Press Release

Peninsula Energy announces Lance Project in Wyoming will restart in late 2024

–News Direct–

Peninsula Energy CEO Wayne Heili joined Steve Darling from Proactive to share news of the company's revised production plan for the Ross & Kendrick production areas within its Lance Projects in Wyoming.

Heili explained that Peninsula Energy has developed a new Life of Mine model for the Ross and Kendrick Production Areas, which aims to mitigate third-party processing risks. The company has decided to bring the entire uranium yellowcake production process in-house, starting from the commencement of production.

This strategy is expected to enhance operational control and reduce external processing uncertainties. The revised production strategy sets a timeline for production to begin in late 2024, with the commencement of uranium extraction and processing within the Ross and Kendrick production areas at Lance.

The Life of Mine model is based on a total resource base of 21.8 million pounds of U3O8 within these areas. Notably, the plan excludes the contiguous Barber Resource Area, with the total cost of the plant attributed to the Ross & Kendrick production.

Heili highlighted that the expanded plant functionality will also be available to process future output from the Barber Resource Area, which contains a larger resource base of 31.9 million pounds of U3O8.

This approach positions Peninsula Energy for significant growth opportunities in the future. Moreover, the company's projections indicate positive cash flow during the first full year of production in 2025, reflecting the potential success of the revised production plan and the company's efforts to enhance its operational and financial performance.

Contact Details

Proactive Investors

+1 604-688-8158

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Peninsula Energy Ltd

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