Peninsula Energy progresses Lance commissioning and board renewal in March quarter 2025
Published: 11:58 02 May 2025 AEST
During the March quarter, Peninsula Energy Ltd continued its efforts to commission the Central Processing Plant (CPP) at the Lance Uranium Project in Wyoming. Adverse weather and supply chain disruptions delayed final commissioning, now expected in the June quarter.
Production of dry yellowcake is targeted before the end of June 2025. The company maintained uranium capture, with 5,975 pounds loaded onto resin. However, output was constrained by limited storage capacity while the CPP remained offline.
Construction advanced across the wellfield, with Header House 12 nearing completion and pre-conditioning ongoing at Header House 11. Flow rates at Mine Unit 1 were lower than expected due to cold weather but are forecast to improve. A Dissolved Air Filtration system was commissioned to handle elevated solids, if required. Permitting also progressed, with the Kendrick area added to the Permit to Mine and a Source Materials License amendment under review.
Safety, environmental performance and operational integrity
No Lost Time Injuries were recorded during the quarter across Peninsula’s Lance Project operations.
A total of 97,098 hours were worked without incident, reflecting a strong safety culture. One minor environmental incident occurred—a mining solution spill at Mine Unit 3 due to faulty connections during final commissioning of Header House 11.
The spill was contained on site with minimal remediation required and was promptly reported to the Wyoming Department of Environmental Quality. Peninsula continues to place a strong emphasis on safe and environmentally responsible operations as the project ramps up production. The proactive commissioning of filtration infrastructure, readiness for resin storage during delays, and adaptive planning underscore the company’s commitment to operational discipline amid schedule pressures and regulatory compliance.
Corporate leadership and financial position
During the quarter, George Bauk formally commenced his role as managing director and chief executive officer, having been appointed in November 2024. Bauk brings three decades of leadership across uranium and critical mineral sectors and has been actively involved onsite in reviewing the production model and overseeing commissioning.
Additionally, Jitu Bhudia was appointed CFO, bringing extensive ASX experience in capital management and governance.
The company also completed its unmarketable parcel share sale facility, streamlining its shareholder base by selling 629,429 shares held by over 5,300 shareholders at an average price of A$0.855. No uranium sales were made during the quarter, but the company held an inventory of 15,182 pounds of yellowcake. Peninsula ended the quarter with US$24 million in cash, and continues to explore funding options to support its production ramp-up.
Post-quarter developments and strategic response
Following quarter-end, Peninsula appointed David Coyne as interim non-executive chairman, following the retirement of John Harrison. Coyne brings over 30 years of experience in mining finance and strategy.
Additionally, Wayne Heili concluded his role with the company on April 25, 2025. Shares were suspended from quotation on April 23,, as the company works to update production guidance and address concerns around contract delivery and funding.
To mitigate supply risks, Peninsula secured 200,000 pounds of uranium for June delivery through the spot market at a cost of US$1.5 million, significantly below the provisioned US$4.6 million.
The company remains focused on finalising a revised production plan, improving operational readiness, and positioning itself as an independent uranium producer.
