Big Picture – A Deep Dive Examination of Peninsula Energy Ltd
Peninsula Energy Ltd Snapshot
Peninsula Energy Limited (PEN) is an ASX listed uranium mining company which commenced in-situ recovery uranium operations in December 2015 at its Lance Projects in Wyoming, USA.
WYOMING, USA – LANCE ISR URANIUM PROJECTS
(Peninsula Energy 100%)
PROJECT TRANSFORMATION INITIATIVE - A "GAME CHANGER"
In October 2017 the Company announced the outcomes of recent research initiatives aimed at improving the operating performance at the Lance Projects. These outcomes included encouraging laboratory test results using lower pH solutions (mild acids), which returned increased peak uranium solution grades averaging nearly 1.0 g/L with uranium recoveries typically over 90%. The initial laboratory test uranium recovery results have been confirmed with additional targeted laboratory tests and via geochemical modelling.
All uranium operations that are in the 1st quartile of the global cost curve are In-Situ Recovery (ISR) facilities that utilise a low pH lixiviant.
SOUTH AFRICA – URANIUM
(Peninsula Energy 74% / BEE Groups 26%)
In April 2018, the Company announced its decision to fully withdraw from any further development activities for the Karoo Projects in which it has a 74% interest and has suspended all financial support for development activities including progression of mining and prospecting right applications. Peninsula is working together with its joint venture partners and the South African regulators to ensure an orderly exit from the project.
Over the remainder of 2018 the activities in the Karoo will focus on the necessary rehabilitation of exploration and historical trial mining activities in consultation with our joint venture partners and relevant authorities. The Company has now completed rehabilitation of all of the approximately 13,000 boreholes required to be rehabilitated.
The decision to suspend the further development of the Karoo Project does not materially impact the Company balance sheet given the impairment and rehabilitation provisions made in the financial statements for the 6 months ended December 31, 2017. The Company is pursuing the sale of the 322 km2 freehold farmland in the Karoo Basin, the proceeds of which are projected as being sufficient to cover rehabilitation costs.
Last updated 17th December 2018
MR JOHN HARRISON
Non Executive Chairman
Mr Harrison brings to Peninsula a wealth of experience and resource sector knowledge acquired over a 45 year career including 20 years of investment banking in London. During this time Mr Harrison has developed an extensive international contact base advising companies across a range of commodities, (including uranium) and raising more than £500m in equity capital in the process.
Prior to joining RFC Ambrian Ltd and following a successful career in the Lloyd’s reinsurance market, Mr Harrison was Managing Director at Numis Securities Ltd (Numis) where he worked on the development and listing of the then, new Lloyd’s corporate underwriting vehicles, an activity upon which the Numis corporate finance franchise was built.
Mr Harrison is the former Non-Executive Chairman (UK) of international advisory and broking firm RFC Ambrian Ltd and is currently the Non-Executive Chairman of unlisted UK coking coal development company West Cumbria Mining Limited.
MR WAYNE HEILI
Managing Director / Chief Executive Officer
Mr Heili has spent the bulk of his 30-year professional career in the uranium mining industry. He most recently served as President and Chief Executive Officer of Ur-Energy, Inc. where he successfully oversaw the design, construction, commissioning and ramp-up of the Lost Creek in-situ uranium project in Wyoming USA. Prior to joining Ur-Energy, Inc., Mr Heili served as Operations Manager of the Christensen/Irigaray in-situ uranium mines in Wyoming and also has experience on conventional uranium mines in Texas. He holds a Bachelor of Science in Metallurgical Engineering from Michigan Technological University and is a past President of the Uranium Producers of America.
MR HARRISON (HINK) BARKER
Harrison (Hink) Barker retired June 1, 2015 from the Generation segment of Dominion Resources with over 40 years of fossil and nuclear fuel commercial and technical responsibilities. Since 1992, Mr Barker had been the manager responsible for Dominion’s procurement of nuclear fuel and the related processing steps of conversion from U3O8 to UF6, enrichment of UF6, and fabrication of nuclear fuel assemblies.
He is a former chair of the Nuclear Energy Institute’s Utility Fuel Committee, and a past member of the World Nuclear Fuel Market Board of Directors (Chairman for two years). He served on an Advisory Board to American Uranium Corporation while they attempted to develop the Wyoming Reno Creek uranium deposit.
From 1975 to 1984 he worked as an engineer and supervisor in the areas of nuclear fuel quality assurance, nuclear core design, nuclear fabrication contract administration, nuclear fuel procurement, spent fuel transportation and disposal planning during a period when Dominion was building its regulated nuclear operating fleet in Virginia.
Mr Barker holds a Bachelor of Science degree in Electrical Engineering, and a Master’s in Nuclear Engineering Science both from the University of Florida.
MR MARK WHEATLEY
Mr Wheatley is an experienced resources company CEO, Non-Executive Director and Chairman with a career spanning more than 30 years in mining and related industries. He has worked in the uranium industry since 2003 and been involved in ISR project exploration, feasibility studies, start up, production, rehabilitation and closure. His uranium experience includes the roles of Chairman and CEO of Southern Cross Resources Inc., the operator of the Honeymoon ISR uranium project, Non-Executive Director of Uranium One Inc. and Uranium Resources Inc. His other board roles have included Non-Executive Chairman of Xanadu Mines Ltd, Gold One International Ltd, Goliath Gold Mining Ltd, Norton Gold Fields Ltd and directorship of St Barbara Ltd.
MR DAVID COYNE
Finance Director / Chief Financial Officer
Mr Coyne has over 20 years' experience in the mining, and engineering and construction industries, both within Australia and internationally. Prior to joining Peninsula, My Coyne held senior executive positions with Australia listed companies Macmahon Holdings Limited and VDM Group Limited, and with unlisted global manganese miner Consolidated Minerals. Over the past 10 years, Mr Coyne has been directly involved in a number of equity and debt raising transactions and has been the project director on a company-wide systems implementation project. Mr Coyne has previously served on the Board of listed iron ore miner, BC Iron limited, where he also held the role of Chairman of the Audit and Risk Committee.
Last updated 17th December 2018
Business & Registered Office
Units 32/33, Level 3,
22 Railway Road
Subiaco WA 6008
PO Box 8129
Subiaco East WA 6008
Phone: +61 (0)8 9380 9920
Fax: +61 (0)8 9381 5064
Email: [email protected]
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