# PEN: Mining Forum Americas Presentation Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/pen-mining-forum-americas-presentation--c5fac086-d0b2-4d52-9737-af47893f11b7 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03145901 Publisher: asx Original announcement: 2026-09-29T23:14:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-30T00:26:17.344Z Atlas analysis updated: 2026-09-30T00:26:17.344Z - Company: Peninsula Energy Limited - Ticker: PEN - Exchange: ASX - Region: Wyoming, USA - Primary commodity: Uranium - Secondary commodities: None reported - Document categories: Resource update, Other - Extracted: 2026-09-30 00:26:18 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary Peninsula Energy Limited announced an updated JORC compliant Mineral Resource estimate for its Lance Project in Wyoming, USA, increasing the total resource to 59.0 Mlbs U3O8. The update includes Measured, Indicated, and Inferred categories across the Ross, Kendrick, and Barber deposits, with significant exploration upside identified. Additionally, a maiden Inferred resource of 6.9 Mlbs U3O8 was established for the Dagger Project, further expanding the company's resource base. Reasoning: The document announces a significant increase in the JORC compliant Mineral Resource at the Lance Project, highlighting substantial growth and future potential in a favorable market. The Dagger project also adds a new maiden Inferred resource. - Positive factor: Tonnage Growth - Positive factor: Contained Metal Growth - Positive factor: JORC Compliant - Positive factor: QP/CP Signed - Positive factor: Maiden Resource - Negative factor: All Inferred Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 14 ## Classification and evidence **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: The document states the Lance JORC 2012 Mineral Resource is 59Mlbs, which is an increase from previous estimates mentioned in the disclaimers. Evidence · text > 59Mlbs Lance JORC 2012 Mineral Resource **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: The total contained metal for the Lance Project is reported as 59.0 Mlbs U3O8, indicating a significant scale. Evidence · table > 59.0 Context: 53.9 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The resource estimates are explicitly stated to comply with the JORC Code \(2012\). Evidence · text > JORC 2012 Mineral Resource **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: Mr Christopher McDowell is named as the Competent Person responsible for the Exploration Targets, Exploration Results, Exploration Potential, Mineral Resources or Ore Reserves at the Lance Projects, and he consents to the inclusion of his findings. Evidence · text > The information in this Presentation that specifically relates to Exploration Targets, Exploration Results, Exploration Potential, Mineral Resources or Ore Reserves at the Lance Projects is based on information compiled by Mr Christopher McDowell. **Maiden Resource** Polarity: neutral Definition: First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component. Why it applies: The Dagger Project has a newly established Inferred resource, indicating it is the first formal estimate for this project. Evidence · text > Peninsula Establishes Significant New Uranium Development Project **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: A significant portion of the Lance Project resource \(38.5 Mt for 41.7 Mlbs U3O8\) and the entire Dagger Project resource \(3.0 Mt for 6.9 Mlbs U3O8\) are in the Inferred category, which is a speculative category with limited drilling. Evidence · table > 38.5 Context: Inferred **All Inferred** Polarity: negative Definition: 100% of resource is Inferred category — very early stage, no engineering confidence. Why it applies: The Dagger Project's resource is entirely in the Inferred category, indicating a very early stage of confidence. Evidence · table > Inferred 3.0 1,037 6.9 Context: Classification ## Extracted facts Stored fact records: 14. Some facts used in scoring do not have a stored record. ## Resource Estimates (14) ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/pen-mining-forum-americas-presentation--c5fac086-d0b2-4d52-9737-af47893f11b7#fact-resource-facts-0) Lance Project · uranium #### Identity - Project: Lance Project - Commodity: uranium - Region: wyoming, usa - Reported Region: Wyoming, USA - Ticker: PEN #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Christopher McDowell - Resource group id: resource:f0ad9dcc6d154484a651 - Deposit or zone: Ross #### Resource Data - Category: measured - Tonnes: 1900000 - Grade: 520 - Grade Unit: ppm U3O8 - Contained Metal: 2.2 - Contained Unit: mlbs #### Prior Estimate - Resource Date: 2025-12-31 #### Location - Loc. Confidence: high #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This Measured resource for the Ross deposit contributes to the overall Lance Project resource, indicating high confidence in this portion of the deposit. - Positive factor: Measured Resource - Positive factor: QP/CP Signed - Positive factor: JORC Compliant Evidence · table > 520 Context: 1.9 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/pen-mining-forum-americas-presentation--c5fac086-d0b2-4d52-9737-af47893f11b7#fact-resource-facts-1) Lance Project · uranium #### Identity - Project: Lance Project - Commodity: uranium - Region: wyoming, usa - Reported Region: Wyoming, USA - Ticker: PEN #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Christopher McDowell - Resource group id: resource:20d103a1cfd1857b728b - Deposit or zone: Ross #### Resource Data - Category: indicated - Tonnes: 3700000 - Grade: 450 - Grade Unit: ppm U3O8 - Contained Metal: 3.7 - Contained Unit: mlbs #### Prior Estimate - Resource Date: 2025-12-31 #### Location - Loc. Confidence: high #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This Indicated resource for the Ross deposit contributes to the overall Lance Project resource, showing good geological confidence. - Positive factor: Indicated Resource - Positive factor: QP/CP Signed - Positive factor: JORC Compliant Evidence · table > 450 Context: 3.7 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/pen-mining-forum-americas-presentation--c5fac086-d0b2-4d52-9737-af47893f11b7#fact-resource-facts-2) Lance Project · uranium #### Identity - Project: Lance Project - Commodity: uranium - Region: wyoming, usa - Reported Region: Wyoming, USA - Ticker: PEN #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Christopher McDowell - Resource group id: resource:d0ca6e974ccc19635074 - Deposit or zone: Ross #### Resource Data - Category: inferred - Tonnes: 1700000 - Grade: 400 - Grade Unit: ppm U3O8 - Contained Metal: 1.5 - Contained Unit: mlbs #### Prior Estimate - Resource Date: 2025-12-31 #### Location - Loc. Confidence: high #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This Inferred resource for the Ross deposit adds to the overall resource base but has lower geological confidence. - Positive factor: QP/CP Signed - Positive factor: JORC Compliant - Negative factor: Inferred Resource Evidence · table > 400 Context: 1.7 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/pen-mining-forum-americas-presentation--c5fac086-d0b2-4d52-9737-af47893f11b7#fact-resource-facts-3) Lance Project · uranium #### Identity - Project: Lance Project - Commodity: uranium - Region: wyoming, usa - Reported Region: Wyoming, USA - Ticker: PEN #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Christopher McDowell - Resource group id: resource:ca93d80eeaa91e6a7b11 - Deposit or zone: Kendrick #### Resource Data - Category: measured - Tonnes: 1200000 - Grade: 540 - Grade Unit: ppm U3O8 - Contained Metal: 1.4 - Contained Unit: mlbs #### Prior Estimate - Resource Date: 2025-12-31 #### Location - Loc. Confidence: high #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This Measured resource for the Kendrick deposit contributes to the overall Lance Project resource, indicating high confidence in this portion of the deposit. - Positive factor: Measured Resource - Positive factor: QP/CP Signed - Positive factor: JORC Compliant Evidence · table > 540 Context: 1.2 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/pen-mining-forum-americas-presentation--c5fac086-d0b2-4d52-9737-af47893f11b7#fact-resource-facts-4) Lance Project · uranium #### Identity - Project: Lance Project - Commodity: uranium - Region: wyoming, usa - Reported Region: Wyoming, USA - Ticker: PEN #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Christopher McDowell - Resource group id: resource:0af71b28810804d75c94 - Deposit or zone: Kendrick #### Resource Data - Category: indicated - Tonnes: 5400000 - Grade: 580 - Grade Unit: ppm U3O8 - Contained Metal: 6.9 - Contained Unit: mlbs #### Prior Estimate - Resource Date: 2025-12-31 #### Location - Loc. Confidence: high #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This Indicated resource for the Kendrick deposit contributes to the overall Lance Project resource, showing good geological confidence. - Positive factor: Indicated Resource - Positive factor: QP/CP Signed - Positive factor: JORC Compliant Evidence · table > 580 Context: 5.4 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/pen-mining-forum-americas-presentation--c5fac086-d0b2-4d52-9737-af47893f11b7#fact-resource-facts-5) Lance Project · uranium #### Identity - Project: Lance Project - Commodity: uranium - Region: wyoming, usa - Reported Region: Wyoming, USA - Ticker: PEN #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Christopher McDowell - Resource group id: resource:55444f803e13389b0111 - Deposit or zone: Kendrick #### Resource Data - Category: inferred - Tonnes: 10200000 - Grade: 510 - Grade Unit: ppm U3O8 - Contained Metal: 11.5 - Contained Unit: mlbs #### Prior Estimate - Resource Date: 2025-12-31 #### Location - Loc. Confidence: high #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This Inferred resource for the Kendrick deposit adds significantly to the overall resource base but has lower geological confidence. - Positive factor: QP/CP Signed - Positive factor: JORC Compliant - Negative factor: Inferred Resource Evidence · table > 510 Context: 10.2 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/pen-mining-forum-americas-presentation--c5fac086-d0b2-4d52-9737-af47893f11b7#fact-resource-facts-6) Lance Project · uranium #### Identity - Project: Lance Project - Commodity: uranium - Region: wyoming, usa - Reported Region: Wyoming, USA - Ticker: PEN #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Christopher McDowell - Resource group id: resource:e3599daec8d1bc7cf16f - Deposit or zone: Barber #### Resource Data - Category: measured - Tonnes: 700000 - Grade: 480 - Grade Unit: ppm U3O8 - Contained Metal: 0.7 - Contained Unit: mlbs #### Prior Estimate - Resource Date: 2025-12-31 #### Location - Loc. Confidence: high #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This Measured resource for the Barber deposit contributes to the overall Lance Project resource, indicating high confidence in this portion of the deposit. - Positive factor: Measured Resource - Positive factor: QP/CP Signed - Positive factor: JORC Compliant Evidence · table > 480 Context: 0.7 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/pen-mining-forum-americas-presentation--c5fac086-d0b2-4d52-9737-af47893f11b7#fact-resource-facts-7) Lance Project · uranium #### Identity - Project: Lance Project - Commodity: uranium - Region: wyoming, usa - Reported Region: Wyoming, USA - Ticker: PEN #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Christopher McDowell - Resource group id: resource:cb52426d38d1c61a66c2 - Deposit or zone: Barber #### Resource Data - Category: indicated - Tonnes: 2500000 - Grade: 430 - Grade Unit: ppm U3O8 - Contained Metal: 2.4 - Contained Unit: mlbs #### Prior Estimate - Resource Date: 2025-12-31 #### Location - Loc. Confidence: high #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This Indicated resource for the Barber deposit contributes to the overall Lance Project resource, showing good geological confidence. - Positive factor: Indicated Resource - Positive factor: QP/CP Signed - Positive factor: JORC Compliant Evidence · table > 430 Context: 2.5 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/pen-mining-forum-americas-presentation--c5fac086-d0b2-4d52-9737-af47893f11b7#fact-resource-facts-8) Lance Project · uranium #### Identity - Project: Lance Project - Commodity: uranium - Region: wyoming, usa - Reported Region: Wyoming, USA - Ticker: PEN #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Christopher McDowell - Resource group id: resource:f9826ad5c4f484f800a2 - Deposit or zone: Barber #### Resource Data - Category: inferred - Tonnes: 26600000 - Grade: 490 - Grade Unit: ppm U3O8 - Contained Metal: 28.7 - Contained Unit: mlbs #### Prior Estimate - Resource Date: 2025-12-31 #### Location - Loc. Confidence: high #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This large Inferred resource for the Barber deposit significantly adds to the overall resource base but has lower geological confidence. - Positive factor: QP/CP Signed - Positive factor: JORC Compliant - Negative factor: Inferred Resource Evidence · table > 490 Context: 26.6 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/pen-mining-forum-americas-presentation--c5fac086-d0b2-4d52-9737-af47893f11b7#fact-resource-facts-9) Lance Project · uranium #### Identity - Project: Lance Project - Commodity: uranium - Region: wyoming, usa - Reported Region: Wyoming, USA - Ticker: PEN #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Christopher McDowell - Resource group id: resource:36abedb1e3510d215aca #### Resource Data - Category: measured - Tonnes: 3800000 - Grade: 520 - Grade Unit: ppm U3O8 - Contained Metal: 4.3 - Contained Unit: mlbs #### Prior Estimate - Resource Date: 2025-12-31 #### Location - Loc. Confidence: high #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The total Measured resource for the Lance Project indicates a high level of confidence for a portion of the overall resource. - Positive factor: Measured Resource - Positive factor: QP/CP Signed - Positive factor: JORC Compliant Evidence · table > 520 Context: 3.8 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/pen-mining-forum-americas-presentation--c5fac086-d0b2-4d52-9737-af47893f11b7#fact-resource-facts-10) Lance Project · uranium #### Identity - Project: Lance Project - Commodity: uranium - Region: wyoming, usa - Reported Region: Wyoming, USA - Ticker: PEN #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Christopher McDowell - Resource group id: resource:c768e55be015991973a0 #### Resource Data - Category: indicated - Tonnes: 11700000 - Grade: 510 - Grade Unit: ppm U3O8 - Contained Metal: 12.9 - Contained Unit: mlbs #### Prior Estimate - Resource Date: 2025-12-31 #### Location - Loc. Confidence: high #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The total Indicated resource for the Lance Project provides a solid base with good geological confidence. - Positive factor: Indicated Resource - Positive factor: QP/CP Signed - Positive factor: JORC Compliant Evidence · table > 510 Context: 11.7 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/pen-mining-forum-americas-presentation--c5fac086-d0b2-4d52-9737-af47893f11b7#fact-resource-facts-11) Lance Project · uranium #### Identity - Project: Lance Project - Commodity: uranium - Region: wyoming, usa - Reported Region: Wyoming, USA - Ticker: PEN #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Christopher McDowell - Resource group id: resource:75faf685b916c1e2531d #### Resource Data - Category: inferred - Tonnes: 38500000 - Grade: 490 - Grade Unit: ppm U3O8 - Contained Metal: 41.7 - Contained Unit: mlbs #### Prior Estimate - Resource Date: 2025-12-31 #### Location - Loc. Confidence: high #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The large Inferred resource for the Lance Project contributes significantly to the total contained metal but has lower geological confidence. - Positive factor: QP/CP Signed - Positive factor: JORC Compliant - Negative factor: Inferred Resource Evidence · table > 490 Context: 38.5 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### Fact 13 [Link to this fact](https://atlas-staging.minestarters.com/news/pen-mining-forum-americas-presentation--c5fac086-d0b2-4d52-9737-af47893f11b7#fact-resource-facts-12) Lance Project · uranium #### Identity - Project: Lance Project - Commodity: uranium - Region: wyoming, usa - Reported Region: Wyoming, USA - Ticker: PEN #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Christopher McDowell - Resource group id: resource:21c791f2ee7e410084eb #### Resource Data - Tonnes: 53900000 - Grade: 500 - Grade Unit: ppm U3O8 - Contained Metal: 59 - Contained Unit: mlbs #### Prior Estimate - Resource Date: 2025-12-31 #### Location - Loc. Confidence: high #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The total resource for the Lance Project shows significant contained metal, representing a substantial asset for the company. - Positive factor: Tonnage Growth - Positive factor: Contained Metal Growth - Positive factor: QP/CP Signed - Positive factor: JORC Compliant Evidence · table > 500 Context: 53.9 #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/pen-mining-forum-americas-presentation--c5fac086-d0b2-4d52-9737-af47893f11b7#fact-resource-facts-13) Dagger · uranium #### Identity - Project: Dagger - Commodity: uranium - Region: wyoming, usa - Reported Region: Wyoming, USA - Ticker: PEN #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Christopher McDowell - Resource group id: resource:86128efe77e4da9b27dd #### Resource Data - Category: inferred - Tonnes: 3000000 - Grade: 1037 - Grade Unit: ppm U3O8 - Contained Metal: 6.9 - Contained Unit: mlbs #### Prior Estimate - Resource Date: 2023-10-23 #### Location - Loc. Confidence: high #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This is a maiden Inferred resource for the Dagger Project, adding new potential to the company's portfolio, though with lower geological confidence. - Positive factor: Maiden Resource - Positive factor: QP/CP Signed - Positive factor: JORC Compliant - Negative factor: All Inferred Evidence · table > 1,037 Context: 3.0 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.9 years before this release ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.