Peninsula Energy (ASX:PEN) Updates Lance Project Mineral Resource to 59.0Mlbs U₃O₈ Following Ross Area Drilling

Sonal Goyal

25 September 2026 11:02 AM AEST

Peninsula Energy (ASX:PEN) Updates Lance Project Mineral Resource to 59.0Mlbs U₃O₈ Following Ross Area Drilling

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Key Highlights

• The updated Mineral Resource Estimate (MRE) for the Lance Project in Wyoming increased to 59.0 million pounds U₃O₈—a 1.7% increase from the previous estimate of 58.0Mlbs—comprising 4.3Mlbs Measured, 12.9Mlbs Indicated, and 41.7Mlbs Inferred.

• The Ross Mining Area MRE recorded a 15.6% increase to 7.4Mlbs U₃O₈, up from 6.4Mlbs previously, driven by delineation and development drilling in Mine Unit 4.

• Total Lance MRE stands at 53.9 million tonnes at an average grade of 0.050% U₃O₈, with the resource base prepared by independent consultant WWC Engineering in accordance with the JORC Code (2012 Edition).

• Mineral Resources at the Kendrick and Barber areas remain unchanged, with additional delineation and development drilling planned at Kendrick as future mine units are developed.

Peninsula Energy Limited (ASX:PEN) reported on 25 September 2026 an updated Mineral Resource Estimate (MRE) for its flagship Lance Project in Crook County, northeastern Wyoming, USA. The updated MRE, prepared by independent consultant WWC Engineering and reported as at 31 December 2025 in accordance with the JORC Code (2012 Edition), places total contained U₃O₈ at 59.0 million pounds, representing a 1.7% increase from the previous total of 58.0Mlbs.

The total MRE comprises 53.9 million tonnes at an average grade of 0.050% U₃O₈, incorporating 3.8Mt Measured at 0.052%, 11.7Mt Indicated at 0.051%, and 38.5Mt Inferred at 0.049%. In contained metal terms, the breakdown is 4.3Mlbs Measured, 12.9Mlbs Indicated, and 41.7Mlbs Inferred.

Ross Mining Area: Key Driver of Resource Growth

The increase in the overall Lance MRE is primarily attributable to a 15.6% uplift in the Ross Mining Area, where the MRE grew from 6.4Mlbs to 7.4Mlbs U₃O₈. This increase followed delineation and development drilling associated with Mine Unit 4, which enabled further geological interpretation and resource estimation work. The updated Ross MRE includes 5.9Mlbs U₃O₈ in the higher-confidence Measured and Indicated categories, comprising 2.2Mlbs Measured and 3.7Mlbs Indicated.

The Kendrick Production Area and Barber Resource Area MREs were unchanged in this update, as no drilling occurred within the boundaries of those areas during the relevant period. The Company has indicated that further delineation and development drilling is planned at Kendrick as future mine units are developed, which may support future MRE updates at that area.

Project Structure and Resource Classification

The Lance Project comprises three separate project areas: the Ross Production Area (7.4Mlbs total, 7.3Mt at 0.046%), the Kendrick Production Area (19.8Mlbs total, 16.8Mt at 0.054%), and the Barber Resource Area (31.9Mlbs total, 29.8Mt at 0.048%). The Kendrick area continues to represent the largest share of contained U₃O₈ within the Lance MRE, while the Barber area is largely Inferred, reflecting the early-stage delineation of that zone.

The MRE is reported using a cut-off grade of 0.02% (200 ppm) eU₃O₈ and a minimum grade-thickness (GT) of 0.2, which the Company describes as appropriate for in-situ recovery (ISR) uranium operations within the Wyoming ISR uranium industry. Resource grades have been adjusted using a Disequilibrium Factor to reflect the in-situ mineralogy.

Operational Context: ISR Production at Lance

Peninsula Energy re-commenced uranium production at the Lance Project's Ross area on an ISR basis in December 2024, with production of dried yellowcake at the central processing plant commencing in September 2025. The Company is the only ASX-listed uranium producer providing direct US production and market exposure. ISR mining at Ross uses low-pH lixiviants, with historical alkaline ISR and subsequent low-pH field trials having demonstrated uranium recovery from the deposit.

The updated MRE incorporates drilling completed up to 31 December 2025 and reflects continued advancement in geological understanding at the Ross area. The MRE has been prepared by Mr Christopher McDowell of WWC Engineering, who qualifies as a Competent Person under the JORC Code (2012 Edition).

Summary

The updated 59.0Mlbs Lance MRE marks a measured step forward in Peninsula Energy's resource definition program, with the Ross area delivering the most substantive growth through targeted delineation drilling in Mine Unit 4. The overall MRE increase of 1.7% reflects a relatively modest uplift at the project level, though the Ross-specific result of 15.6% is a more material movement. Future resource updates will depend on the progress of development drilling at Kendrick and the delineation outcomes at Barber, both of which represent the longer-dated components of the Lance resource inventory.

FAQs

Q: What is the total updated Mineral Resource at Peninsula Energy's Lance Project?

A: The updated MRE stands at 59.0 million pounds U₃O₈, comprising 53.9Mt at an average grade of 0.050% U₃O₈, representing a 1.7% increase from the previous estimate of 58.0Mlbs.

Q: Which area drove the resource growth?

A: The Ross Mining Area recorded a 15.6% increase to 7.4Mlbs U₃O₈, up from 6.4Mlbs previously, following delineation and development drilling in Mine Unit 4.

Q: What mining method is used at Lance?

A: The Lance Project uses in-situ recovery (ISR) mining, which involves circulating lixiviants through the ore body to dissolve and recover uranium without conventional mining and processing.

Q: What are the three project areas within Lance?

A: The Lance Project comprises the Ross Production Area, the Kendrick Production Area, and the Barber Resource Area.

Q: Who prepared the updated MRE?

A: The updated MRE was prepared by Mr Christopher McDowell of WWC Engineering, an independent consultant, in accordance with the JORC Code (2012 Edition).

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