Updated Mineral Resource Estimate expands the Company’s flagship Lance Projects to 58.0 million pounds U3O8
Additional drilling programs are planned in CY2024 to facilitate further potential resource upgrades
Chart: 5year
2016: was $1 per share
Uranium prices were above $93 per pound in May, hovering close to their highest level in two months, as tight near-term supply magnified speculative buying from physical trusts. The US Senate approved a bill to ban selected imports of nuclear fuel from Russia, the world’s top producer. Should President Biden pass the bill, Western converters and enrichers would fall under added capacity strains as trade restrictions and voluntary shuns of Russian fuel drive utilities to compete for long-term contracts. Such a scenario would be magnified by Russian retaliation in banning exports to the US. This added to supply downgrades of uranium ores from Canada and Kazakhstan, compounding the rally for uranium prices due to its bullish long-term demand. Most recently, the US and 20 other countries announced plans to triple their nuclear power by 2050. China leads the nuclear energy bets, currently building 22 of 58 global reactors, while Japan restarted projects to build nuclear reactors.
It is pleasing to see the project evolve daily. With the momentum we currently have, we remain confident of hitting our production targets for 2025.
Q2 2025 yellow cake
Peninsula Energy Limited (PEN) is an uranium developer progressing its flagship and sizeable Lance Project into a sustainable, long-life uranium operation.
Home - Peninsula Energy Ltd (pel.net.au)
MR WAYNE HEILI
Managing Director / Chief Executive Officer
Mr Heili has spent the bulk of his 30+-year professional career in the uranium mining industry. Prior to joining Peninsula he most recently served as President and Chief Executive Officer of Ur-Energy, Inc. where he successfully oversaw the design, construction, commissioning and ramp-up of the Lost Creek in-situ uranium project in Wyoming USA.
Prior to joining Ur-Energy, Inc., Mr Heili served as Operations Manager of the Christensen/Irigaray in-situ uranium mines in Wyoming and has experience in ISR and conventional uranium mines in Texas. He holds a Bachelor of Science in Metallurgical Engineering from Michigan Technological University and is a past President of the Uranium Producers of America.
November 2023: Cap Raising-
A$60.0 (US$39.01 ) million equity raise comprising: • A$50.0 million Institutional Placement2 (“Placement”) to issue 666.7 million new shares at A$0.075 per share, and • A$10.0 million Share Purchase Plan (“SPP”) to issue 133.3 million new shares together on the same terms as the Placement
Murphies Law - What will go wrong usauslly will... blah.....
CORPORATE FUNDING REQUIREMENTS Under this revised Ross & Kendrick LoM plan, between July 2023 (commencement period of the revised LoM plan) and the point where the project is forecast to generate sustainable positive cash flows (estimated to be September 2025), an additional US$19.3M (excluding contingency) is required to be spent on the process plant. Up to this same point in time, an additional US$41.2M (excluding contingency) is planned to be spent on wellfield development CAPEX (Mine Unit 3, Mine Unit 4, and the commencement of development activities in the Kendrick Area). The wellfield capital expenditure is required to enable the flow rate to the plant to ramp-up to approximately 5,000 GPM during H2 CY2025. In the same period, the Project is projected to require US$44.3M in OPEX and site overhead expenditures. The OPEX and CAPEX contingency along with an allowance for escalation totals US$9.4M.
The total Project level expenditure projected between July 2023 and August 2025 is US$120.1M. In the same period, the Company estimates it will require an additional US$22.3M, made up of corporate costs (US$8.9M), non-project area exploration and growth initiatives (US$0.9M) and a working capital buffer allowance (US$12.5M).
The Company enters this period with a cash balance of US$21.4M and anticipates uranium sales activities to net US$26M during the same period, including the assumed sale of strategic inventory. Considering all corporate level sources and uses, the Company projects a net additional funding need of US$95M to achieve sustainable positive cash flows.
PENINSULA ENERGY LIMITED (ASX:PEN) - Ann: Lance Production to Restart in 2024 under Revised LOM Plan, page-1 - HotCopper | ASX Share Prices, Stock Market & Share Trading Forum
Return (inc div) 1yr: -52.11% 3yr: 10.20% pa 5yr: -17.85% pa
PEN delays Production & Accelerates Inhouse Resin Processing
The Ross process plant at Lance was constructed in 2015 as a satellite production facility. Although fully licensed for production of a finished uranium yellowcake product, the facility was only built to produce uranium-bearing ion-exchange resins.
As at 30 June 2023, Peninsula had available cash balance of US$21.5m and balance of 210,000lbs uncommitted strategic inventory valued at US$11.8m (UxC 30JUN2023 price of US$56.00/lb). • Peninsula is hold
( acceleration of the Delay ..lol ) its like Elon Musk says Space x ( The four-minute flight ended in what the company called a “rapid unscheduled disassembly” — meaning it blew up.)
