Sign up Australia
Proactive Investors - Run By Investors For Investors

Peninsula Energy exceeds uranium production guidance at Lance project, shares up

The company is maintaining its production guidance levels for the upcoming quarter.
Picture of barrels of uranium
The March quarter built on the record of delivering consecutively higher quarter-over-quarter production

Peninsula Energy Ltd (ASX:PEN) produced 43,638 pounds of uranium from its Wyoming-based Lance Project during the three months to March 31, 2018.

This represented a quarter-on-quarter increase of 12% and was a catalyst for an increase of almost 10% in Peninsula Energy's shares to an intra-day high of 24 cents.

Managing director Wayne Heili said: “The most recent quarter continues our precedent of achieving consecutively higher quarter-over-quarter production levels at Lance.

Production exceeds guidance

“We are pleased to report production levels for the most recent quarter that exceed the upper band of our 30,000 to 40,000 pounds."

This is the production range that is forecast during the transition phase to low pH operations.

READ: Peninsula Energy on track for transition to low pH uranium operations at Lance Projects

Transitioning to a low pH ISR (in-situ recovery) operation could potentially align the operating performance and cost profile of Lance with industry-leading global uranium projects.

Daily production rates continue to improve

The daily production rate continued to improve through the March quarter, realising an average of 485 pounds of uranium per day during the quarter.

This compares with an average of 427 pounds per day during the December quarter.

Enters June quarter with momentum

Process improvements in 2017 have been largely responsible for ensuring that wellfield flow rates remained relatively stable during challenging winter conditions over the past three months.

The company is maintaining its production guidance levels for the upcoming quarter as it advances the planned transition to low pH operations at Lance. 

View full PEN profile View Profile

Peninsula Energy Ltd Timeline

Related Articles

drill core
August 10 2018
The explorer has raised £563,000 to finance work towards a feasibility study
August 06 2018
Mkango chief executive William Dawes said the group was "excited" to commence what will be the largest drill programme to date at Songwe.
dollar and gold
March 29 2018
Wishbone Gold's unique business model is now beginning to bear fruit

No investment advice

The information on this Site is of a general nature only. It does not take your specific needs or circumstances into consideration, so you should look at your own financial position, objectives and requirements and seek financial advice before making any financial decisions. You acknowledge and understand that neither the Company, its related bodies corporate, the information providers or their affiliates will advise you personally about the nature, potential value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter. You should read our FSG and any other relevant disclosure documents and if necessary seek persona advice prior to making any investment decision.

You understand and agree that no Content (as defined below) published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person.

You understand that in certain circumstances the Company, its related bodies corporate, the information providers or their affiliates may have received, or be entitled to receive, financial or other consideration in connection with promoting, and providing information about, certain entities on the Site and in communications otherwise provided to you.

You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate. From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

Before you act on any general advice we provide, please consider whether it is appropriate for your personal circumstances.

© Proactive Investors 2018

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use