Peninsula Energy Receives Wyoming Approval for Lance Project Phase 2 Operations

• Wyoming Uranium Recovery Program approves Phase 2 Central Processing Plant operations at Lance Project. 
• No additional regulatory approvals required for commercial production 
• Lance Project resumed uranium production on resin in December 2024 
• Keith Bowes appointed Non-Executive Director with 30 years of resources industry experience 
• Company targets dried yellowcake production in the September quarter

Peninsula Energy Limited (ASX: PEN) is an Australian-listed uranium mining company focused on the exploration, development, and mining of uranium deposits in the United States. Their primary asset is the Lance Project in Wyoming, where they employ in-situ recovery (ISR) methods to extract uranium. The company recently transitioned to a low pH ISR operation and resumed uranium production on resin in December 2024 following an operational reset programme.

Peninsula operates through its wholly owned US subsidiary, Strata Energy Inc., and is positioned as the only ASX-listed uranium company with active US production operations. The company is working to establish complete yellowcake production capabilities at the Lance Project to supply the US uranium market through its Central Processing Plant facility.

Regulatory Approval Granted for Phase 2 Processing Start-up

Wyoming's Uranium Recovery Program has approved Peninsula's request to commence Phase 2 operations at the Central Processing Plant. The approval permits the company to transfer uranium captured on resin into Phase 2 processing circuits using recovery process solutions.

The regulatory approval removes a key operational requirement, with no further approvals needed for commercial production. The company can now proceed with uranium processing activities as part of its production schedule.

Advancing Project Reset and Commercial Readiness

Peninsula's Lance Project has progressed through its operational reset phase, with uranium production on resin recommencing in December 2024. The company has focused on commissioning the Central Processing Plant and preparing systems for full operations.

The Phase 2 approval enables Peninsula to operate its complete processing circuit, moving from uranium capture through to yellowcake production. The integrated processing approach is designed to reduce external dependencies in the production process.

Peninsula continues commissioning activities at the Central Processing Plant whilst working towards production targets. The company has stated its intention to produce dried yellowcake during the September quarter.

Board Appointment

Keith Bowes has been appointed to Peninsula's board as Non-Executive Director, effective immediately. Bowes brings 30 years of experience in resource sector project development and operations across multiple jurisdictions, including Africa, South America, and Australia.

Bowes served as Managing Director of Lotus Resources Limited from 2021 to 2025. His appointment was initially planned to coincide with completion of an upcoming capital raise, but he elected to join immediately following a July site visit.

Next Steps

Peninsula remains focused on completing the Lance Project reset and securing funding for operations. The company has set a target of dried yellowcake production during the September quarter.

Immediate priorities include continuing Central Processing Plant commissioning and finalising a capital raise. Peninsula's shares remain suspended pending completion of various matters including production guidance and the capital raise process.

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