Key Highlights
Operations Update
- Restart of Production: Operations recommenced at the Lance Uranium Project on 18 December 2024.
- Early Production: Approximately 1,100 pounds of uranium were captured on ion exchange resins by late December.
- Smooth Operations: Lance operated efficiently through the holiday period, with a focus on ramping up wellfield preconditioning and production flowrates.
- Construction Progress:
- Phase II Central Processing Plant: Resin elution and uranium precipitation circuits expected to be completed by January 2025.
- Yellowcake Dryer Installation: The first dryer has been delivered, with installation targeted for completion this quarter.
- Dry Yellowcake Target: Production is anticipated by March 2025.
Permitting Update
- Kendrick Project Area Expansion:
- Permit to Mine Amendment: Approved by the Wyoming Department of Environmental Quality, allowing the expansion of the Lance mine permit area to include the Kendrick Project area.
- Source Materials License: Amendment under review, expected to be finalized by late March 2025.
- Production Plans for Kendrick: While Kendrick is part of the 10-year production strategy, no uranium recovery operations are planned for this area in CY2025.
Financial Position
- Cash Balance: Peninsula held approximately US$45 million as of 31 December 2024.
- Funding Priorities:
- Completion of Phase II plant expansion.
- Ramp-up of production from Mine Unit 3, the first unit to utilize low pH leaching.
Investor Takeaways
Peninsula Energy’s Lance Project restart has progressed smoothly, with early production on track and construction milestones for Phase II nearing completion. A strong cash balance ensures the company is well-positioned to ramp up operations and meet its March targets.
Investors should monitor updates on Kendrick permitting and operational milestones, as well as insights from the upcoming conference call.
