Peninsula Energy Ltd.: Exhibit 4.8 - Filed by newsfilecorp.com







	Key Terms for New Contract 
	May 27, 2014 


Name: Jonathan Whyte 
Position: Company
Secretary 
Key Terms for New Consulting Services Agreement 

	Proposed Contract 	Agreement between PEN, Keyport
      Investments Pty Ltd (Jonathan’s private company) and Jonathan Whyte 
	  	  	  
	Start Date & Term 	
      Start date effective 1 June 2014. 2 year term. 

	  	
      
	
      

	Form of Agreement 	
      Services Agreement. 

	  	
      
	
      

	Base Remuneration Basis 	
      $1,300 per day worked. From 1 June 2014, working days per
      week shall be 4 days per week until further notice from the Company.
    

	  	
      
	
      

	Superannuation 	
      Not applicable 

	  	
      
	
      

	STIP 	
      Keyport Investments Pty Ltd / Jonathan shall participate
      in the Peninsula Energy Limited short term incentive plan (STIP) that
      shall commence with effect on 1 July 2014 with the annual maximum
      percentage payable to be set by the Remuneration Committee after taking
      into account relevant information regarding the executive nature of the
      role of Company Secretary. 

	  	
      
	
      

	LTIP / Performance Rights 	
      3,000,000 Class D Performance Rights 

	  	
      3,000,000 Class E Performance Rights 

	  	
      3,000,000 Class F Performance Rights 

	  	
      
	
      

	Notice Period & Termination Provisions
	
      Company to provide 12 weeks written notice of direction
      to change the number of days worked per week or to terminate the agreement
      at its discretion.
      
Employee to provide 4 weeks written notice of request to terminate the
      agreement. 
If the Company elects to reduce the number of days worked
      per week to two days (2) or less, the employee is entitled to terminate
      the agreement and be paid the following termination benefits: 
	  	
       

		
      • 
	
      Termination payment determined by multiplying the day
      rate x 4 days per week x 13 weeks 

	  	
      
	
		
      • 
	
      Termination payment will be made 4 weeks after the
      employee has submitted a written request to terminate the agreement (or
      earlier if agreed to by the Company) 

	 	 	 
		
      The above benefits are also paid in the event that the
      Company elects, in its sole discretion, to terminate the agreement. The
      above benefits are not paid if the agreement is terminated by the Company
      due to the gross negligence or wilful misconduct of the consultant.
  



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	Key Terms for New Contract 
	May 27, 2014 




	Other Relevant Information 	
      Keyport Investments Pty Ltd to provide general and public liability
      insurance of $10 million 

      Company to provide Directors and Officer insurance and travel insurance
      at levels commensurate with levels provided by company of the size and
      nature of the Company 

      Jonathan / Keyport Investments Pty Ltd to confirm that the ongoing
      engagement of Jonathan conforms with Australian Tax Office contractor
      engagement rules and that the engagement does not constitute an employer /
      employee arrangement. To be reconfirmed on the 1st working day
      of each calendar month. 




Each of Peninsula Energy Limited, Keyport Investments Pty Ltd
and Jonathan Whyte (the Parties) agree that the key terms described above shall
form the basis of a new consulting services agreement to be entered into by the
Parties on or before 1 June 2014. 

	Acknowledged and agreed to by Peninsula Energy Limited: 	 	Acknowledged and agreed to by Keyport
      Investments Pty Ltd: 
		 	
	  	 	Jonathan Whyte 
	  	 	Director 
	Neil Warburton 	 	Date: 27 May 2014 
	Remuneration Committee Chairman 	 	  
	Date: 	 	  




	Acknowledged and agreed to by Jonathan Whyte: 
	
	Jonathan Whyte 
	Date: 27 May 2014 



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