Peninsula Energy Shareholders Approve Key Capital Measures at July 2026 EGM

Peninsula Energy Secures Overwhelming Shareholder Support for All EGM Resolutions<\/h2>

At the Extraordinary General Meeting held on Thursday, 2 July 2026, Peninsula Energy shareholders voted by poll on four resolutions related to the company’s recent capital-raising and financing initiatives. Each resolution was approved with more than 99% of votes cast in favour, as confirmed by MUFG Corporate Markets, a division of MUFG Pension & Market Services, using its dedicated meeting system.<\/p>

Opposition to the resolutions was minimal, ranging from just 0.59% to 0.69%, reflecting strong investor confidence in Peninsula’s strategic direction. The resolutions provide formal shareholder approval and ratification of capital instruments used or intended to fund ongoing operations and the production ramp-up at the company’s flagship Lance Uranium Operation in Wyoming, USA.<\/p>

Ratification of Previous Share Placement Achieves 99.35% Approval<\/h2>

The first resolution ratified a prior issue of placement shares. Proxy votes before the meeting showed 139,609,843 in favour, 916,562 against, and 844,837 open discretionary votes, with 7,521,345 abstentions. The final poll, including all votes cast at the meeting, recorded 140,475,954 votes in favour (99.35%) and 916,562 opposed (0.65%).<\/p>

This ratification complies with ASX Listing Rule 7.4, which permits retrospective shareholder approval for securities issued under the 15% placement capacity. By securing this approval, Peninsula refreshes its placement capacity, providing greater flexibility for future capital raises. The company did not disclose the placement price per share or total proceeds in this update.<\/p>

Director Placement Shares for Tejal Magan Approved with 99.32% Support<\/h2>

Resolution 2A sought shareholder approval for the issuance of placement shares to director Tejal Magan. Proxy votes recorded 147,468,032 in favour, 1,008,458 against, and 830,104 open discretionary votes, with 83,365 abstentions. The final poll showed 148,319,410 votes in favour (99.32%) and 1,008,458 opposed (0.68%).<\/p>

Under ASX Listing Rule 10.11 and the Corporations Act, issuing securities to directors requires prior shareholder approval. The strong vote indicates shareholder comfort with the terms of Ms Magan’s participation. The number of shares and issue price were not disclosed in this update.<\/p>

Director Placement Shares for Keith Bowes Ratified with 99.31% Approval<\/h2>

Resolution 2B, concerning placement shares issued to director Keith Bowes, received similar support. Proxy votes were 147,445,523 in favour, 1,030,967 against, and 830,104 open discretionary votes, with 83,365 abstentions. The final poll recorded 148,296,901 votes in favour (99.31%) and 1,030,967 opposed (0.69%).<\/p>

The comparable voting results for Resolutions 2A and 2B suggest consistent shareholder evaluation of the director placements. Specific share numbers and issue prices for Mr Bowes were not disclosed in this update but may be found in prior ASX filings.<\/p>

Convertible Note and Conversion Shares Receive 99.41% Shareholder Approval<\/h2>

Resolution 3, approving the issuance of a convertible note and associated conversion shares, garnered the highest approval rate at 99.41%. The final poll recorded 148,291,340 votes in favour and 886,519 against, with 233,374 abstentions excluded. Proxy votes prior to the meeting were 147,425,229 in favour and 886,519 opposed.<\/p>

Convertible notes allow lenders to convert principal and accrued interest into ordinary shares at a defined conversion price. They are commonly used by resource companies to access capital without immediate dilution. Peninsula did not disclose the face value, interest rate, maturity date, or conversion price of the note. Investors should watch for announcements regarding drawdown or conversion events.<\/p>

Detachable Warrants Ratified with 99.39% Approval<\/h2>

Resolution 4 ratified the prior issue of detachable warrants, which confer rights to subscribe for shares at a fixed exercise price within a set timeframe. The final poll recorded 147,053,976 votes in favour (99.39%) and 897,771 opposed (0.61%), with 1,459,113 abstentions excluded. Proxy votes before the meeting were 146,172,564 in favour and 897,771 against.<\/p>

Ratification is required under ASX Listing Rules when warrants are issued under placement capacity to preserve future placement flexibility. Details on exercise price, expiry, and total warrants issued were not disclosed.<\/p>

Lance Uranium Operation in Wyoming Drives Capital-Raising Strategy<\/h2>

The capital-raising measures approved at the EGM support Peninsula Energy’s core asset: the Lance Uranium Operation, a 100%-owned in-situ recovery uranium project in Wyoming, USA. Lance is among the largest independent uranium projects in the United States. It resumed dried yellowcake production in September 2025 after a care and maintenance period and is currently ramping up under a revised production plan announced in August 2025.<\/p>

The updated plan includes deployment of low-pH in-situ recovery, a revised wellfield design, and optimized production sequencing aimed at improving uranium recovery and project economics. Peninsula aims to become a fully independent producer of yellowcake, positioning itself as a potential domestic US uranium supplier amid growing interest in nuclear energy as a clean energy source.<\/p>

Financing Instruments Support Production Ramp-Up and Operational Needs<\/h2>

Collectively, the four approved resolutions reflect Peninsula’s proactive capital market engagement to fund the operational and technical requirements of restarting and expanding uranium production. The ratified placement, director participation, convertible note, and detachable warrants form a layered financing approach typical for resource producers managing early production costs.<\/p>

Since production resumed in September 2025, cash needs remain significant due to wellfield expansion, reagent supply, and infrastructure investments. The convertible note offers flexible funding aligned with production growth. The strong shareholder backing eliminates uncertainty around these instruments and authorizes management to proceed with planned financing.<\/p>

Managing Director George Bauk and Company Secretary Jonathan Whyte Oversee EGM Process<\/h2>

The company update was signed by Company Secretary Jonathan Whyte and approved by Managing Director George Bauk, who also serves as the primary investor relations contact through the Perth office. Nicholas Read of Read Corporate handles media and investor relations inquiries.<\/p>

Mr Bauk’s involvement highlights the EGM’s importance to Peninsula’s governance and capital management. Although no management commentary was included, the unanimous shareholder approvals confirm investor support for recent capital decisions. Further remarks from Mr Bauk may be expected at upcoming market updates or investor briefings.<\/p>

Investor Focus Shifts to Operational and Financing Developments Post-EGM<\/h2>

With all resolutions approved, investor attention will likely return to operational progress at Lance. Key indicators include the pace of wellfield expansion under the low-pH model, dried yellowcake production rates relative to the revised plan, and updates on offtake agreements or uranium sales contracts.<\/p>

On the financing front, investors should monitor announcements regarding drawdown or conversion of the convertible note and any warrant exercise activity as market conditions evolve. The immediate share price impact of the EGM was not evident from public sources. Peninsula Energy trades on the ASX under ticker PEN and on the US OTC market under PENMF, providing exposure to both Australian and international uranium investors.<\/p>