Peninsula Energy Ltd (ASX:PEN) (OTCMKTS:PENMF) (FRA:P1M) has been granted a trading halt by the ASX with a capital raising announcement pending.
The trading halt will remain in place until the start of regular trading on Friday, May 28 or until an announcement has been released to the market.
PEN's market cap is approximately A$165.3 million and the company's securities last traded at A$0.185.
Low-pH field demonstration progresses
The company is currently focused on transitioning the Lance Uranium Project in the US state of Wyoming to low-PH ISR operations with demonstration work progressing.
This month further changes to the configuration of the injection and recovery well patterns have been implemented with the intention of reducing response times for assessing and adjusting chemical parameters.
The company has also commenced the evaluation of several alternative uranium recovery process options with the object of reducing downstream processing costs.
Peninsula’s project transformation initiative is aimed at changing from an alkaline ISR operation to a low-pH ISR operation to align the operating performance and cost profile of the Lance project with industry-leading global uranium production projects.