Peninsula Energy Ltd has appointed Jitu Bhudia as its new Chief Financial Officer (CFO), taking over from interim CFO Willie Bezuidenhout, who will now focus on his role as Vice President of Corporate Development.
The transition process will start on March 17, 2025.
“As Peninsula progresses through its transition to becoming a fully independent, end-to-end producer of dry yellowcake, building the right team, with the right credentials, is essential in cementing our position as a leading global uranium producer. Attracting someone of the calibre and experience of Jitu's is a strong reflection of the quality of the Lance operation and bolsters the Company’s management team by bringing deep financial experience and a proven track record of driving shareholder value, further strengthening Peninsula’s leadership in the sector,” Peninsula’s managing director and CEO George Bauk.
25 years of experience
Bhudia’s appointment brings over 25 years of experience in financial leadership to the company. He is a member of Chartered Accountants Australia and New Zealand and the Australian Institute of Company Directors and has a strong background in capital management, debt and equity financing, corporate governance, and financial controls.
Bhudia previously served as Emeco Group Ltd’s deputy CFO, overseeing financial operations, trade credit improvements, a credit ratings upgrade, and capital management initiatives. Before this, he held senior roles at Zenith Energy, Swick Mining Services, Macmahon, Barminco, and Aditya Birla Minerals, contributing to major mergers and acquisitions, debt restructuring, and financial strategy enhancements.
“Jitu's passion and proven abilities in building high-performing teams and driving operational excellence will see him play a key role for Peninsula, and we are pleased to welcome him to the team and look forward to his contributions,” Bauk said.
“I would also like to take this moment to thank Willie for his strong contributions and hard work in his role of Interim CFO over the past 12 months, whilst maintaining his corporate development role. He has done an outstanding job, playing a key role in the company, and I look forward to working with Willie in his role as VP of Corporate Development."
Lance restart
Bhudia comes in just a month or so after Peninsula restarted operations at its flagship Lance Uranium Projects in Wyoming, USA, in late December 2024, marking a key milestone following a five-year hiatus.
Production resumed in select areas of Mine Unit 1 (MU-1) as a low-pH in-situ recovery (ISR) operation, positioning Peninsula as an emerging independent uranium producer.
Early-stage operations recovered approximately 1,000 pounds of uranium in ion exchange resins, with initial flow rates and grades meeting expectations. These metrics are expected to improve as preconditioning advances across additional Header Houses.
Development at Lance is progressing, with well installation underway at Mine Unit 3 (MU-3) and preconditioning continuing at Header House 11 (HH-11).
Meanwhile, construction of the yellowcake filtration and drying circuits is ongoing, with Peninsula targeting first dry yellowcake production in the June 2025 quarter.