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Highlights
- Peninsula Energy (PEN) restarts uranium production at Lance Projects in Wyoming.
- Production positions the company as North America's newest independent uranium producer.
- Phase 2 construction continues to enhance production capacity at Lance.
Peninsula Energy (ASX:PEN) has officially restarted uranium production at its Lance Projects in Wyoming, establishing itself as North America's newest fully independent uranium producer. This milestone marks the culmination of years of development and underscores the company’s commitment to delivering sustainable uranium supply for a low-carbon energy future.
The Lance Projects, operated by Peninsula’s US subsidiary Strata Energy Inc., utilize low-pH in-situ recovery (ISR) technology to extract uranium. This advanced method positions the company to meet growing uranium demand driven by the global transition toward clean energy.
Key Progress at Lance Projects
The restart at Lance follows a five-year pause in production. Initial operations began within selected areas of Mine Unit 1 (MU-1), with uranium being captured through a Phase 1 ion exchange system. Production rates and grades are already aligning with projections and are expected to increase further during the ramp-up phase.
Peninsula Energy’s CEO, Wayne Heili, expressed enthusiasm about this achievement, emphasizing the company’s role in supporting the global clean energy movement. He noted the team's dedication and the long-term potential of uranium as a key component of sustainable energy solutions.
Phase 2 Construction Advancements
In parallel with production, Phase 2 construction at Lance continues to progress. The resin elution and precipitation circuits are on track for completion by mid-January, enabling the first elutions and yellowcake precipitation soon after. Additionally, the yellowcake filtration and drying systems are slated for completion in February, with the first production of dry yellowcake (U3O8) expected by early March.
Upon completion of Phase 2, the Lance Projects will house a cutting-edge 5,000-gallons-per-minute ion exchange process plant. This facility will have the capability to independently produce up to two million pounds of uranium yellowcake annually, solidifying Peninsula Energy’s position as a significant player in the uranium market.
Looking Ahead
Peninsula Energy plans to host a conference call in mid-January to provide updates on the production restart and its roadmap for 2025. As demand for uranium continues to grow, the Lance Projects’ operational progress positions Peninsula Energy to play a critical role in addressing the needs of a low-carbon, energy-hungry world.
