Peninsula Energy Limited · ASX:PEN
Peninsula Energy — Shareholder Meeting (November 2022)
40 slides from Peninsula Energy's shareholder meeting presentation, Nov 29, 2022
Slide 1: Advancing the Restart of Uranium Production at Lance
For personal use only A DVANCING THE R ESTA RT OF UR ANIUM PROD U CTION AT L ANCE N o v e m b e r 2 022 A GM P r e s e n t a t i o n ASX:PEN; OTCQB:PENMF 2 Not for distribution or release in the United States
Slide 2: Important Notice & Disclaimer
For personal use only Im p o r t a nt N o t i c e & D i s cl a i m e r This Presentation contains summary information about the current activities of Peninsula Energy Limited (the “Company”) as at the date of this Presentation. The information in this Presentation is of a general nature and does not
Slide 3: Disclaimer & Competent Person
For personal use only D i s cl a im e r & Co m p et e nt P e r s o n The distribution of this Presentation in jurisdictions outside Australia may be restricted by law and any such restrictions should be observed. In particular, this Presentation may not be distributed or released in the United State
Slide 4: Cautionary & Inferred Resources Notice
For personal use only Ca u t i o n a r y & In fe r re d R e s o u rc e s N o t i c e The Definitive Feasibility Study completed for the Lance Projects includes measured and indicated resources and an assumed resource conversion of 61% (inferred to indicated or greater). The purpose of the Definitive
Slide 5: Positive Decision to Restart Lance
For personal use only P OSITI V E D ECISIO N TO R ESTA RT L A N CE PENINSULA ENERGY ASX:PEN; OTCQB:PENMF AGM PRESENTATION Not for distribution or release in the United States 6
Slide 6: Lance Production to Restart in Q1 CY2023
For personal use only L A N CE PR OD U CTION TO R ESTA RT IN Q1 CY2023 November 2022 FID to Restart a Modern, Long-Life Uranium ISR Asset • One of the largest uranium development projects in the United States with 53.7 Mlbs U3O8 of JORC (2012) Resources1 • Current plant capacity of 0.82Mlbs U3O8 per
Slide 7: Equity Raising Overview
For personal use only EQ UIT Y R A ISING O V ER V IEW Underwritten A$32m Placement and Non-Underwritten A$3m Share Purchase Plan • A$32. million equity raise of new fully paid ordinary shares in the Company, from an underwritten Placement to sophisticated and professional investors • A non-underwrit
Slide 8: Indicative Timetable & Pro-Forma Capital Structure
For personal use only In di c a t i v e T i m et a bl e & P ro - Fo r m a Ca p i t a l St r u c t ure Indicative Timetable1 Pro-Forma Capital Structure Event Day Ordinary Shares (m)2 Cash (US$m) Record Date for eligibility to participate in SPP 23 November, 2022 Existing Issued Capital 999 $8.23 Ann
Slide 9: Emerging Uranium Producer
For personal use only A N EMER GIN G UR A NIUM PR O D U CER PENINSULA ENERGY ASX:PEN; OTCQB:PENMF AGM PRESENTATION Not for distribution or release in the United States 10
Slide 10: Emerging US Uranium Producer
For personal use only A n Em e rgi n g US Ura ni u m P ro d u c e r Flagship Growing DFS Near Term Proven Lance ISR FID Uranium Completed Production Team Project Demand One of the Study A positive Well-placed Projected Highly largest US highlighted investment to supply a start of experienced uranium
Slide 11: Corporate Overview
For personal use only Co rp o ra t e O v e r v i e w 999m A$0.155 A$160m Nil US$8.2m US$15.5m U3O8 Inventory Shares on Issue Share Price Market Term Debt Cash (as of 16 Nov 22) (23 November 2022) (23 November 2022) Capitalisation (as of 31 Oct 2022) (@ US$50.00/lb) Board of Directors Share Price Per
Slide 12: Uranium, Nuclear and a Clean Energy Future
For personal use only Ura ni um , Nu cl e a r a n d a Cl e a n En e rg y Fu t u re • Nuclear power gaining momentum and support globally as a critical part of the green energy mix • Global recognition of the important role nuclear power will play in meeting aggressive de-carbonisation targets • Nucl
Slide 13: Uranium & Nuclear Energy in the United States
For personal use only Ura ni um & Nu cl e a r En e rg y i n t h e Uni t e d St a t e s “A clear demand signal for domestic production, “Nuclear power provides 52% of conversion and enrichment” America’s clean energy. Because nuclear power plants operate at full capacity more BIDEN Administration pla
Slide 14: ESG Is in Our DNA
For personal use only ES G Is In O ur D N A ESG principles have always been core values for Peninsula. The Company is committed to being a responsible member of our local and global communities. We foster a safe, healthy and diverse workplace culture with a strong emphasis on environmental stewardsh
Slide 15: The Lance Uranium In-Situ Recovery Project
For personal use only T HE L A N CE UR A NIUM IN - SIT U R EC OV ER Y PR OJECT PENINSULA ENERGY ASX:PEN; OTCQB:PENMF AGM PRESENTATION Not for distribution or release in the United States 16
Slide 16: Lance – A Premier Uranium Production Project
For personal use only La n c e – A P re mi e r Ura ni um P ro d u c t i o n P ro j e c t Powder River Basin WYOMING, USA Lance Regional Setting Located in Wyoming USA, a leading US uranium extraction jurisdiction PENINSULA ENERGY ASX:PEN; OTCQB:PENMF AGM PRESENTATION Not for distribution or release
Slide 17: Peninsula's Lance Projects
For personal use only P e ni n s ul a ’ s La n c e P ro j e ct s “One of the Largest US Uranium Projects Known” A modern, large-scale, long-life, constructed and Lance Projects Resource Estimate as at 31 Dec 20211 fully-permitted project 53.7 Mlbs U3O8 of JORC (2012) Resources1 Classification To
Slide 18: The District Scale Lance Projects
For personal use only T h e D i s t r i ct S c a l e La n c e P ro j e c t s • Ross • Fully licensed Uranium ISR production facility • 2 developed Mine Units • 2-3 additional Mine Units planned • Kendrick • The next sequential production area • Amendments being prepared to add Kendrick to the produc
Slide 19: Applying the Industry Leading Low-pH ISR Process
For personal use only A p p ly i n g t h e In d u s t r y Le a di n g Lo w - p H ISR P ro c e s s Low pH ISR is a • Over 60% of global uranium produced in 2021 was via low pH ISR proven, effective • The lowest quartile uranium mines for production costs method of uranium production Regulatorily De-
Slide 20: Key DFS Results
For personal use only Key D FS R e s ul t s “Strong results supported by a quality resource and detailed technical evaluations” DFS Case: 2-Stage Ramp-up to 2 Mlbs/yr. KEY DFS RESULTS Estimated Life of Mine (LoM) 14 years Includes Ross and Kendrick but not Barber LoM Project Revenue (real) (US$ M)
Slide 21: Strong DFS Economic Outcomes
For personal use only St ro n g D FS Ec o n o mi c O u t c o m e s “Highlights Lance as a globally competitive uranium production center” • Focused on low-risk and well-defined Ross and Kendrick Area Resources • Conclusions: • Very low capital intensity • Low pH Transition and Stage 1 Capital total
Slide 22: Systematic Progress Leading to Restart FID
For personal use only Sy s t e m a t i c P ro g re s s Le a di n g To R e s t a r t FID Next 3 to 6 • INSTALL TRANSITION MONTHS FACILITIES COMPLETE COMPLETE COMPLETE • START PRODUCING FROM OLDER FIELD AREAS • DEVELOPMENT OF NEW AREAS TECHNICAL PROJECT EVALUATE FOR OPTIMISATION ECONOMICS FUNDIN
Slide 23: Advancing Lance Towards Restart
For personal use only A d va n cin g La n c e To wa rd s R e s t a r t Peninsula progressed key activities throughout 2022 1. Definitive Feasibility Study completed in August 2022 2. Preparatory Work programme to facilitate an accelerated production restart ongoing since early 2022 • Preparation and
Slide 24: Uranium Sales and Inventory
For personal use only UR A NIUM S A LES A ND IN V EN TO R Y PENINSULA ENERGY ASX:PEN; OTCQB:PENMF AGM PRESENTATION Not for distribution or release in the United States 25
Slide 25: Peninsula's Key Differentiator
For personal use only P e ni n s ul a ’ s Key D i ffe re nt i a t o r “An established uranium sales contract book” • A junior uranium company with a track record of meeting delivery requirements since 2016 • Sales contracts in place for up to 4.6 Mlbs extending through 2030 • With major utilities in
Slide 26: Physical Uranium Inventory
For personal use only P h y s i c a l Ura ni u m In v e nto r y • Uncommitted inventory of 310,000 pounds of uranium concentrate • Enhances flexibility in meeting customer requirements • Opens the door for on-market transactions like sales to US Government • Working capital option • 300,000 pounds o
Slide 27: Compelling Uranium Proposition
For personal use only A C O MPELLIN G UR A NIUM PR O P OSITIO N PENINSULA ENERGY ASX:PEN; OTCQB:PENMF AGM PRESENTATION Not for distribution or release in the United States 28
Slide 28: Well-Positioned to Fast-Track Into Production
For personal use only We ll - Po s i t i o n e d t o Fa s t - Tra c k Int o P ro d u ct i o n Peninsula has completed an FID to restart Lance production operations in Q1 of CY2023 Funding in place takes the Company’s activities through to 2024 Peninsula is led by a well credentialled and respe
Slide 29: The Peninsula Advantage
For personal use only T h e P e ni n s ul a A d va nt a g e Idled US uranium projects that are sufficiently advanced may have a unique opportunity to capture emerging US demand in a Western-focused nuclear fuel market Most uranium developers face significant staffing, technical, regulatory, operatio
Slide 30: Contact Details
For personal use only Co nt a ct D et a il s REGISTERED OFFICE Units 32/33, Level 3 22 Railway Road Subiaco, Western Australia 6008 Australia Phone: +61 8 9380 9920 www.pel.net.au info@pel.net.au FURTHER INFORMATION Wayne Heili Managing Director/CEO +1 (307) 467-9401 Not for distribution or release
Slide 31: Appendix – Resources
For personal use only A p p e n di x 1 – R e s o urc e s Lance Projects Resource Estimate as at 31 December 20211 Classification Tonnes U3O8 Grade U3O8 (million) (Mkg) (ppm U3O8) (Mlbs) Measured 3.4 1.7 491 3.7 Indicated 11.1 5.5 496 12.1 Inferred 36.2 17.2 474 37.8 Total 50.7 24.3 480 53.7 1) JORC
Slide 32: Appendix – Risk Factors
For personal use only A p p e n di x 2 – R i s k Fa c t o r s Uranium Mining Risks The Company's uranium project is located in the State of Wyoming, USA. Whilst exploration and mining for uranium is currently permitted in Wyoming there is no guarantee that it will be permitted in the future. Low pH
Slide 33: Appendix – Risk Factors
For personal use only A p p e n di x 2 – R i s k Fa c t o r s Resource Estimates Resource estimates are expressions of judgement based on knowledge, experience and industry practice. As further information becomes available through additional fieldwork and analysis, the estimates are likely to chang
Slide 34: Appendix – Risk Factors
For personal use only A p p e n di x 2 – R i s k Fa c t o r s Third Party Risk If the Company fails to meet its obligations in terms of product quantity, quality or timing, there may be a risk that contracts are terminated. This may have a material adverse effect upon the Company's financial perform
Slide 35: Appendix – Risk Factors
For personal use only A p p e n di x 2 – R i s k Fa c t o r s Coronavirus (COVID-19) Risk The global economic outlook is facing uncertainty due to the COVID-19 pandemic, which has had and may continue to have a significant impact on capital markets and share prices. The Company’s share price may be
Slide 36: Appendix – International Offer Restrictions
For personal use only A p p e n di x 3 – Int e r n a t i o n a l O ffe r R e s t r i ct i o n s This Presentation does not constitute an offer of new fully paid ordinary shares (“New Shares”) in the Company in any jurisdiction in which it would be unlawful. In particular, this document may not be di
Slide 37: Appendix – International Offer Restrictions
For personal use only A p p e n di x 3 – Int e r n a t i o n a l O ffe r R e s t r i ct i o n s Hong Kong WARNING: This document has not been, and will not be, registered as a prospectus under the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32) of Hong Kong, nor has it been a
Slide 38: Appendix – International Offer Restrictions
For personal use only A p p e n di x 3 – Int e r n a t i o n a l O ffe r R e s t r i ct i o n s United Kingdom Neither this document nor any other document relating to the offer has been delivered for approval to the Financial Conduct Authority in the United Kingdom and no prospectus (within the mea
Slide 39: Appendix – Lance Exploration Target
For personal use only A p p e n di x 4 - La n c e Ex p l o ra t i o n Ta rg et A d di t i o n a l D i s cl o s u re Exploration Target1 The Lance Projects cover a significant proportion of the Powder River Basin Basin Cretaceous sandstones of Wyoming, which are believed to represent an Exploration T
Slide 40: Appendix – Lance Exploration Target
For personal use only A p p e n di x 4 - La n c e Ex p l o ra t i o n Ta rg et A d di t i o n a l D i s cl o s u re Basis of Grade and Tonnage Range Determination The level of exploration activity on which the Exploration Target is based is considered to be high due to the combination of a database
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