Join our daily newsletter At The Bell to receive exclusive market insights
Peninsula Energy Ltd (ASX:PEN) has seen its share price move up more than 3% on news it plans to restart flagship Lance Project in Wyoming in the final quarter of 2024.
The company – together with its U.S. subsidiary Strata Energy Inc – told the market that site construction and preparations were continuing at Lance, with the operation restart on-target for late Q4 2024.
In terms of the Phase II plant expansion alone, the work done in August encompassed completion of concrete pours for the plant foundation, a large amount of plant floor slabs being poured – with this to be finished in September, the first building activity commencing – including completion of the building exterior scheduled for October, and placement of the IX and Elution vessels, pipe rack steel and fresh eluant tanks.
Alongside this, development of two new wellfield production areas is being undertaken by both employee and drilling contractor teams, with eleven drilling rigs under contract to work at the site.
Managing Director and Chief Executive Officer Wayne Heili said he was proud to see the Peninsula team completing this work in such a determined fashion.
“We are progressing and we are staying focused on our goal of restarting uranium operations this calendar year,” he said.
“The months ahead will be busy, but our team are ready, and we have our eye on the prize of becoming the next ASX-listed uranium company set to enter production.
“The fundamentals and importance of uranium continue to strengthen, as countries across the globe embrace nuclear energy as a leading clean energy source to achieve decarbonisation targets.
“Importantly, Peninsula will be bringing Lance online at a time when the need for new sources of uranium could not be stronger.
“Lance is one of the Largest Uranium ISR Projects in the United States, underpinned by 58.0Mlbs U3O8 of JORC (2012) Resources and the Company looks forward to growing our flagship project into a key supplier of high-quality yellowcake.”
At 12:57 AEST, shares in Peninsula were trading at 8 cents – a rise of 3.21% since the market opened.
