Peninsula Energy Increases Lance Project Uranium Resource to 59.0 Million Pounds

• The Lance Project Mineral Resource Estimate (MRE) has increased 1.7% to 59.0 million pounds (Mlbs) of U3O8 within 53.9 million tonnes grading 0.050% U3O8.
• The Ross Area resource rose 15.6% to 7.4Mlbs U3O8 following delineation and development drilling around Mine Unit 4.
• Ross now includes 5.9Mlbs in the Measured and Indicated categories, comprising 2.2Mlbs Measured and 3.7Mlbs Indicated.
• Resources at the Kendrick and Barber areas remain unchanged, with further delineation and development drilling planned at Kendrick.
• The update was prepared by independent consultant WWC Engineering under the JORC Code (2012 Edition) and includes drilling completed to 31 December 2025.

Peninsula Energy Limited (ASX:PEN, OTCQB:PENMF) is an Australia-based uranium company and the only ASX-listed uranium company with US production and direct exposure to the US uranium market. Its wholly owned Lance Project in Wyoming resumed uranium production on resin in December 2024 and began producing dried yellowcake, the concentrated uranium product sold to nuclear fuel makers, at its central processing plant in September 2025. The company aims to operate as a fully independent producer covering every stage through to finished yellowcake.

Updated Lance Project MRE Increases 1.7% to 59.0 Mlbs U3O8 at 53.9 Mt Grading 0.050% U3O8 Across Three Project Areas

The updated estimate raises total contained uranium at Lance from 58.0Mlbs to 59.0Mlbs U3O8, the standard form in which uranium is measured and traded. The total comprises 4.3Mlbs Measured, 12.9Mlbs Indicated and 41.7Mlbs Inferred. These categories reflect the level of geological confidence, with Measured supported by the closest drill spacing and Inferred based on more widely spaced data.

Compared with the previous estimate as at 31 December 2023, Measured resources increased from 3.8Mlbs to 4.3Mlbs and Indicated resources from 12.4Mlbs to 12.9Mlbs, while Inferred resources were unchanged at 41.7Mlbs. The estimate covers three areas: the Ross Production Area, the Kendrick Production Area and the Barber Resource Area.

The estimate draws on more than 4,700 historic drill holes and 5,351 holes drilled by Peninsula between 2008 and 31 December 2025. It assumes in-situ recovery (ISR), a method where a solution is pumped underground to dissolve uranium and bring it to surface without open pit or underground mining. Resources are reported above a minimum grade of 200 parts per million U3O8 and a minimum grade-thickness value (grade multiplied by the thickness of the mineralised layer) of 0.2.

Ross Area Resource Grows 15.6% to 7.4 Mlbs Following Mine Unit 4 Delineation and Development Drilling With 5.9 Mlbs Now in Higher Confidence Measured and Indicated Categories

The Ross resource increased by 1.0Mlbs, from 6.4Mlbs to 7.4Mlbs U3O8, with the remaining 1.5Mlbs classified as Inferred. The increase follows development drilling in Mine Unit 3 and delineation and development drilling in Mine Unit 4, which allowed the deposit to be reinterpreted and recalculated. Delineation drilling uses closely spaced holes to map the uranium-bearing zones in detail before wellfields, the networks of wells used in ISR, are installed.

Ross covers approximately 1,731 acres, with about 128 acres of wellfields currently installed and operating and a further 180 acres to be developed.

Managing Director and CEO George Bauk said:

"The increase at Ross reflects the delineation and development drilling undertaken around Mine Unit 4 and provides further confidence in the Resource base supporting our ongoing operations at Lance."

Further Delineation Drilling Planned at Kendrick Area to Support Future MRE Updates as Ongoing Operations Continue at Lance

Kendrick hosts 19.8Mlbs U3O8 at an average grade of 0.054%, while Barber hosts 31.9Mlbs at 0.048%. Both estimates were unchanged in this update as no drilling took place within either area during the reporting period.

Peninsula plans additional delineation and development drilling programmes at Kendrick over the coming years as future mine units are developed, with results to inform later MRE updates. Kendrick covers approximately 7,992 acres, including around 720 acres of proposed wellfields.

Managing Director and CEO George Bauk said:

"We will continue systematic drilling across Lance, including further work at Kendrick, as we progressively improve our understanding and definition of the broader Resource."

Milestones and Next Steps

With drilling completed to 31 December 2025 now incorporated, the Lance MRE stands at 59.0Mlbs U3O8, including 7.4Mlbs at Ross. Upcoming work includes the development of remaining wellfield areas at Ross and new mine units at Kendrick, supported by further delineation and development drilling that will feed into future resource updates.

‍