Since production recommenced, early-stage operations have generated around 1,100 pounds of uranium captured in the plant ion exchange system and held as in-process inventory between the start date and the end of the year.
PEN advises that the Lance Project operated smoothly and efficiently over the holiday period.
The company’s current priorities are to continue ramping up the wellfield preconditioning and production operational flow rates to increase the rate of uranium recovery while the construction of the Phase II central processing plant resin elution and uranium precipitation circuits are completed this month.
The first of two yellowcake dryer units has been delivered to the project site and construction crews are preparing to install the dryer for operations later in the quarter.
While no dry yellowcake has been produced yet, Peninsula is targeting first production in March.
Permitting update
The company has received approval from the State of Wyoming Department of Environmental Quality, Land Quality Division to expand the authorised mine permit area to include the Kendrick Project area at Lance.
The State of Wyoming Uranium Recovery Program is also reviewing an amendment submittal to include the Kendrick Project Area in the company’s 'Source Materials License'.
PEN expects the amendment process to be completed later this quarter.
Permit to Mine and the 'Source Materials License' amendments are required before the company can commence uranium recovery operations within the Kendrick Area.
PEN said the Kendrick Area would play a significant role in the 10-year production plan but there were no plans to operate within Kendrick this year.
Plant expansion and production ramp-up
Peninsula had an unaudited cash balance of around US$45 million at December 31, 2024, positing the company to finalise the construction and commissioning of the Phase II plant expansion and ramp-up production from Mine Unit 3 — the first mine unit to be solely mined using the low pH leaching method.
These activities are the primary focus for the company during the first half of 2025.
Conference call
Peninsula managing director and CEO Wayne Heili will host an investor conference call, providing an update on operations and key focus areas for 2025. The update will then be followed by a Q&A session.
