Proactive’s Tylah Tully breaks down Just the Facts of the latest news from Peninsula Energy Ltd (ASX:PEN, OTCQB:PENMF).
The company is accelerating construction and wellfield development at its Lance Project in Wyoming, aiming to restart uranium production by December 2024.
Recent progress includes the completion of concrete work, structural steel, roofing, and building siding installation. In addition, ion-exchange vessels, elution tanks, and precipitation tanks have been installed, with HVAC, cable trays, and interior lighting nearing completion.
Groundwater preconditioning continues in Mine Unit 1 (MU-1), while Mine Unit 3 (MU-3) is approaching operational readiness, with Header House 11 fully constructed.
Peninsula received regulatory approval for MU-3 on 11 October 2024, enabling full operational activities.
Twelve drill rigs are active daily, advancing well installation in MU-3’s Header Houses 12 and 13, with 76% of the wells now installed.
With construction and wellfield development progressing on schedule, Peninsula Energy is set for a uranium production restart by the end of the year.