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Peninsula Energy director shows faith in uranium strategy through on-market purchase

Non-executive director Mark Wheatley has this week acquired shares valued at more than $10,000.

Drums of uranium
The company is producing uranium from the Lance Projects in the US

Peninsula Energy Ltd (ASX:PEN) director Mark Wheatley has demonstrated his confidence in the company’s uranium strategy by acquiring shares on-market.

The non-executive director has this week purchased 47,496 shares with a total value of more than $10,000.

This purchase takes his overall holding in the uranium producer to 103,852 shares.

READ: Peninsula Energy’s managing director adds to shareholding, brings total interest to nearly $243,000

Peninsula’s managing director and CEO Wayne Heili has also recently acquired 97,000 shares on-market, taking his direct holding to 417,000 shares.

The company is embarking on a project transformation initiative to change from an alkaline ISR operation to a low pH ISR operation at its operating Lance Projects in the US state of Wyoming.

READ: Peninsula Energy notes production successes ahead of start to uranium extraction trials

The aim is to align the operating performance and cost profile of the operations with industry-leading global uranium production projects.

During the September 2018 quarter, the company reduced its inventory and spent less on production expenditures as it underwent the transition.

There were more than 40,000 pounds of uranium produced from Lance during the quarter, which topped the high end of the company’s guidance.

The company’s toll-milling service provider dried and drummed more than 30,000 pounds of yellowcake during the three months.

Product is dried and drummed intermittently on a campaign basis.

Guidance unchanged

Peninsula’s guidance for the financial year ending June 30, 2019, remains unchanged at 90,000 to 110,000 pounds.

On October 1, 2018, the company sold 100,000 pounds of U3O8 to a customer, its final delivery obligation for 2018.

There were 85,000 pounds supplied by Peninsula and another 15,000 pounds sourced from the market, with the transactions to appear in the company’s December 2018 quarterly report.

Quick facts: Peninsula Energy Ltd

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ASX:PEN
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Market Cap: $45.55 m
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Peninsula Energy reviews highlights of the September quarter

Peninsula Energy Ltd (ASX:PEN) managing director and CEO Wayne Heili outlines the achievements made by the uranium producer during the quarter. The producing Lance Projects in Wyoming are expected to be the first US uranium ISR project authorised to use an industry-leading method, which will...

3 weeks, 3 days ago

2 min read