Peninsula recently raised $8.5 million through the placement of shares at $0.50 and intends to raise up to an additional $5 million through an in-the-money share purchase plan offer.
The funding will allow the company to implement a streamlined operational strategy to enhance business performance from the uranium-producing Lance Projects located in Wyoming, U.S.
Peninsula is producing uranium from the Lance Projects which have a mine life of at least 20 years, underpinned by 53.7 million pounds, the largest uranium ISR JORC-Code compliant resource in North America.
Uranium extraction from wellfields at the Lance Projects for the quarter ended 30 September 2016 was 54,000 pounds of uranium, an increase of 25,000 pounds of uranium over the quarter ended 30 June 2016.
Multiple headers houses are used to extract uranium and Stage 1 steady state production will see up to seven header houses in simultaneous operation.