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Highlights
- Significant progress in the restart and ramp-up of the Lance ISR Project.
- Phase II plant construction nearing completion with initial production expected by March 2025.
- State approval granted to expand the project, strengthening long-term growth strategy.
Peninsula Energy (ASX:PEN), a leading uranium exploration and production company, has shared a promising update on its Lance ISR (In-Situ Recovery) Uranium Project in Wyoming, USA. Following the restart of operations on December 18, 2024, the company has successfully achieved a major milestone by capturing 1,100 pounds of uranium in the ion exchange system by the end of the year.
The company is laser-focused on ramping up wellfield operations and production flow rates to meet its long-term strategic goals. In alignment with its operational ramp-up, the construction of Phase II plant facilities, which includes critical components such as resin elution and uranium precipitation circuits, is progressing on schedule. The completion of Phase II is expected this month, enhancing the project’s overall capacity and paving the way for future growth.
One of the key components of the current phase is the installation of the first yellowcake dryer unit, designed to significantly enhance production capabilities. With this unit's installation underway, Peninsula Energy anticipates that initial production will begin in March 2025, marking a vital step toward higher uranium production volumes.
The expansion of the mine permit area, which now includes the Kendrick Project area, has been granted state approval, although additional permits are still required to begin uranium recovery operations. The Kendrick Project area is an important asset to Peninsula Energy’s long-term plans, and while no operations are slated for 2025, its potential will contribute significantly to the company’s vision for growth beyond this year. The expansion also forms an integral part of the company’s 10-year production plan.
At the close of 2024, Peninsula Energy reported a strong unaudited cash balance of US$45 million, providing ample financial resources to complete Phase II construction and ramp up production at Mine Unit 3—the first unit utilizing low pH leaching techniques. This solid cash position ensures that the company is well-positioned for sustained growth and development throughout 2025.
Additionally, a conference call is scheduled for January 16, 2025, where CEO Wayne Heili will discuss the latest developments at the Lance ISR Uranium Project, along with the company’s strategic priorities for the upcoming year.
Peninsula Energy continues to make significant strides in advancing its uranium production, positioning itself as a key player in the energy sector. With continued progress at the Lance ISR Project and future expansion into new areas, the company’s focus on sustainable and efficient growth is well on track.
