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Peninsula Energy’s Ross Central Plant expansion on track at Lance Projects, US

ASX News, Materials
ASX:PEN      MCAP $181.6M
08 May 2024 14:16 (AEDT)

Arial view of MU-3 development and drill rigs. Source: Peninsula Energy

Peninsula Energy (ASX:PEN) and its wholly owned subsidiary, Strata Energy Inc, have provided an update on the construction of the Ross Central Processing Plant at the Lance Projects in Wyoming, USA.

The Engineering, Procurement, and Construction contractor Samuel has commenced site mobilisation, and earthworks are underway to expand the Ross Plant.

“The expansion is a crucial step in enhancing Lance’s infrastructure to support an annual production capacity of up to 2 million pounds of dry yellowcake (uranium oxide),” said Peninsula’s Managing Director and CEO, Mr. Wayne Heili.

“It’s exciting to see construction underway on the expansion of Ross Central Processing Plant. This is a key piece of the jigsaw for us, providing the ability to produce a finished product for our customers, without having to rely on any third-party processing facilities.”

“With the momentum we currently have, we remain confident of hitting our production targets for 2025.”

Peninsula Energy is one of the few ASX-listed uranium companies providing US production and direct market exposure.

The existing plant has been modified to process low-pH ISR (In-Situ Recovery) solutions, with the upcoming expansion aimed at increasing production rates and housing facilities for dry yellowcake production.

Samuel has completed detailed engineering designs and secured necessary long-lead time items for the expansion project.

Both the Lance plant construction and wellfield development projects are progressing as the company planned and are expected to be commissioned by late 2024.

PEN last traded at 11.8 cents.

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