PEN - Peninsula Energy announces Lance Project in Wyoming will restart in late 2024

(NewsDirect)

Peninsula Energy CEO Wayne Heili joinedSteve Darling from Proactive to share news of the company'srevised production plan for the Ross & Kendrick production areaswithin its Lance Projects in Wyoming.

Heili explained that Peninsula Energy has developed a new Lifeof Mine model for the Ross and Kendrick Production Areas, which aimsto mitigate third-party processing risks. The company has decided tobring the entire uranium yellowcake production process in-house,starting from the commencement of production.

This strategy is expected to enhanceoperational control and reduce external processing uncertainties. Therevised production strategy sets a timeline for production to begin inlate 2024, with the commencement of uranium extraction and processingwithin the Ross and Kendrick production areas at Lance.

The Life of Mine model is based on a totalresource base of 21.8 million pounds of U3O8 within these areas.Notably, the plan excludes the contiguous Barber Resource Area, withthe total cost of the plant attributed to the Ross & Kendrickproduction.

Heili highlighted thatthe expanded plant functionality will also be available to processfuture output from the Barber Resource Area, which contains a largerresource base of 31.9 million pounds of U3O8.

This approachpositions Peninsula Energy for significant growth opportunities in thefuture. Moreover, the company's projections indicate positive cashflow during the first full year of production in 2025, reflecting thepotential success of the revised production plan and the company'sefforts to enhance its operational and financial performance.

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