Peninsula shares jump as company flags first yellowcake production. Is this a new leaf?

Peninsula Energy (ASX:PEN) has seen a green day based on positively-received newsflow for the first time in what feels like a long time after reporting it’s produced the first batch of uranium yellowcake from its Lance project in Wyoming.

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With shares climbing +7%, to 30cps lunchtime on Tuesday, it’s a pocket of respite for any shareholders who may feel more like bagholders right now after a fairly uninspiring year for the stock, which, last October, was worth more than $1.50.

Problems kicked off in January when the company saw its share price fall -13% as it flagged Lance would see a delay to production, and at the same time, it also trimmed production guidance (a story not that dissimilar from Boss Energy Ltd’s debacle). By April 2025, PEN shareholder ire grew as the company failed to update what proper guidance looked like, which led to the ASX suspending Peninsula.

It would stay suspended for around five months. Pretty much immediately in late April, the company’s Chair left the company on short notice (once again mirroring a similar situation with Boss), and only in late August did Peninsula start trading again at a new valuation of around 30cps.

As of Tuesday, September 16, 1Y returns are down -73%.

So, with that history defining the company’s recent performance, Tuesday’s news of maiden yellowcake production has been well received. As for whether the company can recapture momentum, it remains to be seen.

But helping the stock is a rising tide that has seen Boss and Deep Yellow notch top gainer status intraday as the U.S. has signalled a move to boost its strategic uranium reserve – the latest U.S.-borne materials catalyst to send Aussie stocks higher.

PEN last traded at 30cps.

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