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Peninsula Energy in trading halt ahead of news on convertible note facility restructure

The company is preparing a report on the progress of its proposal to transition its Lance Projects in the US to a low pH ISR operation.

Peninsula Energy Ltd - Peninsula Energy is in trading halt ahead of convertible note facility restructure
Acceptance of the report by the state body will allow for commercial production to begin

Peninsula Energy Ltd (ASX:PEN) is in a trading halt pending an announcement regarding the restructuring of an existing convertible note facility.

The halt will remain in place until the beginning of normal ASX trade on Tuesday, November 5, or when an announcement is made to market, whichever occurs earliest.

Securities of the uranium-focused company last traded at 18 cents and in the last three months have traded between 17 cents and 21.5 cents.

Low pH transition

The company continues to advance the transition of its Lance Projects in Wyoming from an alkaline ISR operation to a low pH ISR operation.

An Interim Operation Report that summarises the results of the field demonstration to date is being finalised for submission to the Wyoming Department Environmental Quality (WDEQ).

The beginning of commercial-scale low pH operations in mine units 1 and 2 can start upon acceptance of the report.

Peninsula has also started optimisation and de-risking activities, which are expected to be completed during the first half of 2020.

Quick facts: Peninsula Energy Ltd

Price: 0.064 AUD

ASX:PEN
Market: ASX
Market Cap: $57.07 m
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Peninsula Energy updates on laboratory tests at its Lance Uranium Project in...

Peninsula Energy Ltd (ASX:PEN) CEO Wayne Heili tells Proactive the group has completed the laboratory phase of optimization work at its Lance Uranium Project in Wyoming with a second low-PH field demonstration underway to confirm laboratory results at a near to commercial scale. Heili says...

on 19/8/20

2 min read