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Peninsula Energy in trading halt with news of uranium low pH permit amendment pending

The halt will remain until Thursday, November 29, or when an announcement is released to the market.
ASX sign
Peninsula intends to transition to low pH lixiviant operations at its US project

Peninsula Energy Ltd (ASX:PEN) is in a trading halt with news pending regarding an application to amend its existing Permit to Mine for low pH operations at the Lance Uranium Projects in the US.

The ASX-granted halt will remain in place until the start of trading on Thursday, November 29 or when the announcement is released to the market, whichever occurs earliest.

Peninsula’s shares last traded on Monday at 19 cents.

READ: Peninsula Energy secures approval to begin low pH uranium recovery process trial

The company is transitioning from an alkaline-based chemistry to a low-pH-based chemistry for the lixiviant, or liquid medium, it uses to leach uranium from ore at its recovery operations in Wyoming.

Managing director and CEO Wayne Heili told Proactive Investors recently: “We believe that we can significantly enhance our production rates and improve our production costs through the shift in chemistry.”

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

During the September quarter Peninsula recorded more than 40,000 pounds of produced uranium from the Lance projects, which topped the high end of its production guidance.

The toll-milling service provider dried and drummed more than 30,000 pounds of yellowcake during the quarter.

Product is dried and drummed intermittently on a campaign basis.

Guidance for the financial year ending June 30, 2019, remains unchanged at 90,000 to 110,000 pounds.

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