Peninsula Energy (ASX:PEN) is moving closer towards resuming uranium production at its Lance Project in Wyoming, USA.
The overall production outlook for 2026 and 2027 remains stable, despite several hurdles the company has encountered.
Peninsula has transitioned its Central Processing Plant expansion to a fixed cost contract. Capital expenditure has increased by around $14.7 million above the initial estimate.
The company’s cash balance of $105.3 million ensures funding beyond the initial production stage.
Next year’s production ramp-up projections have been adjusted downward to 600,000 pounds U3O8 due to preconditioning delays and variability in flow rates. The long-term outlook, however, is positive.
Managing Director Wayne Heili says “The progress is evident on many fronts and the team is to be commended for continuing to proceed with safety at the forefront while keeping to the overall schedule.”
The company is advancing talks for additional working capital support, while a COO appointment is imminent to bolster its leadership team.
In addition to the Lance Project, the company owns the Dagger Project, Crook County, Wyoming.
Peninsula Energy’s has been 6.4 cents at 230pm AEST.