Proactive’s Tylah Tully breaks down ‘Just the Facts’ of the latest news from Peninsula Energy Ltd (ASX:PEN, OTCQB:PENMF).
The company and its US subsidiary Strata Energy Inc. have restarted uranium production at the Lance Projects in Wyoming, USA, after a five-year hiatus.
Production resumed on December 18, 2024, in selected areas of Mine Unit 1 (MU-1).
This marks a major milestone as the company transitions to becoming North America’s newest fully independent uranium producer.
The restart utilises low-pH in-situ recovery (ISR) technology, with uranium initially captured through the Phase 1 satellite plant’s ion exchange system.
Flow rates and grades are meeting expectations, with production expected to ramp up as preconditioning progresses.
Phase 2 construction, including resin elution and precipitation circuits, is scheduled for mid-January 2025 and the first production of dry yellowcake is anticipated by early March.
When Phase 2 is complete, Lance will feature a 5,000 GPM uranium recovery ion-exchange process plant capable of producing up to 2 million pounds of dry yellowcake annually.
Peninsula highlighted the importance of the restart amidst growing global demand for uranium and the increasing reliance on nuclear energy as a clean, reliable energy solution.
Peninsula’s leadership described the restart as a significant achievement following years of hard work, with plans to deliver sustainable uranium supplies for a low-carbon future.