Peninsula Energy Targeting Q4 for Uranium Production Restart at Lance Project

Peninsula Energy (ASX:PEN,OTCQB:PENMF) said it continues to work on restarting its Wyoming-based Lance uranium project, with production targeted for this year's fourth quarter.

The company notes that plant construction and wellfield development activities are continuing, and states that it expects to become “the next ASX-listed uranium company set to enter production.”

“The fundamentals and importance of uranium continue to strengthen, as countries across the globe embrace nuclear energy as a leading clean energy source to achieve decarbonisation targets,” said Peninsula CEO and Managing Director Wayne Heili in a press release shared by the firm on Tuesday (September 3).

He added that Lance will come online at a time “when the need for new sources of uranium could not be stronger.”

Concrete pours for the plant's foundation were completed in August, along with pours for substantial portions of the plant's floor slabs. Erection of the building has also started, and items such as IX and Elution vessels have been placed.

Final slab pours are set to be completed this month, and the building’s exterior is scheduled to be finished in October.

Peninsula also said that it is actively developing new wellfield production areas known as Mine Unit 3 (MU-3) and Mine Unit 4 (MU-4). Eleven drill rigs are contracted for the site, with some installing new in-situ recovery pattern wells in MU-3. At this time, 76 percent of the planned pattern wells have been drilled and cased.

Five drill rigs are completing resource delineation at MU-4 and monitoring well installation activities. Construction of MU-3 wellfield infrastructure, such as pipelines, powerlines, fences and roads, is 80 percent complete.

“Once back in production, Lance will establish Peninsula as a fully independent end-to-end producer of yellowcake, well-placed to become a key supplier of uranium and play an important role in a clean energy future,” the company said.

At present, Peninsula has shifted construction to a 24 hour schedule, with about 70 construction workers on site daily.

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Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.