Peninsula firms FY27 US mine growth plan on strong uranium grades

The West Australian07-22 05:07

Peninsula Energy says strong uranium grades from its flagship Lance project in Wyoming and a fresh US$56 million funding package have kept its 2027 growth plan firmly in play as the company continues ...

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The company says MU-4 incorporates the updated wellfield designs and operating lessons it plans to use as the platform for future production growth.Peninsula has stepped back from its previous 2026 production guidance after slower-than-expected pumping and wellfield flow rates, which management has linked to wellfield gas issues that have affected solution flow rates in some mine units.Accordingly, Peninsula has withdrawn its earlier 400,000-to-500,000-pound uranium oxide guidance for this calendar year. Management says the setbacks are temporary rather than geological, leaving its much larger 2027 production target unchanged and positioning the project for stronger long-term performance.The year has delivered valuable operating experience and important insights as we continue the transition of Lance into a large-scale low-pH ISR operation. Our focus is now on converting encouraging grades into consistent production through improved wellfield performance, revised operating practices and the operational learnings we have gained during the ramp-up. Peninsula Energy managing director and chief executive officer George BaukThe company is also moving to employ in-house drilling after taking delivery of its first owner-operated rig this week, a change it expects will cut costs, improve flexibility and reduce its reliance on contract drilling services across future wellfield development.The latest update follows Peninsula’s May financing package, which combined an equity raising with a US$30 million (A$42.8M) convertible debt facility from Washington H. Soul Pattinson & Co to fund its MU-5 development, MU-6 early works, a deep disposal well, extra pond capacity and working capital.The company holds US$47.1 million (A$67.2M) in unaudited cash as of last week, a fully built 2-million-pound-a-year central processing plant and one of the largest permitted ISR uranium resources in the United States.At a time when the strategic importance of domestically produced US uranium has never been greater, Peninsula says Lance remains well placed to tap a market hungry for secure domestic nuclear fuel supply.The company says while its production ramp-up has taken longer than expected, its confidence in the long-term value of the Lance project and its ability to create value for shareholders remains undiminished.If Peninsula can keep pushing its strong grades with a newly-optimised and steadier flow across the field, Lance may yet build into the kind of US yellowcake platform the company has been chasing.Is your ASX-listed company doing something interesting? Contact: matt.birney@wanews.com.au","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.46.0","shortVersion":"4.46.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2653736068","isCrawlerRequest":true}