Peninsula Energy (PEN) AGM 2024 summary

Opening remarks and agenda

• Chairman welcomed shareholders, introduced board members, executives, and auditors, and outlined the meeting's agenda and procedures for both in-person and online participation.

• Emphasized gratitude for shareholder support and highlighted the company's transition to independent uranium production, with the Lance Projects nearing completion and production targeted by year-end.

• AGM focused on advancing the Lance Uranium ISR Project toward production, with updates on project milestones and strategic direction.

Financial performance review

• Strong balance sheet supported by two capital raisings and current cash holdings sufficient to support operations beyond first production.

• $106 million fully underwritten placement and oversubscribed share purchase plan provided funding for construction and ramp-up.

• Closed a A$50M placement in December 2023 and an oversubscribed A$10M share purchase plan in January 2024.

• End of October 2024 cash balance at USD 68M with no long-term debt.

• New sales contract for 1.2 million pounds of uranium over six years, valued between $88 million and $117 million, was signed.

Board and executive committee updates

• Managing Director Wayne Heili announced plans to step down in the future, with a commitment to a smooth transition and ongoing technical advisory role.

• Frédéric Guérin appointed as new COO and SVP of Geology, bringing extensive international uranium ISR experience.

• Staged process planned in 2025 to recruit successors for several long-serving directors, with a focus on orderly transition.

• Board and management succession planning underway.

• Board of Directors conducted a site visit and strategic direction review in October 2024.