents near-term expansion potential. The company also holds the Barber and Dagger exploration projects, which could contribute additional uranium resources.

The processing facility's design accommodates uranium on resin from Peninsula's satellite projects, enabling centralised processing of material from multiple mining locations. This approach allows Peninsula to leverage existing infrastructure investments as additional projects advance through development. The Kendrick project's permitted status provides operational flexibility for production expansion timing.

Peninsula's Wyoming operations benefit from established uranium mining infrastructure and regulatory frameworks in the state. The company's project concentration within Wyoming enables coordinated development across multiple assets whilst utilising shared processing capacity. This geographic focus supports operational efficiency and cost management across Peninsula's project portfolio.

Next Steps

Peninsula Energy continues production scale-up activities at the Lance Central Processing Plant according to revised production targets established in August 2025. The company has secured funding for current operations and maintains a project pipeline that includes the permitted Kendrick project and exploration stage Barber and Dagger projects. Peninsula aims to progress towards full production capacity over the coming years whilst building its role in domestic US uranium supply.

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