Peninsula Energy Limited · ASX:PEN
Peninsula Energy — Investor Presentation (May 2026)
58 slides from Peninsula Energy's investor presentation, May 14, 2026
Slide 1: Funding Package Securing Next Phase of Growth
For personal use only FUNDING PACKAGE SECURING NEXT PHASE OF GROWTH PEL.NET.AU | 14 May 2026 NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES ASX: PEN OTCQB: PENMF
Slide 2: Important Disclosures and Disclaimers
Important Disclosures and Disclaimers Summary The Company believes it has a reasonable basis for providing the forward-looking statements and production targets included in this Presentation. This Presentation contains summary information about the current activities of Peninsula Energy Limited (the
Slide 3: Important Disclosures and Disclaimers
Important Disclosures and Disclaimers Production Target This Presentation contains data and information sourced from independent third parties and government sources, and the Company makes no representation, whether express or implied, as to the accuracy of such data or information. The production g
Slide 4: Investment Highlights
Investment Highlights BUILDING A STRONGER PLATFORM FOR SCALE Lance Project in USA hosts a Fully constructed 2Mlbs p.a. Central Highly leveraged to spot uranium For personal use only significant uranium resource of Processing Plant – ramping-up, first prices with minimal contracted 58Mlbs1 with explo
Slide 5: Ramping up to Full Scale Production, advancing Kendrick earlier
Ramping up to Full Scale Production, advancing Kendrick earlier Funding Package provides clear pathway to ramp-up from 0.4 – 0.5Mlbs (CY26) to commence production in Kendrick (Horizon 3) For personal use only • MU-4 construction ahead of schedule • MU-4 HH14 acidification rate and head grade ahead o
Slide 6: Delivering on the Production Reset Plan
Delivering on the Production Reset Plan Key Deliverables Under August 2025 Reset Plan Delivered For personal use only First drummed yellowcake produced (September 2025) CPP commissioning effectively completed and operating, supporting continued ramp-up Completed major piping replacement on time and
Slide 7: Proactive Management During Ramp-Up
Proactive Management During Ramp-Up CPP Agitator Failure – Delivered to Recovery Plan Event Response Outcome For personal use only Dual precipitation circuits, Immediate diagnosis and Repairs completed within used in the final stages of mobilisation of repair plan forecast 6 – 8-week timeframe produ
Slide 8: Corporate Overview
Corporate Overview1 Share Price2 Market Cap2 Cash3 Debt4 US$0.28 US$126M US$16.3M US$4.2M For personal use only (A$0.39) (A$174M) $1.20 30 M Securities on Security code & description Issue $1.00 25 M PEN: Ordinary Shares 447,254,315 PENAAC: Options $0.80 20 M 4,043,467 (Expiring 01-Oct-2028 / Ex $0.
Slide 9: Refreshed Board and Executive Leadership
Refreshed Board and Executive Leadership For personal use only Mr George Bauk Mr David Coyne Mr Keith Bowes Ms Tejal Magan Managing Director / CEO Non-Executive Chairman Non-Executive Director Non-Executive Director Mr Bauk has over 30 years of global Mr Coyne has over 30 years of global Mr Bowes, B
Slide 10: Site Leadership Team – Deep In-Country ISR Experience
Site Leadership Team – Deep In-Country ISR Experience Mr David Hofeling Mr Ken Milmine For personal use only GM Operations VP OH&S, Approvals Mr Hofeling has over 30 years’ experience in operational management and Mr Milmine has almost 30 years of regulatory, environmental, health and safety finance
Slide 11: The Top Uranium Jurisdiction in the USA
The Top Uranium Jurisdiction in the USA LANCE IS STRATEGICALLY POSITIONED TO BECOME A CORNERSTONE URANIUM PRODUCER TO CLOSE THE URANIUM SUPPLY GAP For personal use only Wyoming, USA Lance Project Central Processing Plant, constructed for 2Mlbs U3O8 p.a. and fully licensed for production up to 3Mlbs
Slide 12: Key Asset – Lance Uranium Project, USA
Key Asset – Lance Uranium Project, USA For personal use only • Location: Powder River Basin, Wyoming – premier US ISR jurisdiction • Ownership: 100% Peninsula Energy (via 100% owned US subsidiary Strata Energy Inc.) • Mining Method: In-Situ Recovery (low-pH) • Status: Ramping up production NOT FOR R
Slide 13: Lance – Strong Fundamentals, Significant Potential
Lance – Strong Fundamentals, Significant Potential • 58Mlbs U3O8 of JORC (2012) Lance Resources For personal use only Globally significant resource & largest in Wyoming • Initial focus on Ross Production Area Comprising Mine Units 1-4 (MU 1-4), with estimated remaining resources of 6.4Mlbs of U3O8 •
Slide 14: ISR Mining – Low-Cost, Scalable Production
ISR Mining – Low-Cost, Scalable Production Underground extraction using wells, not open pits or tunnels For personal use only • Proven ISR mining method widely used in Wyoming. 52% of global uranium production from ISR mining in CY2024 (World Nuclear Association – World Uranium Mining Production) •
Slide 15: Central Processing Plant – A Major De-Risking Milestone
Central Processing Plant – A Major De-Risking Milestone The CPP provides operational independence and scalability For personal use only • US$79m invested: Fully constructed and licensed CPP including Phase 1 • Nameplate capacity: 5,000GPM capacity in IX columns, and up to 2Mlbs capacity per annum th
Slide 16: Funding
For personal use only Funding NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES 16
Slide 17: Equity Raise Details
Equity Raise Details ~A$36M (US$26M) Institutional Placement and Entitlement Offer • Fully underwritten approximately A$36m (US$26m) Equity Raising (“Offer” or “Equity Raise”) comprising: • Approximately A$22m institutional placement (“Placement”); and For personal use only • Approximately A$14m 1 f
Slide 18: Application of Funds
Application of Funds 1 SOURCE OF FUNDS (US$M) USE OF FUNDS (US$M) For personal use only Existing Cash (as at 31-Mar-2026) 16.3M Mine Unit 5 Development Capex 30.0M Convertible Debt Drawdown 2 30.0M Mine Unit 6 Initial Development Capex 10.8M Equity Raise 26.0M Additional Deep Disposal Well Capex 6.5
Slide 19: Debt Facility
Debt Facility Peninsula has secured convertible debt financing of US$30M with Soul Patts Soul Patts is a diversified investment house with investments across a range of industries and asset classes, including listed equities, private equity, credit and property. For personal use only Key Terms: Term
Slide 20: Indicative Timetable
Indicative Timetable Peninsula is conducting an ~A$36m (US$26M) equity Raise via a fully underwritten Placement and Entitlement Offer Event For personal use only Announcement of the Equity Raising & Placement and Institutional Entitlement Offer open Thursday, 14 May 2026 Announce completion of the P
Slide 21: Pro Forma Capital Structure
Pro Forma Capital Structure Unit Pro Forma (A$) Pro Forma (US$) For personal use only Offer Price $ 0.35 N/A No. of Ordinary Shares2 M 550.33 550.33 Market Capitalisation at Offer Price $M 192.6 138.7 Cash and Equivalents1 $M 100.4 72.3 Debt4 $M 41.7 30.0 Net Cash $M 58.7 42.3 Enterprise Value $M 13
Slide 22: Production Reset Plan
For personal use only Production Reset Plan NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES 22
Slide 23: Wellfield Development Strategy
Wellfield Development Strategy Progress Update • 5 drill rigs working to develop new Mining Unit-4 (MU-4), 90% of drilling complete For personal use only • MU-3 and MU-4 are the first wellfields at Lance specifically designed for the low-pH in-situ recovery method • MU-4 HH-14,16 and 15 completed, 1
Slide 24: Driving Wellfield Performance Through Ramp-up
Driving Wellfield Performance Through Ramp-up CHALLENGES UPDATES AND IMPROVEMENTS For personal use only • Keeping up with routine wellfield • Flowrates have declined due to the lack of maintenance as a result constrained maintenance due to limited Mining equipment and personnel equipment and personn
Slide 25: Central Processing Plant
Central Processing Plant 5,000 GPM uranium recovery ion-exchange process plant, with the nameplate capacity to independently produce For personal use only 2Mlbs per annum of dry yellowcake Phase II Expansion – ramping up • Enhance the capability of the processing plant from a satellite facility to a
Slide 26: Production Ramp-Up Pathway
Production Ramp-Up Pathway Transitioning from commissioning to sustainable commercial production. Development of Mine Unit 5 is first step into Horizon 3 For personal use only Commissioning Operations CY2025 Focus on acidification of wellfields MU-5 Ramp-Up (Kendrick) 400,000 – 600,000lbs pa Horizon
Slide 27: C1 Cash Costs
C1 Cash Costs Transitioning from commissioning to sustainable commercial production. Development of Mine Unit 5 represents the first step into Horizon 3 For personal use only C1 Cash Costs: August 2025 Updated Forecast Horizon 2 – Cash operating costs of Cash operating costs of CY2026, CY2027 US$20M
Slide 28: Funding & Off-take Position
Funding & Off-take Position Highly leveraged to spot uranium prices with minimal contracted pounds For personal use only One contract in place for 600,000lbs1 • 100,000lbs per annum 2028 – 2033 (post ramp-up) • Blend of base price (escalated) plus market price • Take or pay commitments remain in pla
Slide 29: Future Growth
For personal use only Future Growth NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES 29
Slide 30: Lance – Already Very Large, But Still Lots of Potential to Grow
Lance – Already Very Large, But Still Lots of Potential to Grow Largest known ISR project in Wyoming, USA – 58Mlbs Permit Area Tonnage (Mt) Grade (ppm U3O8) U3O8 million lbs Exploration Target of 104 – 163 Mlbs U3O8 based on a combination Ross For personal use only Measured 1.5 510 1.7 of past explo
Slide 31: Regional and Satellite Growth Pipeline
Regional and Satellite Growth Pipeline Kendrick • Fully-permitted For personal use only • Development underway - 2026 • Optimisation studies to be reviewed • Plan to convert resources from inferred to indicated Barber • Large, under-delineated inferred resource • Plan to convert resources from infer
Slide 32: Kendrick Development Project
Kendrick Development Project Kendrick is the next sequential production area following production at the Ross Area For personal use only Project Area is fully permitted to commence mining operations, with all approvals received from Wyoming Department of Environmental Quality (WDEQ) and EPA Project
Slide 33: The Strategic Context
For personal use only The Strategic Context NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES 33
Slide 34: Uranium Demand Growth Outpacing Supply
Uranium Demand Growth Outpacing Supply The uranium market is entering a structurally undersupplied phase, requiring new primary production For personal use only Demand Growth • Global uranium demand forecast to increase materially to 2040 • Nuclear increasingly recognized as critical for: • Energy S
Slide 35: USA Uranium Supply – A Strategic Imperative
USA Uranium Supply – A Strategic Imperative Securing domestic uranium supply is now a strategic priority for the United States For personal use only Demand vs supply gap • ~50Mlbs demand v 2Mlbs domestic production • <5% of US uranium demand is domestically sourced Geopolitical exposure • Heavy reli
Slide 36: Positioned to be a Meaningful USA Uranium Supplier
Positioned to be a Meaningful USA Uranium Supplier Peninsula offers a rare opportunity to invest in a near- term, scalable US uranium producer 56Mlbs 2.2Mlbs For personal use only Existing production platform • Fully permitted ISR operation in Wyoming • CPP constructed and largely commissioned • Pro
Slide 37: Summary
For personal use only Summary NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES 37
Slide 38: Summary – Why Peninsula Re-rates
Summary – Why Peninsula Re-rates ✓ Meaningful exposure to US uranium supply opportunity – positioned to be a meaningful domestic supplier in a market For personal use only with accelerating demand and constrained supply ✓ Production underway – first dried yellowcake produced in September 2025 ✓ De-r
Slide 39: Key Investment Takeaways
Key Investment Takeaways ASX-listed uranium Globally significant resource Fully constructed Central Processing For personal use only producer with established of 58Mlbs1 at Lance with Plant currently in commissioning, operations in USA exploration upside plus with nameplate capacity to produce 6.9Ml
Slide 40: Appendices
For personal use only Appendices NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES 40
Slide 41: Appendix – Resources
Appendix 1 – Resources Lance Project Resource Estimate as at 31 December 20231 For personal use only U3O8 Metal Classification Tonnes (million) Grade (ppm U3O8) (Mlbs) Measured 3.3 510 3.8 Indicated 11.0 510 12.4 Inferred 38.3 490 41.7 Total 52.6 500 58 Dagger Resource Estimate as at 23 October 2023
Slide 42: Appendix – Lance Exploration Project (Additional Disclosure)
Appendix 2 – Lance Exploration Project (Additional Disclosure) Exploration Target1 For personal use only The Lance Project covers a significant proportion of the Powder River Basin. Cretaceous sandstones of Wyoming, which are believed to represent an Exploration Target of between 104Mlbs and 163Mlbs
Slide 43: Appendix – Resource references
Appendix 3 – Resource references Measured MLBS Measured Grade Indicated MLBS Inferred Grade Inferred MLBS Inferred Grade Source Cameco North Butte - Brown Ranch 1.1 0.08 8.4 0.07 0.4 0.07 https://www.cameco.com/sites/default/files/documents/202 For personal use only Smith Ranch-Highland 7.9 0.1 0.05
Slide 44: Contact
CONTACT Email info@pel.net.au For personal use only Phone +61 8 9380 9920 ASX: PEN OTCQB: PENMF 44
Slide 45: Risk Factors
45 For personal use only Risk Factors
Slide 46: Risk Factors
Risk Factors Company Specific Risks Uranium Mining Risks The Company’s uranium projects are located in the State of Wyoming, USA. For personal use only Uranium mining in Wyoming is primarily subject to licensing regulation by the WDEQ, with some licensing and regulation subject to approvals made by
Slide 47: Risk Factors
Risk Factors Underwriting The Company has entered into an Underwriting Agreement under which the Underwriters have agreed to underwrite the Placement and Entitlement Offer, subject to the terms and conditions of the Underwriting Agreement. Prior to the completion of the Placement and Entitlement Off
Slide 48: Risk Factors
Risk Factors Full commercial scale implementation of low pH mining solutions was subject to the Company meeting certain pre-defined criteria contained in the amended PTM and SML as the Company completed the initial groundwater restoration activities within the low pH field trial area. In April 2020,
Slide 49: Risk Factors
Risk Factors There are risks associated with such estimates. Resource estimates are necessarily imprecise and depend to some extent on interpretations, which may prove to be inaccurate and require adjustment. Adjustments to resource estimates could affect the Company’s future plans, and its financia
Slide 50: Risk Factors
Risk Factors Operating history ISR operations commenced at the Lance Project in December 2015 using an alkaline based mining solution indicating that the project is only partially amenable to an alkaline mining solution. The Company paused alkaline based mining operations in 2019. Laboratory and fie
Slide 51: Risk Factors
Risk Factors Sufficiency of Funding The Company’s ability to continue its business is dependent upon several factors including sufficient debt and equity capital, speed of mine development activities, the ability to manage working capital requirements and payment obligations (including royalties), d
Slide 52: Risk Factors
Risk Factors Possible sovereign risks associated with operating in the United States include, without limitation, changes in the terms of mining legislation, royalty arrangements, and taxation rates; and concessions and changes in the ability to enforce legal rights. Any of these factors may, in the
Slide 53: Risk Factors
Risk Factors Contractual risk The Company has and intends to continue to enter into supply, service and equipment contracts among others. All contracts carry risks associated with counterparties’ performance of their obligations, including the timeliness and quality of work performed. Any disruption
Slide 54: Risk Factors
Risk Factors Market conditions Unlike other commodities, uranium does not trade on an open market. Contracts are negotiated privately by buyers and sellers. Changes in the price of uranium can have a significant impact on the economic performance of the Company's projects. For personal use only The
Slide 55: International Offer Restrictions
For personal use only International Offer Restrictions 55
Slide 56: International Offer Restrictions
International Offer Restrictions This document does not constitute an offer of New Shares of the Company in any jurisdiction in which it would be unlawful. In particular, this document may not be distributed to any person, and the New Shares may not be offered or sold, in any country outside Austral
Slide 57: International Offer Restrictions
International Offer Restrictions European Union (excluding Austria) This document has not been, and will not be, registered with or approved by any securities regulator in the European Union. Accordingly, this document may not be made available, nor may the New Shares be offered for sale, in the Eur
Slide 58: International Offer Restrictions
International Offer Restrictions Singapore This document and any other materials relating to the New Shares have not been, and will not be, lodged or registered as a prospectus in Singapore with the Monetary Authority of Singapore. Accordingly, this document and any other document or materials in co