Peninsula Energy Ltd (ASX:PEN, OTCQB:PENMF) is one step closer to restarting production at Wyoming’s Lance Uranium Project thanks to a construction ramp-up.
The uranium miner hopes to flip the switch on one of the largest uranium development assets in the United States, transforming it from an alkaline in-situ recovery (ISR) operation to a low pH ISR operation by mid-2023.
To meet this goal, Peninsula is dotting the I’s and crossing the T’s on final site construction as pre-production accelerates over the uranium hub’s wellsites.
Importantly, all work streams remain on schedule for a near-term production restart, with Lance poised to be one of the country’s biggest ISR operations once it comes back online.
Pre-production headway
Peninsula managing director and CEO Wayne Heili said: “April felt like a turning point as the Lance Project team took delivery of several long lead-time items that were previously holding back progress.
“Field conditions have been favourable for construction activities and our contractors have substantially advanced the various work streams.
“The company has also made substantial strides in ramping up pre-production operational activities.
Plant transformation efforts at Lance.
“A significant portion of our Mine-Unit One (MU-1) is now being preconditioned in advance of turning the production stream into the recovery plant.
“We are now gaining a clear line of sight to the re-commissioning of the plant and the resumption of commercial production operations at Lance.”
Capital expenditure linked to Lance’s low pH transformation is tracking the US$8.4 million estimate outlined in an August 2022 definitive feasibility study, and Peninsula expects no material deviations.
Incoming expertise
In line with the company’s growth strategy and Lance's development, executives have tapped Willie Bezuidenhout to become Peninsula's vice president of corporate development.
Bezuidenhout is a qualified chartered accountant and holds an MBA from North-West University, boasting a strong strategic focus and international management experience beyond traditional finance roles.
Willie previously served Peninsula as CEO of the company’s South African Operations and brings a deep knowledge of international uranium recovery operations. Fast forward to today, and Heili said the company enthusiastically welcomes Bezuidenhout back in his new capacity.
“Willie has demonstrated great competency in contributing to our corporate objectives in the past, and now we will be tapping his strategic leadership abilities along with his unbridled enthusiasm for the uranium industry to help grow the company in new directions,” he explained.
New ion exchange resins at site.
Read more on Proactive Investors AU
