Peninsula Energy commences uranium production

Peninsula Energy (ASX:PEN) has resumed uranium production at its Lance Projects in Wyoming, USA. The restart marks the company's transition to an independent producer of uranium yellowcake. Operations began on December 18, 2024, after a five-year hiatus.

Overview and future outlook for Peninsula Energy

Peninsula Energy has restarted production at the Lance Projects, marking a significant milestone as it transitions into a key player in the uranium market. The company has initiated production in selected areas of Mine Unit 1, with expectations of increased flow rates and uranium grades as preconditioning progresses. The Phase 2 plant is set to be operational by the first quarter of 2025, with full capacity expected to reach up to 2 million pounds per annum of dry yellowcake. An investor conference call is scheduled for mid-January to discuss production updates and future plans. Peninsula's strategic restart is aligned with the growing demand for uranium due to nuclear energy's role in clean energy solutions. The company aims to contribute significantly to the economy and the global shift towards low-carbon energy.

Executive insights on the production restart

We are excited to commence production and are optimistic about Peninsula's potential as North America’s newest independent uranium producer. The long-term fundamentals and demand for uranium are strong, as nuclear energy emerges as a leading clean energy solution.