PENINSULA ENERGY LIMITED — Director's Dealing 2012

Jan 23, 2012

Rule 3.19A.2

Appendix 3Y

Change of Director's Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.

Introduced 30/09/01 Amended 01/01/11

Name of entity:	Peninsula Energy Limited
ABN:	67 062 409 303

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	Malcolm James
Date of last notice	5 January 2012

Part 1 - Change of director's relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of "notifiable interest of a director" should be disclosed in this part.

Direct or indirect interest	Direct and Indirect
Nature of indirect interest(including registered holder)Note: Provide details of the circumstances giving rise to the relevantinterest.	Jennie Colleen JamesInterest as a spouseTerasse (WA) Pty LtdInterest as a Potential Beneficiary
Date of change	24 January 2012
No. of securities held prior to change	Jennie Colleen James
	- 6,193,000 Ordinary Fully Paid Shares- 1,548,250 Listed options exercisable at 3 cents on orbefore 30 June 2012 (PENOC)
	Terasse (WA) Pty Ltd
	– 8,250,000 Ordinary Fully Paid Shares- 1,312,500 Listed options exercisable at 3 cents on orbefore 30 June 2012 (PENOC)
	Malcolm James
	- 3,000,000 Listed options exercisable at 3 centson or before 30 June 2012 (PENOA)
	Mr MR and Mrs JC James <james family="" super<br="">Fund A/C>
	- 2,642,857 Ordinary Fully Paid Shares- 410,714 Listed options exercisable at 3 cents on orbefore 30 June 2012 (PENOA)- 410,714 Listed options exercisable at 3 cents on orbefore 30 June 2012 (PENOC)

+ See chapter 19 for defined terms.

Class	Ordinary Shares
Number acquired	1,000,000
Number disposed	Nil
Value/ConsiderationNote: If consideration is non-cash, provide details and estimatedvaluation	$52,057.20
No. of securities held after change	Jennie Colleen James
	- 6,193,000 Ordinary Fully Paid Shares- 1,548,250 Listed options exercisable at 3 cents on orbefore 30 June 2012 (PENOC)
	Terasse (WA) Pty Ltd
	– 8,250,000 Ordinary Fully Paid Shares- 1,312,500 Listed options exercisable at 3 cents on orbefore 30 June 2012 (PENOC)
	Malcolm James
	- 3,000,000 Listed options exercisable at 3 centson or before 30 June 2012 (PENOA)
	Mr MR and Mrs JC James <james family="" super<br="">Fund A/C>
	- 3,642,857 Ordinary Fully Paid Shares- 410,714 Listed options exercisable at 3 cents on orbefore 30 June 2012 (PENOA)- 410,714 Listed options exercisable at 3 cents on orbefore 30 June 2012 (PENOC)
Nature of changeExample: on-market trade, off-market trade, exercise of options, issue ofsecurities under dividend reinvestment plan, participation in buy-back	On-market trade

Part 2 – Change of director's interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of "notifiable interest of a director" should be disclosed in this part.

Detail of contract	N/A
Nature of interest	N/A
Name of registered holder(if issued securities)	N/A
Date of change	N/A
No. and class of securities to whichinterest related prior to changeNote: Details are only required for a contract in relationto which the interest has changed	N/A

+ See chapter 19 for defined terms.

Interest acquired	N/A
Interest disposed	N/A
Value/ConsiderationNote: If consideration is non-cash, provide details andan estimated valuation	N/A
Interest after change	N/A

Part 3 – +Closed period

Were the interests in the securities or contracts detailedabove traded during a +closed period where prior writtenclearance was required?	No
If so, was prior written clearance provided to allow the tradeto proceed during this period?	N/A
If prior written clearance was provided, on what date was thisprovided?	N/A

+ See chapter 19 for defined terms.