Name of the Project
Lance Projects – Ross and Kendrick production areas.

Location
Wyoming, US.

Project Owner/s
Independent end-to-end producer of yellowcake Peninsula Energy.

Project Description
The new life-of-mine (LoM) plan for the Ross and Kendrick production areas completed in August 2023 delivered a robust and resilient project development plan for Lance, including an accelerated production ramp-up schedule.

The ten-year LoM model is based on a total resource base of 21.8-million pounds of uranium estimated to be contained within the production areas. LoM uranium production is estimated at 14.8-million pounds from the production areas.

The production and LoM plan has been developed for steady-state production of 1.8-million pounds of yellowcake a year from Ross and Kendrick.

The LoM model features a complete 5 000 gallons per minute in situ recovery (ISR) plant to produce up to two-million pounds a year of dry yellowcake product.

The Ross facility, built in 2015 as an alkaline ISR satellite facility, is undergoing an expansion to increase its production capacity from one-million pounds a year to two-million pounds a year.  The expansion also aims to add the capability to produce a finished dry yellowcake product, uranium oxide.

Kendrick is the next sequential production area.

The current LoM plan does not include production from Lance’s Barber area, which provides a future expansion opportunity at the project.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has a net present value, at an 8% discount rate, of $116.2-million and an internal rate of return of 26%.

Capital Expenditure
LoM capex is estimated at $285.5-million.

Planned Start/End Date
Production is expected to start in late 2024.

Latest Developments
Uranium production has restarted after a five-year hiatus.

“We have restarted . . . at an opportune time, with the long-term fundamentals and demand for uranium incredibly strong, as nuclear energy grows into the leading and most reliable clean energy solution. Through Lance, Peninsula will provide a secure and sustainable uranium supply for an energy-hungry, low-carbon future,” Peninsula MD and CEO Wayne Heili said in December.

Key Contracts, Suppliers and Consultants
Western Water Consultants (definitive feasibility study); and Samuel (detailed engineering and initial long lead time equipment procurement works, and Ross central processing plant expansion).

Contact Details for Project Information
Peninsula Energy, tel +61 8 6263 4461 or email info@pel.net.au.