Just the Facts: Peninsula Energy targets December restart for Lance Uranium Project [Video]

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

The company has reaffirmed that it is on schedule to restart production at its Lance Uranium Projects in Wyoming in December 2024. The Lance Central Processing Plant (CPP) is undergoing structural and ion exchange system construction as the company readies for production resumption.

The company has adjusted its 2025 production forecast to 600,000 pounds of uranium, down from an initial 700,000-900,000 pounds. Peninsula says that while there have been slight delays in project development, no long-term impacts are expected beyond the initial ramp-up phase. Production projections for 2026 and 2027 remain unchanged.

The estimated cost of the CPP expansion has increased by US$9.5 million to a total of US$48.8 million. As of 31 October 2024, Peninsula holds a cash reserve of US$68 million and is in advanced discussions regarding a working capital debt facility.

Management succession is underway, with a chief operating officer appointment anticipated soon. CEO Wayne Heili has announced his intention to step down in 2025, initiating a search for his replacement. Meanwhile, permitting for the Kendrick Project area advances, with Wyoming recommending approval pending public notice.

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