JORC Code Compliant Resources
The JORC-compliant Resource Estimate for the Lance Projects is 53.6Mlbs, calculated by applyinga combined constraint of a GT of 0.2 contour and 200ppm eU3O8. These cut offs are considered to be appropriate for both calculating and reporting of ISR resources at the Lance Projects.
The measured, indicated and inferred resources are located in host sandstones. Geological modelling of the extensive down-hole geophysical data has accurately defined the impermeable shale and mudstone horizons that form the confining horizons to the mineralised sandstones.
Lance Projects Classified JORC-Compliant Resource Estimate (U3O8)
31 December 2020
| Resource Classification | Tonnes Ore (M) | U3O8 kg (M) | U3O8 lbs (M) | Grade (ppm U3O8) | Location |
| Measured | 3.4 | 1.7 | 3.7 | 489 | Wyoming, USA |
| Indicated | 11.1 | 5.5 | 12.1 | 496 | Wyoming, USA |
| Inferred | 36.2 | 17.2 | 37.8 | 474 | Wyoming, USA |
| Total | 50.7 | 24.4 | 53.6 | 480 |
JORC Table 1 included in an announcement to the ASX released on 14 November 2018: “Revised Lance Projects Resource Tables”. Peninsula confirms that it is not aware of any new information or data that materially affects the information included in this announcement and that all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.
Competent Persons Statement
The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves at the Lance Projects is based on information compiled by Mr Benjamin Schiffer. Mr Schiffer is a Registered Professional Member of the Society of Mining, Metallurgy and Exploration (Member ID #04170811). Mr Schiffer is a professional geologist employed by independent consultant WWC Engineering. Mr Schiffer has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.
Schedule of Interests in Mining Tenements:
| Location / Project Name | Tenement | Percentage |
| Private Land (FEE) – Surface Access Agreement | Approx. 2,401 acres | 100% |
| Private Land (FEE) – Mineral Rights | Approx. 10,361 acres | 100% |
| Federal Mining Claims – Mineral Rights | Approx. 13,445 acres | 100% |
| Federal – Surface Access – Grazing Lease | Approx. 40 acres | 100% |
| State Leases – Mineral Rights | Approx. 10,584 acres | 100% |
| State Leases – Surface Access | Approx. 914 acres | 100% |
| Strata Owned – Surface Access | Approx. 315 acres | 100% |
