Just the Facts: Peninsula Energy progresses Lance ISR Project

Описание: Proactive’s Tylah Tully breaks down ‘Just the Facts’ of the latest news from Peninsula Energy Ltd (ASX:PEN, OTCQB:PENMF).

The company has has updated stakeholders on its Lance ISR Uranium Project in Wyoming, USA, following its December 18, 2024, restart.

The project has run efficiently, capturing 1,100 pounds of uranium in the ion exchange system by year-end.

The company is focused on ramping up wellfield operations and production flow rates. Construction of Phase II plant facilities, including resin elution and uranium precipitation circuits, is progressing, with completion expected this month.

Installation of the first yellowcake dryer unit is underway, with initial production targeted for March 2025.

State approval has been received to expand the mine permit area to include the Kendrick Project area, though additional permits are needed before commencing uranium recovery operations.

While the Kendrick area is pivotal to Peninsula’s 10-year production plan, no operations are planned there in 2025.

Peninsula ended 2024 with an unaudited cash balance of US$45 million, providing the resources to finalise Phase II construction and ramp up production from Mine Unit 3, the first unit to utilise low pH leaching.

A conference call for investors, hosted by CEO Wayne Heili, is scheduled for January 16, 2025, to discuss operations and 2025 priorities.

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