Peninsula Energy is an advanced uranium developer progressing its flagship and sizeable Lance Project into a sustainable, long-life uranium operation.
Located in Wyoming, a tier-one mining and uranium jurisdiction, Lance is one of the largest US uranium projects, with a JORC (2012) Resource of 53.8 million pounds U3O8. The project comprises the Ross and Kendrick production areas and the Barber development and exploration area.
Lance will be the first ASX-listed, commercial US uranium operation to utilise low-pH In-Situ Recovery (ISR), which is a proven and effective method of uranium production. Over 60% of global uranium produced in 2021 used the ISR process with production costs for low-pH ISR projects sitting in the lowest quartile.
A detailed and robust Life of Mine (LoM) plan was developed in August 2023 for the Ross and Kendrick production areas of Lance. With production scheduled to start in late 2024, the LoM plan is based on a total Resource base of 21.8 million pounds of U3O8 contained within Ross and Kendrick, which equates to less than 40% of the total Lance Resource.
As an independent, end-to-end producer of dry yellowcake, Peninsula will have a production capacity of 2 million pounds per annum. The processing plant will be optimised to take advantage of the additional 31.9 million pound resource at Barber, highlighting the opportunity for significant future growth for the Lance Project.
Importantly, Peninsula will be strategically positioned to capitalise on rising demand and support for uranium, driven by the significant growth projections stemming from the essential and critical role nuclear energy will and has to play in achieving global energy decarbonisation goals.
Governments worldwide are increasing attention and support for nuclear energy as it is the only clean source of energy that can provide around the clock baseload power in all weather conditions. Uranium is a critical mineral at the centre of building a clean energy future.
Peninsula has a highly experienced team, that is committed to ensuring the Company becomes a key supplier of uranium to a growing nuclear energy market.