Peninsula Energy Ltd (ASX:PEN, OTCQB:PENMF) CEO Wayne Heili discusses the company's progress at the Lance Uranium Project in Wyoming in the US with Proactive's Stephen Gunnion.
Heili emphasised that the project remains on track to restart production by late 2024. Key milestones reached in August include the expansion of plant facilities and significant construction work, with around 70 workers on-site operating around the clock.
“We're preparing wellfield areas for production,” Heili shared, adding that the company is close to completing mine unit three, a new mining area. Additionally, Heili provided insights into the uranium market, noting that both the spot and term markets converged around $80 per pound at the end of August, providing strong incentives for uranium producers like Peninsula to ramp up production.
Heili also pointed out that the uranium market is expected to strengthen as activity picks up in the fourth quarter. With all signals positive, Peninsula Energy looks forward to resuming operations at Lance later this year.