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Peninsula Energy (ASX:PEN) today saw its shares drop by more than 5% after the company appointed a new managing director and chief executive officer as part of a staged succession plan.
George Bauk – who will be stepping into both roles from January 25 – will replace Wayne Heili, who confirmed he’d be stepping down at the end of last year, launching a ‘succession planning process’ from November 15.
Mr Bauk’s appointment caps a 30-year career working in management and project-leading roles in the uranium, rare earths, gold, lithium and graphite sectors, including executive positions with Thunderbird Resources (ASX:THB), PVW Resources (ASX:PVW), and Livium Ltd (formerly Lithium Australia).
He was also, for a long spell, managing director and CEO of Northern Minerals Ltd (formerly Northern Uranium) between 2010 and 2020.
Mr Heili – who will continue working with Peninsula as a technical advisor – said he was happy to be handing over the reins to someone of Mr Bauk’s experience, particularly in light of plans to restart operations at the Lance project in Wyoming.
“I have served as MD and CEO of Peninsula since early 2017 and I’m extremely proud of what the company has achieved during this time,” he said.
“We have built an exceptionally unified and innovative team, overcome challenges and maintained our focus to restart operations at Lance to place the company in a strong position for success and significant value creation.
“Through the restart of operations at Lance, Peninsula can now provide a secure and
sustainable uranium supply for an energy-hungry, low-carbon future.”
Mr Bauk said he was pleased to be joining the company at such a critical time, as uranium prices have risen to US$75 per pound – an increase of 2.74% since the beginning of 2025.
“The uranium market is experiencing a remarkable resurgence, driven by the growing global demand for clean, reliable energy,” he said.
“As nations prioritise reducing carbon emissions and enhancing energy security, uranium’s role in fuelling nuclear power has become more critical than ever.”
At 16:25 AEDT, PEN shares were trading at $1.39.
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