Peninsula Energy

Peninsula Energy is focused on restarting uranium production at its Lance projects in Wyoming, USA. Lance will utilize the proven low-pH in-situ recovery mining method and has a resource base of 53.7Mlbs U3O8. The project has a 14 year mine life based on the recently completed definitive feasibility study. The DFS projects pre-tax NPV of $125M, IRR of 43%, and low all-in sustaining costs under $40/lb U3O8.

Key construction activities are on track for a mid-2023 production restart. The existing processing plant is being refurbished and expanded. Wellfield preparations are also advancing with 3 rigs installing new wells. Peninsula has sales contracts for up to 5.25Mlbs extending to 2033 and an inventory of 210,000lbs U3O8 that provide funding certainty.

The Lance project includes the Ross permitted production area along with the Kendrick and Barber expansion areas. Kendrick will be the next development focus and can leverage existing infrastructure. Exploration upside remains with a target of 104-163Mlbs U3O8 in addition to current resources.

Peninsula sees uranium demand strengthening amid rising recognition of nuclear power's role in energy security and decarbonization. The company is positioning to be a new US domestic producer as uranium markets tighten.