Peninsula Energy Limited (ASX:PEN) Lance Project Update
Operations Update
Peninsula Energy Limited (ASX:PEN) has reported significant progress at its Lance Uranium Project in Wyoming. Following the recommencement of production on 18 December 2024, approximately 1,100 pounds of uranium have been captured in the ion exchange system. The company aims to continue ramping up operational flow rates to enhance uranium recovery while construction of the Phase II central processing plant progresses.
Permitting Update
The company has received final approval from the State of Wyoming Department of Environmental Quality to expand its mine permit area to include the Kendrick Project area at Lance. An amendment for the Source Materials License is under review, expected to be completed by late March 2025. Although the Kendrick area is critical for the long-term production strategy, operations there will not commence in 2025.
Financial Position
As of 31 December 2024, Peninsula maintains a strong cash balance of approximately US$45 million. This financial position is crucial for completing the Phase II plant construction and ramping up production from Mine Unit 3, with a focus on the low pH leaching method.
Conference Call Invitation
Managing Director and CEO, Mr Wayne Heili, will host an investor conference call on 16 January 2025. He will provide further insights into operations and the company’s strategic focus for 2025, followed by a Q&A session.
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