Peninsula Energy Ltd (ASX:PEN) (OTCMKTS:PENMF) (FRA:P1M) has been given the green light by OTC Market Group to begin trading on the OTCQB Venture Market under the ticker symbol PENMF at the opening of trade in the US on February 17.
This upgrade was sought in response to strong trading volumes for the company following the initiation of trading on the OTC Pink Market.
The OTCQB Venture Market is a more transparent trading platform that offers a cost-effective method for North American investors to access Peninsula’s securities.
Peninsula’s securities will continue to be listed and traded on the ASX.
"Expedient upgrade process"
Peninsula managing director and chief executive officer Wayne Heili said “US-based investors have demonstrated a keen awareness of Peninsula and our flagship Lance Project located in the State of Wyoming but they have been limited to trading of shares during Australian market hours.
"We are very pleased to now offer access to Peninsula securities on the US-based OTCQB Venture Market, only weeks after commencing trading on the OTC Pink Market.
"We would like to thank our sponsor MCAP LLC and the OTC Markets for such a smooth and expedient upgrade process.”
Clear pathway to uranium production
The company has a clear pathway to resume uranium production at its flagship Lance Project in Wyoming, US, the only US-based uranium project authorised to use the industry-leading, low-cost, low pH In-Situ Recovery (ISR) process.
Peninsula is also the only ASX-listed uranium company that has the immediate ability to take advantage of US government programs supporting domestic uranium mines.
In the US, there is bipartisan political support for a long-term buying program from US uranium mines.
A total of US$75 million has been approved in the US 2021 financial year budget to purchase US-produced uranium.
In addition, legislation is advancing in the US Senate to support Advanced Nuclear Energy Initiatives, including the Strategic Uranium Reserve purchases.
Peninsula believes that the establishment of the Uranium Reserve will provide a substantial opportunity to secure new uranium offtake agreements with the US DOE.
To further boost its case, the government, in October 2020, extended the amended Russian Suspension Agreement by 20 years.